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AwareMonk , Official account of AwareMonk Nov, 16 2016

AMA with Meera Sanyal on Demonitization of Currency


Ms. Meera was the former CEO & Chairman of the RBS, India. She's the National Executive member of AAP.

Ask her anything on Demonitization of Currency


Naveen tripathi , Economic honours with more passion into Engin Nov, 16 2016


Meera Sanyal Do you feel this move by the government will kill India's unorganized sector forever?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


I hope not ! India's unorganized sector is the real backbone of India - Hård working, decent and god- fearing


Soumyadeep Roy , Music Forever Nov, 16 2016


What option did you chose in the poll below?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


3rd option


Nikhil Dua , BITS alumnus, Market research analyst at Cred Nov, 16 2016


Do you think it will affect jobs in India?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


See Nikita's response below


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


The impact on salaried and organised employees is likely to be not noticeable but small scale industries, daily wage laborers, contract employees being paid through cash, agriculture sector or anyone else not dealing with compensation disbursements through banking institutions will face the brunt, at least in the short run for sure. Professionals like lawyers, doctors etc are also expected to be involved in a more institionalized payment mechanism, not necessarily affecting their job opportunities. Read any newspaper today and this question is rightly addressed by all of them.
The impact on salaried and organised employees is likely to be not noticeable but small scale industries, daily wage laborers, contract employees being paid through cash, agriculture sector or anyone else not dealing with compensation disbursements through banking institutions will face the brunt, a


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Agree with Nikita


Shanu Sharma , Preparing for IIT, confused and dazzled about Nov, 16 2016


What do you think will be the impact of this on Real Estate. Will this not get the real prices out of these highly inflated houses


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


one hopes so. However the problem is that a lot of black money has already been invested in real estate - now those people will not sell keeping prices artificially high. Genuine buyers will probably suffer as a result


Shanu Sharma , Preparing for IIT, confused and dazzled about Nov, 16 2016


In this drive towards a cashless economy, what do you expect the future to be like for the illiterate population, which will not find Internet-based or card-based transactions an easy solution?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Actually if the move to cashless can be simple, safe and easy then it helps the poor & illiterate the most. This is why I am such a fan of UPI. Of course you need a smart phone and 3G connectivity which is a problem - but increasingly this is spreading. Anyone who has a bank account ( and this is where Jan Dhan accounts help) can use it ( which is why all banks need to activate it asap)
Actually if the move to cashless can be simple, safe and easy then it helps the poor & illiterate the most. This is why I am such a fan of UPI. Of course you need a smart phone and 3G connectivity which is a problem - but increasingly this is spreading. Anyone who has a bank account ( and this i


Who_Cares , No one cares what you want to say but they do Nov, 16 2016


1. What is biggest tangible benefit to common people from Demonetization drive?

2. Being a NRI, how it will affect me in long term!



Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


1. The biggest benefit should have been that people would not have to worry about counterfeit notes. However it appears that the new notes have no additional security features - and now with the color running etc - people are getting quite worried if these can be easily counterfeited also

2. As an NRI it should not affect you - unless you are holding a large quantity of Infian cash in old notes

1. The biggest benefit should have been that people would not have to worry about counterfeit notes. However it appears that the new notes have no additional security features - and now with the color running etc - people are getting quite worried if these can be easily counterfeited also2. As an NR


Who_Cares , No one cares what you want to say but they do Nov, 16 2016


Hello Madam,

Please reply my query if possible ;)

Thanks in advance!



Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Done:)


Sahil Khanna , 9 years of experience in running 4 successful Nov, 16 2016


Considering that demonetization was meant to target the black money hoarders, the rich, money muscled people, overtime the public opinion has been shifted towards more focus on the hardships faced by the poor and the what the mango people have to face.

Are we intentionally hiding the impact on the target black money hoarders through our several media to prove the initiative disastrous?

Considering that demonetization was meant to target the black money hoarders, the rich, money muscled people, overtime the public opinion has been shifted towards more focus on the hardships faced by the poor and the what the mango people have to face.Are we intentionally hiding the impact on the ta


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


That's because the public is feeling the pain. It seems the big money has flown or has already been converted- witness the 500 crore weddings etc


Gajodhar Kumar , Ham hain Gajodhar!!! Nov, 16 2016


Please do an AMA on reddit/r/india. You will have a reach to a lot more people. You might have to get in touch with moderators first to keep the discussions civilised.


Nupur Agrawal , On a spiritual journey of solitude. Nov, 16 2016


How will foreign investors look at India now? Will it give them trust that doing business in India will be more transparent or will it make them feel that Indian govt can take any risk at any point of time and their money is not safe?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Quite candidly foreign investors will look at it from their own point of view - if they think investing in India will be profitable they will do it, if not they won't. Their big concerns are stability of the tax regime, repatriation of profits etc


Syed Raza , In the quest of truth. Nov, 16 2016


Govt has spent a lot of money in this operation, India will lose a lot of manpower of work and productivity, will it be worth the ROI?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The cost in lost man hours and in the contraction of the economy is likely to be high


Gajodhar Kumar , Ham hain Gajodhar!!! Nov, 16 2016


Nobody is caring about the cost of this entire exercise. It was very ill planned. None of the steps taken were well thought out.


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Completely agree


Sonam Jaiganesh , Climbing the ladder onebyone Nov, 16 2016


Inspite of a lot of women entering elite colleges and doing excellent work in the corporate sector there are still not a lot of women in the field of entrepreneurship


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


We tend to think of entrepreneurs only in the corporate/ digital/ start up space. But there are millions of women across the country who are solo entrepreneurs- who have small businesses - selling vegetables, rearing goats or chickens, spinning cloth, as potters and weavers and tailors - all of these are entrepreneurs and in my view the backbone of our country
We tend to think of entrepreneurs only in the corporate/ digital/ start up space. But there are millions of women across the country who are solo entrepreneurs- who have small businesses - selling vegetables, rearing goats or chickens, spinning cloth, as potters and weavers and tailors - all of thes


Romil , Entrepreneur in making Nov, 16 2016


Will the demonitization increase or decrease the Foreign Investments in India? Will it affect the existing startup scenario?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


If money has already left the country through the hawala route prior to the demonetization then we should see a spike in FDI especially through the Mauritius & Singapore route in the next few months.


Nilesh Pathak , Pursuing MS, CMU Nov, 16 2016


If govt becomes super rich suddenly, by taxing and fining. And mid level businessmen lose money, won't the style of development move more towards communist side and not capitalist one. And how will this impact the development?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


No Govt has ever become super rich by taxing & fining. What we need is a Govt that trusts its citizens, has a reasonable tax rate, honest tax administration that does not harass tax payers, and uses tax revenues wisely to maintain law & order and provide affordable & high quality infrastructure- without corrupt politicians & bureaucrats who siphon off tax payers money. If our Govt did this India and Indians would be amongst the richest in the world
No Govt has ever become super rich by taxing & fining. What we need is a Govt that trusts its citizens, has a reasonable tax rate, honest tax administration that does not harass tax payers, and uses tax revenues wisely to maintain law & order and provide affordable & high quality infrast


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


What you described is a truly governmental utopia! I wonder if any government can meet these standards, anywhere in the world :(


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Scandinavia, Singapore, and history is to be believed Emperor Ashok :)


Himanshu Shekhar , Studying Computer Science in MIT Pune Nov, 16 2016


What Akhilesh Yadav spoke was quite uncomfortable for us to digest but what will happen if 30% of the money is just flushed out of the economy?

Challenge was to bring black money in the system not removing it completely from the equation, your views ma'am?



Gajodhar Kumar , Ham hain Gajodhar!!! Nov, 16 2016


The exercise should have been to bring the black money to the system and not flush it out. Each bill of 1000 Rs is a liability on the RBI to provide. But if indeed so much black money in cash was there, it would mean that RBI has much less liability.


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Yes the true test will be post Dec 2016 - when the RBI makes public how much of the Rs 14 lakh crores has been deposited back with banks


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


Since we know the AAP stand on who is the biggest loser from this, who can be considered to be the biggest gainer from this demonetization drive in your opinion ?


Himanshu Shekhar , Studying Computer Science in MIT Pune Nov, 16 2016


AAP has a lot to gain from this. AAP was the only party to compete with verified sources of income, now the ground if leveled for all the parties (I am not sure of BJP though)

BSP has 100% of its income from unverified sources!



Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Let us hope the PM will persuade the BJP and other political parties to commit to henceforth only accept political donations electronically or by cheque. This will be very good for India


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


Based on this perspective, AAP should have been the most vociferous supporter of the drive, encouraging the effort but we have rarely heard of even one positive comment in the public discourse.


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Nikita AAP and every upright citizen of India opposes black money, corruption and counterfeit notes. The question is how you tackle these. There are serious concerns that a lot of money has been laundered prior to Nov 8 - the unexplained and massive hike in bank Deposits in the last quarter, is an indication
Nikita AAP and every upright citizen of India opposes black money, corruption and counterfeit notes. The question is how you tackle these. There are serious concerns that a lot of money has been laundered prior to Nov 8 - the unexplained and massive hike in bank Deposits in the last quarter, is an i


Shantanu Karunesh , Inquisitive folk Nov, 16 2016


With the currency demonitisaion do you feel the big players such as DLF Birla Adani and others will be impacted from this move? Or is it just the middle class that will be affected?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The entire economy is going to be affected. Undoubtedly those with cash black money will be hurt - but also the entire legitimate economy will slow down with those at the bottom of the pyramid - small farmers, daily wage workers, tiny micro entrepreneurs hurt the most


Shantanu Karunesh , Inquisitive folk Nov, 16 2016


Most of the people who were corrupt (got black money from corruption) will get away and the ones who never paid their taxes (the lesser crime) will be impacted more. Isn’t this opposite of what should have had happened?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Actually the people impacted the worst are those who don't have to pay tax : namely people earning less than Rs 2.5 lakhs, small farmers etc, and whose legitimate earnings and savings are held in cash - which has been made worthless overnight and who are now having to stand in long queues and lines to access their own money
Actually the people impacted the worst are those who don't have to pay tax : namely people earning less than Rs 2.5 lakhs, small farmers etc, and whose legitimate earnings and savings are held in cash - which has been made worthless overnight and who are now having to stand in long queues and lines


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


What can be your suggestions to help tackle this slowdown as is rightly expexted? As in solutions can we propose as an intellectual community to help ease the implementation, instead of just predicting doom?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Very good question. The biggest problems that I see are :

1) lack of liquidity resulting in a paralysis of economic activity

2) genuine hardship to the poor whose savings are trapped / frozen 

3) loss of confidence in the banking system / currency encouraging people to hoard cash/ gold in future

The solutions in my view are ( since I do not see the Govt rolling back this step)

1) govt must remonetize the economy on a war footing - especially with 100's ( as people will be suspicious of new 500, 1000, & 2000 notes)

2) govt should incentivize digital transactions - actively promote UPI, IMPS & RuPay ( instead of e wallets like PayTM & JioMoney) Exempt electronic transactions from service tax etc

3) Each of us should help out those who do not have access to cash or electronic payments by extending credit to those who work with us etc - until the situation eases

Very good question. The biggest problems that I see are :1) lack of liquidity resulting in a paralysis of economic activity2) genuine hardship to the poor whose savings are trapped / frozen 3) loss of confidence in the banking system / currency encouraging people to hoard cash/ gold in futureTh


Nupur Agrawal , On a spiritual journey of solitude. Nov, 16 2016


What is the problem with digital wallets, you have opposed them on twitter too.


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


No - not opposing digital wallets - just wondering why PM allowed his picture to be used in a full page PayTM ad on the day after demonetization - and no one - not the PM, nor FM nor RBI governor asked people to start using UPI - a first rate mobile digital payment platform developed by NCPI/ RBI. Which is secure, efficient, and free of cost ( To transfer PayTM balances to your bank account costs 4.7%) Seems very strange Especially as PayTM is 40% owned by Alibaba a Chinese company
No - not opposing digital wallets - just wondering why PM allowed his picture to be used in a full page PayTM ad on the day after demonetization - and no one - not the PM, nor FM nor RBI governor asked people to start using UPI - a first rate mobile digital payment platform developed by NCPI/ RBI. W


Nikita Nain , Seeks vibrancy in life Nov, 16 2016


In a country that is largely rural, does not have hundred percent Internet penetration, or a completely literate population, the success and acceptance of digital wallets is questionable. We must also not forget that our digital infrastructure is not fool-proof and security breaches are sadly not being handled on a war footing.
In a country that is largely rural, does not have hundred percent Internet penetration, or a completely literate population, the success and acceptance of digital wallets is questionable. We must also not forget that our digital infrastructure is not fool-proof and security breaches are sadly not be


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Agreed - however mobile penetration is over 90%. Hence IMPS, RuPay and UPI all built on a secure RBI certified platform, with 2 factor authentication are better than digital wallets


RetardedWriter , Follow me and Kill the suspense. Self Proclai Nov, 16 2016


There are many reports that people are burning the old currency notes (500/1000), what is the Macroeconomic effect of that?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Please see response to Sakshi below


Sakshi Sharma , Freelancer Designer Nov, 16 2016


This is a very important question, what would be the affect of burning this cash?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


In addition to Adding to pollution :) any cash burnt gets extinguished as a liability of the Government. Every rupee note is a promissory note where the RBI / Govt promises to pay the bearer the sum of rupees on the note. If you burn the note, the promise ( and hence the liability of the Govt to pay) gets extinguished
In addition to Adding to pollution :) any cash burnt gets extinguished as a liability of the Government. Every rupee note is a promissory note where the RBI / Govt promises to pay the bearer the sum of rupees on the note. If you burn the note, the promise ( and hence the liability of the Govt to pay


Akhil Singh , Co-Founder at Awaremonk.com Unlearning all th Nov, 16 2016


People who will burn money will not be in any position to pose this liability on govt. So this should not put any pressure on the govt.


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


True - they will be holding ashes !


Syed Raza , In the quest of truth. Nov, 16 2016


So this would affect GDP growth ?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Yes


Nupur Agrawal , On a spiritual journey of solitude. Nov, 16 2016


How is a 2000 rupee note relevant? Will it not make collection of black money in future even more easier?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The logic of the Rs 2000 note has not been explained - I imagine it was introduced to help remonetise the economy swiftly while Maintaining secrecy. Unfortunately policy makers forgot that you also need change - the real shortage in the economy is now Rs 100 notes. To replace Rs 14 lakh crores (amount of currency removed from circulation) we need 14,000 crores New Rs 100 notes. A massive task
The logic of the Rs 2000 note has not been explained - I imagine it was introduced to help remonetise the economy swiftly while Maintaining secrecy. Unfortunately policy makers forgot that you also need change - the real shortage in the economy is now Rs 100 notes. To replace Rs 14 lakh crores (amou


Rajshekhar , student at BITS goa. I am here to learn. Nov, 16 2016


Do you think Arvind Kejriwal has lost the credibility by creating chaos on unimportant issues, and on an important issue like this his voice is not able to gain enough support because of lost credibility?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Arvind speaks the truth - often that is inconvenient and uncomfortable. On the demonetization our concerns are being reflected across the country


Mohsin , I am here to engage in meaningful discussions Nov, 16 2016


I had spent 3 hours in a queue at a bank today. Total chaos. Then they ran out of cash and lots of people couldn't get a chance to exchange their old notes. People showed their empty wallets, saying that it was the second or third day for some, but still they were unable to get any cash. It was their hard earned money, which they couldn't use. They did argue with the bank employees and at times lost their cool on people trying to cut queues. But, nobody, NOT EVEN A SINGLE PERSON, criticised the government or called it a bad move. In general, Indians have a tendency to blame the government or the system for any failures, but not this time. So, do you really think that the "concerns are being reflected across the country"?


P.S. Take a look at the results of the poll below or here: A true poll of the shifting national mood - AwareMonk

I had spent 3 hours in a queue at a bank today. Total chaos. Then they ran out of cash and lots of people couldn't get a chance to exchange their old notes. People showed their empty wallets, saying that it was the second or third day for some, but still they were unable to get any cash. It was thei


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


No doubt that Indians are a patient race. However there are many reports of anger & frustration as well.


Soumyadeep Roy , Music Forever Nov, 16 2016


reports of anger & frustration are on NDTV not on ground


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


I was in Ajmer & Pushkar this past weekend and witnessed it for myself


Nitish Phanse , Cricket lover with some expertise in web dev Nov, 16 2016


I feel the real common man has been adversely been affected by this move. No doubt a bold one, but its planning has been nothing short of disaster. Most of rural india does not have bank accounts or network connectivity leave alone using mobile wallets for daily transactions. With vendors not accepting 500s an 1000s i feel an increasing number of people will be inconvenienced when it comes to buying basic utilities. Also if india starts moving to a more plastic economy like the united states will it increase our spending ability, rather will we also start living a life on credit and ultimately be indebted?
I feel the real common man has been adversely been affected by this move. No doubt a bold one, but its planning has been nothing short of disaster. Most of rural india does not have bank accounts or network connectivity leave alone using mobile wallets for daily transactions. With vendors not accep


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Completely agree - the poor have been hit hardest, especially in rural India.


Nikhil Dua , BITS alumnus, Market research analyst at Cred Nov, 16 2016


Electric bulb won't have been invented by improving the quality of candles gradually. Hard hitting hammer was necessary and the whole nation will have to contribute to bring a change at such level. Meera Sanyal your stint at RBS will tell you how big this change is and how less this is pain is in comparison to the change
Electric bulb won't have been invented by improving the quality of candles gradually. Hard hitting hammer was necessary and the whole nation will have to contribute to bring a change at such level. Meera Sanyal your stint at RBS will tell you how big this change is and how less this is pain is in


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Sure but while playing with candles you should be careful not to set your whole house on fire


Sameer Raza , Learning. Student forever. Nov, 16 2016


How will demonetization ensure accumulation of black money in future? If it doesn't then 30% economy will always be plagues with it. Is it just a restart button?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


In principle, those people who are hoarding black money in cash form ( rather than real estate, gold etc) and who do not succeed in converting it to white money before 30 Dec- will loose it - and this money will get extinguished from the system. However until the sources of black money itself ( election funding, real estate, under invoicing, drug trafficking etc ) are tackled the problem will continue
In principle, those people who are hoarding black money in cash form ( rather than real estate, gold etc) and who do not succeed in converting it to white money before 30 Dec- will loose it - and this money will get extinguished from the system. However until the sources of black money itself ( elec


Mohsin , I am here to engage in meaningful discussions Nov, 16 2016


But wouldn't it affect the overall economy of the country, if all of a sudden a big chunk of the total currency in circulation, is just removed? How do you think will it affect the country's economy and the markets?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Completely agree -a massive shock


Nitish Phanse , Cricket lover with some expertise in web dev Nov, 16 2016


What will the economic impact of this change be on the country's GDP, can we expect decreased taxation in the coming financial years?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


As the economy gets squeezed of liquidity, people will buy less and all businesses from the tiniest to the largest will see a fall in sales - hence GDP will shrink. I doubt we will see a fall in taxation as a result


Sneha Singh , CA by profession with a lot of interest in th Nov, 16 2016


Can UPI reduce in flow of black money by digitalising economy?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


UPI and other electronic payment mechanisms are helpful to move towards a cashless economy ( which is a good aim in itself) However this will not reduce black money - but it will help those who have access to mobiles & internet reduce dependence on cash


Paras Mahikansh , Happiness can be found even in the darkest of Nov, 16 2016


The disbursement is happening only for 2000 Rs notes. No bank is paying up 50’s 100’s or 500’s. How can we purchase daily goods with 2000 rupee notes. The vendors are refusing to take the money. Is there any alternative or suggestion as to what can be done by the government now?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


This is really proving to be a big problem - there is not just a liquidity crisis there is also a problem of change - it is becoming very difficult for the Aam insaan to buy daily necessities


Jayant Singha , Save the planet Nov, 16 2016


The govt should have focussed more on having 100’s and 500’s from the start. notes for 2000 is a wrong direction i feel. What are your thoughts?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Agreed. Very poor planning


Malik , An engineer turned into a student of conflict Nov, 16 2016


How is it possible for BJP to tell its close people(politicians and business people) before hand, when RBI and SC was in close proximity while starting the action?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


In any such move a leak is possible - especially when the stakes are so high. The Pictures of a BJP MLA with Rs 2000 note 2 days before the announcement has made people believe there was a leak


Raj Hans , Software engineer Nov, 16 2016


Mam dat is unverified pic being flaunted. Don't expect u to give such argument


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The fact is that it was there 2 days before - so there was definitely a leak - the question is who benefited


Vivek Marne , Chartered Accountant Nov, 16 2016


Photos on Social Media cannot be testament of truth or otherwise.


Nikhil Dua , BITS alumnus, Market research analyst at Cred Nov, 16 2016


We cannot believe photos circulated on social media to come to a conclusion. Atleast to put such a huge blame


Rahul Singhla , Thinker, Blogger, UPSC aspirant. Nov, 16 2016


Hello Ma'am

From pure finance perspective the move seems great for the nation. Apart from implementation issue what fault do you see?



Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The demonetization has sucked 86% of the currency out of the system - a big liquidity shock to an economy that is approx 50% a legitimate cash economy. From a policy perspective this has been a risky move - from an implementation perspective a disaster


Mohsin , I am here to engage in meaningful discussions Nov, 16 2016


Why do you call it a "risky" move? What risks are you talking about?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The risk that the economy goes into a recession


Vivek Marne , Chartered Accountant Nov, 16 2016


The shock was necessary to move away from the Black Money. Our economy running on CASH statement and we taking sides with it, would mean we are in favor of low Tax to GDP ratio. The move cannot be planned before hand, else people would have been able to launder their cash. Whilst people are trying to launder money, it will be to a limited extent. Implementation disaster is only a single word. Probably, Bank Queues could have better management, but other than that any kind of pre-announcement would have been more disastrous.
The shock was necessary to move away from the Black Money. Our economy running on CASH statement and we taking sides with it, would mean we are in favor of low Tax to GDP ratio. The move cannot be planned before hand, else people would have been able to launder their cash. Whilst people are trying t


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


We should not confuse the cash economy with the black economy. For example Agriculture is not taxed and is in the cash but completely white economy. If you wish to tackle Black money start with the Politicians. The IT dept has all the details of officially declared assets ( at each election) of MPs, MLAs and Corporators across the country. ADR Reports show how these have increased between 100 - 5000 %. Is this possible for normal honest citizens ? If not get an explanation and prosecute them. What action has been taken on all the scams ( cutting across political parties) amounting to thousands of crores of tax payers money that has been looted. As citizens let's demand time bound and concrete action against politicians & bureaucrats who everyone knows have looted the nation. Ram Jethmalani has been shouting himself hoarse on black money abroad that the Govt is refusing to investigate. Start at the top and take action if you want to really tackle black money
We should not confuse the cash economy with the black economy. For example Agriculture is not taxed and is in the cash but completely white economy. If you wish to tackle Black money start with the Politicians. The IT dept has all the details of officially declared assets ( at each election) of MPs,


bhushan , aware citizen Nov, 16 2016


madam i would like to know your thoughts on arthakranti praposal which was presented to the present govt


bhushan , aware citizen Nov, 16 2016


arthakranti is proposing transaction based tax eg 2% will be deducted from receivers account that will be the only tax which will be received by govt


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


The Banking transaction tax ? Have not examined in detail but my concern is that it will drive more money out of the banking system into the cash economy - which may not be the desired outcome


Who_Cares , No one cares what you want to say but they do Nov, 16 2016


1. What is biggest tangible benefit to common people from Demonetization drive?

2. Being a NRI, how it will affect me in long term!



Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Don't know the details of the Arthakranti proposal - it would be good if the FM & PM could share this with the nation - if indeed it is true that they have based their decision on this proposal


bhushan , aware citizen Nov, 16 2016


http://arthakranti.org/proposal this is the link for the same its an ngo based in pune working on this proposalthis


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Thanks for sharing- but has the PM officially confirmed he took this decision based on their advice .?


Mohsin , I am here to engage in meaningful discussions Nov, 16 2016


Are you somehow associated with ArthaKranti?


Meera Sanyal , Former CEO & chairman of the Royal Bank of Sc Nov, 16 2016


Not at all !


Vivek Marne , Chartered Accountant Nov, 16 2016


The Arthakranti person has been circulating similar ideas. Moreover, US already has max denomination of USD 100. Moreover, two such demonetizations have happened in the past, once post independence and other pre-independence. I dont think it would be right to state Arthakranti is the right reason for the proposal
The Arthakranti person has been circulating similar ideas. Moreover, US already has max denomination of USD 100. Moreover, two such demonetizations have happened in the past, once post independence and other pre-independence. I dont think it would be right to state Arthakranti is the right reason fo


bhushan , aware citizen Nov, 16 2016


sir lower denomination note is only a part of the solution their are other measures which are proposed by arthakranti u can chk

www.arthakranti .org




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