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In india two third economy was unaccounted. With demonetization everyone had no other option but to deposit it in to bank accounts. Which made a money trail. -

In india two third economy was unaccounted. With demonetization everyone had no other option but to deposit it in to bank accounts. Which made a money trail. -- 2$-3$ billion worth of old currency IT department last year. -- The total tax base is increased. Evidence of this is that PAN card applications have increased 3x (Daily Issuance of PAN Nearly Triples Post Demonetisation), number of people filing tax has grown a lot [Income tax base expands by 9.1 mn people after note ban) and net tax collections is also significantly up. This is good for a lot of reasons. It makes the taxation fair and also can help government increased budgetary allocations. -- Economy is able to run normally with 20% lower currency levels.Which makes it harder for households to hoard money. When money is not hoarded, it makes for greater efficiency in the economy. -- Bank deposits have grown significantly -- Digital banking became a way of life atleast in the urban India.

nocoder 9y ago
>Digital banking became a way of life atleast in the urban India. No it didnt [1] >The total tax base is increased. Questionable [2] [1] http://www.livemint.com/Industry/S0AwBRAYuGbJw0SoXOaUaO/One-year-after-demonetisation-cash-is-still-king.html http://www.livemint.com/Industry/S0AwBRAYuGbJw0SoXOaUaO/One-... [2] https://www.ndtv.com/india-news/did-demonetisation-increase-tax-base-not-really-1772370 https://www.ndtv.com/india-news/did-demonetisation-increase-... https://thewire.in/168434/fact-check-claims-increase-income-tax-base-direct-taxes/ https://thewire.in/168434/fact-check-claims-increase-income-... http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-...
- ashwinm 9y ago
  Your sources are staggeringly biased. Misrepresenting statistics by making it intentionally complicated. >No it didnt Average ~25-30% growth in urban india.[1] > Questionable Seriously ? Official data is available. Can't you judge it yourself? Communist 'thewire' is your source that too for when there is official clarifications?[4] [1] https://timesofindia.indiatimes.com/img/61556580/Master.jpg https://timesofindia.indiatimes.com/img/61556580/Master.jpg [2] https://timesofindia.indiatimes.com/img/61556578/Master.jpg https://timesofindia.indiatimes.com/img/61556578/Master.jpg [3] https://www.rbi.org.in/scripts/neftview.aspx https://www.rbi.org.in/scripts/neftview.aspx [4] http://pib.nic.in/newsite/PrintRelease.aspx?relid=170087 http://pib.nic.in/newsite/PrintRelease.aspx?relid=170087 [5] http://indianexpress.com/article/business/demonetisation-impact-nearly-25-per-cent-increase-in-income-tax-returns-filing-in-current-fiscal-year-says-cbdt-4786458/ http://indianexpress.com/article/business/demonetisation-imp...
  - urbanj 9y ago
    Oh fuck off you modi supporting nationalist.
  - wtmt 9y ago
    > Communist 'thewire' is your source that too for when there is official clarifications? The value of your comment dropped with this statement. Calling something or someone as “communist” and using it as a derogatory term in an unrelated context is inappropriate, IMO.
    - scotty79 9y ago
      I read 'communist' as factual, not derogatory. Comment criticised previous poster for using biased source when unbiased is available.
    - ashwinm 9y ago
      If you don't know where the bias is coming then how can you judge it objectively ? I will not take fox news or British tabloids seriously just like these guys. It is not name calling when the editors have a history with the ideology. Its a common knowledge. If you ask them they will say the same (In india, its not a derogatory term) !.
ShannonAlther 9y ago
> Which makes it harder for households to hoard money. In other countries, we call this 'saving for retirement.'
- anindha 9y ago
  It should read “hoard cash”, i.e. mattress money.
- seanmcdirmid 9y ago
  If you are saving for retirement by hoarding cash and not investing it at least in bonds or the very least a savings account with some interest, you are doing it wrong, or you have breaking bad problems I’m not familiar with.
- Feniks 9y ago
  In most countries you have to declare assets and pay tax over it.
kamaal 9y ago
>>Digital banking became a way of life atleast in the urban India. People did some PayTM when they had no cash. These days if you ask them for a digital transaction, they smile at you gently and ask you trade in cash. I can't even remember the last time I used cards/PayTM to buy anything near my home. Even for online buying I use cash on delivery, where I pay through cash. Have to, as my mom or dad have to receive the package at home. Structural reforms are way harder in India than people are thinking. Trust me, Indians care only to optimize for personal gains, and personal gains ONLY. Everything else comes secondary. You can use a hammer and smash approach. People have their own timelines as to what you do. Nobody here is in a hurry to sign up for your world disruption scheme.
- ashwinm 9y ago
  Where are you coming from ? I live in Bangalore and been to Delhi. Every shop including kirana's have wallet facilities. Now they are graduating to UPI. And its backed by statistics by RBI. Mobile payments increased 61% last year.[1] Indian's are just like any other middle,lower-middle income society. They are careful where they spend money. Your parents are part of 'late majority' in the Diffusion of innovations curve [2]. Look what collage kids do not parents. [1] https://telecom.economictimes.indiatimes.com/tele-talk/mobile-leading-the-way-wallet-payments-almost-double-in-one-year-in-india/2693 https://telecom.economictimes.indiatimes.com/tele-talk/mobil... [2] https://en.wikipedia.org/wiki/Diffusion_of_innovations https://en.wikipedia.org/wiki/Diffusion_of_innovations
  - kamaal 9y ago
    I live in Bangalore, I shop with push cart vendors, buy medicines from the round corner the medical shop. I(my family) buys rice/wheat/eggs/whatever from a shop from a guy who lives a few homes up our lane(We have been doing so from 20-25 years). I buy clothes from the main road, from the vendor who keeps 'Pick any shirt for 250/-'. Recently I bought a fidget spinner for my nephew from a hawker. I eat out at near the Idly shop near my home where a grandma cooks breakfast, with her son, and bajji and bonda snacks in the evening. None of these guys accept cards or PayTM. And that is how most of the Bangalore is and how it works. Bangalore has a lot of this tech crowd, who live in pockets in areas around IT parks and thinks that how the whole universe looks.

nocoder 9y ago

>Digital banking became a way of life atleast in the urban India. No it didnt [1] >The total tax base is increased. Questionable [2] [1] http://www.livemint.com/Industry/S0AwBRAYuGbJw0SoXOaUaO/One-year-after-demonetisation-cash-is-still-king.html http://www.livemint.com/Industry/S0AwBRAYuGbJw0SoXOaUaO/One-... [2] https://www.ndtv.com/india-news/did-demonetisation-increase-tax-base-not-really-1772370 https://www.ndtv.com/india-news/did-demonetisation-increase-... https://thewire.in/168434/fact-check-claims-increase-income-tax-base-direct-taxes/ https://thewire.in/168434/fact-check-claims-increase-income-... http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-we-measure-demonetisations-impact-on-income-tax-collect.html http://www.livemint.com/Politics/C4Q8mpskSbfEzmG8ZWBY9H/Can-...

ashwinm 9y ago
Your sources are staggeringly biased. Misrepresenting statistics by making it intentionally complicated. >No it didnt Average ~25-30% growth in urban india.[1] > Questionable Seriously ? Official data is available. Can't you judge it yourself? Communist 'thewire' is your source that too for when there is official clarifications?[4] [1] https://timesofindia.indiatimes.com/img/61556580/Master.jpg https://timesofindia.indiatimes.com/img/61556580/Master.jpg [2] https://timesofindia.indiatimes.com/img/61556578/Master.jpg https://timesofindia.indiatimes.com/img/61556578/Master.jpg [3] https://www.rbi.org.in/scripts/neftview.aspx https://www.rbi.org.in/scripts/neftview.aspx [4] http://pib.nic.in/newsite/PrintRelease.aspx?relid=170087 http://pib.nic.in/newsite/PrintRelease.aspx?relid=170087 [5] http://indianexpress.com/article/business/demonetisation-impact-nearly-25-per-cent-increase-in-income-tax-returns-filing-in-current-fiscal-year-says-cbdt-4786458/ http://indianexpress.com/article/business/demonetisation-imp...
- urbanj 9y ago
  Oh fuck off you modi supporting nationalist.
- wtmt 9y ago
  > Communist 'thewire' is your source that too for when there is official clarifications? The value of your comment dropped with this statement. Calling something or someone as “communist” and using it as a derogatory term in an unrelated context is inappropriate, IMO.
  - scotty79 9y ago
    I read 'communist' as factual, not derogatory. Comment criticised previous poster for using biased source when unbiased is available.
  - ashwinm 9y ago
    If you don't know where the bias is coming then how can you judge it objectively ? I will not take fox news or British tabloids seriously just like these guys. It is not name calling when the editors have a history with the ideology. Its a common knowledge. If you ask them they will say the same (In india, its not a derogatory term) !.

ShannonAlther 9y ago

> Which makes it harder for households to hoard money. In other countries, we call this 'saving for retirement.'

anindha 9y ago
It should read “hoard cash”, i.e. mattress money.
seanmcdirmid 9y ago
If you are saving for retirement by hoarding cash and not investing it at least in bonds or the very least a savings account with some interest, you are doing it wrong, or you have breaking bad problems I’m not familiar with.
Feniks 9y ago
In most countries you have to declare assets and pay tax over it.

kamaal 9y ago

>>Digital banking became a way of life atleast in the urban India. People did some PayTM when they had no cash. These days if you ask them for a digital transaction, they smile at you gently and ask you trade in cash. I can't even remember the last time I used cards/PayTM to buy anything near my home. Even for online buying I use cash on delivery, where I pay through cash. Have to, as my mom or dad have to receive the package at home. Structural reforms are way harder in India than people are thinking. Trust me, Indians care only to optimize for personal gains, and personal gains ONLY. Everything else comes secondary. You can use a hammer and smash approach. People have their own timelines as to what you do. Nobody here is in a hurry to sign up for your world disruption scheme.

ashwinm 9y ago
Where are you coming from ? I live in Bangalore and been to Delhi. Every shop including kirana's have wallet facilities. Now they are graduating to UPI. And its backed by statistics by RBI. Mobile payments increased 61% last year.[1] Indian's are just like any other middle,lower-middle income society. They are careful where they spend money. Your parents are part of 'late majority' in the Diffusion of innovations curve [2]. Look what collage kids do not parents. [1] https://telecom.economictimes.indiatimes.com/tele-talk/mobile-leading-the-way-wallet-payments-almost-double-in-one-year-in-india/2693 https://telecom.economictimes.indiatimes.com/tele-talk/mobil... [2] https://en.wikipedia.org/wiki/Diffusion_of_innovations https://en.wikipedia.org/wiki/Diffusion_of_innovations
- kamaal 9y ago
  I live in Bangalore, I shop with push cart vendors, buy medicines from the round corner the medical shop. I(my family) buys rice/wheat/eggs/whatever from a shop from a guy who lives a few homes up our lane(We have been doing so from 20-25 years). I buy clothes from the main road, from the vendor who keeps 'Pick any shirt for 250/-'. Recently I bought a fidget spinner for my nephew from a hawker. I eat out at near the Idly shop near my home where a grandma cooks breakfast, with her son, and bajji and bonda snacks in the evening. None of these guys accept cards or PayTM. And that is how most of the Bangalore is and how it works. Bangalore has a lot of this tech crowd, who live in pockets in areas around IT parks and thinks that how the whole universe looks.