Sputnik: India Needs Chinese Help to Prop-Up Demonetization Drive

[艹艹艹]

17:40 16.12.2016

As long queues outside ATMs and banks threaten to unravel Prime Minister Narendra Modi’s bold gambit of Demonetization, India will have to bank on the Chinese to ensure it doesn’t become a fiasco. With cash in short supply, banks are scrambling for PoS that must be imported from China as India lacks the technology to manufacture such machines.

New Delhi (Sputnik) — It is not only the one billion plus people in India undergoing a harrowing time in a cashless country. Merchants, big and small are also finding it difficult to cope with this unforeseen challenge.

As a result even small merchants are racing to install point-of-sale (PoS) machines at their outlets. Banks that charge a small fee from the merchants for the machines see a huge opportunity but are finding it difficult to purchase them from overseas vendors as India doesn not have the technology to manufacture such terminals.

According to a market study, two overseas firms — Verifone and Ingenico control 80 per cent of the market for PoS machines. Indian banks order these machines from the two firms, which in turn manufacture them in China. The Indian government has waived off the duty on importing the machines from China.

"PoS machines are manufactured by two companies in China and the Government has waved off duties on them so that these machines become cheaper and reach the shopkeepers easily," said Finance Minister Shri Arun Jaitley, during a meeting of the Parliamentary Consultative Committee of the Ministry of Finance on "Shift to Digital Transactions."​

A source told Sputnik that some members of the Consultative Committee had strong reservations against the hasty enforcement of digital payments without ensuring adequate security both in case of hardware and software in order to secure the data and the transactions made through digital mode. Meanwhile, the government is being criticized for going against its own policy of Make In India by easing the import duty on PoS machines as it will discourage their domestic manufacturing.

According to a Reserve Bank of India estimate, Indian commercial banks operated a little more than 1.4 million online and offline PoS machines as of August 2016. The present digitization drive has created a demand for at least two million additional PoS machines.

https://sputniknews.com/asia/201612161048659189-india-aid-china-demonetization/

 

[TaiShang]

The Indian government has waived off the duty on importing the machines from China.

Very smart move to speed up and facilitate imports from China. Those two companies should do their best to meet the demand on time.

 

[Mitro]

Very thoughtfully executed plan of demonetization
No black money recovered
Suffering for common people
Goi lost billions in disposing old notes and billions lost to print new one
Benefit will go to china for selling pos and credit card machine export to India
And stupid bhakt are living in lala land
And manufacturing,farmers small vendors trader and daily wager are losing money

 

[AndrewJin]

Very smart move to speed up and facilitate imports from China. Those two companies should do their best to meet the demand on time.

That's very efficient anti-boycott move....so efficient that not likely in india....

 

[Place Of Space]

Very smart move to speed up and facilitate imports from China. Those two companies should do their best to meet the demand on time.

Why does India abolish their money?

 

[Chhatrapati]

Why does India abolish their money?

To make people holding black money deposit them in banks so that government can have a hold on it. And to catch tax evasions. Only 2% of Indians pay Income taxes directly.

 

[Place Of Space]

To make people holding black money deposit them in banks so that government can have a hold on it. And to catch tax evasions. Only 2% of Indians pay Income taxes directly.

How much the ratio of income taxes in India? Your government not afraid the rich escape to foreign nations if they in the first place didn't want to pay taxes?

 

[Götterdämmerung]

Why does India abolish their money?

Search for cashless society. That's the long term goal of the Wall Street cabal. Slaves don't need cash.

 

[Chhatrapati]

How much the ratio of income taxes in India? Your government not afraid the rich escape to foreign nations if they in the first place didn't want to pay taxes?

10% tax in range $3600 - $7300 annual income.
20% tax in range $7301 - $14700 annual income
30% tax in range above $14700 annual income

Rich, leaving their assets in India. Only a few leaves India to avoid being prosecuted.

 

[Place Of Space]

10% tax in range $3600 - $7300 annual income.
20% tax in range $7301 - $14700 annual income
30% tax in range above $14700 annual income

Rich, leaving their assets in India. Only a few leaves India to avoid being prosecuted.

How to calculate the taxes? I don't think the income taxes is as simple as 3600*10%=360. It's too high I guess. Is there a bottom line to start paying tax? What's the taxes ratio for enterprises?

 

[Chhatrapati]

How to calculate the taxes? I don't think the income taxes is as simple as 3600*10%=360. It's too high I guess. Is there a bottom line to start paying tax? What's the taxes ratio for enterprises?

I pay taxes. I am not an expert in economics.
Tax is calculated in that way believe me. But the person can pay that as installments. Usually it is deducted from salary. And an extra $1500 can be deducted from total salary and is exempted from tax.
It is very low. Most countries have these kind of taxations. I think its less in India compared to other countries.
For enterprises it is 25% flat rate. For companies earning more than $145000 as profit. An extra 5% is levied on foreign enterprises.

 

[Mangus Ortus Novem]

Search for cashless society. That's the long term goal of the Wall Street cabal. Slaves don't need cash.

Baron von Münchhausen....Zeit, ...mein Freund


Hope you are following this 'little' experiment in the local superpower with obidient elite... quite interesting.

Watch for gold prices and the ban on gold in this superpower. Interconnected.

Cashless? How about possessionless...

And the fools cheer their own loss. Tragic really.

You know that the BANK asked this superpower to ban gold in the past for no reason at all and the previous party in power obliged obiediently. Black market for gold exploded and guess where all the gold came from...funny.

Now this new government is wagging war on GOLD... their tax \-man has now powers to snatch all the gold. indians love their gold...when they give it up obiediently in the interest of national greatness...we know screw is tightend.

Brilliantly executed scheme.

Let us keep watch on this intersting horse and ponny show...what unfolds next might be a case study.

Would like to know if you have dug up something on your end..subtle will do.


Tschüss

SPF

 

[AndrewJin]

10% tax in range $3600 - $7300 annual income.
20% tax in range $7301 - $14700 annual income
30% tax in range above $14700 annual income

Rich, leaving their assets in India. Only a few leaves India to avoid being prosecuted.

I think it is really high tax!

We in China, after paying off all the required insurances (5 insurances + housing fund) for welfare, if we still have 3500 yuan per month (500 dollars per month), we will pay income tax.
After deduction of 3500yuan, the rate is 3% of first 1500yuan, then 10% of 1500-4500yuan, 20% of 4500-9000yuan, 25% of 9000-3500yuan, 30% of 35000-55000yuan, 35% of 55000-80000yuan, 45% of >80000yuan.

If i earn 8000yuan per month, tax is levied on 8000-3500=4500yuan.
1500*3%+(4500-1500)*10%=345yuan

Search for cashless society. That's the long term goal of the Wall Street cabal. Slaves don't need cash.

I buy a 4 yuan pancake on the street by scanning the food's QR code using my Alipay APP.
One second, done! I don't care about Wall Street or not.
I just know i don't need to take too much cash, I seldom have more than 100yuan in my pocket.

How much the ratio of income taxes in India? Your government not afraid the rich escape to foreign nations if they in the first place didn't want to pay taxes?

Rich people pay company tax, they seldom pay income tax.....
A tractor driver in the countryside can earn 10000yuan per month at harvest, but such income is impossible to be taxed! A worker getting 4000yuan per month after paying all the insurances can easily avoid income tax (supposed to pay tax above 3500yuan), just negotiate with his/her boss to increase housing fund or paying salary in other non-taxable allowances....

 

[Shotgunner51]

PoS that must be imported from China

Indian government has waived off the duty on importing the machines from China

Decisive and swift move by Indian government. Waive duty, gets as many PoS (ATM, and other capital goods) as possible to be shipped from China to install across the nation, this will help solve the immediate problem, speed is everything, good job.

In the mid-long run, China can join India in perhaps every sectors related to this huge program of demonetization, say constructing national cloud/data hubs, upgrading national data grid (Huawei, ZTE, SGCC), Fintech (Ant Financial, Qudian) and mobile/personal devices. Last but not least, I believe capital investments wouldn't be small, so perhaps well-funded Chinese sovereign wealth funds or policy banks can also join the demonetization program.

https://defence.pk/threads/how-modi’s-currency-ban-is-helping-chinese-fintech-investors-in-india.463614/
https://defence.pk/threads/demonetis...he-way-to-help-banks-get-atms-running.461667/
https://defence.pk/threads/worlds-leading-fintech-innovators-2016-fintech-100.457658/

 

[AndrewJin]

Decisive and swift move by Indian government. Waive duty, gets as many PoS (ATM, and other capital goods) as possible to be shipped from China to install across the nation, this will help solve the immediate problem, speed is everything, good job.

In the mid-long run, China can join India in many areas related to this huge program of demonetization, say constructing national cloud/data hubs, upgrading national data grid (Huawei, ZTE, SGCC), national Fintech (Ant Financial) and mobile/personal devices.

View attachment 361144

https://defence.pk/threads/how-modi’s-currency-ban-is-helping-chinese-fintech-investors-in-india.463614/
https://defence.pk/threads/demonetis...he-way-to-help-banks-get-atms-running.461667/
https://defence.pk/threads/worlds-leading-fintech-innovators-2016-fintech-100.457658/

I can't believe baidu's financial branch is not in the list!