Currency Ban. 91 people died in queues outside ATMs and banks - page 3.

galambo

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Quote from: First77 on September 03, 2018, 09:32:27 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

I am not much into politics and also i do not have enough knowledge about the politics but i guess "Rahul Gandhi" is not a much important person to the government now. He is the most trolled representative and also had no seats in the election this time. We actually don't know the truth that really 91 peoples died outside the banks and ATMs?

That actually sounds much funny and it is not that big issue. No one had any kind of injuries during the demonization. Demonization was for the better of the country "India" as it was an act to destroy the black money and j guess the PM of India "Narendra Modi" achieved some success in it as the total circulation of the national Centralised currency "INR" was changed a bit which indicates that it was a successful act for eradication of the black money.

I had read a lot about it into the global news as it was much popular and also i think some new taxed like "GST", "SGST", "IGST" etc were too been applied on the Indian taxe returns which made the existence of Black Money much harder. Hope that this act proves much better and it should contribute the the development of the country.

First77

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Quote from: Hydrogen on September 05, 2018, 06:52:25 AM

Appears to have inflicted far more economic damage than economic benefits provided.

Today $1 = 72 Indian Rupees

In 2016, $1 = 63 Indian Rupees

btc78

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Quote from: First77 on September 03, 2018, 03:29:25 PM

Quote from: Strufmbae on September 03, 2018, 10:15:22 AM

Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country? Do you have any links of articles? In order for me to broaden my knowledge about it?

Some reports say 108 people died in queues outside ATMs and banks. Never heard of demonetisation anywhere in the world so I wrote about it here in international forum.

USA has the biggest problem of counterfeit currency. But USA does it the police way.

As you have said “some reports says” meaning this based only on Hearsay and you don’t have any links to support your story?What the heck budz ..stating an old issue without any proof is a shit and considered as nonsense .make it real do some job before creating a thread

taiwww

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Quote from: Hydrogen on September 05, 2018, 06:52:25 AM

Futher economic implications of india's "demonetisation" policy from 2016:

Quote

Meantime, consumers are spending less, which is hurting small producers who, in turn, are being forced to scale back their activities.

As a consequence, supply chains at small, medium and even larger companies are breaking down. Lorries are stranded with no money for fuel, workers will not load goods for free and distributors can’t pay up. Wholesale markets in many cities are shut.

Mr Singh said current liquidity squeeze will reduce India’s gross domestic product growth rate by 2 per cent, with agricultural production, small industries and the vast, cash-driven informal sector, which employs millions of youth, hardest hit. Businesses are quietly warning of potential job losses in labour-intensive manufacturing industries as well.

https://www.thenational.ae/business/india-s-demonetisation-creates-payday-cash-crisis-1.204867

Appears to have inflicted far more economic damage than economic benefits provided.

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

Yes that is what they are speaking about. Actually Indian vice president thought that he will be able to take out all the black money form the corrupted system. I am pretty sure that they were successful in doing that as most of the people who held the cash money in their lockers got robbed with their black money.

But recently when the RBI load was calculated then it came to notice that their is insufficiency of the money within the nation. RBI never calculated or failed to calculate the cascade of events which occurred later on and thus became short on printing the money.

The cashless dream literally became more costlier than what they thought.

First77

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Quote from: magneto on September 05, 2018, 05:58:02 AM

There were even fatal instances of withdrawing money, it seems. Again, it was a rash decision that wasn't thought out carefully. If you're going to do this, at least do it in a way that does not result in such high demands on the banks.

Till 31 January 2017, ATM machines in India's biggest city "Mumbai" had less cash or no cash. I mean ATM machines were closed for 2 months since new currency notes did not arrive.

buwaytress

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Quote from: Hydrogen on September 05, 2018, 06:52:25 AM

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

If I recall correctly, talking to Indians and with a Southeast Asian perspective based on our own knowledge of things here in the South and Southeast, it was very much to do with the "black money" referenced in OP. India would never push e-money when large swathes of its population aren't accessible digitally.

See, in countries like ours, where corruption can almost be equated in cold hard cash, these were the notes most commonly used to launder and keep black money circulating. People weren't keeping dirty cash in banks, but in stacks and piles under their beds, buried, etc. In one fell swoop, they sought to remove all this power from organised crime. It worked somewhat, despite the economic repercussions. I think the layperson suffered the most, however.

Hydrogen

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Futher economic implications of india's "demonetisation" policy from 2016:

Quote

Meantime, consumers are spending less, which is hurting small producers who, in turn, are being forced to scale back their activities.

As a consequence, supply chains at small, medium and even larger companies are breaking down. Lorries are stranded with no money for fuel, workers will not load goods for free and distributors can’t pay up. Wholesale markets in many cities are shut.

Mr Singh said current liquidity squeeze will reduce India’s gross domestic product growth rate by 2 per cent, with agricultural production, small industries and the vast, cash-driven informal sector, which employs millions of youth, hardest hit. Businesses are quietly warning of potential job losses in labour-intensive manufacturing industries as well.

https://www.thenational.ae/business/india-s-demonetisation-creates-payday-cash-crisis-1.204867

Appears to have inflicted far more economic damage than economic benefits provided.

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

magneto

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Quote from: First77 on September 03, 2018, 09:32:27 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

Banning two notes in existing circulation does nothing to stop money laundering. Sure, you could give some trouble to them, but the launderers are going to continue to work, even without all of the cash in circulation.

I think that it's quite a ill-advised decision that they did this still. It posed no real benefits, while inconveniencing pretty much everyone in India that held these notes.

There were even fatal instances of withdrawing money, it seems. Again, it was a rash decision that wasn't thought out carefully. If you're going to do this, at least do it in a way that does not result in such high demands on the banks.

xWolfx

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Quote from: 1Referee on September 03, 2018, 10:08:34 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.

It's interesting because something like this can also be used to avoid huge inflation rates like it happens in Venezuela, with the biggest inflationary level of the entire world by a really big margin. You can't just have currency stored in the bank without knowing it is worth less everyday that passes by.

It can be done easily buying $ or Bitcoin for example. It's interesting that this kind of things very rarely if ever happens in developed countries so the regular citizen wouldn't know what to do probably. But in places where they are used to poverty, people should have a backup plan for when mass hysteria comes.

darkangel11

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Quote from: The Sceptical Chymist on September 03, 2018, 06:37:36 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.

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Quote from: Crypto Girl on September 04, 2018, 06:04:52 AM

people died because of exhaustion

You know, I didn't do any google search or anything before I made my last post, but I had some suspicion that this news report wasn't what it was probably intended to be, or at least what OP meant it to be. Dying from exhaustion is far different than people slaughtering each other or being killed by the government/police or whatever. It's still tragic, but the deaths don't really have much to do with the economy--other than the bank run, but those have happened sporadically for many, many years.

Thanks for the link and always be careful about reading stuff here and elsewhere. Something tells me even this number of "exhaustion" deaths is exaggerated, but I have no proof of that. Then again, there's not even really proof of the deaths anyway (that can I can verify), just a news report.

First77

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Quote from: audaciousbeing on September 04, 2018, 06:17:19 AM

2016 is not a long period from now and there is need for discussion like this to be done in other to put in perspective the consequences of decisions made by the people we elect to represent us and make decisions on our behalf.

Never heard of currency ban/demonetization to eliminate 0.01% black money and terrorists in the country. Did India invent something bad and new ?? Huh

aoihs00

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That is the part of politics which we experience all the time. There have been mistakes from the government in the past and they will keep reputing because they sometimes go against the will of democratise decisions. Many times they think whatever plans they have plotted will come to the end with proper results but that doesnt happen as government decisions and people's mind dont match always. Where people think that things should have gone by A-B-C way at that point government will be thinking by C-B-A route and thus results differ all the time. May be this is more or less politics and nothing else.

audaciousbeing

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Quote from: First77 on September 03, 2018, 09:32:27 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

2016 is not a long period from now and there is need for discussion like this to be done in other to put in perspective the consequences of decisions made by the people we elect to represent us and make decisions on our behalf.

Whether the death toll is 33, 91, 108 or 5. Such decisions are not meant to take any life and even if one life is lost, its too expensive which shows the deficiency in such decision which include among other reasons the timing that is given to carry out the exercise and at the end of the day its the poor people that would be affected as they are the ones who are not connected with bankers or know people in high places in other to facilitate the exchange process seamlessly.

I have read about a country that changed its currency over night because they were having civil war and needed to render the other side useless with the currency they have amassed to pursue the war. Others have been about corruption after huge stash of money have been kept by corrupt individuals at the expense of the populace but in situations like this, there is always a proper and process put in place to avoid such calamity as a result of their good intentions.

Crypto Girl

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Quote from: The Sceptical Chymist on September 03, 2018, 06:37:36 PM

Quote from: shield132 on September 03, 2018, 05:57:50 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?

Found this news here.
https://www.google.com.ph/amp/s/amp.dw.com/en/was-indian-pm-modis-demonetization-move-a-failure/a-40415890

Yes this was an old news and people died because of exhaustion since they've been waiting for long hours on queues outside and the deaths actually over 100.

This demonization of currency had failed even PM Modi has clear intention to eliminate black market money however they didn't anticipated the deaths of people that just wanted to assure that their hard work won't turn to nothing. Report says that those who died are fruit vendors that didn't manage to have bank account that's why they just insisted to wait on queue. Cry

First77

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Quote from: Reality5 on September 03, 2018, 06:50:55 PM

This was very bad of the government. Announcing that a particular currency note will be invalid within 24hrs is absurd. Such a decision should have been protested by the people considering the death casualties too.

There must 0.01% black money and 99.9% white money in India. India's top 5 companies [RIL, TATA group etc..] profits must be more than black money in India.

First77

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Quote from: Reality5 on September 03, 2018, 06:50:55 PM

This was very bad of the government. Announcing that a particular currency note will be invalid within 24hrs is absurd. Such a decision should have been protested by the people considering the death casualties too.

There must 0.01% black money and 99.9% white money in India. India's top 5 companies [RIL, TATA group etc..] profits must be more than black money in India.

joshuarose

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oh sad, the bank's shortage is huge and because it can kill 91 people, I hope this can be fixed, is the Indian bank not ashamed to be seen from its neighboring country

Reality5

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Quote from: First77 on September 03, 2018, 09:32:27 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 was very bad of the government. Announcing that a particular currency note will be invalid within 24hrs is absurd. Such a decision should have been protested by the people considering the death casualties too.

GymClassHeroes

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That is so sad, unnecessary and avoidable chaos, this is one of the reasons why crypto-currencies is much desirable to those who understands how it works.The government cannot wake up one day and declare your money invalid or unusable, too much control and abuse of power.With cryptos, the power is determined by the people

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