Currency Ban. 91 people died in queues outside ATMs and banks - page 2.

Dudeperfect

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I would say it is a complete hypocrite mentality to link the deaths with the demonetization. We want to be able to see the impact of Demonetisation or GST in short-term because whenever you are implementing something in a territory having the population of more than 1 billion, you have to give at least 5 to 10 years for the same to see the impact on the economy.

* World Bank says India has recovered from impact of demonetisation, GST.

Quote

Indian recovery will lift South Asia as a region and make it the world’s fastest growing again, says the World Bank’s bi-annual South Asia Economic Focus report.

I believe that it's the time to appreciate these groundbreaking decisions and move on. I am not supporting or discouraging anyone but sometimes being uncomfortable is the only option for the bright future.

By the way, it is very surprising to see people die in bank queue but not even a single person died while standing in a queue for free coffee or sim card.

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.

Findingnemo

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Bitcoin = Financial freedom

Narendra Modi's government called as corporate governments by the Indian people because he is always takes action favours for the corporates not for the citizens and the crime rate increased since the BJB governments starts ruling and India becomes number one in the corruption so he did lot of achievements in this ruling period so my middle finger salutes him always.

Hell-raiser

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Quote from: darkangel11 on September 04, 2018, 06:04:59 PM

Quote from: The Sceptical Chymist on September 03, 2018, 05:37:36 PM

I've always been a fan of keeping some cash at home, locked up in a safe. I think that's always a good idea, whether you're anticipating a financial collapse or not.

I'll tell you why most people don't own and probably never will own a safe. And i'm not talking about those masterlock safes that you can open with a magnet, or those things you find in cheap hotel rooms. A decent safe is heavy, expensive, takes space on the floor, or has to be built into the wall. If you live in an apartment it will always catch an eye of visitors. And after all this trouble all you'll have is some fiat that doesn't even make a decent toilet paper substitute if that runs out. In case of a real economic collapse you'll need toilet paper more than fiat money.

If this is really gonna happen one day in the way you describe, the only asset which will still have value before things develop into a Mad Max style disaster is gold (and silver, to a degree). So if you are seriously considering buying a solid safe, you also should consider buying some solid assets along with it, as these will be the last to lose value if things start to develop along the worst-case scenario. If events continue to unfold beyond that, your only hope would be your family, friends, sharp shooting and sophisticated survival skills.

sublime5447

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Very important policies like this need to be planned very carefully, especially about demonetization in a country with very large population like India must go through a long transition until it’s completed. The role of the media between publication and the connection between the government and citizens has become crucial.

Hell-raiser

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Quote from: 1Referee on September 03, 2018, 09:08:34 AM

Regardless of it being entirely true or not, the easiest way to avoid being subject to this sort of herd-mass-attack, you have to make sure that you hedge the crap out of your weaker fiat currency during "stable" times. If something like this happens, you can just continue with your day as if nothing interesting happened, because it doesn't affect you personally.

People wrongly assume that current situation is different from what previously happened, but they just fool themselves. Every basic aspect related to fiat is inherently doomed to fail, especially when you have rogue governments accelerating that process.

Absolutely agree with each of these words. You should never trust whatever your government says or wants you to believe. They may promise one thing today and tomorrow do the apposite of what they promised yesterday. People should understand that they will always pay for the mistakes that their ruling elites make and will continue doing. Confiscatory monetary reforms are in fact nothing new as this is what is now taking place in India. Such reforms happen regularly here and there, and still more so in developing countries suffering from high inflation rates. So if you happen to live in a country like India or Venezuela, you should stay away from the local currency as far as possible. Buy dollars, gold, bitcoins, whatever which is not linked nor depends on your government in any way.

hatshepsut93

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It's not a coincidence that India has moved against cryptocurrencies earlier this year - they know well that decentralized and especially private coins are just like cash, and people will turn to them when the real cash is banned. Bitcoin is the first line of defense against cashless society that is being pushed by banks and governments, so we need to always stay vigilant to keep it decentralized and secure, if it will lose those values, the government might do with it something similar what they are doing in India with cash.

pumbum

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are cryptocurrencies worth standing in line for so long? I think it's just another craze.

Abefe1989

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This is totally bad and government should look into this in order to necessary precaution.

First77

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Quote from: solkinsolali on September 06, 2018, 06:51:39 PM

This is a very horrible thing to have happened. The law should have taken an action about this kind of incidence. The people cannot just be pushed about like that by the government that is supposed to provide comfort for them.

U.S President Donald Trump said "Barack Obama did scary things"

jseverson

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Quote from: pitiflin on September 06, 2018, 06:40:41 PM

Its demonetization, it wasn't well planned, but was necessary at that time. The amount of corruption going around in India goes way beyond than what we speak. The current Prime Minister is trying hard to bring his country to the top, the number of visits he has made to other countries for discussing things and getting things done is astounding. You can poke him how much ever you want, but he's doing something. People were given so many days to convert their money. It wasn't a great move, but it ruined the lives of those who live by corruption, and doing illicit things.

I don't really think it has anything to do with corruption. They tried to go cashless and it backfired. They're walking these steps back now.

Their general anti-crypto sentiment may even be over-correction from this failed attempt. This is nothing but conjecture on my part though.

hometester

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are cryptocurrencies worth standing in line for so long? I think it's just another craze.

solkinsolali

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Quote from: First77 on September 03, 2018, 08:32:27 AM

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

This is a very horrible thing to have happened. The law should have taken an action about this kind of incidence. The people cannot just be pushed about like that by the government that is supposed to provide comfort for them.

pitiflin

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Quote from: First77 on September 03, 2018, 08:32:27 AM

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

Its demonetization, it wasn't well planned, but was necessary at that time. The amount of corruption going around in India goes way beyond than what we speak. The current Prime Minister is trying hard to bring his country to the top, the number of visits he has made to other countries for discussing things and getting things done is astounding. You can poke him how much ever you want, but he's doing something. People were given so many days to convert their money. It wasn't a great move, but it ruined the lives of those who live by corruption, and doing illicit things.

First77

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Quote from: timerland on September 06, 2018, 04:35:52 PM

If that was their plan, then it certainly didn't work. Black money will simply move to electronic means of storage now. Just because a few notes are wiped out, it doesn't mean that black money suddenly disappears.What the ban did was pose a huge inconvenience to every day citizens, especially Indians living overseas with these notes. Because if they wanted to cash them out, they either had to find a currency exchanger overseas in their country, or go back to India.

India’s rupee owes its tag of Asia’s worst-performing currency this year to the selloff sweeping emerging markets. There’s more pain in store from beyond its borders.

Read more at: http://economictimes.indiatimes.com

First77

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India’s rupee owes its tag of Asia’s worst-performing currency this year to the selloff sweeping emerging markets. There’s more pain in store from beyond its borders.

Read more at: http://economictimes.indiatimes.com

timerland

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Quote from: First77 on September 03, 2018, 08:32:27 AM

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

If that was their plan, then it certainly didn't work. Black money will simply move to electronic means of storage now. Just because a few notes are wiped out, it doesn't mean that black money suddenly disappears.

What the ban did was pose a huge inconvenience to every day citizens, especially Indians living overseas with these notes. Because if they wanted to cash them out, they either had to find a currency exchanger overseas in their country, or go back to India.

Can't believe that there is actually this many fatalities just from queuing for cash either. Although, it is logical given that this affected everyone in India given the sheer population. I personally hold the opinion that the demonetization was probably unnecessary and not well executed, even if it was necessary.

Ucy

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Prime Minister "Narendra Modi" is very proud of his actions

Sounds like a true puppet. They're arrogant if allowed.

People didn't protest the death afterall? This sort of thing could repeat if non is held accountable. Thought the country is a democracy.

I read that the country is implementing an extreme ID scheme called Aadhaar . Expect them to lock you out of the country's financial system in the name of law, financial crisis or security. Government controlled ID system is very dangerous. It's safe to decentralize.

First77

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Quote from: r32godzilla on September 06, 2018, 12:26:20 AM

I would like to share a sad incident.In Telangana state of India,a women had sold her land for her husband's medical treatment for 80,000 Dollars.The very next day when she got her money,demonitization was announced by the government and all her money became useless papers and she was not able to give her husband treatment and so she commited suicide.Shame on the Indian government.It has almost murdered her and many other innocent people.

Indians were given time till 23 November 2016 to exchange their old currency notes at the banks. No government can make currency notes useless in one day.

r32godzilla

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Yes that was the worst decision which could have been taken by a government.They should have predicted the disasters they would have to face after applying it.They should have printed new currencies readily to immediately supply it after demonization.I would like to share a sad incident.In Telangana state of India,a women had sold her land for her husband's medical treatment for 80,000 Dollars.The very next day when she got her money,demonitization was announced by the government and all her money became useless papers and she was not able to give her husband treatment and so she commited suicide.

Shame on the Indian government.It has almost murdered her and many other innocent people.

shield132

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Quote from: The Sceptical Chymist on September 03, 2018, 05:37:36 PM

Quote from: shield132 on September 03, 2018, 04:57:50 PM

It's shame, such things were happening in late 90's in some post soviet states,

Eh, OK. I'd like to see a reference or something here for the claim. How did they die? Isn't this old news?

The first thing I thought of is all the violence I've read about on Black Friday, the day after Thanksgiving in the US. People line up outside big box retailers, and there have been people trampled in the ensuing rushes. People die everywhere for all sorts of reasons, and 91 or even 300+ is not a large number--tragic, yes, but it's not like a massacre (and I'd still like to hear how they died).

I've always been a fan of keeping some cash at home, locked up in a safe. I think that's always a good idea, whether you're anticipating a financial collapse or not. You never know when you're going to lose your debit & credit cards or when local businesses suddenly lose the ability to take electronic payments. That happened in my neighborhood back in 2011 when we got hit by an early blizzard and the whole town was in the dark for about 4 days. It was a nightmare, but I was able to buy some food at the local Walgreens because I had cash.

If you live in an economically unstable country, I think keeping fiat on hand is a must. If you can afford it, that is. It's not always easy to put money aside.

Sorry for late answer, that happened in 2016 and here is the link for reference: http://www.india.com/news/india/demonetisation-33-dead-due-to-ban-on-rs-500-and-rs-1000-1649501/
Of course we have to keep some cash at home, Personally I will never demand fully on 3rd party. These days I needed to withdraw money from ATM, however black line on card got scratched and ATM couldn't read card, didn't want to pay extra fees for paywave withdraw. Needed money and had some cash, this escaped me from embarrassing situation. This example is nothing compared to your but still in 2018, it's not a good idea to avoid having some extra cash for bad days or moments.

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