dpb

http://www.wired.co.uk/article/demonetisation-india

Can't see that ending well.

They've just introduced bond notes in Zim, backed up by not very much .. The populace just have to suck it up but basically it's going to further rich from poor

JackClark

Don't know about India but I haven't used cash in the UK for a long time.

dpb

not relevant

Dr Hu

Its crazy - they pulled the equivalent on their £5 and £10 notes pretty much overnight and gave everyone 2 days to change them at the bank - cue massive panic and complete overwhelming of the banking system who promptly ran out of currency to exchange it with - they then close the banks and a day later say sorry you've run out of time - suck it up....

Imagine them trying that even in the modern UK....

I understand why they are doing it - to crush the black market wages & economy (less than 1% of indians pay any income tax ) but trying to do it in less than a week , as they've found out, is suicidal....

They're finance minister must be a complete nutter - LOL

ditchmyster

iTrader: (7)

I would say most people will ignore it and carry on as usual, it's not like they can force you to give them all your cash, which will be tricky considering such a large percentage of the population don't even have a bank account, so in effect it's only going to hit the reasonably well off.

I certainly won't be going to India again if it's cash less, I can't even begin to imagine the scams people are going to come up with to rip the money off your phone, let alone the card fraud.

Turbohot

Frankly, after learning about the following, I have no doubt that the country still remains bonkers in this day and age:

http://www.bbc.co.uk/news/world-asia-india-29274792

BoozyDave

iTrader: (8)

I thought this was going to be a thread about the happy hardcore albums

This would be a PITA for me, I buy most things with cash, very rare that I buy something for less than £300 on a card

Turbohot

Just been to India. Factually, it's not cashless but cash-controlled at the moment instead.

According to the live feedback I received from some Indian capitalists in simple words:

The reason for the bonkers move as per the the opening post is that the current Indian government is cracking down on the financial corruption. It's a catch.

A lot of Indians were saving money for years at their homes and not banking it and declaring it for tax purposes. So,

1. Banning some old large value notes has caused all those people to bring their hidden cash to the banks, to change that money to new/small value notes, and they are getting forced to pay taxes on the large hidden sums they were evading.

2. Limiting cash spit at ATMs would mean 'spend what you have stashed at home' hence the hidden money back in circulation. You're only allowed a limited cash amount to take out every week from the ATMs. Most don't even spit out any money.

3. Using cash card more means using banked money. This forces people to bank their stashed cash, and pay tax on it.

Sounds good in principle for the corrupt-as-hell country, but it makes everyone else e.g. the travellers' life very difficult. No British bank or even the post office would give me any Indian currency against my GBP.

Apparently the Indian PM Modi is prepared to take the bullet from the mafias, but won't back down on this radical move.

Most legitimate (-ish) rich, middle and poor sounded very appreciative of this move. Mafia 'cash stashing' types must be gutted. I didn't get to talk to them. I didn't want a bullet in my head.

Life in general goes on India nonetheless, as if no big deal.

On-the-bog

That's got about as much chance of happening as me winning the lottery,


I don't play the lottery

Turbohot

What do you mean?

On-the-bog

India couldn't go cashless simple as.

I spent some time working in india and it simply wouldn't work. Autocars are a cracking example as to why (what tuktuks are actualy called ). To use cards they would all need a payment machine, the drivers wont be able to afford them so they will just develop their own local currency. there are hundreds of thousands of them all across india, maybe millions.

dpb

Dont think cashless is the aim , its stopping people hording in large demonination

just how big/often used is the note theyre talking about ?

Welcome back Swati

Turbohot

Yes, that's what I was saying. It's not cashless but cash-controlled at the moment.

Thanks, OTB.

On-the-bog

Sorry my comment was about the article not your comment

Turbohot

Yes, that's what I said in my #8 today.

Thanks, Duncan.

Well, at the international airport, there are posters with a banning cross on old 5000, 1000 and 500 INRs. Government suspects that those are the notes being stashed. I believe that in between those numbers has renewed at times, but those in question didn't renew that much. Also, mafias types would stash big notes, not sh7tty one rupees to make up a few grand, would they. They have brought in new 2000 as well as new 500 INR notes. I have both. Not to stash or anything but I just had them left. I'll post the pics later, just for fun.

On-the-bog

i brought some home without even realising it as well, i'll try and rememeber to get some pics up for comparison

Think i have 500/1000 notes

Turbohot

I understood that with your latter post, no worries.

I thought you were saying that the exploitation of the poor and any corruption in India cannot be fully corrected regardless and you would have perhaps expanded on it with my question to you. If you did think that, I would have agreed with you.

Ok, stashed away illegal cash is coming out now, but what about stashed away 24k gold? I hope Modi does something about it. That's before he gets shot.

On-the-bog

haha, nah

i wish i had 24k gold stashed haha

Turbohot

Much stashed in abundance, in the corrupt and ever-greedy hands of some capitalist Indians, OTB.


Regarding the new notes, here we go>


New 500 INR note (both sides):



New 2000 INR note (front with Gandhi):



New 2000 INR note (back with Mangalyaan satellite):



The Gandhi glasses logo on the notes contains one word each lens. Addition of the two words makes a phrase meaning 'CLEAN INDIA'.

Modi had tightened up on cleanliness massively. He has controlled areas where he has started to fine uncivilised men from urinating against the wall. I think the fine is 500 INR. Public toilets are much cleaner, if not all that clean. Most western style toilets have the loo rolls as well as the bum gun/ bum jet wash; like Thailand has. I've actually bought one for my home here; to add extra cleanliness and hygiene, as I don't have a bidet in my toilet in this house. Getting it fitted will cost me at least 10 times more than what I paid for it.

Simes777

Bum Gun - that made me laugh I'd never heard of one before.

Turbohot

Simes, I heard it of my daughter when I visited her in Thailand last year. She had just made it up for a reference, and I found it very funny myself.

She was very strict on people using the bum gun for clear cut hygiene, then drying bum with the loo roll, but strictly avoiding chucking the used loo roll bit in the toilet bowl itself, because the Thai gutters get blocked with that. I forgot a couple of times, and just used the bog roll and chucked it in the toilet bowl. She didn't see anything else but found a bog roll bit floating inside the toilet bowl. Do-Gooder Ms. Global Sustainability went mad at me, and told me off. So, I had to learn. There are warnings about it in nearly every hotel toilets in Thailand, and a bin is provided to chuck your used toilet paper with which you finally dry your bum with; after power jet washing your bum with the bum gun.

In India, you can chuck a loo roll in the toilet bowl, as there aren't any apparent warnings for stopping you from doing so. Bum guns are called just 'toilet jets' in India.

Anyway, now this 'bum gun' reference is used quite widely for them:

https://www.emergencyplumber.uk.com/...ilet-bum-wash/

Simes777

I can just imagine phoning a old school plumber and asking if he could install a Bum Gun

alcazar

iTrader: (2)

I have a bidet...and THREE in the property in France, don't y'know?

Recovery Ray

Now that is some ARSENAL

Turbohot

I've already rung two. First one returned my call in quite a refined accent, and stated in a very polite, professional way that he only installs gas boilers but his cousin may be able to install the bum gun. But when he was half way through giving me his (probably a poor relation) cousin's number, the phone got cut off. That's because I was talking via my iPad and trying to type the number in my iPhone. Sadly, my iPhone's battery suddenly died and the convo got cut off. So, that was useless.

I've left a message with the second one's very nice (to speak to) missus. Let's see if he gets back to me.

It looks so simple on that vid I posted that if our base pipe near the toilet was identical, perhaps I could have installed it myself. As our pipe is a bit different looking, we will have to call some plumber. It doesn't look like a rocket science at all, as long as you don't forget to switch the main water supply off before you start mincing about with the installation malarkey.

Turbohot

WOW, that's a lot of bidets! To be fair, if you have three bathrooms with a toilet each in your France house, then it's only logical to have one bidet per bathroom. Makes sense.