#demonetisation

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Ana_R

@LovelyPlanet

Voyager

Posted: 9 years ago

so hey i came here to check out the debate on how demonetization is affecting the country and neighbours and no topic at all?

What is personal experience of people? my family had no issues at all converting money or withdrawings from ATMs. Some acquitances approached them to help deposit some of the excess cash they had and they obliged(even tho Modi was requesting people to not do it.) Will add more in the morning, but really keen to know how is it going from experiences here.

Aah and small dough i had is going to go waste, nevermind.

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Mithu Hiranand

@RUSmart

Navigator

Posted: 9 years ago

This demonetisation is totally illegal. It can be questioned in the international court of law. But the educated class(not very) are not affected because they do not have to undergo the trouble of standing in queues as their salaries are all thru banks. The poor people who work hard for the whole day are the ones affected because they are not being paid because of the cash crunch. Anybody saying that this is a good move is an hypocryte. There was no need to put all this torture on the common man. Govt. has a good and efficient staff who can raid the illegal politicians who hoard black money. As it is all those in power are still laughing off at this move of the govt.

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souro

@souro

Alumni

+ 2

Posted: 9 years ago

Personally our household didn't face any difficulty. We didn't need to queue for depositing or exchanging money as well. Initially for about 10 days, shopkeepers over here accepted old notes, so some were spent there. The rest were used to book tickets as I was going on a trip for some work.

Didn't help anyone exchange money except for our maid. She does have an account, but these Rs.500 notes were paid by us as her salary at the start of the month which she still had with her, so we agreed to take it back and give Rs.100 notes instead.

Edited by souro - 9 years ago

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return_to_hades

@return_to_hades

Stunner

+ 6

Posted: 9 years ago

In my opinion demonetization was a move carried out with all the right intentions but with problematic execution.

It maybe a temporary inconvenience to civilians for a greater good. However, I find it highly problematic when government schemes inconvenience the common man. I feel that the common man always pays the price. But I know many people are more accepting of the collateral damage.

I am very skeptical if this will actually address black money long term. It does not seem to tackle people with large sums of black money in foreign holdings.

That being said I am willing to give Modi government a year or so to make good their promises.

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CherHorowitz

@TotalBetty

Sparkler

+ 3

Posted: 9 years ago

People I know ( from all walks of life) say they have not been affected much.

But everytime they say people are terribly suffering bcz of this program, Modi ji should have given us more time... I ask them 'Who are these people suffering? Is it somebody you know?' And the answer comes "That's what they say on TV"

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AladdinKaChirag

@AladdinKaChirag

Dazzler

Posted: 9 years ago

No one among my aquaintance is suffering that much.. Even my maid isn't... Mostly ppl are controlling their expenses and many ppl are helping each other out too... I only hear or see about the problems in media or in social networks.. Ofcourse problems are there, but media should avoid spreading so much negativity and try to help people.. Sometimes this negativity starts creating panic among ppl.. That is y this kind of scheme is not so effective in India.. Ek to ppl panic easily upar se corruption abhi bhi kafi h

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1101831

Suspended

Posted: 9 years ago

its good move, cash which were not part of system will be in the flow again. Long term it will have positive effect.

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sudesh kumar

@qwertyesque

Rocker

Posted: 9 years ago

economy will be screwed now - especially since all biz is done mainly in cash.

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Angel-likeDevil

@Angel-likeDevil

Trailblazer

+ 3

Posted: 9 years ago

Personally, not much affect on our family, no problems here.

I am still not convinced that this will address black money issue? But I think only the future will tell what it has addressed or what has come out of this.

What is bothersome is, there are many many remote villages wherein people save up money in 500s/1000 rupee notes, and such people probably do not have easy access to bank/banking correspondent. How is government taking care of these people?

The argument that this is one of the steps towards cashless transactions seems infeasible, IMO, long long looong way to go, it will take us a few generations to reach there, that is, to see the days of cashless transactions.

Another weird thing is 2000 denomination as legal tender... I wish they had only re-introduced currency notes of 500 denomination. 2000 denomination will only mess up the economy incase it can be forged again -_____- ... I did not understand the logic behind introducing 2000 Rs, when 1000 were withdrawn.

...Also, to say this has been done to tackle black money is... I see the intent, but, not everyone who hoards money has black money, it is just the money that has not been monetised yet. It's like being asked to wear bulletproof vests and being shooted at, while one could simply unload the gun. (that's just an example) ..

But, I see this "done to tackle black money" slogan as something of a political talk - so as to calm people down and coalesce them, appease them in best possible way, because, tackling black money seems like a small teeny tiny by-product in this HUGE exercise.

Something in me tells me that such a big step wouldn't have been taken on a whim, not our Indian government atleast, I have faith :) Perhaps we will see in future, the actual effects of demonetisation/remonetisation.