Foreign currency smuggled through Iran

[jupiter2007]

The only solution to monitor and control the financial crimes is to bring transactions on record which is only possible if we radically reduce the cash transactions and force people to use proper channel. 500, 1000, 5000 notes must be demonetized ASAP. Once transactions are on record then you can trace the money laundering, tax evasions, corruption and catch the mofos.

1 100% agree
I don’t know if government can afford making changes to the currency. If they can, They should introduce 10,000 and 2,000 rupees note, and print new designed 500 rupees note, discontinue 1,000 and 5,000 rupees note. This is one way to trace and control money laundering.

 

[Type59]

After all there is no supply without demand.



Yep. But many ppl think demonetisation is a bad thing now....because they scoop up one or two immediate headlines....rather than think long term.

It was and is a bad idea. Laws need be strengthened and enforced. One off measures like demonetisation is retarded.

 

[Śakra]

Leading economist and tomato derivatives trader @BHarwana will defend eran with more vigor than he defends Pakistan. One wonders where his true loyalty lays?

 

[Yaseen1]

it is not true news.dollar rate is high due to going for imf bailout package

 

[El Sidd]

Only sectarian extremists blame Iran.

 

[Lincoln]

Lame excuse, You don't need rocket science to use bank card, and card swipe machine. Just will to do it.

'Just do it', yikes. Good luck out of nowhere giving bank machine cards to all the small shops, thalai wala's, beggars and so on. As well as connecting 200 million people.

 

[Imran Khan]

this issue is hell serious currency going to afghanistan and iran via Pakistan in billions

 

[Sugarcane]

'Just do it', yikes. Good luck out of nowhere giving bank machine cards to all the small shops, thalai wala's, beggars and so on. As well as connecting 200 million people.

Well, It's the beneficiaries of black economy who come up with similar arguments and taunts you came up with, otherwise eliminating bigger notes doesn't make much difference to the poor on whom you are basing your whole argument, they can continue with cash and manage their affairs with notes up to 100 as their daily/monthly income or turnover is not that much. Purpose of eliminating higher denomination notes is discouraging big cash transactions which most of time is off the record. When someone have to carry 50 bundles of Rs. 100 instead of one bundle of Rs. 5000 than it surely will be more difficult, this difficulty will compound with larger amount. Here is visualization of million and billion with $100 bill, more or like same it will be if Rs. 100 is maximum denomination --> http://demonocracy.info/infographics/world/lqp/liquidity_pyramid.html

As far as card swipe machines or payment terminals are concerned, it's not expensive and can be made even cheaper with subsidy or exempting from duties and taxes - in most of cases bank will lease it or even give for free if the turnover of customer is higher. You just need to push telecom sectors to cover the remaining remote parts of country with 3g/4g service. BTW, here even kabadia in streets, sellers on footpath stalls, khokhas and roadside fruit sellers have mobile terminals, although you tried to make fun but I am personally experiencing it on daily basis but yes I haven't encountered a beggar with machine yet. Anyway, all we need an honest man with guts to start the journey.