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Demonetisation: Will it lead to a corruption free India?

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V.Balasubramani said:
We know the facts pretty well as we experience personally...
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There you again, OFF the Rails.
My comments were not a comparison between USA and INDIA, and comparisons do not make any sense between the two.
The word is Empathy:

Empathy is the capacity to understand or feel what another person is experiencing from within the other being's frame of reference, i.e., the capacity to place oneself in another's position. Empathy is seeing with the eyes of another, listening with the ears of another and feelings with the heart of another. There are many definitions for empathy which encompass a broad range of emotional states. Types of empathy include cognitive empathy, emotional empathy, and somatic empathy.

If you get out of your comfort zone and see the world you might see my POV. Then again my POV is not in isolation.
I have no fight with you as an individual, why do you think you have to pick a fight with me. Present your view and then we may agree to disagree. A person may have a view today but may change his/her view at different time. But hitting at a person for their view is childish.
 
prasad1 said:
If you get out of your comfort zone and see the world you might see my POV. Then again my POV is not in isolation.
I have no fight with you as an individual, why do you think you have to pick a fight with me. Present your view and then we may agree to disagree. A person may have a view today but may change his/her view at different time. But hitting at a person for their view is childish.
Click to expand...

Every one is entitled to his POV.

But, it is you who is more willing to pick a fight with me.

It is you who used to thrrow the first stone.

Better you change first instead of advising others. Mahatma Gandhi said "Be the change that you wish to see most in your world." and as such stop waiting for others to make the change.

Will you....??
 
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prasad1 said:
T
Empathy is the capacity to understand or feel what another person is experiencing from within the other being's frame of reference, i.e., the capacity to place oneself in another's position. Empathy is seeing with the eyes of another, listening with the ears of another and feelings with the heart of another. There are many definitions for empathy which encompass a broad range of emotional states. Types of empathy include cognitive empathy, emotional empathy, and somatic empathy.

.
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I have been in this Forum pretty long time and have been reading your postings.

I have better knowledge about dubious empathy and sympathy exhibited by others.

I can see a nastic, a naysayer come here to shed crocodile tears.

One need not take class on empathy and sympathy. If one has no other better work to do and interested in taking English class, is free to approach a study center and join as a volunteer and try to spend time usefully instead of behaving like an immature one here in this Forum.
 
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Russia has strongly protested with India on cash shortage affecting the working of its Mission after demonetization, and wants a quick resolution of the issue, failing which it may explore other options including summoning Indian diplomat in Moscow.
In a letter, Russian Ambassador Alaxander Kadakin has raised the issue of diplomats not being able to withdraw enough money hampering the normal functioning of the mission and sought intervention of the External Affairs Ministry so that the withdrawal restrictions for diplomatic staff are lifted.
"We are awaiting a reply from the MEA and hope that this is resolved quickly. Otherwise, we will be forced to explore other options which may include raising the issue in Moscow with your Embassy by summoning Indian Minister Counsellor," a senior Russian embassy official said here.
Other options may also include restriction on the cash withdrawals for Indian diplomats posted in Russia, the official indicated.
There are approximately 200 staffers in Russian mission here.
There was no immediate reaction from the Indian side on the complaint.
 
prasad1 said:
There was no immediate reaction from the Indian side on the complaint.
Click to expand...


There is a section which will always try to catch fish out of troubled water.

The Government at the center knows how to handle such situations and there is a tough opposition, members of which w knows well as to how to blow such issues out of proportion.

Just sit back and relax .. and if got bored… may go back and review the Action Taken Reports on BOFORS SCANDAL, of course, there won’t be much amusement.
 
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With so little cash, you can't even have a decent dinner, forget running regular diplomatic business, the Russian ambassador to India told New Delhi in a strongly-worded letter as the country, a major global player and a key defence supplier for India, officially critiqued demonetisation-induced cash shortage for its diplomatic staff.

Diplomatic missions of Ukraine, Kazakhstan, Ethiopia and Sudan have also sent protest letters on cash withdrawal restrictions. ET reported on December 3 (`Demonetisation Dollar Spat Between India, Pak') that the Pakistan High Commission staff had refused to take salaries protesting new rules on withdrawing dollars.

Russian ambassador Alexander Kadakin, an old India hand, wrote to the ministry of external affairs (MEA) on December 2: "Please just imagine if we in Moscow mirror this order of SBI (State Bank of India) when 50,000 roubles will not be enough to pay for a decent dinner in a restaurant, not to mention functioning of such a big embassy as ours in New Delhi or India's in Moscow."

"SBI informed the Embassy that the cash withdrawal limit available to the Embassy is now . 50,000 per week under the government of India directives with no exceptions unless otherwise advised by the RBI," he wrote. "Such an amount is totally inadequate as regards the embassy's salary and operational expenditure requirements."

Officials in the Russian embassy, who spoke off record, told ET that its New Delhi mission has a staff strength of 200 (excluding family members) and with the new withdrawal limit the cash at hand for one person comes to 250 a week. Kadakin in his letter urged MEA to intervene so that the withdrawal restrictions for diplomatic staff is lifted.

A senior diplomat in Delhi told ET that a number of missions have taken their case to MEA and many more may follow. Some diplomats said Indian diplomats abroad may have to face similar restrictions if the situation does not improve.
http://timesofindia.indiatimes.com/india/No-cash-for-a-decent-dinner-Russian-envoy/articleshow/55838962.cms
 
The tourism sector has been badly affected by the government move to withdraw popular Rs 500 and Rs 1,000 currencies. On Friday, four foreigners, who came to Jaisalmer from Pushkar, had to almost go hungry after they failed to exchange their currencies.

Later at night, a woman running a hotel and restaurant gave them food for which they paid on Saturday after managing to arrange some money.

After demonetization, foreigners in the country, and particularly in the state, have been literally left high and dry and are having severe liquidity problems.

In Jaisalmer, the work of foreign money changers has come to a standstill. No agency is providing foreign exchange and no bank is changing foreign currencies.

There is a 20% dip in tourism business. Hotels in the city are lying vacant and the few foreigners who make it to the Golden City cannot even have food because of currency shortage.

On Friday, two French, an Israeli and a Spanish tourist came from Pushkar to Jaisalmer and had exhausted their Indian currency by the time they reached here. They stayed in a hotel at Sonar Fort and tried the whole day to exchange currency. They didn't have anything to eat or drink as hotels refused to feed them on credit.

Cheena Vyas, who runs a guest house, came to know about the issue and gave them food.

Confirming the incident, Vyas said that tourists had come to her asking for food Friday late evening. She said the tourists had promised to pay her in two days.

They left for Jaipur by the evening train.


Meanwhile, the tourism business has been badly hit because of the recent government drive against black money. Jaisalmer Tourist Association president Prithvi Rai said that a large number of rooms were lying vacant as many tourists have cancelled their bookings. Many agents have said that they won't be coming because of the current liquidity crisis. He said that there has been a 50% dip in tourism business. "The tourist season peaks in November and December. But now we have more cancellations and they are coming continuously," he said.
http://timesofindia.indiatimes.com/city/jaipur/post-demonetisation-tourism-sector-reels-under-currency-crisis/articleshow/55658256.cms


I am pretty sure people in India will say who needs them.
 
biswa said:
Come on TBS ji. You are an NRI in India. You are doing well, right?

I wish you had helped other NRIs like us though, by taking our notes for exchange. :)
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hi

even i had problem for food......i had money...BUT NO CHIILLLARAI.....now i left india....safely landed in USA..
 
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labourers-at-amritsar-grain-market_4011e73e-bba3-11e6-acf3-8522f55b22d1.jpg

A jute mill in West Bengal’s Howrah district has temporarily closed down citing its inability to pay workers in the absence of Rs 500 and Rs 1,000 notes that were scrapped by the Narendra Modi government.
The notice by the management of Sree Hanuman Jute Mills that threw about 2,500 workers out of jobs was issued around 10pm on Monday, on a day chief minister Mamata Banerjee apprehended a loss of at least Rs 5,000 crore in the state due to the Centre’s demonetisation drive.
“With deep regrets management is hereby informed to the general body of workers and the operative Trade Unions of this mill that regarding delay of payment of wages due to discontinuation of CURRENCY NOTE Rs 500/- & Rs 1000/- non co-operation activities from the part of some workers have been increasing day by day causing labour unrest, unlawful violence activities has took place in each and every shift (sic),” read the notice.
“The Management has compelled to declared “TEMPORARY SUSPENSION OF WORK” on and from 10:00 PM dated 05.12.2016 till further notice,” it added.
The workers of the mill, which is located at Ghusuri in Howrah district and is just about 7 km away from Kolkata, will not be paid for the course of suspension of work.
Though small business establishments reported great inconvenience leading to loss of jobs in the unorganised sectors, this is the first big bang closure of an industrial unit.

http://www.hindustantimes.com/india...-mill-shuts/story-VYZZHTrJZ5zmzjL0YfHUIK.html
 
This looks horrendous! Subverting the system!

[h=1]Exclusive: How NGOs are helping black money hoarders launder their dirty cash[/h][h=2]An India Today TV investigation has blown the lid off non-governmental charitable organisations that are supposed to focus on public welfare but are helping black money hoarders launder their dirty cash.[/h]New Delhi, November 30, 2016

While a Pune-based NGO says it pitched the demonetisation plan to Prime Minister Narendra Modi, nefarious activities of other such organisations threatens to bring the benefits of the currency ban drive to a grinding halt.
An India Today TV investigation has blown the lid off non-governmental charitable organisations that are supposed to focus on public welfare but are helping black money hoarders launder their dirty cash. Modi announced this month that all Rs 500 and Rs 1,000 notes in circulation were no longer legal tender and they were being replaced with new banknotes as part of efforts to catch tax evaders holding undeclared cash.
The economic think tank ArthaKranti led by mechanical engineer-turned-financial theorist Anil Bokil says it suggested the move to the PM. The investigation team first visited the office of Yuva Shakti in Ghaziabad's Pacific Mall and met the man who runs the NGO, Amjad Ansari.
WHAT DID THE UNDERCOVER REVEAL

The undercover reporters first asked him if he could help convert black money into white. "It's all black. 90 per cent of transactions in India are black," he said. "Tell me, what do you want me to do?" The reporters told him they needed to clean up about Rs 20-25 crore in dirty cash, starting with Rs 1 crore. Ansari was willing, but the team wanted to know what his plan was.
The NGO chief replied that he would show the black money as donations from members and would return it in white as payment for blankets the organisation was supposed to purchase. "I have told you already that we have 10-11,000 members. We can show donation of five thousand rupees from each member," he said.
"You have to give cheque and we will also buy blankets from you." Ansari explained that the NGO would pay the team in cheque, in the process laundering the money. There was another way, he added- black transaction. "We will take commission on that," he said.
NGOs IN AMBIT
"The money will go into the NGO's account." This money can be spent on welfare programmes, he added, quoting 30-35% as his commission. Yuva Shakti was not the only NGO that was willing to convert black money into white. The India Today TV team next contacted the Akhil Bharatiya Viklang Vidhwa Vridh Seva Samiti, an organisation for the disabled, widowed and elderly. At a restaurant in Delhi we met Pawan, who runs the NGO's operations.

Our undercover reporters wanted to know if Pawan was willing to launder black money, about Rs 1 crore. "Tell me, how much return do you want?" he asked. "If you want your money as white in 2-4 days, then we can't do that…You will have to wait for at least three months." Promising to provide the clean cash by February next year, Pawan started negotiating for his fee. "I want 40% commission, not less than that," he said. The Modi government has already asked for a detailed probe based on India Today TV's previous investigation on the cash mafia.
It's perhaps time that NGOs too are brought within the ambit.

http://indiatoday.intoday.in/story/...-modi-government-demonetisation/1/822948.html
 
A BJP leader has been arrested in Kolkata with unaccounted cash worth Rs 33 lakh and illicit arms and ammunition, barely a week after police arrested a youth wing leader of the party in Tamil Nadu and seized Rs 20.5 lakh in cash, including wads of new Rs 2,000 notes.
Manish Sharma contested the last assembly election from Raniganj on a BJP ticket. Six others, including a Rajesh Jha, alias Raju were held by the Special Task Force (STF) of Kolkata Police on Monday evening from an apartment in Baguiati on the outskirts of Kolkata. They were produced before a court on Tuesday and remanded to police custody.
“Out of Rs 33 lakh, Rs 31 lakh was in new currency in Rs 2,000 denomination. Seven firearms were also seized from their possession,” said an STF sleuth.
The BJP sought to control the damage following the incident. “Sharma was suspended from the party in June because of his illegal activities,” claimed Sayantan Bose, the state BJP secretary.
Sharma’s arrest is another embarrassment for the BJP after one of its members, Dilip Ghosh, who is also a doctor, was nabbed in the baby trafficking case by CID. The party has suspended Ghosh.
The police said that they were looking for Rajesh Jha and his two aides Partha Chatterjee and Lokesh Singh. A murder case is pending against Chatterjee and Singh. The sleuths came to know that Jha had purchased a flat in Baguiati, posing as an agro-product businessman.
“We have come to know that they had exchanged their old currencies with the new and were procuring firearms in the city,” said an STF sleuth. Jha, who was active in the coal mafia in Raniganj and Asansol for years and had earned a lot of black money.
http://www.hindustantimes.com/india...-2000-notes/story-zBWOXNLG4JqD3WSEdV0RzL.html
 
The Enforcement Directorate is conducting inquiries on the records of atleast 50 bank branches across lenders in the country to check money laundering and hawala dealings in the aftermath of demonetization, a PTI alert said.
"ED conducting enquiry of records in over 50 bank branches across country to check money laundering, hawala dealings," the alert said.
The inquiries will ascertain if there have been any violations of the Federal Emergency Management Agency (FEMA) under the Prevention of Money Laundering Act (PMLA).
There are suspicions that certain bank managers and employees have been helping hoarders of undisclosed income convert their black money into white. The ED has already arrested two managers of Axis Bank in New Delhi and 19 others were suspended by the bank for allegedly being involved in illegal activity after demonetization, another PTI report said.
Now, Axis Bank has hired KPMG to run an internal forensic audit to check such activities. "Post demonetization, bank is working round the clock to enhance its processes so that rules are adhered to. As many as 125 senior level officials are monitoring activities across the country, Axis Bank Executive Director Rajesh Dahiya said.
Sources said that the ED was keeping a tab on those account holders who deposited huge amounts at one time, ANI said.
The government moved to de-legalise the use of Rs 500 and Rs 1,000 notes in a bid to clampdown on black money in the economy and to stem terror funding. The move took out Rs 14 lakh crore from the economy overnight, the value of the high-denomination notes in circulation. The government had expected that around Rs 3 lakh crore of the discontinued currency may not come back into the banks as deposits, rendering that much black money useless. However, according to the last estimates over Rs 11 lakh crore was already back into the banks, and it was now not unlikely that nearly all the currency may come back into the banking system, raising suspicions that black money hoarders had found a way to convert their illicit income into deposits.
http://www.dnaindia.com/money/repor...-for-money-laundering-hawala-dealings-2280601
 
What are the true nos! Keeping fingers crossed!!

Rs 11.5 lakh crore deposits! Did RBI double-count both new and old notes?

By TNN | Dec 08, 2016, 10.50 AM IST
What is the exact amount of deposits in banks on account of demonetisation? According to the RBI, the amount is Rs 11.5 lakh crore. However, SBI has raised the possibility of double-counting of deposits, particularly that of interbank deposits and of new and valid currency notes along with withdrawn currency.

http://economictimes.indiatimes.com...th-new-and-old-notes/articleshow/55867288.cms
 
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Revenue Secretary Hasmukh Adhia's startling admission on Tuesday that the government expects all scrapped Rs 500 and Rs 1,000 notes to come back to the banking system raises questions about the very purpose of the disruptive demonetisation exercise, as well as its supposed benefits, say analysts.Adhia's statement completely negates the earlier narrative that anywhere between Rs 3 lakh crore and Rs 5 lakh crore of black money will be "extinguished" by the demonetisation drive as it will not return to the banking system -providing the Centre a windfall that would be used for pro-poor and infrastructure-related expenses.With such a windfall now not on the cards (the RBI said Wednesday that almost Rs 12 lakh crore is already back with the banks), the math of demonetisation simply does not add up, say analysts that IANS spoke with, who contend that a simple cost-benefit analysis suggests the government - and the country - will emerge a big net loser because of the exercise.Consider their argument:Of the Rs 15.4 lakh crore of scrapped money, it was estimated that 30 per cent was black, that is, around Rs 4.5 lakh crore.

Read more at: http://www.sify.com/finance/all-pai...es-not-add-up-news-finance-qmhramehaffbb.html
 
Hope this will act as an incentive for going digital!!

Centre announces sops for people paying in digital mode

December 08, 2016 17:52

Union Finance Minister Arun Jaitley announces several decisions taken by the government after one month since demonetisation decision:

* Today its one month since PM announced demonetisation decision.

* Petrol/diesel cheaper for those who pay by digital mode, to get 0.75 per cent.

* NABARD will give Rupay card to people who have Kisan Credit Card.

* People buying monthly seasonal tickets in the Suburban railway networks through digital payment mode, to get 0.5 per cent discount.

* This is effective from Jan 1st 2017, starting from the Mumbai suburban railways.

* People booking Railway tickets online will get Rs 10 lakh insurance free.

* People paying for Railway facilities like retiring room, catering etc. will get 5 per cent discount if paying through digital mode.

* 8 per cent off on payment of life insurance premium in digital mode will bring. 10 per cent off on general insurance.

* Centre to expedite digital switchover; 2 POS machines will be given to villages with 10,000 population, 1 lakh villages to be selected.

* 10 per cent off on paying in digital mode at toll plazas.

http://news.rediff.com/commentary/2...digital-mode/af2e994911b6f665800fe36d3f1fb03f
 
Parties being used to channelise black money: CEC Nasim Zaidi

SCRUTINY Election watchdog asks states to inform it about parties that exist only on paper

There are over 1,900 registered political parties in India. After every two days a political party is registered. They hardly contest elections. Many of them are used as conduits for siphoning off black money. NASIM ZAIDI, chief election commissioner
From page 01 NEW DELHI: The chief election commissioner (CEC) has asked the income tax department to stop giving exemption to political parties that don’t contest elections because many of these outfits could be fronts to siphon off black money.
Political funding in India remains a grey area, with most parties skirting disclosures under rules that make naming the source mandatory only when donations cross `20,000. They are also exempt from income tax.
The election commission (EC) suspects many registered parties, which exist only on paper, might be taking advantage of these legal loopholes to route dodgy cash.
“There are over 1,900 registered political parties in India. After every two days a political party is registered. They hardly contest elections. Many of them are used as conduits for siphoning off black money,” chief election commissioner Nasim Zaidi said on Wednesday.
Only 400 of them contested polls during 2005-15, he said.
The commission has asked chief electoral officers of all states to inform it about such parties.
Zaidi demanded total transparency in funding of parties as recommended by the law commission, saying only 20% or `20 crore, whichever is less, of a party’s fund could be allowed to remain anonymous.

amenting that the EC could register political parties but didn’t have any power to deregister them, Zaidi said the commission has written to the law ministry on a series of electoral reforms, including prevention of abuse of money, transparency in funding of political parties, decriminalisation of politics and making paid news an offence.

The CEC said the representation of people act (RPA) should be amended to give powers to the commission to countermand an election on the ground of distribution of money to unduly influence the electorate, or politicians bribing voters.

“In the 1980s, booth-capturing was a big problem but we managed to check it after Section 58A was added to the RPA giving power to the commission to countermand or cancel elections. We want Section 58B to be added for misuse of money during polls,” Zaidi said.

The commission had to use its plenary powers under Article 324 of the Constitution in May 2016 to cancel elections in two Tamil Nadu assembly seats.

“Every year (around) 2.5 crore young people cross the age of 18 and become eligible to vote. But the law allows their registration only once a year on January 1. Due to this provision, crores of eligible youth are deprived of their right to vote,” he said.

In Jammu and Kashmir, electoral rolls are revised four times a year since 1957. Why can’t it be done in the rest of India? It can be done at least twice a year on January 1 and July 1.” The CEC also pitched for a rule to set aside a candidate’s election if that person is found furnishing an affidavit with false information
http://paper.hindustantimes.com/epaper/viewer.aspx


 
[FONT=&quot]The police on Friday seized more than a crore in cash from searches at multiple locations across the country to clamp down on tax evasion post demonetisation. The new currency notes were seized from Haryana, Gujarat and Maharashtra and several people were arrested in connection with the seizures. In Gujarat, Rs 76 lakh was seized, in Haryana Rs 10 lakh and in Maharashtra Rs 85 lakh.


I thought it will eliminate corruption!!!!!!

[/FONT]
 
Yes the temperament of Income tax and EOW officials are put to test. Now only less than 20 days left for depositing OHD notes people holding them in high values are not leaving any opportunity to get them changed and are exposed to authorities. Authorities are also able to have a quick catch as information comes to them thick and fast due to the hoarders hurry burry. With many modern day gadgets to their assistance, the authorities have no difficulty in keeping eye on the bank officials which makes their work much easier. It is remains to be seen who is going to have the last laugh.
 
On November 8, as the world waited anxiously to find out whether Hillary Clinton or Donald Trump would be the next president of the United States, in India, a radical economic decision was announced by Prime Minister Narendra Modi.
The decision: that 500 ($7.30) and 1,000 ($14.60) rupee notes - about 86 percent of India's currency in circulation - would no longer be considered legal tender. The move would come into effect less than four hours after Modi's announcement.
It has been described by Lawrence Summers, the former US treasury secretary, writing in the Financial Times, as "the most sweeping change in currency policy that has occurred anywhere in the world in decades".
The rationale for the decision, the government explained, was a war against unaccounted cash, known as "black money".
The ban would counter "anti-national and anti-social elements", Modi said, and combat the widespread use of counterfeit currency and illicit income.

"[These] will become mere pieces of paper," Modi said.
To reimburse those with the now-useless currency, Modi announced a period of 50 days, in which the old notes could be exchanged for new 500 rupee and 2,000 rupee ($29) ones.

He framed the policy in terms of a national spirit of sacrifice. Coming soon after Diwali, Hinduism's most important festival, the process of demonetisation was described as a new "festival of honesty".
"For a few days," Modi said, "we can all bear some inconvenience."

Initially hailed as a masterstroke by many in India's upper and middle classes, it seemed that Modi, who campaigned in 2014 on an agenda of economic transformation, was finally delivering on his promise.

It has proved to be anything but, however, as it quickly became clear that the policy was poorly thought out and its execution chaotic.
At the time of the announcement, only a fraction of the replacement notes had been printed. Moreover, the new notes were smaller in size than the old currency, which meant that the approximately 220,000 cash machines across the country would have to be modified. As of Thursday, December 1 about 90 percent of the machines had been recalibrated, but many are running empty, according to the Hindu newspaper. Banks were ordered to end over-the-counter exchanges from November 25, with people now expected to deposit their banned notes by the end of this month.

There are concerns, too, about the logic of a denomination like the new 2,000 rupee bill, given that the high-value notes were seen to be fostering corruption.

http://www.aljazeera.com/indepth/fe...etisation-modi-didn-poor-161123073645259.html
 
prasad1 said:
Revenue Secretary Hasmukh Adhia's startling admission on Tuesday that the government expects all scrapped Rs 500 and Rs 1,000 notes to come back to the banking system raises questions about the very purpose of the disruptive demonetisation exercise, as well as its supposed benefits, say analysts.Adhia's statement completely negates the earlier narrative that anywhere between Rs 3 lakh crore and Rs 5 lakh crore of black money will be "extinguished" by the demonetisation drive as it will not return to the banking system -providing the Centre a windfall that would be used for pro-poor and infrastructure-related expenses.With such a windfall now not on the cards (the RBI said Wednesday that almost Rs 12 lakh crore is already back with the banks), the math of demonetisation simply does not add up, say analysts that IANS spoke with, who contend that a simple cost-benefit analysis suggests the government - and the country - will emerge a big net loser because of the exercise.Consider their argument:Of the Rs 15.4 lakh crore of scrapped money, it was estimated that 30 per cent was black, that is, around Rs 4.5 lakh crore.

Read more at: http://www.sify.com/finance/all-pai...es-not-add-up-news-finance-qmhramehaffbb.html
Click to expand...
It is being slowly realised that all 500 and 1000 notes are finding its way back inrto the banking system.Half of it is getting declared for taxing and balance has to be

flushed out of jan dhan etc. bank deposits might even exceed 15 lakh crores.

It is business back as usual -only business men are more careful. Receipts are issued by wholesalers with tax components. [under invoiced though].Retailers are

increasing sale price to take care of tax components to pass on the cost to end user.Only consumers suffer. No money [cash] to be got from banks and higher prices.

Though demand has crashed , it is not getting reflected in prices going down.All big players in real estate , construction and other sectors have staying power and the

small fellows are getting hurt.Many small scale fellows have to shut down as their business has become unviable with tax burden. Informal business is facing the heat.

What next?
 
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Demonetisation effect: Kashmir Valley deals coolly with cash crunch

SRINAGAR: Kashmir Valley has dealt coolly with the cash crunch that has rest of India agitated. They have become accustomed to hardships amid near-shutdown in the Valley since July and the age-old practice of stocking up on essentials before the onset of winter.
The ongoing protests in the Valley, triggered by the killing of Hizb-ul-Mujahideen commander Burhan Wani in July, had already halted the cash flow and daily-wage operations in the state. Intermittent restrictions on use of the Internet as a means to curb separatist activities meant that people were used to their credit and debit cards being rendered useless every time the clampdown happened, thus diluting any immediate adverse consequence of the now month-old demonetisation drive on businesses a ..

……………………………..

……………………………

Experts and some business owners said the “over cautious attitude” of Kashmiris has worked well for them once again. “Like mostly unused multi-storied houses rescued us during the 2014 floods, the bank accounts saved us this time. All of us either keep the money in the bank or invest in real estate or bullion,” said Manzoor Ahmad, a wholesale trader in essential commodities who operates in Srinagar.


Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
 
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