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Do you still believe that India is a Cashless society after demonetisation?

Janaki Jambunathan

Well-known member
Not sure what is political here. If farmers protest for 2 yrs without any solution, why should anyone vote for this govt ??

No performance, no vote !! Isn't this reason enough ?
Looks analyitical , when the wings are removed ! If money cannot have adjectives why should politicians ?
 
J-K: Rs 1.44 crore cash, jewellery worth Rs 2.48 crore seized in IT raids

The Income Tax (IT) department on Thursday conducted search operations at five locations in the Kashmir Valley and seized undisclosed cash amounting to Rs 1.44 crore and unaccounted jewellery worth Rs 2.48 crore. Few places in Jammu were also raided. The department also recovered undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir valley. Concealed financial transactions of nearly Rs 17 crore were also found by the IT sleuths. (ANI)

Read more at: http://www.sify.com/news/j-k-rs-144-crore-cash-jewellery-worth-rs-248-crore-seized-in-it-raids-news-national-tdqaJ0gfdjjcd.html
According to me, the demonetisation was aimed at bringing out black money held in cash form. Its aim was not creation of cashless society. It is an incidental benefit in that more common people have are switching over to cashless transactions. It will improve gradually and in the meantime govt should create confidence in the mind of the common man that card/online transactions are an easier mode for transfer of funds and it is almost risk-free as compared to cash dealings.
 
And what is this great financial reform that people are opposing for the sake of politics? Demonetisation ? GST ? Cashless ?

Demonetisation and GST have been unmitigated disasters. Despite huge opposition, the govt went ahead and wrecked the entire informal sector. Atleast if these 2 policies had been stellar success I can agree that the cashless is being opposed due to politics.

My question is in a country where 100s of millions are in poverty, no education, no tech knowledge, is cashless even important ?? And pray tell us how cashless will help these 100s of millions of the poor ?? And this govt was supposed to bring ache din to poor people not for us.

Remember great kingdoms were built on physical coins in the past,

What is tragically lacking with this govt is "right ideas" and "right implemntwtion methods" !!

For eg, if I want toilets built all across the country, I will simply give L&T the contract and hold them accountable. Not except a dead and junk bureaucracy to do it !!
Pessimistic view. Indians cannot remain an untouchable and an object of mockery for the developed countries.
 

Janaki Jambunathan

Well-known member
  • Digital India suffers from the threat of thefts and hacking of digital money instruments. The ATM cards, Debit/Credit cards, Net Banking solutions and even the transaction websites of the financial institutions and banks are hacked by the mischievous people who withdraw money by making clones and changing the passwords. This has to be taken care of before proceeding on digital India mission..(#38)
Now India goes Cardless!

The initiative will address concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it.

 
  • Digital India suffers from the threat of thefts and hacking of digital money instruments. The ATM cards, Debit/Credit cards, Net Banking solutions and even the transaction websites of the financial institutions and banks are hacked by the mischievous people who withdraw money by making clones and changing the passwords. This has to be taken care of before proceeding on digital India mission..(#38)
Now India goes Cardless!

The initiative will address concern of using debit card at the ATMs for cash withdrawals by eliminating possible risk associated with it.

The cardless cash withdrawal facility may reduce risk but how many bank customers can use this facility? It may work for a few in metros who may try for the thrill of it. It cannot be as customer-friendly as ATM card. It will only help reduce bank's worries on issue and management of cards.
 
If any one thought, that purposes of Demonetisation is to abolish black money, overnight convert India to cashless economy etc, then such thoughts are misplaced. There is no ready fix solutions to India's problems. Such measures as Demonetisation or GST should be viewed as baby steps. There is lot of talk by using factual data that Demo has not worked. One would have tendency to revise their views if following facts are considered:
1) For huge amounts detected during Demo, IT dept has initiated inquiry and some are under prosecution. This factor is not accounted.
2) The main purpose of Demo is to establish identity to the cash, which it has done and instill fear amongst wron doers that they are being watched.
3) Today any Registration office has hardly any activities, Prices of real estates are either stabilizing or falling thus helping honest tax payers.
4) Many youngsters are taking to app route for payment. In campuses like IISc payments for availing e-rickshaw service is by app only. Most of college fees are by on line or RTGS/NEFT transfer.
5) Thanks to GST, corruption in Medical purchase or Diagnostic labs camouflaging referral commision payments as Specilist fees to Doctors has greatly minimized. Some Doctors got their license suspended by MCI on this un ethical account.

Today only profession left for laundering are Films, Politics and non GST paying practises as Doctors, Dentists, Consultants, Pvt tuition providers etc
 
interesting input, yes cashless is possible after our generations moved out..... and the politician's not dealing with things like property and stop paying money for vote. yes it will gradually when we wish to be honest... currently ... we are not and act for society.... this needs to come when we develop for better....may be another 15 years....
 
If any one thought, that purposes of Demonetisation is to abolish black money, overnight convert India to cashless economy etc, then such thoughts are misplaced. There is no ready fix solutions to India's problems. Such measures as Demonetisation or GST should be viewed as baby steps. There is lot of talk by using factual data that Demo has not worked. One would have tendency to revise their views if following facts are considered:
1) For huge amounts detected during Demo, IT dept has initiated inquiry and some are under prosecution. This factor is not accounted.
2) The main purpose of Demo is to establish identity to the cash, which it has done and instill fear amongst wron doers that they are being watched.
3) Today any Registration office has hardly any activities, Prices of real estates are either stabilizing or falling thus helping honest tax payers.
4) Many youngsters are taking to app route for payment. In campuses like IISc payments for availing e-rickshaw service is by app only. Most of college fees are by on line or RTGS/NEFT transfer.
5) Thanks to GST, corruption in Medical purchase or Diagnostic labs camouflaging referral commision payments as Specilist fees to Doctors has greatly minimized. Some Doctors got their license suspended by MCI on this un ethical account.

Today only profession left for laundering are Films, Politics and non GST paying practises as Doctors, Dentists, Consultants, Pvt tuition providers etc
Well said. But cash transactions do take place in almost all types of trade as the alluring point of avoiding GST works like a mantra with buyers. Even in Real Estate deals money is paid in cash over and above the documented amount and taking bribe by registrar office staff does not seem to have abated. Spot vigilance squads should make surprise checks. Mere GST introduction and demonetisation are grossly inadequate to substantially reduce corruption and creation of black money. Earlier notes of ₹500 and ₹1000 are replaced by new notes of ₹500 and ₹2000 in lockers and bedrooms.
 

Jaykay767

Well-known member
Why should our poor farmers, traders, jobless youth vote for this govt hoping for"light at the end of the tunnel" ?? There is clearly no light after 5 disastrous yrs now, and what if there is no light after another 5 yrs ?? LOL.

This govt was voted to bring ache din, instead people are struggling with "Bure din" and they need to tide over this disaster first.
 

naithru

Active member
Dear Jaykay767
Well-known member
If the political parties bent upon opposing the cashless, then how do you expect otherwise, they want cash transactions for anything and everything, noone wants to give a receipt all accept cash , and maintaing records to avoid tax. and acept it ,
 

naithru

Active member
even petty shop owners do not want to maintain accounts, unorganised sectors are more in india. does anyone address their concerns??
 

Jaykay767

Well-known member
Hi Naithru,
Al are valid points. My issue is that when we have 100s of millions in poverty and with no education, how will cashless help them ??

JK
 

krish44

Well-known member
How to deal with govt which ties up people in knots trying to make them go cashless ?

My experience-

Based in delhi Just wanted to put some money into third party[ a relative] ppf account in bangalore .I wanted

to pay cash.I was told that it could be thru bank account transfer nifty or rtges only. When I tried , was informed

that account was not KYC compliant .The relative would have to go head office of bank in bangalore to make the account

KYC compliant.

If I wanted to pay cash then a choice would be thru ATM with max limit of Rs 30000.

Tying common people up in knots and making banking a nightmare appears the objective of mindless

bureaucrats in delhi.

When some trickster cheats the govt, they make more and more stringent rules making functioning difficult.

Yet smart people always know how to get around stupid rules and do what they want.

Now I realise that it is better to stay far away from PSU banks and facilities like PPF for collecting slightly

better interest rate and tax benefit.

Private banks operations are a shade better .But they are also tied to their head office in another metro for taking any fixed

deposit. They take the money from savings account and inform that the deposit will be delivered by their

head office by courier

after three or four days.

I am losing faith in the banking system .

It is nightmare to deal with banks
 

krish44

Well-known member
I am veering around to the view that our wives have the best recipe for money management.

They use rice bags or dal boxes to store cash saved by them . They stash cash on their person safely while

going out for purchases.Of course Demonetisation created some hassles for them as they had to exchange

their money in banks.It is highly unlikely that the same measure will be done again.Mostly they convert their

cash for gold ornaments or coins without receipts.Banks do not make much sense to them and I think they are wise.

We are a nation where both the poor and middle class are living on subsidies. It could be on rail tickets,

,Rations, power, water other utilities.

We are in an artificial economy with artificially bloated fixed minimum support price for grains produced on

free or low

cost power and fertilisers .

And then we have MNREGA to enable free payments for work not done by rural poor landless.

When about 80% of our population is living this way , for whom is the digital economy.

Perhaps it enables payment doles for those eligible directly into bank accounts.

Most of them do not know how to operate their bank accounts and are dependants on others to take out

their money in their bank accounts.

The govt frames policies and schemes without knowledge of ground realities .
 

Janaki Jambunathan

Well-known member
I was paying regularly into the PPF a/c of both my sons But these a/c were in the same branch of SBI where I have SB and PPF - paid by transfer from my SB by ATM or by cheque since year 2000 . Elder sons A/c was closed when it was eligible 3 yrs.back - 2nd son is eligible for closure after 31 march 2019 which was opened on Oct. 2003.

This was for risk free saving and not to claim 80.CC tax benefits - (The amount paid must be out of your income into your PF A/c and hence they were not eligible and we were also (not eligible) as it was not paid into our accounts!)

Our trial balance sheets based on our projected annual income for Financial year starting from Apr 2019 shows surplus around 5L. The safest saving we feel at our age is PPF I have a PPF running for for the 6th year. Jambu can open a new account after April 1 So 1.5 L can be invested.Still 3.5 L is available for investment.

We (J & JJ) have invested to the maximum permitted limit in SCSC & PMVV pension sheme (LIC) already .

Hence the following plan for risk free investment into PPF

Ask our sons to open PPF A/c on or after 1st Apr. 2019

Gift 1.5 L each on their birthday ( NIFT to their SB A/c & from their SB A/c they can transfer to their PPF with 80 CC benefit!
 

usaiyer

Member
I have become conscious doing major transactions on non-cash
basis and only chipping cash where unavoidable like Aavin Card,
miscellaneous purchases like flowers for puja,hundial offerings and the like.
Less cash means more comfort and safety,Swedish model
could be replicated in India, But Progress is slow in India.
even internet banking is no gaining currency except in the case of IT employees,
In elections E.C is battling cash payments to voters in forthcoming elections in states like Tamilnadu..
 

krish44

Well-known member
JJ ji you are financially smart.

Putting money into savings accounts of children who then can transfer to their PPF account is wise.

Only if you could opt to invest into equities in share market a portion of your surplus money [at least 30%

ought to be in equities] you would have a balanced financial profile. Avoid mutual funds.
 

Janaki Jambunathan

Well-known member
I am tired of equities - I have to go to Coimbatore Capital again today My name has a typho error n instead of m in the share certificate of Virat Crane purchased decades ago. Presented for demat sent back to get this typho error corrected - and to represent with Affidavit with Notary authentication - Really frustrating!
 

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