Unquotable Quotes on Demonetization in India
Copyright 2016 Tukumoni
Shakespir Edition, License Notes
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This book is not a serious economics book. This is not a political book as well. Then why I have named the book on a serious topic. Because I think every serious topic has a lighter side, not necessarily funny side. In this book, I have copied comments from some economist, some non-serious intelligent persons, ordinary persons and non-serious brainless persons like me.
Therefore, comments made by friends are only reproduced without any assessment from my side. I am giving my comments separately where the name of the writer (including referred as Unknown writer) are not mentioned. Why I compile this edition? None of these are known economist, but ordinary people who feels strongly (either way) about demonetization in India, probably one of the largest of this kind in the world.
I am publishing this after 30th December, 2016 as the first deadline of depositing old notes of 500 and 1000 denominations ends on this day. This is also the last book of this year. It is sincere endeavour to say, Good bye to 2016 and Welcome to 2017. All the best for my readers, publisher and well-wishers for the New Year 2017.
I thank all my friends and relatives for their encouraging words. I am thankful to my family members for their constant support. My sincere thanks are always due for Smashwarods for their support.
Unquotable Quotes on Demonetization in India
It all started on 8th November, 2016, Prime Minister announced of demonetization of 500 and 1000 Rupee notes. All hell broke loose!
Government of India and Reserve Bank of India issued more than 60 orders, sometimes conflicting, in 50 days of Demonetization in India effecting from 8th November, 2016. For this opposition renames Reserve Bank of India as Reverse Bank of India. One should remember, only dead wood and dead man cannot change own version. Ha Ha Ha
A Happy husband whispered: Every year there should be Demonetization which taught me and my wife: we can live happily without purchasing useless articles
One of friends declared with a winning smile: I finished all my 500 old notes today by making payments at different utility outlets. I realized even finishing money (notes) may give so much pleasure!
The crowd at the wine shop had not diminished during demonetization period. That industry is immune to any financial policy change!
During this period prostitutes had not reduce rates, but ready to accept old 500 and 1000 rupee notes. They claim they have clients in bank also.
It is a revelation for me that poor people had more 500 and 1000 rupee notes than my family with a Bronze IT certificate holder in me.
Another 20 minutes at Q, I got Rs. 5 X 500/- yesterday evening. I cannot say whether Q is easing out or extension of my good luck continues at Q for last one month? Anyway, no TV channel will cover me and therefore I am giving this FB post for my friends with an apology to those who were standing at the Q for hours without luck.
When I posted this on FB, I got more likes than criticism.
Last night in my dream I was invited to say something on demonetization by a group of stakeholders. Before I open my mouth, I was told by three persons whose income is at least ten times more than mine, to say against the move and three persons whose income is much less than mine requested to tell something in favour of the move. Naturally, I was ready to oblige my rich friends, but unfortunately, I had to come to the reality because of late night noise of the loud music played in a marriage party in my adjacent community hall. I realized that there is no effect of demonetization at least in my area!
Simple statistics; Till 10.12.2016, 4.61 Lakh crore of new notes have been withdrawn after demonetization on 08.11.2016. So, for 28 Crore households’ average withdrawal was more than Rs.16000/- in 30 days. Average per capita household income is less than Rs.5000/- per month for majority of the households as per Socio-economic census, 2012-14 (popularly known as caste census, however NSSO expenditure survey may have some different estimate). So where is the problem? May be a hoarding problem or uneven distribution of withdrawal and of course large sum of amount has been diverted by money launderer in connivance with some un-scrupulous bank officials. So all the stakeholders should come together and see that distribution become equi-distributed among all regions. Further, appeal should be made for not holding back the new notes. For some services, old 500/1000 notes can also be used and otherwise these notes can be deposited up to 30.12.2016. This information should be widely publicized. Digital transaction may also be encouraged. (If there is calculation mistake please correct it.)
I have realised just now that….
To buy a packet of bread all you need is:
1. One Smart Phone
2. 3/4G data Pack
3. Charged Phone
4. Net Banking
6. App to pay
7. Knowledge of Hindi or English
8. Use of App
9. Working server connection
People are unnecessarily annoyed about demonetization and digital payments.
(Original writer un known)
This came on Whatsaap.
I am wondering why we are so sharply divided on Demonetisation.
*A Demonetisation Death Story !
Reporter: Sir, a 23 year old boy died as he was run over by a train while walking on the railway track with headphones.
Editor: OK, good, report it as a case of suicide due to lack of money after *Demonetisation*.
Reporter: But Sir, there was money in his wallet. They found over 10,000 rupees.
Editor: OK, in that case report it as suicide due to his inability to get change to eat food.
Reporter: But Sir, he had many 50 and 100 rupee notes in his wallet.
Editor: Hmmm, then report that he was in ATM queue for 6 hours without food and lost consciousness on railway track.
Reporter: But Sir, this happened early in the morning. There are no ATMs near railway track.
Editor: Then you can say, he was pushed on the railway track by people who didn’t have money after Demonetisation.
Reporter: No Sir, there was nobody anywhere near him when he died.
Editor: You’re too stubborn. Why don’t you report it as suicide because he lost all his savings due to Demonetisation?
Reporter: But Sir, he is a 23-year-old student. He’s still in college doing his Masters.
Editor: Oh, in that case we can report it as a case of inability to pay fees due to Demonetisation.
Reporter: How’s that possible Sir ? He had enough money with him…
Editor (Cutting him off): That you can say, was needed for his hostel and daily food.
Reporter: But Sir, he stays at home with family and his house is located close to the place where the accident occurred.
Editor: I don't know. Do what you want, but you MUST report it as a *Demonetisation Death*.
Reporter: Sir, isn’t that wrong and unethical? There is absolutely no connection to his death and Demonetisation.
Editor: My media is sustained by this reporting. You must connect it. Else I won’t have money to pay your salary.
The Reporter reported:
23 year old youth run over by a train while watching Modi’s Demonetisation speech on his mobile!
(Original writer unknown)
Visited SBI Laitumkhrah with a cheque requisition slip on Wednesday. Was told that KYC was last complied in 2005 and that I have to do it every 2 years. This was news to me and the bank never told me this when I did my KYC the first time. So no cheque book. I asked for KYC form and filled it. Then was told the staff was absent for the day. Pic shows the notice on the computer. Next I went to renew my VISA debit card. The staff dealing with debit cards was not at his seat. He had to go and replenish money in ATMs. By the time he returned the queue was long so he had a grumpy face. I told him to renew my VISA card. He says he needs my KYC. This after spending one hour of my precious time in the bank. Demonetisation has exposed the inefficiencies in the banking system.
Is Prime Minister Modi taking cognizance of these daily problems faced by bank customers?
(Written on Face book by my FB Friend [* Patricia Mukhim)*]
These are the reactions from her friends:
Nurul Laskar: The banking service was never very good during the last one decade. Now the demonetisation pressure on bank staff has made it worse. As far as KYC is concerned, why can’t the banks collect all required information at one go at the time of opening the a…See more
Debabrata Mazumdar KYC needs to be submitted every two years just to verify that the customer is genuine and the A/C not being operated by someone else.
Debabrata Mazumdar The case where someone is already dead and the A/C being operated through Debit cards and deposits being made is seen in many places. I have been in the other side of the Bank’s desk so got to know about these things.
Deepak Dutta SBI has always been like this even before demonetization, In Guwahati Dispur branch with 23 counters most of them are empty take your token and keep sitting for your turn to come half your day is over and gone. The largest banking sector with the laziest people at work. Kaamchors.
Deepshikha Bhattacharjee State bank employees are the worst. They think they do favours. Many of the women employees are mannerless even ! Added to all these is the demonetisation now !
Anirban Choudhury I think that’s the work culture in most PSU banks today
Anirban Choudhury … de or monetisation
Dhruba Jyoti Goswami Service with a Smile is just for the boards.
Very few actually are happy to see customers coming & feel it’s a pain in the…
Unless the mindset is changed to be Customer Centric & all of us in our own work place too appreciate that we exists coz our customers exists, nothing going to change.…See more
Mitra Phukan After all this calms down, just change your bank, Patricia. Service is so much better in the Pvt sector banks. I don’t use my SBI account much. Going to Public sector institutions depresses me. In the meantime, my sympathies
Rajesh Joshi State Bank of India is the enfant terrible of Indian banking industry
Sumanta Deb You are responsible for doing your KYC. Can’t complain if your account is non compliant . When u first did KYC, the bank did not tell u as the rules for ReKYc came in later.
Patricia Mukhim This is not a misplaced sense of entitlement. I personally visit the bank to do my work all the time as against those who send their peons and minions and then talk big that they face no problems. But there are hundreds of people out there who are not…See more
Jaya Kalra I faced the same problem here in Meerut. Was totally denied for cash withdrawal from my own account. As there is no money. Some how requested a lot that we are from outside and my mom is 83 years old they gave 10000 for a week.
Manoj Adhikary Real teething problems with indifferent persons !
Anjan Sarma posted as:
Illegal Since There’s No Law Against Holding Cash
By Mr. Chandan Nandy
December 15, 2016, 4:04 am
Even as the Narendra Modi-ordained 30 December deadline for bringing the financial situation across the country to normal nears its end, there has been a flurry – and rash – of cash seizures across India, ostensibly to show that people are still holding residual black money.
All of these so-called seizures, senior Income Tax Department sources admitted, are illegal because there is no law or regulation that forbids people from holding cash. The sources revealed that I-T officers across India “are under tremendous pressure to raid and seize” cash, whether in the old or new high denominations.
The sources said that no official instructions or orders have been issued by the Revenue Department of the Finance Ministry for the I-T sleuths to swoop on people suspected to be holding, or actually holding, bulk cash. Instructions are being issued over the telephone – from the Prime Minister’s Office (PMO) to members of the Central Board of Direct Taxation (CBDT), who in turn transmit them to the Director-General of Income Tax, who then verbally directs his senior officers to “produce results”; a euphemism for “showing” seizures..
Which has been countered by Sanjeev Goswami:
Wrong write up. IT can ask source of funds any time and search -seize anything relevant. If necessary, IT can refer to ED to check money laundering aspect. No written order is needed as the law is already laid down.
Again Anjan Sarma wrote:
Illegal and Frustrating Exercise
One senior I-T officer, whose sleuths on 12 December “seized” Rs 1.54 crore in new currency notes of Rs 2,000 and Rs 500, said that the serial numbers on the notes proved that they were not in “long series” and were therefore not procured by illegal means. He said he was still busy preparing the inventory “which has already run into close to 230 pages”.
“This whole exercise is illegal and therefore deeply frustrating,” another senior IT official in Delhi said, adding that “there is regulation on the volume of foreign exchange an individual can hold, but there is nothing in the law or statute books that forbids people from holding cash as long as they are able to prove satisfactorily the source(s) of such money.”
On 13 December, Enforcement Directorate (ED) officials swooped down on a Chandigarh cloth merchant’s residence and seized Rs 2.15 crore in cash as part of their putative effort to check the hawala trade more than a month after Prime Minister Narendra Modi’s demonetisation move kicked in.
The ED employed provisions of the Foreign Exchange Management Act (FEMA) against the Chandigarh cloth merchant. The ED also claimed to have “unearthed a racket” involving alleged illegal conversion of the demonetised Rs 1,000 and Rs 500 notes, arresting seven people in Bengaluru and seizing Rs 93 lakh in new Rs 2,000 and Rs 500 notes. The allegation was that the money was going to be laundered.
Again Anjan Sarma wrote:
Officials at Wits’ End
As for the I-T Department, “raids” in Chennai a few days ago unearthed Rs 24 crore in new currency notes. On 13 December, I-T raids yielded Rs 63 crore in Panjim, Goa, Rs 3.25 crore in Delhi’s Karol Bagh, and Rs 25 lakh in Faridabad adjoining the national capital. In one particular case, I-T sleuths have seized a ridiculously low amount of Rs 3 lakh as well.
Two days ago, when I-T officials seized Rs 1.54 crore in Assam’s Golaghat district, they had little to do besides prepare an inventory and let the local police keep watch over the cash haul. The I-T Deputy Director in Guwahati had not even been able to reach the precise location where the money was seized when this report was published.
In one instance, the new currency notes were found to have different serial numbers, suggesting that they could be legitimate cash, sources revealed.
The sources said that in all the “so-called seizures”, either by the I-T Department or the ED, the sleuths have simply “been at their wits’ end” to decide under which law to book the persons from whom the cash stocks were recovered. For instance, a company that may have four bank accounts, can withdraw – according to new regulations – Rs 50,000 × 4 = Rs 2 lakh.
Larger companies could be maintaining more bank accounts but could legitimately withdraw Rs 50,000 from each account per week. This does not mean they are indulging in any illegal activity or harbouring black money, the bogey that is now being used by the authorities to claim that such cash abounds even after demonetisation.
Hemanta Sarma wrote : The Government has conveniently announced that all old notes i.e 500 &1000 can be deposited in Political party accounts This takes us back to square one.
Everybody will convert their black money thru party funds via known politicians . We will now see that some politicians are suddenly becoming richer.
Will the IT deptt draw proceedings against deposits made to political parties ?
I think I will float a political party very soon. Anyone , wanna make cash deposits?
Countered by : It is unfortunate that a community leader like you has become the fountainhead of misinformation. Please issue a correction and kindly engage an English translator who could help you.
Panchanan Dash says:
The initiative for a cashless society is a welcome move but making the society completely cashless is not desirable. Police is there but crime has not been eliminated. The corrupt people will find out ways to continue with corruption even in a cashless system. Further technology may fail at anytime. Server may stop for any reason. Mobile may get out of order suddenly as it happens. If anybody has a great urgency for example purchase of life saving drug what will happen to his life if technology fails in a cashless society. More over in case of theft the entire money may not be lost but in case of cyber crime, your entire money may be lost in a single click. So I feel We should not dream of a complete cashless society. Government may attempt to create infrastructure to such an extent that people are attracted towards cashless environment as much as possible. A personal feeling.
On this Raj Gautam reacted:
Cashless does not only mean digital payment. Payment through cheque is one way of cashless transactions. Even in organized trade and manufacturing cash is used to pay salary and buy materials and sell products. This is nothing but corruption and exploitation. Let us not shed tears for these people. I just do not understand why the diamond cutting industry was hit because of demonetization and people working in these enterprises had lose their jobs.
On this Satyanarayan Dash reacted:
Need for going cashless has become strong need of the hour as RBI is not able to print notes to the desired extent in spite of double shifts as evidenced by long queues before banks and frustrations of people not getting cash while some banks have been generous to the black marketeers hoarding Crores of black money in new notes.All these hoarders must be put behind bars and proceeded against strongly.We are yet to reach technological sophistication to be a completely cashless society as evidenced by poor internet connectivity and slow speeds even in urban areas, much less to talk about rural areas where getting quality power at all times of the day is a serious problem. The recent hoardings of black money in new notes shows that there are black sheeps amongst us to wreck the system from within and only technology can prevent such occurrences and hence the demand for a cashless society. Since origin of corruption is from non transparent political funding, why not ask political parties and their leaders to come clean on all their donors at least above Rs.2000 as suggested by EC ? Why should the common man be asked to be transparent when political parties and their leaders need not be asked to be so? Should we allow such a big loophole left in the system or plug it properly?
Alok Kar Opines:
The opaque political funding is the foundation of black money in any economy. It is that evil that feeds and nurtures all other forms of illegal cash in the system.
Due to demonetization, majority people are happy because:
Poor thinks: We were always short supply of money; now rich people are also facing the same problem; shortage of currency.
Rich thinks: I have no problem, I can use my debit/ credit card/ e-wallet etc.
Ultra-Rich thinks: I did not have any problem before demonetization and now also I do not have any.
Large businessman thinks: I can squeeze money after few months; I am not in a hurry.
Small Businessman thinks: Large businessmen are in trouble because of Income tax/ ED raids; we are free.
Small Farmer thinks: Government has no alternative but to waive our loans and give some sops in next months to make us happy; otherwise who will vote for them.
Large Farmers think: We need not worry to deposit our unaccounted money as agriculture income is free from income tax.
Factory owners think: No produce, no salary for the labourers, it is just a temporary phase.
Labourer thinks: Job assured for future; leave sanctioned to visit family after a long time.
Ruling party thinks: This will be game changer for all time to come in their favour
Oppositions think: It will damage the ruling party’s chance to win next election.
So, who is unhappy? May be few lakh persons who have lost few thousand crores of un-used currency lying under their beds and few TV channels/ newspaper groups who were not getting freebees due to financial crunch at different level. (writer unknown)
Finally, I liked demonetization because it made us all economists!!!!!!
Unquotable Quotes on Demonetization in India:This book is not a serious economics book. This is not a political book as well. Then why I have named the book on a serious topic. Because I think every serious topic has a lighter side, not necessarily funny side. In this book, I have copied comments from some economist, some non-serious intelligent persons, ordinary persons and non-serious brainless persons like me. Therefore, comments made by friends are only reproduced without any assessment from my side. I am giving my comments separately where the name of the writer (including referred as Unknown writer) are not mentioned. Why I compile this edition? None of these are known economist, but ordinary people who feels strongly (either way) about demonetization in India, probably one of the largest of this kind in the world.