Senate Committee recommends abolishing 5,000 PKR Note

[SrNair]

I'm amazed by the fact that why Pakistan always tries to replicate and do everything immediately after India takes similar steps ??

Not a bad move though.

Suddenly they got an idea and enthusiasm to fight the black economy in their nation

 

[That Guy]

I'm amazed by the fact that why Pakistan always tries to replicate and do everything immediately after India takes similar steps ??

Not a bad move though.

Why not? Pakistan also made the POF-EYE, which was inspired by Israel's CornerShot.

If it works, why not use it?

Suddenly they got an idea and enthusiasm to fight the black economy in their nation

Pakistan has been trying and failing for decades. For some reason, it never occurred to the idiotic economists over in Islamabad that this step could probably help counter corruption.

 

[SrNair]

I think it's a good idea to ban 5000 rupees note.

The biggest note can be 1000 rupees and it's big enough for most people. The average salary of an ordinary worker in a shop like environment is somewhere between 5000 - 8000 rupees and experienced workers can go as high as 30k.

So I assume only 5 notes of 1000 rupees are more than enough to pay his salary (which is really sad and low for all the efforts he makes).

Those who want 5000 rupees worth of notes should go electronically in order to reduce the chances of street theft and evading taxes.

Idea was good ,but planning was bad .
Now all those who have big amount of black money will either invest in assets like gold or land or transfer to abroad .

Why not? Pakistan also made the POF-EYE, which was inspired by Israel's CornerShot.

If it works, why not use it?


Pakistan has been trying and failing for decades. For some reason, it never occurred to the idiotic economists over in Islamabad that this step could probably help counter corruption.

Any way ,it seems good .
But does it work ?
Advantage of secrecy is already blown .

 

[That Guy]

Any way ,it seems good .
But does it work ?
Advantage of secrecy is already blown .

It doesn't matter if it's secret or not. Smaller notes means that it is harder to physically move large sums of money, that is the whole point of the exercise. If you want to move such large amounts of cash safely, you'd have to do it electronically, which means you'd be leaving an obvious trail that can be followed by anti-corruption watchdogs.

 

[SrNair]

It doesn't matter if it's secret or not. Smaller notes means that it is harder to physically move large sums of money, that is the whole point of the exercise. If you want to move such large amounts of cash safely, you'd have to do it electronically, which means you'd be leaving an obvious trail that can be followed by anti-corruption watchdogs.

Quite doubtful about that .
Corrupt and peoples having black money will find one way or another.
Even after all these tight measures ,GoI is still struggling to counter the other methods of black money .
Corrupt peoples are trying to white wash it ,even through the mass booking of Rajadhani express .

 

[That Guy]

Quite doubtful about that .
Corrupt and peoples having black money will find one way or another.
Even after all these tight measures ,GoI is still struggling to counter the other methods of black money .
Corrupt peoples are trying to white wash it ,even through the mass booking of Rajadhani express .

It won't get rid of the corruption, but it will make it far more costly. The goal is to make corruption so costly and frustrating, that they have no choice but to come into the mainstream.

 

[SrNair]

we are going to issue new design of Rs5K note soon I wonder how PML-N mushahid sahab came up with public demand for abolishing it. This is stupidity.

What India was almost secrete. All the ministers were ordered not to carry mobile phones with them to cabnite meeting so that they could not leak any information. And also it was done in few hours unlike us where as you said he is already informing the black money owners

PM,FM ,RBI Gov and only few officials knew about it .Ministers in Indian cabinet only managed to know about it only when PM call them for a meeting right before addressing the nation

 

[saiyan0321]

It doesn't matter if it's secret or not. Smaller notes means that it is harder to physically move large sums of money, that is the whole point of the exercise. If you want to move such large amounts of cash safely, you'd have to do it electronically, which means you'd be leaving an obvious trail that can be followed by anti-corruption watchdogs.

That's exactly what the senate recommended which is completely different from what modi's rash but effective method of demonetizing key notes of 500-1000 and to get a note of 2000 in exchange for the money to bring black money under check.

Anyhow.

I hated that 5000rs note. It, as you and the senate state, made it far easier to move large sums of money. This will help use of electronic transaction as well as force people to do more electronic bank transaction on which, as the senate says, the govt will get tax.

This is not going to end corruption, nor is it the answer to combat black money. It is simply a set.

 

[Ea Returns]

Idea was good ,but planning was bad .
Now all those who have big amount of black money will either invest in assets like gold or land or transfer to abroad .

How?? If you are referring to India's case, 88% of total economy was of Rs 500 + 1000 notes. No institution other than bank will accept a demonetized currency. Even if they buy gold, Goldsmith has to deposit that money in bank, he can't keep it with him. Same goes for hospital, gas stations... They can't buy land with this zero value currency or transfer it abroad. No matter what you do, all such money either has to come to bank or be scraped. Govt is going to release Rs 2000 and new 500 notes anyways of equal value so this money is already with govt. With all permutation-combinations, it's getting added to the economy, not Rs 1 can escape.. It's a fool proof plan, however proactive planning to avoid inconvenience for general public should be better. Yesterday, these idiots came to know that Rs 2000 note being too big in size doesn't fit in many ATM machines. They made pact switzerland, Mauritius and what not for account details, opened 26 crore new accounts and what not but goofed it up for as basic as that. Still one has to admire the 2 yr long planning, perfectly executed element of surprise & political will for anti-corruption.

For Pakistan, media is already declaring that it may happen. I guess, Pakistan govt. is just doing goodwill building measure because of corruption charges.

 

[Indo-Pak]

I am not sure if you have been following your own news but all India has done is remove rs1000 note and instead has got a rs2000 note. Also they have got a new look rs500 note.

http://economictimes.indiatimes.com...you-should-know-this/articleshow/55325873.cms

So please explain how is this same thing?

Yes Govt will bring back 500, 1000 and reintroduce 1000 Rs note (Condition apply), The condition is "No one knows how much these will be printed."

Till 8th Nov, there were 85% currency in India was 500 or 1000.

Now following question
1. How it attack black money:
One who has >10 Lakhs in cash (unaccounted) he has no option other than trashing that money, they can burn it, shread it or throw it. No one will take those money. So million dollar worth black money is neutralized.
2. New 500, 1000, 2000 will bring back black money
That depend upon Govt, If govt will print less currency, ppl will force to use plastic money and all money will be accounted (Jan-Dhan yojna can provide bank account in 4 hours and debit card in 3 days)
3. Fake currency:
will be flush out of system
4. UP election
All political party stashing money will have to throw it, no other option.

 

[SrNair]

How?? If you are referring to India's case, 88% of total economy was of Rs 500 + 1000 notes. No institution other than bank will accept a demonetized currency. Even if they buy gold, Goldsmith has to deposit that money in bank, he can't keep it with him. Same goes for hospital, gas stations... They can't buy land with this zero value currency or transfer it abroad. No matter what you do, all such money either has to come to bank or be scraped. Govt is going to release Rs 2000 and new 500 notes anyways of equal value so this money is already with govt. With all permutation-combinations, it's getting added to the economy, not Rs 1 can escape.. It's a fool proof plan, however proactive planning to avoid inconvenience for general public should be better. Yesterday, these idiots came to know that Rs 2000 note being too big in size doesn't fit in many ATM machines. They made pact switzerland, Mauritius and what not for account details, opened 26 crore new accounts and what not but goofed it up for as basic as that. Still one has to admire the 2 yr long planning, perfectly executed element of surprise & political will for anti-corruption.

For Pakistan, media is already declaring that it may happen. I guess, Pakistan govt. is just doing goodwill building measure because of corruption charges.

I was talking about Pakistan.

 

[t_for_talli]

A step in the right direction.
Following should be done:-
1- Ban Rs.1000 and Rs.5000 currency notes step by step.
2- Reallocate land/property prices with FBR all over the country.
3- Start documenting assets/businesses.
4- Introduce amnesty scheme at 10% of whole sum.
5- Give incentives and urge people to use that money in industrial sector.

80%-90% of black money will be gone.

Khayal to achha hai ,

But you need a strong leadership to make an unpopular move which will cause inconvenience to daily lives of masses.
I dont think NS is right fit

 

[4GTejasBVR]

Suddenly they got an idea and enthusiasm to fight the black economy in their nation

The thing is now they have given warning to those corrupt people to convert their black money through legal banks and illegal hawala transactions!!! Same could have been the case if Congress was in power in India. Waste!!!

 

[Hareeb]

Khayal to achha hai ,

But you need a strong leadership to make an unpopular move which will cause inconvenience to daily lives of masses.
I dont think NS is right fit

Yeah right. They made immunity in Protection of Economic Reforms Act 1992 to transfer several million dollars of black money to foreign through forex accounts. What can we expect from them? This act should also be abolished.

 

[Morse_Code]

I'm amazed by the fact that why Pakistan always tries to replicate and do everything immediately after India takes similar steps ??

Not a bad move though.

We haven't copied you Sir Jee kal strikes just follow and appreciate good examples