A Muslim family in Mumbai with 2 lakh crore blackmoney

[padamchen]

My cousin told me the same thing just yesterday. He has wealth management account with ICICI bank.

Same.

 

[my2cents]

Same.

they allowed him to withdraw Rs50K from his current account. I had wait one hour to get Rs6000 from BOB.

 

[padamchen]

they allowed him to withdraw Rs50K from his current account. I had wait one hour to get Rs6000 from BOB.

Current account limit is higher because it is for business, shopkeepers, traders, etc. I think for us mango folk it is 24,000 a week.

 

[Jason bourne]

the family is not rich, obviously its not their money, and they are acting as front for other people.. govt already caught a gujrati 'hindu' doing same... what a stupid thread title..

correction he is not hindu but another minority JAIN ... mahesh shah

 

[EpiiC]

what percentage does Pakistan have bank accounts? You think your people are ready to accept change. You have to understand we got fed up with corrupt politicians and bureaucrats and this move was in the making but the timing was little too abrupt.

If you demonetize without enough digital penetration, then you will find the same chaos like you find in India now, with long queues outside banks. 50% of people never stepped into banks before. We have a huge task ahead to become a cashless economy and the task is daunting to say the least.

Merely 16% Pakistanis claim to own and/or use a bank account, including a traditional bank account as well as a mobile account, according to a survey conducted by Gallup Pakistan for the State Bank of Pakistan.
This survey is part of a special series that aims to foster an empirical understanding of financial inclusion in Pakistan and to create a collaborative network of individuals working on the topic. The survey addresses the current proportion of Pakistanis that are included in the formal banking sector of the country. Although 16% is still a rather small portion of the population, this figure is on the rise.

In 2008, the segment of the Pakistani population that was using bank accounts stood at 8%. Thus, in the following seven years, that proportion has risen by 6%. 14% Pakistanis use a traditional bank account while 3% use a mobile account.A nationally representative sample of men and women from across the four provinces was asked, “I will now ask you about your experience with financial services. I am going to tell you financial services and products. For each of them, please tell me if you use it or have it now.”

In response to this question, 14% Pakistanis said that they have or use a traditional bank account.

A traditional bank account includes a post office saving account, someone’s post office savings account, basic banking account, current or cheque account, PLS/Saving account, Someone’s bank account, term deposit account, Islamic current or savings account and account used to get assistance money from the government. Furthermore, 3% Pakistanis said that they have and/or use a mobile account......

Pakistan will have as many as 100 million bank accounts by 2025, said Tameer Microfinance Bank CEO Nadeem Hussain, while addressing a summit of business leaders on Thursday.He said effective banking regulations and better coordination among different stakeholders had made Pakistan one of the few countries where a bank account could be opened in just one minute.

 

[Post Colonnial]

Nobody can answer any of your questions at the moment.

How much demonetization has saved India ? - Will be known on 1st January 2017.

How much has it added for its economy ? Same thing as above.

How many people will pay tax from 2017 - Will be known on 1st April 2017.


One thing is certain - it has jump started the digital payment process in India. India had 1.5 million PoS terminals (used by merchants for accepting payment by card) till Nov 8, 2016. It is expected now that by Dec 31, 2017, India will have around 3 million PoS terminals.

Doubling the total in a span of 1 year is massive.

Read an interview with the woman that runs State Bank of India Mutual Funds - that as of yesterday 45% of money supply has so far been deposited into bank accounts. Her view is that this is good trend for parallel economy giving way to regular economy.

This if true, combined with data ( not known as yet) of how much penalty and tax were realized after Sep 30 to Jan 1 will show how great a success the demonetization move is.