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Re: Your Cashless Society
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Home away from home
 
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It was 100% about tax collection. India was the fastest growing major economy in the world prior to the currency cancellation. The economic boom in India is more likely to abruptly halt for the last quarter of 2016 following the insane announcement of November 8, 2016, that India was scrapping the 500 and 1,000 rupee notes. This action has caused a collapse in the velocity of money, which is normally indicative of a depression. This brain-dead decision has drained billions of dollars worth of cash from the economy. Prime Minister Narendra Modi?s crazy action was aimed at tax evasion, which rendered about 86% of Indian banknotes effectively worthless overnight. This has to be the worst economic decision of the past century. Indians are scrambling to banks with their old notes by December 30, 2016, but the tax implication have others just writing their money off or funneling it through the black market and spreading the money around by using individuals to try to cash in some portion. Modi?s decision led to a stark US dollar rally for three weeks as the Rupee collapsed by about 4%. The Indian society relies on cash for more than 90% of transactions, and nearly every aspect of daily life has been effected. This was a bold action to force the economy into a fully taxed society all for the benefit of the government, of course. The gold ownership is allowed provided you PROVE you bought it with taxed money. India also started seizing gold as people were using gold in lieu of cash. It isn't police raiding people's home, but if you hold gold, you have to prove that you didn't buy it with non-taxed funds. https://www.armstrongeconomics.com/mar ... indias-gold-confiscation/
Posted on: 2017/1/13 17:45
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Re: Your Cashless Society
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My understanding was it wasn't about counterfeit at all, but the black market, corruption, and unreported income. People who had a lot of "old cash" suddenly had to account for how they got it to turn it into "new cash". The tax collection rate in India is abysmal.
Posted on: 2017/1/13 17:18
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Re: Your Cashless Society
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Also, for a working, functional example of an almost cashless society look no further than Scandinavia, particularly Norway and Sweden. Of course, cash currency is still in use, but most transactions are done via apps, electronic devices and credit cards. Very few people rely on cash as a primary payment method, and you are simply unable to use cash for certain things, like the metro, buses, trams, etc. In fact, in Sweden, a vendor is legally allowed to refuse coins and bank notes.
Posted on: 2017/1/13 16:47
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Re: Your Cashless Society
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Pathetic conspiracy article. If banks and the US gov were behind it - they would have done a damn better job. The Indian gov simply botched getting counterfeit notes under control by rushing the process. The only possible winner out of this botch - is Bitcoin and not banks and governments.
Posted on: 2017/1/13 3:36
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Your Cashless Society
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Get ready for every transaction to leave a paper trail (or better yet incur interest).
Seems India was the whipping dog to experiment with this not so distant future reality. OUR NEW CASHLESS SOCIETY
Posted on: 2017/1/13 3:25
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