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I believe otherwise for following aftereffects. 1. Literally Every nook & corner shop now accepts digital payments. 2. I have seen cash-distribution by candidat

I believe otherwise for following aftereffects. 1. Literally Every nook & corner shop now accepts digital payments. 2. I have seen cash-distribution by candidates during elections to influence votes! They were mostly absent in the immediate subsequent state elections. 3. Many "Poor" people made extra money by queuing in the line for "Rick" people. The commission went as high as 20% at some places. 4. Terrorist activity immediately stopped all over the place because they are mostly cash sponsored. 5. Situation normalized within 3 month. 6. Many of counterfeit presses in neighboring countries stopped working for some time at least. I also stood in line 4 or 5 times, but than every "Line" in India is average 10m long for any kind of services. We are used to it !!!!

iamshs 8y ago
Every single point that you have said has been debunked many times over. DeMo was a stupid thing to even try accomplishing what you are trying to say it accomplished. For the want of killing crocodiles, we drained the whole pond and only ended up killing the fish instead. Crocodiles were back after a month.
- cscurmudgeon 8y ago
  A simple Google search shows you are wrong. > Overall, however, our study strongly suggests that India’s 2016 demonetization, the largest the world has ever seen, effectively stimulated the transition from a cash-based to digitally enabled economy. https://www.forbes.com/sites/nusbusinessschool/2018/09/01/indias-demonetization-drive-a-necessary-jolt-towards-a-more-digital-economy/#25698a7d3dc3 https://www.forbes.com/sites/nusbusinessschool/2018/09/01/in...
  - axiom92 8y ago
    You are only addressing 1/6 points mentioned by the OP, most of which is a load of BS. As for the gain in digital transactions, was there no other way to boost them? If the supreme leader comes up with another rule that anyone who uses cash will be shot, the cash-based transactions will reduce to nearly 0. But will it make any sense?
- calvinbhai 8y ago
  are you saying that terrorists and their sympathisers were not affected by demonetization? Would be great to see some sources for your "debunked many times over" statement.
  - axiom92 8y ago
    Terrorist and their sympathizers will be affected if demonetization happens again, like anyone else who has cash. The bigger question is whether it has helped in curtailing the menace.
    - riantogo 8y ago
      There was a large number of fake new bills in circulation within 3 months. So the answer is, no, it had almost no impact in curtailing the menace. But hey look, the fruit vendor is accepting PayTM wallet (a large chunk of which is owned by China) so it must have been a huge success.
      - axiom92 8y ago
        Huge success for PayTM indeed.
  - noufalibrahim 8y ago
    Sure they were. As were prostitution rings and other such things. They were affected because everything was. I remember at the time, people hailed this as a "surgical strike". Given the collateral damage, it was more like indiscriminate carpet bombing. India's economy is hugely cash driven and to suck out 80% of that in a single night was an economic shock. The aims were changed repeatedly. Black money, digital transactions, recapitalising idle assets etc. I don't really buy any of that but I'm willing to give the government the benefit of the doubt. Now that it's, for all practical purposes, proven to be a failure, they should accept responsibility for it.
  - pkphilip 8y ago
    The number of terrorist attacks has only increased after demonitisation. There is no evidence whatsoever for even a single point made in support of demonitisation. The use of cash has increased, counterfeiting of notes is still high, terrorists are not out of cash etc. https://www.ndtv.com/india-news/less-cash-less-terrorism-more-formal-economy-do-the-governments-claims-of-notes-ban-success-add-up-1745291 https://www.ndtv.com/india-news/less-cash-less-terrorism-mor...
axiom92 8y ago
> 1. Literally Every nook & corner shop now accepts digital payments At what cost? Was it worth the lives that were lost? > 2. I have seen cash-distribution by candidates during elections to influence votes! They were mostly absent in the immediate subsequent state elections. Because you diligently monitored every single election personally after this fiasco? And you also have certain guarantees on why this won't happen again? >3. Many "Poor" people made extra money by queuing in the line for "Rick" people. Oh nice. Should we add this to the tally of 10 million jobs that were to be generated by the present government? >4. Terrorist activity immediately stopped all over the place because they are mostly cash sponsored. Just look at what has happened in Kashmir since, and whether the situation is better or worse. How has immediately stopping the terrorist operations helped? > 5. Situation normalized within 3 month. Get out of your bubble. http://knnindia.co.in/news/newsdetails/msme/small-businesses-msmes-still-grappling-post-demonetization-gst-study http://knnindia.co.in/news/newsdetails/msme/small-businesses... > 6. Many of counterfeit presses in neighboring countries stopped working for some time at least. Irrelevant AND wrong. From [1], "9254 Fake Indian Currency Notes (FICN) of newly introduced Rs 2000 were seized between November 9, 2016 and July 14, 2017, " I'll leave the cringeworthy remark you made towards the end alone. I'm sure you are used to losing your loved ones [2], [3] to the nonsense of power hungry idiots, others are not. [1] http://www.zeebiz.com/india/news-govt-seizes-rs-255-crore-in-fake-notes-post-demonetisation-more-than-half-from-gujarat-20482 http://www.zeebiz.com/india/news-govt-seizes-rs-255-crore-in... [2] http://naradanews.com/2016/12/here-are-the-97-people-who-died-in-37-days-of-demonetisation/ http://naradanews.com/2016/12/here-are-the-97-people-who-die... [3] https://indianexpress.com/article/india/india-news-india/demonetisation-suicides-heart-attacks-and-even-a-murder-among-33-deaths-since-decision-4378135/ https://indianexpress.com/article/india/india-news-india/dem...
- dang 8y ago
  Arguing uncivilly like this will get you banned on Hacker News, regardless of how right your argument is (or you feel it is). If you'd please review https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and follow the rules from now on, we'd appreciate it.
  - 8y ago
patrickg_zill 8y ago
My skeptical question is, "Wouldn't the (I assume cell phone based) digital payments platform have happened, anyways?" The telecom companies in the Philippines (as one example) had phone-based digital payments in 2007 or so. It was just a matter of time and critical mass of cell phone ownership, until such payments happened.
billfruit 8y ago
Digital payments had a small spike, but I think it sort of died down after 2-3 months. Now I do not find many small vendors/businesses taking digital payments.
- talonx 8y ago
  On the contrary, I find almost every small vendor accepting digital payments. This is from personal experience.

iamshs 8y ago

Every single point that you have said has been debunked many times over. DeMo was a stupid thing to even try accomplishing what you are trying to say it accomplished. For the want of killing crocodiles, we drained the whole pond and only ended up killing the fish instead. Crocodiles were back after a month.

cscurmudgeon 8y ago
A simple Google search shows you are wrong. > Overall, however, our study strongly suggests that India’s 2016 demonetization, the largest the world has ever seen, effectively stimulated the transition from a cash-based to digitally enabled economy. https://www.forbes.com/sites/nusbusinessschool/2018/09/01/indias-demonetization-drive-a-necessary-jolt-towards-a-more-digital-economy/#25698a7d3dc3 https://www.forbes.com/sites/nusbusinessschool/2018/09/01/in...
- axiom92 8y ago
  You are only addressing 1/6 points mentioned by the OP, most of which is a load of BS. As for the gain in digital transactions, was there no other way to boost them? If the supreme leader comes up with another rule that anyone who uses cash will be shot, the cash-based transactions will reduce to nearly 0. But will it make any sense?
calvinbhai 8y ago
are you saying that terrorists and their sympathisers were not affected by demonetization? Would be great to see some sources for your "debunked many times over" statement.
- axiom92 8y ago
  Terrorist and their sympathizers will be affected if demonetization happens again, like anyone else who has cash. The bigger question is whether it has helped in curtailing the menace.
  - riantogo 8y ago
    There was a large number of fake new bills in circulation within 3 months. So the answer is, no, it had almost no impact in curtailing the menace. But hey look, the fruit vendor is accepting PayTM wallet (a large chunk of which is owned by China) so it must have been a huge success.
    - axiom92 8y ago
      Huge success for PayTM indeed.
- noufalibrahim 8y ago
  Sure they were. As were prostitution rings and other such things. They were affected because everything was. I remember at the time, people hailed this as a "surgical strike". Given the collateral damage, it was more like indiscriminate carpet bombing. India's economy is hugely cash driven and to suck out 80% of that in a single night was an economic shock. The aims were changed repeatedly. Black money, digital transactions, recapitalising idle assets etc. I don't really buy any of that but I'm willing to give the government the benefit of the doubt. Now that it's, for all practical purposes, proven to be a failure, they should accept responsibility for it.
- pkphilip 8y ago
  The number of terrorist attacks has only increased after demonitisation. There is no evidence whatsoever for even a single point made in support of demonitisation. The use of cash has increased, counterfeiting of notes is still high, terrorists are not out of cash etc. https://www.ndtv.com/india-news/less-cash-less-terrorism-more-formal-economy-do-the-governments-claims-of-notes-ban-success-add-up-1745291 https://www.ndtv.com/india-news/less-cash-less-terrorism-mor...

axiom92 8y ago

> 1. Literally Every nook & corner shop now accepts digital payments At what cost? Was it worth the lives that were lost? > 2. I have seen cash-distribution by candidates during elections to influence votes! They were mostly absent in the immediate subsequent state elections. Because you diligently monitored every single election personally after this fiasco? And you also have certain guarantees on why this won't happen again? >3. Many "Poor" people made extra money by queuing in the line for "Rick" people. Oh nice. Should we add this to the tally of 10 million jobs that were to be generated by the present government? >4. Terrorist activity immediately stopped all over the place because they are mostly cash sponsored. Just look at what has happened in Kashmir since, and whether the situation is better or worse. How has immediately stopping the terrorist operations helped? > 5. Situation normalized within 3 month. Get out of your bubble. http://knnindia.co.in/news/newsdetails/msme/small-businesses-msmes-still-grappling-post-demonetization-gst-study http://knnindia.co.in/news/newsdetails/msme/small-businesses... > 6. Many of counterfeit presses in neighboring countries stopped working for some time at least. Irrelevant AND wrong. From [1], "9254 Fake Indian Currency Notes (FICN) of newly introduced Rs 2000 were seized between November 9, 2016 and July 14, 2017, " I'll leave the cringeworthy remark you made towards the end alone. I'm sure you are used to losing your loved ones [2], [3] to the nonsense of power hungry idiots, others are not. [1] http://www.zeebiz.com/india/news-govt-seizes-rs-255-crore-in-fake-notes-post-demonetisation-more-than-half-from-gujarat-20482 http://www.zeebiz.com/india/news-govt-seizes-rs-255-crore-in... [2] http://naradanews.com/2016/12/here-are-the-97-people-who-died-in-37-days-of-demonetisation/ http://naradanews.com/2016/12/here-are-the-97-people-who-die... [3] https://indianexpress.com/article/india/india-news-india/demonetisation-suicides-heart-attacks-and-even-a-murder-among-33-deaths-since-decision-4378135/ https://indianexpress.com/article/india/india-news-india/dem...

dang 8y ago
Arguing uncivilly like this will get you banned on Hacker News, regardless of how right your argument is (or you feel it is). If you'd please review https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and follow the rules from now on, we'd appreciate it.
- 8y ago

patrickg_zill 8y ago

My skeptical question is, "Wouldn't the (I assume cell phone based) digital payments platform have happened, anyways?" The telecom companies in the Philippines (as one example) had phone-based digital payments in 2007 or so. It was just a matter of time and critical mass of cell phone ownership, until such payments happened.

billfruit 8y ago

Digital payments had a small spike, but I think it sort of died down after 2-3 months. Now I do not find many small vendors/businesses taking digital payments.

talonx 8y ago
On the contrary, I find almost every small vendor accepting digital payments. This is from personal experience.