#demonetisation

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souro

@souro

Alumni

+ 2

Posted: 9 years ago

#11

Originally posted by: ---Betty---
I heard after all this months things still are not in order

Everything is in disarray and peopek are fighting for cash

What happened? Seemed like a good idea... Was Modi ji overconfident about our system, didn't anticipate the delay?

I don't know where you heard this. Things have become absolutely normal long back.

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souro

@souro

Alumni

+ 2

Posted: 9 years ago

#12

Originally posted by: Angel-likeDevil

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.

Actually no, it doesn't take few generations to go cashless. It takes a push for people to act because we all love our comfort zone. In India's instance demonetisation might act as a catalyst. For Kenya and some other African countries the push came long back in the form of criminals.

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Angel-likeDevil

@Angel-likeDevil

Trailblazer

+ 3

Posted: 9 years ago

#13

Originally posted by: souro

Actually no, it doesn't take few generations to go cashless. It takes a push for people to act because we all love our comfort zone. In India's instance demonetisation might act as a catalyst. For Kenya and some other African countries the push came long back in the form of criminals.

@bold --- agree.

But it's just that, a catalyst. A slow catalyst at that.. a catalyst that has perhaps set something in motion, but is not visible to us at this moment... I honestly feel so.

But do tell me your POV as to how and why it might be a catalyst.

How do you push people out of comfort zones when there's a choice? And, correct me if I am unaware, now that new legal tenders are flowing freely across the nation, there's no shortage of paper cash, no? We have started using paper currency - it was only until a few days ago that we've used plastic currency. We have a choice.

And, at this stage - we need the choice. It cannot be taken away.

It's also not only just comfort zone - it is primarily, the question of having an infrastructure that ensures a thorough, hassle-free connectivity. And, once that is in place, people's trust is earned over a period of time and then, they will be encouraged to step out of comfort zone.

Infrastructure includes not only bank/banking correspondents, a bank account, ATM/other necessary kiosks, a complex digital system connecting all --- but also the necessary tried-tested system to protect against malfunction/crimes/etc, ensuring smooth transactions and so on.

Now, that will take time. It's happening... it is still in the process to get there.

^^^^ And, we are not even considering the basic facts that 70% of India is rural, of which a good percentage is still unconnected - electricity, road, water. Lets not even get to literacy because, even if they may be illiterate, guidance may make them adaptable - but can anything be done without electricity, road, water and so on?

I think development is a step by step slow process, and India is not at all behind despite challenges.

Demonetisation-remonetisation has given a large chunk of Indian population a taste of digitization of money, or perhaps more, which only time will tell - because I believe everything on a social scale happens slowly, in a process. And the process IMO takes generations.

To think of demonetisation episode as something revolutionary is something I do not agree with.

Edited by Angel-likeDevil - 9 years ago

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707793

Suspended

Posted: 9 years ago

#14

1. Demonetization idea was good but execution is bad

2. Few Bank high post people totally favoring their big clients

3. Those amount should be deposited in ATM , Bank given that amount to high profile people

4. I think Govt Took this decision in hurry due to leaked of 2000 note . As per some news govt next step was is to setup ATM machine as per new currency ...but they took decision early...

5.There is no mechanism to identify the person ..how many time he exchange the note as i heard many people exchanged money through their labor and worker ...

6. Even some people collected the ID card of others and gave to Bank manager and exchange the money due to their status...

7. Many companies in delhi gave 4-5 month salary in advance in form of cash to employee...

8. Many people standing in queue and deposited the other people cash in their a/c and get 10-15% profit .

9. Many CA's made so much profit as they know their assess have one number income in their balance sheet and and every shell company have so much cash in balance sheet so they deposit that amount ..

jisko moka mila ussne loota ya yu kahe usne fayda uthya Demonetization...Honest still Honest hai ...kaale log phir se koi nai tikdam soch rahe hai

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CherHorowitz

@TotalBetty

Sparkler

+ 3

Posted: 9 years ago

#15

^^^

"I think Govt Took this decision in hurry due to leaked of 2000 note . As per some news govt next step was is to setup ATM machine as per new currency ...but they took decision early..."

2000 note were leaked?

Nice post ZanduBaaM even though I don't fully understand it :-)

I heard non rich people - poor and lower middle class and some middle class people - are still affected, bcz things are not back to normal... Small business affected

Why implement it when they have no idea how to execute it smoothly which is not easy anywhere, but in India almost impossible

Edited by ---Betty--- - 9 years ago

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707793

Suspended

Posted: 9 years ago

#16

Originally posted by: ---Betty---
^^^
"I think Govt Took this decision in hurry due to leaked of 2000 note . As per some news govt next step was is to setup ATM machine as per new currency ...but they took decision early..."

2000 note were leaked?

Nice post ZanduBaaM even though I don't fully understand it :-)

I heard non rich people - poor and lower middle class and some middle class people - are still affected, bcz things are not back to normal... Small business affected

Why implement it when they have no idea how to execute it smoothly which is not easy anywhere, but in India almost impossible

Yes photo of Rs. 2000 was leaked

I dnt understand how much money people need for a week ? 2000 per week is enough ... even i cant spend 2k in a week

Vegetable and other things rates gone down due to demonetization

Small business affected no doubt abt in this but people should understand why these business affected ...mostly small business those totally in cash affected most but as per me from next quarter 1st april more job will create ...

Property rates come down ... now needy can buy the home

Edited by ZanduBaaM - 9 years ago

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JabraFan

@JabraFan

Beginner

Posted: 9 years ago

#17

It Worked..

For two months, I spent less, only for very essential things.

Now also, I am spending less.
Because of that period, I realized that I spend unnecessarily a lot.

Maybe: there are many people like me, who also realized that.

Entertainment industry, luxury items manufacturer, these types of businesses will keep suffering for a long time.

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707793

Suspended

Posted: 9 years ago

#18

Originally posted by: JabraFan
It Worked..

For two months, I spent less, only for very essential things.

Now also, I am spending less.
Because of that period, I realized that I spend unnecessarily a lot.

Maybe: there are many people like me, who also realized that.

Entertainment industry, luxury items manufacturer, these types of businesses will keep suffering for a long time.

Entertainment Industry : dangal crossed 375 cr no effect

those buy Luxury items , they dnt care abt money , they want they buy 😉

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JabraFan

@JabraFan

Beginner

Posted: 9 years ago

#19

Originally posted by: ZanduBaaM

Entertainment Industry : dangal crossed 375 cr no effect

those buy Luxury items , they dnt care abt money , they want they buy 😉

I didn't go to Dangal.
And I postponed purchasing new mobile indefinitely.
we were planning Big TV earlier, but now enjoying old one only.

Some of my friends are spending less too.

Somehow I got a little 'Sense' 😊

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