Topic: Currency Ban. 91 people died in queues outside ATMs and banks (Read 2010 times)
This is really a repression from the government of India. I am not a native of India but I am really upset about this action. The country of India will not be able to develop better if such a situation persists.
December 10, 2018, 11:34:26 PM
Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016
On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.
Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.
Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.
Prime Minister "Narendra Modi" is very proud of his actions
Here in my country news like that is not new and is always happening most especially in this season. Fiat money is the cause why people died every single day and that is what fiat did to the world. If people would use Bitcoin or any cryptocurrency as funds I think the risks would lessen due to the privacy feature of crypto. Though crypto is volatile I think we need to have both assets to make sure we are safe. On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.
Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.
Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.
Prime Minister "Narendra Modi" is very proud of his actions
December 10, 2018, 10:20:21 PM
This is a failure in the government's side and it's people shouldn't suffer for this. I mean a year at least is needed to demonetize a currency to make way for new ones. The ones that die due to this irresponsible act should be compensated for their loss. This is a blatant disregard for the welfare of it's citizens.
November 12, 2018, 11:57:07 PM
I the problem is the government's execution of this rupee note demonetization. I think the better way is to see this tax situation a year ahead so that the announcement could be done a year ahead and have people take their time to exchange their notes for a longer period of time. Giving a day and you will see chaos.
The sudden decision will always destroy the economic growth and middle-class people will suffer a lot because they need to stay a very long queue. I don't know why the government will take a sudden decision on this activity but one thing I want to control whether they managed to collect the money from the people?
We have always known government to always come up with some drastic and not well thought decisions, and that basically shows that we have a governmental system that care less about the people they are meant to serve but only care about themselves.
November 10, 2018, 05:25:47 AM
really the decision of a leader who is not wise, it may be true that his ideas and thoughts are good, but a good process is needed in its implementation, really inhumane if a regulation is made to sacrifice the lives of its citizens, regulations should be made to provide comfort and a better life for the people, I do not blame the decision taken by the prime minister but I regret why it seems sudden, if it is a big decision there should be gradual and controlled actions, so that there will be no loss of life, I am curious if there are illegal statements and legal sanctions For the ownership of the crypto currency in India, what will happen? Do you need a victim?
Sure, there should always be a process for everything and even if you want to make a decision, make sure that the first set of people you should be thinking of are the most at risk population which in this case are the low class and the middle class as far as I am concerned. Unfortunately this has happened, and one way or the other, we just have to realize the need why we need a total liberation from all these way government has always executed their plans and at the end of the day, even if they have good intentions, which I doubt, they simply lack the prowess to execute it appropriately.
November 07, 2018, 02:41:26 AM
really the decision of a leader who is not wise, it may be true that his ideas and thoughts are good, but a good process is needed in its implementation, really inhumane if a regulation is made to sacrifice the lives of its citizens, regulations should be made to provide comfort and a better life for the people, I do not blame the decision taken by the prime minister but I regret why it seems sudden, if it is a big decision there should be gradual and controlled actions, so that there will be no loss of life, I am curious if there are illegal statements and legal sanctions For the ownership of the crypto currency in India, what will happen? Do you need a victim?
November 07, 2018, 02:23:59 AM
I the problem is the government's execution of this rupee note demonetization. I think the better way is to see this tax situation a year ahead so that the announcement could be done a year ahead and have people take their time to exchange their notes for a longer period of time. Giving a day and you will see chaos.
The sudden decision will always destroy the economic growth and middle-class people will suffer a lot because they need to stay a very long queue. I don't know why the government will take a sudden decision on this activity but one thing I want to control whether they managed to collect the money from the people?
November 07, 2018, 02:08:44 AM
I the problem is the government's execution of this rupee note demonetization. I think the better way is to see this tax situation a year ahead so thatt the announcement could be done a year ahead and have people take their time to exchange their notes for longer period of time. Giving a day and you will see chaos.
Whatever policies the government makes shouldn’t take the rights away of its citizens, looks like the policy wasn’t made well and seemed rushed, even though the demonetization wasn’t an easy thing and need a long time to be fully implemented.
September 17, 2018, 11:57:20 AM
Yeah I just read this news, But I check the oil prices of India. Petrol is cheaper in India and they supply many countries. I think approximately 34 Indian rupees per litre, But prime minister is totally against in consumer because they earn many black money in petroleum companies. So government should not fix the prices in oils and It is democratic country so peoples are directly complaint the government.
Now Petrol is Rs 90 per litre in Mumbai, India. In Delhi petrol is Rs 84 per litre.
September 13, 2018, 03:54:24 AM
This is totally bad and government should look into this in order to necessary precaution.
Indian billinoaires "Nirav Modi and Vijay Mallaya" scamming banks of $3.5 billion.
Currency ban or demonetisation in India 2016, first in history
bitconnect.com $13 billion ponzi scheme whose owner got arrested in India.
September 11, 2018, 03:39:52 AM
This is totally bad and government should look into this in order to necessary precaution.
Well, this is one of the reasons why the digital age will just keep bringing a lot of ease when it comes to transactions and at least people would not have to keep being in a long queue all in the name of withdrawal or something. For what it is worth anyway, as time goes on I believe people will start seeing more need in which this space would bring about more ease to them and this is the major value that the space creates and for the fact that everyone is simply in control of their spending, and due to its decentralized nature, no goddamn bank or government will be able to have a strong hold on it. September 10, 2018, 11:07:03 AM
Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices
Read More: https://twitter.com/hashtag
Read More: https://twitter.com/hashtag
#BharatBandh got 200,000 tweets on twitter in 8 hours. Could be highest on twitter
September 10, 2018, 03:41:39 AM
This also goes to show that even though it is our money, it is still controlled
by others, they call the shots and we have to react to the situation and conform.
Another perfect example of why Bitcoin was invented and what it can offer in
such events.
Terrible situation for people to be put in.
by others, they call the shots and we have to react to the situation and conform.
Another perfect example of why Bitcoin was invented and what it can offer in
such events.
Terrible situation for people to be put in.
September 10, 2018, 03:02:51 AM
Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.
Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices
Read More: https://twitter.com/hashtag
September 10, 2018, 01:29:28 AM
The more troubling side of this is the fact that citizens did not trust the Banks enough to deposit this money into the Banks. Most of the people in those queues are average citizens with savings stashed under the mattress and not some criminal with dirty money. 
We have also seen similar queues like this, when Greece placed limits on money that can be withdrawn from ATMs during the Bank rush.
http://www.abc.net.au/news/2015-07-01/why-are-greeks-lining-up-outside-atms-banks-crisis/6586770
Who can ever forget this photo : http://jakartaglobe.id/economy/miles-athens-greeks-overseas-buy-groceries-family-back-home-2/
We have also seen similar queues like this, when Greece placed limits on money that can be withdrawn from ATMs during the Bank rush.
http://www.abc.net.au/news/2015-07-01/why-are-greeks-lining-up-outside-atms-banks-crisis/6586770
Who can ever forget this photo : http://jakartaglobe.id/economy/miles-athens-greeks-overseas-buy-groceries-family-back-home-2/
September 10, 2018, 12:51:08 AM
Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.
* Demonetisation, GST will bring long-term benefits: IMF.
* Demonetisation, GST will bring long-term benefits: IMF.
The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.
And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.
Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.
I never understood that logic. I mean how the number of people should necessarily add up to the time it takes for some economic policies to have effect. Care to explain? For me, if these policies are affecting all people at once, as they should, not one by one, it doesn't really matter how many people live in a country. On the contrary, the effects may in fact depend on the population density, and in India it is huge, and likely of the highest in the world. So, if anything, the effects should reveal themselves rather sooner than later.
Rome was not built in a day but if it had been built by over 1 billion people, it would have been built in half an hour. With adequate management, naturally. Without proper management, it would have been destroyed even faster.
September 10, 2018, 12:23:57 AM
Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.
Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices
Read More: https://twitter.com/hashtag
September 09, 2018, 03:53:36 AM
Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.
* Demonetisation, GST will bring long-term benefits: IMF.
* Demonetisation, GST will bring long-term benefits: IMF.
The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.
And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.
Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.
As I said, turbulence doesn't mean things are going to end. Bold decisions (such as 1991) have given us good results so far and hence I believe that we should give more time to analyse the results.
On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.
September 08, 2018, 10:23:00 AM
Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.
* Demonetisation, GST will bring long-term benefits: IMF.
* Demonetisation, GST will bring long-term benefits: IMF.
The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.
And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.
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