107 thoughts on “Currency Denotification- What Will Happen To Economy?”
Jyothi suseela Rajan
Banks including co op banks have crucial role in moneylaundering.Eventhough there is KYC policy some bank branches accepted huge deposits in zero balance a/cs as fixed deposits(10lakhs)after 2-3 weeks the deposit is prematurely closed&the money is laundered.Banks could have prevent this earlier to an extent.Leave your thoughts here…
I am yet to arrive at any kind of conclusion on how it would impact the economy as data would be the only source which would give a better insight to economist to share their precious views on how India is going to be hit especially the common man -economy comes later – for a common man GDP etc. is not understood – he or she wants to know how has the decision helped in changing their daily lifestyle – projection of a better future comes later
Benefits and demerits of demonetization can wait… What is required now is to create a robust model around the situation created.
If only every Indian pledges not to pay bribes and not evade taxes after your CA uses all permutations and combinations and finally decides how much tax to pay.
We will all pray for a LOKPAL type bill, to check our bureaucrats who have made it their birthright to ask for bribes to their work for which they are paid salary.
Black money is two fold.. 1) Evaded taxes. (2) Bribes taken.
Evaded taxes is taken care by this demonetization … But BRIBERY who’s going to bell the cat.
Our honorable PM needs non-corrupt ministers too. Does he have an army of non-corrupt people around him to take India to the RAM RAJYA everyone is looking for ??????
Few people say 2%, other 10% and no one knows the exact figure on corrupt people. Time will say that. At this time we should be optimistic and also support this movement. So what are clear benefits of one can see now: Removal of fake currency, Earning from tax collection, more and more money to Bank that in turn benefits Indians only, corruption cases on corrupt people, powerful hit on terrorism and naxalism, a good steps towards less cash economy. Downfall of Rupee and GDP is temporary and should recover in 3-6 months of time. People pain is worth of their long term gain and national interest
Poor planning…. i assume new Rs 500 notes are been printed only after the announcement of ban under old Rs 1000 & 500 notes. Still not all ATM machines are functional. People have to plan to wait to take their own money from bank for at least 2 hours in min.
Nobody is against the good goal behind this announcement but ultimately poor planning on any field or any action could have a big impact on outcome.
1. BJP is opposed to political parties coming under RTI( BJP opposed the same in SC)
2. BJP continues to take huge cash donations. BJP is the recipient for the highest donations and also the biggest spender in election campaigns. Is this money legal ? What are the sources of these donations as for 80% of the donations BJP does not reveal source.
3. BJP has diluted the anti-graft law to protect and shield government officers and not even CBI cannot touch them without prior approval.
4. BJP is not taking sincere actions on cases related to tax and other irregularities where adani or ambani are involved.
5. There are at least two videos of BJP leaders which establish the information about demonetisation was selectively leaked.
6. It has come to light that BJP made huge land purchases before demonetisation.
7. 31% of BJP MP’s have criminal cases against them, modi although promised to take these issues head on and will not hesitate to jail even BJP MP’s has done nothing so far.
8. BJP is vigorously trying to handicap judiciary , not appointing judges and indulging in constant confrontation with the judiciary, this they are doing so that BJP can have influence on judiciary and can also indirectly control it.
9. Although modi ferociously attacked congress for corruption , he has so far dont nothing to prove that corruption neither has any congress gone to jail. They released a complete a book about Rober Vadra corruption ,still there is no action. This despite BJP having full majority. If they can send AAP Mlas to jail so easily that too on false charges whats stopping them to act on congress whom they have accused of enormous corruption?
10. Modi accused NCP of being naturally corrupt party. BJP accused them for 75K crore irrigation scam. Now instead of talking action against the naturally corrupt party and investigating the scams modi is cozying up with pawar and singing eulogies in his praise.
Catching of 10% of people, for me, is just incidental. The move will usher in a more healthy habit of spending in white and of being more responsible citizens. Only the uninitiated or the naive section of the society can view this move as a pain. Corrective measures are painful and the duration of the corrective action showing results is long drawn. For sixty long years, the nation has been a repository for financially irresponsible populace. Change is certainly desisted by such die-hards.
I do not agree completely with the views expressed by Dr. Sunil Gupta. However, we will have to wait for little longer to see the pros and cons of this demonetization.
If tea maker made PM who should know atleast need of currency like rs. 500, 1000, 100, 50, 20, 10 in business, then consequence has to affect people. These currencies has no alternatives. Enough notes of Rs. 500, 1000 should have been researved similar to the no. notes cancelled. What pandits in the govt. are doing? China has praised and Mudis survey shown what will happen. The no.s of notes cancelled if can not be printed then imagine. Govt. should have known its note printing capacity.
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Politics should also be cleansed in the same way by freeing the country of corrupt politicians. Once this is achieved everything else will fall in line.
There is one thing not being talked about by anyone. Paytm has a chinese backing. Alibaba is the largest shareholder in this company. Why is SBI e wallet not being promoted and used by Indians?
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I can see almost all businessmen, big or small, in favour of decision of central government. This is not a trend in India where people are mostly divided. May be this is because of renewed patriotism.
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What I can say is that no one can predict what is going to happen in future. Economy will either gain or lose is a combination of many factors not just demonetisation. Country awaits many other reforms which were promised in 2014 by BJP.
I congratulate dr.sunil gupta for such an amazing blog on demonitisation covering all aspects.it is a bold step taken by our PM MODIJI,to root out high corruption and black money and move towards less cash economy. I personally appreciate this move from our PM.
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A neat, simply written, focused on fundamentals article. Yes, lets be positive and let the future unfold. It is called a bold initiative. Any bold step has either difficult execution and/or uncertain outcome as necessary element/s. I respect our chosen leader and have no doubt on the intent. They have been proactive and cautious, which is appreciated. Yes, people have suffered inconvenience and stress. Our preconceived notions and biases make us see glass half full or glass half empty. Same applies here, too. This is only one key step and the full impact will be culmination of few collaborated actions. I am with it and optimistic. thanks for the nice article.
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Will the prime minister target gold and real estate holdings of people is a questions that is disturbing peace of blackmoney holders. Let us wait and watch.
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Commerce has already declined to such level that no near growth can be expected. People are being inconvenienced by government and this nothing but sheer dictatorship.
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Prime Minister of our country is leading in the race be the person of the year in Times poll. This is the first time that we have such strong PM and we should be proud of this.
It is well said that Indian economy will benefit in the long run after ban of 500 and 1000 notes. When corruption and black money will be eradicated, a new India will be born.
I am very happy to find this web site. I wanted to thank you for your time due to this fantastic read. I definitely liked every little bit of it and i also have you saved to fav to see new information in your site.
Banks including co op banks have crucial role in moneylaundering.Eventhough there is KYC policy some bank branches accepted huge deposits in zero balance a/cs as fixed deposits(10lakhs)after 2-3 weeks the deposit is prematurely closed&the money is laundered.Banks could have prevent this earlier to an extent.Leave your thoughts here…
I am yet to arrive at any kind of conclusion on how it would impact the economy as data would be the only source which would give a better insight to economist to share their precious views on how India is going to be hit especially the common man -economy comes later – for a common man GDP etc. is not understood – he or she wants to know how has the decision helped in changing their daily lifestyle – projection of a better future comes later
Worth a read.
Benefits and demerits of demonetization can wait… What is required now is to create a robust model around the situation created.
If only every Indian pledges not to pay bribes and not evade taxes after your CA uses all permutations and combinations and finally decides how much tax to pay.
We will all pray for a LOKPAL type bill, to check our bureaucrats who have made it their birthright to ask for bribes to their work for which they are paid salary.
Black money is two fold.. 1) Evaded taxes. (2) Bribes taken.
Evaded taxes is taken care by this demonetization … But BRIBERY who’s going to bell the cat.
Our honorable PM needs non-corrupt ministers too. Does he have an army of non-corrupt people around him to take India to the RAM RAJYA everyone is looking for ??????
Few people say 2%, other 10% and no one knows the exact figure on corrupt people. Time will say that. At this time we should be optimistic and also support this movement. So what are clear benefits of one can see now: Removal of fake currency, Earning from tax collection, more and more money to Bank that in turn benefits Indians only, corruption cases on corrupt people, powerful hit on terrorism and naxalism, a good steps towards less cash economy. Downfall of Rupee and GDP is temporary and should recover in 3-6 months of time. People pain is worth of their long term gain and national interest
Poor planning…. i assume new Rs 500 notes are been printed only after the announcement of ban under old Rs 1000 & 500 notes. Still not all ATM machines are functional. People have to plan to wait to take their own money from bank for at least 2 hours in min.
Nobody is against the good goal behind this announcement but ultimately poor planning on any field or any action could have a big impact on outcome.
1. BJP is opposed to political parties coming under RTI( BJP opposed the same in SC)
2. BJP continues to take huge cash donations. BJP is the recipient for the highest donations and also the biggest spender in election campaigns. Is this money legal ? What are the sources of these donations as for 80% of the donations BJP does not reveal source.
3. BJP has diluted the anti-graft law to protect and shield government officers and not even CBI cannot touch them without prior approval.
4. BJP is not taking sincere actions on cases related to tax and other irregularities where adani or ambani are involved.
5. There are at least two videos of BJP leaders which establish the information about demonetisation was selectively leaked.
6. It has come to light that BJP made huge land purchases before demonetisation.
7. 31% of BJP MP’s have criminal cases against them, modi although promised to take these issues head on and will not hesitate to jail even BJP MP’s has done nothing so far.
8. BJP is vigorously trying to handicap judiciary , not appointing judges and indulging in constant confrontation with the judiciary, this they are doing so that BJP can have influence on judiciary and can also indirectly control it.
9. Although modi ferociously attacked congress for corruption , he has so far dont nothing to prove that corruption neither has any congress gone to jail. They released a complete a book about Rober Vadra corruption ,still there is no action. This despite BJP having full majority. If they can send AAP Mlas to jail so easily that too on false charges whats stopping them to act on congress whom they have accused of enormous corruption?
10. Modi accused NCP of being naturally corrupt party. BJP accused them for 75K crore irrigation scam. Now instead of talking action against the naturally corrupt party and investigating the scams modi is cozying up with pawar and singing eulogies in his praise.
My perspective is cryptocurrencies!
Our Prime Minister has taken enough steps for Cryptocurrency, things can’t be changed over night , that too all these are STRONG 60 year old.
Catching of 10% of people, for me, is just incidental. The move will usher in a more healthy habit of spending in white and of being more responsible citizens. Only the uninitiated or the naive section of the society can view this move as a pain. Corrective measures are painful and the duration of the corrective action showing results is long drawn. For sixty long years, the nation has been a repository for financially irresponsible populace. Change is certainly desisted by such die-hards.
I do not agree completely with the views expressed by Dr. Sunil Gupta. However, we will have to wait for little longer to see the pros and cons of this demonetization.
well done sir
If tea maker made PM who should know atleast need of currency like rs. 500, 1000, 100, 50, 20, 10 in business, then consequence has to affect people. These currencies has no alternatives. Enough notes of Rs. 500, 1000 should have been researved similar to the no. notes cancelled. What pandits in the govt. are doing? China has praised and Mudis survey shown what will happen. The no.s of notes cancelled if can not be printed then imagine. Govt. should have known its note printing capacity.
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Politics should also be cleansed in the same way by freeing the country of corrupt politicians. Once this is achieved everything else will fall in line.
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There is one thing not being talked about by anyone. Paytm has a chinese backing. Alibaba is the largest shareholder in this company. Why is SBI e wallet not being promoted and used by Indians?
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I can see almost all businessmen, big or small, in favour of decision of central government. This is not a trend in India where people are mostly divided. May be this is because of renewed patriotism.
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Media will only talk negative because they know that their privileges will end after Modi is successful in changing India. Do not watch news instead.
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What I can say is that no one can predict what is going to happen in future. Economy will either gain or lose is a combination of many factors not just demonetisation. Country awaits many other reforms which were promised in 2014 by BJP.
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I congratulate dr.sunil gupta for such an amazing blog on demonitisation covering all aspects.it is a bold step taken by our PM MODIJI,to root out high corruption and black money and move towards less cash economy. I personally appreciate this move from our PM.
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Will the prime minister target gold and real estate holdings of people is a questions that is disturbing peace of blackmoney holders. Let us wait and watch.
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