How Modi’s Currency Ban Is Helping Chinese Fintech Investors In India

[AndrewJin]

The reason given behind the introduction of Rs 2000 note was to ease the cash shortage in the country, after a few months when the situation has stabilized the 2000 Rs note will be withdrawn



People need to understand that Demonetization is not the only thing that the government is doing, new laws are being made to arrest the growth of Black money in Real estate and Gold.
For example
http://swarajyamag.com/economy/explained-what-is-benami-property-and-how-to-deal-with-it

I'm just wondering when the next round of demonetization will happen....
Those who lose their confidence in the currency can easily transfer to another method to store wealth.
Degoldisation?

 

[Echo_419]

I'm just wondering when the next round of demonetization will happen....
Those who lose their confidence in the currency can easily transfer to another method to store wealth.
Degoldisation?

We are trying to move away from Physical currency altogether, just this week the government started a new web portal through which all government purchases be made. This will remove the human component in procurement of things boost competition, reduce corruption at the same time

Link to the website
https://gem.gov.in/

Example of early success

http://economictimes.indiatimes.com...a-budget-for-2016-17/articleshow/55714611.cms

Corruption is one of the biggest problems in this country & Modi is doing everything he can to fix it. He understands that some Structural changes are necessary even if it means reduced growth for 1-2 Quarters

 

[AndrewJin]

We are trying to move away from Physical currency altogether, just this week the government started a new web portal through which all government purchases be made. This will remove the human component in procurement of things boost competition, reduce corruption at the same time

Link to the website
https://gem.gov.in/

Example of early success
View attachment 357613

http://economictimes.indiatimes.com...a-budget-for-2016-17/articleshow/55714611.cms

Corruption is one of the biggest problems in this country & Modi is doing everything he can to fix it. He understands that some Structural changes are necessary even if it means reduced growth for 1-2 Quarters

I understand the rationale in your arguments, I am not questioning his will.
Some experts' concern is about the long-term credibility of a country's currency....
People might feel uncertain with the newly printed notes, they will divert their wealth into other types of assets.

 

[Echo_419]

I understand the rationale in your arguments, I am not questioning his will.
Some experts' concern is about the long-term credibility of a country's currency....
People might feel uncertain with the newly printed notes, they will divert their wealth into other types of assets.

These fears are being exaggerated, anyways come December 30 and I will personally inform you whether this scheme was a success or not, as a loyal party member of the BJP I always make a point to deliver constructive criticism

 

[AndrewJin]

These fears are being exaggerated, anyways come December 30 and I will personally inform you whether this scheme was a success or not, as a loyal party member of the BJP I always make a point to deliver constructive criticism

I mean the long-term effect on credibility and people' s confidence in a currency.
Remember, there are international currencies people prefer to hold.....

 

[Keel]

It wont be a quick fix for a country as debilitated as india even now but it's so arrogant to admit its own massive failures one after another, causing needless anxiety and casualties

From what I've learnt casually through the news that Modi promised his people to end this hi-drama in 50 days but insiders gave a grim prediction it needs 5 more months to wrap up the chaos

So the familiar indians' "in the future" statement again but hope that it is not "in the future - too late " this time around

 

[AndrewJin]

It wont be a quick fix for a country as debilitated as india even now but it's so arrogant to admit its own massive failures one after another, causing needless anxiety and casualties

From what I've learnt casually through the news that Modi promised his people to end this hi-drama in 50 days but insiders gave a grim prediction it needs 5 more months to wrap up the chaos

So the familiar indians' "in the future" statement again but hope that it is not "in the future - too late " this time around

He could have planned much better.
For example import the necessary ATM components from China.

 

[Echo_419]

I mean the long-term effect on credibility and people' s confidence in a currency.
Remember, there are international currencies people prefer to hold.....

Not really no, but only time will tell the reality

 

[Jlaw]

It wont be a quick fix for a country as debilitated as india even now but it's so arrogant to admit its own massive failures one after another, causing needless anxiety and casualties

From what I've learnt casually through the news that Modi promised his people to end this hi-drama in 50 days but insiders gave a grim prediction it needs 5 more months to wrap up the chaos

So the familiar indians' "in the future" statement again but hope that it is not "in the future - too late " this time around

Following India blunder is more exciting than following the Kardashians. American are missing out on this fiasco .

 

[Echo_419]

It wont be a quick fix for a country as debilitated as india even now but it's so arrogant to admit its own massive failures one after another, causing needless anxiety and casualties

From what I've learnt casually through the news that Modi promised his people to end this hi-drama in 50 days but insiders gave a grim prediction it needs 5 more months to wrap up the chaos

So the familiar indians' "in the future" statement again but hope that it is not "in the future - too late " this time around

The reason why ATMs weren't calibrated before was to maintain secrecy. The liquidity will return to its normal levels by Dec 30, but the effects, very minor, will reflect on the GDP growth for 2 quarters.

He could have planned much better.
For example import the necessary ATM components from China.

Majority of ATMs have already been calibrated

 

[AshishDelhi]

Some maids are from low-caste, they are like assets of a family.
I know a brahmin engineer who is now working in China.
Their house has several maids who literally get nearly zero income.


I guess in the next round of back money accumulation, people will store gold and buy assets.

Nobody gets zero income whether from low or high caste. What you or your friend stated is a plain lie. Fact is that it is very difficult to get labour at reasonable price. If it is really true then share your friends details with Indian consulate so that legal action can be taken.
Do something good.

 

[Keel]

He could have planned much better.
For example import the necessary ATM components from China.

Dont expect too much from indian democracy
Evidences in the forum alone speak volumes about it
And ATMs may help a bit but the problems run a lot deeper than the surface
Inadequate money supply, poor distribution of locations of banks, shortage of banks themselves, high illiterarcy which deter the less privilidged to have their own bank accounts, poor transportation, power shortage, and other infra ... all amount to the immense chaos that have been built up

The reason why ATMs weren't calibrated before was to maintain secrecy. The liquidity will return to its normal levels by Dec 30, but the effects, very minor, will reflect on the GDP growth for 2 quarters.

I hope my reply has pointed out the problems more than the ATM issues

Following India blunder is more exciting than following the Kardashians. American are missing out on this fiasco .

It should go down in history as a prime text book example for poor governance

The ugly face of India's demonetization: Dozens of deaths
http://mashable.com/2016/11/16/india-people-dying-demonetization/#aVGDTSoxC8q7

Baby dies after Indian hospital refuses to accept parents' money because of country's new cash note ban
http://www.independent.co.uk/news/w...es-mumbai-modi-cash-crisis-dies-a7416336.html

3 People Have Died Collapsing In Queues In India Because The Government Didn't Think Through A New Scheme
http://www.huffingtonpost.in/2016/1...ollapsing-in-queues-in-india-because-the-gov/

 

[AndrewJin]

Dont expect too much from indian democracy
Evidences in the forum alone speak volumes about it
And ATMs may help a bit but the problems run a lot deeper than the surface
Inadequate money supply, poor distribution of locations of banks, shortage of banks themselves, high illiterarcy which deter the less privilidged to have their own bank accounts, poor transportation, power shortage, and other infra ... all amount to the immense chaos that have been built up

I hope my reply has pointed out the problems more than the ATM issues



It should go down in history as a prime text book example for poor governance

The ugly face of India's demonetization: Dozens of deaths
http://mashable.com/2016/11/16/india-people-dying-demonetization/#aVGDTSoxC8q7

Baby dies after Indian hospital refuses to accept parents' money because of country's new cash note ban
http://www.independent.co.uk/news/w...es-mumbai-modi-cash-crisis-dies-a7416336.html

3 People Have Died Collapsing In Queues In India Because The Government Didn't Think Through A New Scheme
http://www.huffingtonpost.in/2016/1...ollapsing-in-queues-in-india-because-the-gov/

Your last photo reminds me of the coming inauguration of the peacock south railway station.

 

[ahojunk]

I stumbled on this. Approach this with an open mind.

Episode 313 – Demonetization and You
Corbett • 01/27/2017

Demonetization. Cashless payments. Biometrics. Can you connect the dots? Join James today on The Corbett Report as he uncovers the truth about India’s recent demonetization and follows the trail to the coming cashless biometric control grid.

For those with limited bandwidth, CLICK HERE to download a smaller, lower file size version of this episode.

For those interested in audio quality, CLICK HERE for the highest-quality version of this episode (WARNING: very large download).


SHOW NOTES

Watch: The Moment PM Modi Announced 500 and 1,000 Rupee Notes Are Illegal
Time Reference: 0:52
Demonetization – Investopedia
Time Reference: 02:15
Printers expected a New Year launch for new notes, caught unawares
Time Reference: 03:03
Crisitunity in India’s Cash Crunch
Time Reference: 04:35
Episode 309 – Solutions: Agorism
Time Reference: 05:37

Cashless Biometrics and India’s Demonetization Experiment
Time Reference: 05:53
Only 6- 10% of the black money is kept in cash
Time Reference: 06:39
Demonetisation has impacted State tax revenue: Governor
Time Reference: 07:37
Death by Demonetisation: Satya Sagar
Time Reference: 08:17
Interview 1245 – Satya Sagar Explains the Indian Demonetization Disaster
Time Reference: 10:34
Mobile payments firms are cashing in on India’s rupee crisis
Time Reference: 12:06
Gates’s advice for the world’s most cash-strapped nation
Time Reference: 15:18
A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash
Time Reference: 16:44
Norbert Haering on The Scott Horton Show
Time Reference: 18:39
The NDTV Dialogues With Amitabh Kant: Is India Ready To Go Digital?
Time Reference: 25:12
India working to replace cash with biometric e-payment
Time Reference: 26:37
India Fingerprinting, Iris Scanning Over One Billion People
Time Reference: 28:30
USAID, Finance Ministry bring Catalyst for digital payments in India
Time Reference: 30:50
Sweden Is Leading The Way for a Future Without Cash
Time Reference: 32:13
Government ‘Experiment’ A Cashless Society Biometric Payment System
Time Reference: 33:05
Visa Device Innovation – University of Technology Sydney
Time Reference: 33:51
Visa Mobile World Congress 2016 Finger Print Biometric Payment
Time Reference: 34:13
The War on Cash: A Country by Country Guide
Time Reference: 35:15
Facial recognition, fingerprints to replace passports at Australian airports under new self-processing system
Time Reference: 36:08
Big Q: Why Should RBI Or Any Central Bank Have A Monopoly On Money?
Time Reference: 38:04
How To Beat The Banksters At Their Own Game
Time Reference: 40:57
Fiat Money vs. Bitcoin
Time Reference: 41:06
Outrunning Collapse: The alternative currency solution
Time Reference: 41:07
Self-Issued Credit: A Monetary Solution
Time Reference: 41:10


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If you are short of time, just watch the blue parts, interesting.

.

 

[AndrewJin]

Nobody gets zero income whether from low or high caste. What you or your friend stated is a plain lie. Fact is that it is very difficult to get labour at reasonable price. If it is really true then share your friends details with Indian consulate so that legal action can be taken.
Do something good.

It's in india.
His wife has to cook herself here in China, I was there in their rented apartment.
They can never afford a Chinese housekeeper here.