Currency Ban. 91 people died in queues outside ATMs and banks

[Abefe1989]

This is totally bad and  government should look into this in order to necessary precaution.

[pumbum]

are cryptocurrencies worth standing in line for so long? I think it's just another craze.

[hatshepsut93]

It's not a coincidence that India has moved against cryptocurrencies earlier this year - they know well that decentralized and especially private coins are just like cash, and people will turn to them when the real cash is banned. Bitcoin is the first line of defense against cashless society that is being pushed by banks and governments,  so we need to always stay vigilant to keep it decentralized and secure, if it will lose those values, the government might do with it something similar what they are doing in India with cash.

[Hell-raiser]

Regardless of it being entirely true or not, the easiest way to avoid being subject to this sort of herd-mass-attack, you have to make sure that you hedge the crap out of your weaker fiat currency during "stable" times. If something like this happens, you can just continue with your day as if nothing interesting happened, because it doesn't affect you personally.

People wrongly assume that current situation is different from what previously happened, but they just fool themselves. Every basic aspect related to fiat is inherently doomed to fail, especially when you have rogue governments accelerating that process.

Absolutely agree with each of these words. You should never trust whatever your government says or wants you to believe. They may promise one thing today and tomorrow do the apposite of what they promised yesterday. People should understand that they will always pay for the mistakes that their ruling elites make and will continue doing. Confiscatory monetary reforms are in fact nothing new as this is what is now taking place in India. Such reforms happen regularly here and there, and still more so in developing countries suffering from high inflation rates. So if you happen to live in a country like India or Venezuela, you should stay away from the local currency as far as possible. Buy dollars, gold, bitcoins, whatever which is not linked nor depends on your government in any way.

[sublime5447]

Very important policies like this need to be planned very carefully, especially about demonetization in a country with very large population like India must go through a long transition until it’s completed. The role of the media between publication and the connection between the government and citizens has become crucial.

[Hell-raiser]

I've always been a fan of keeping some cash at home, locked up in a safe.  I think that's always a good idea, whether you're anticipating a financial collapse or not.

I'll tell you why most people don't  own and probably never will own a safe. And i'm not talking about those masterlock safes that you can open with a magnet, or those things you find in cheap hotel rooms. A decent safe is heavy, expensive, takes space on the floor, or has to be built into the wall. If you live in an apartment it will always catch an eye of visitors. And after all this trouble all you'll have is some fiat that doesn't even make a decent toilet paper substitute if that runs out. In case of a real economic collapse you'll need toilet paper more than fiat money.

If this is really gonna happen one day in the way you describe, the only asset which will still have value before things develop into a Mad Max style disaster is gold (and silver, to a degree). So if you are seriously considering buying a solid safe, you also should consider buying some solid assets along with it, as these will be the last to lose value if things start to develop along the worst-case scenario. If events continue to unfold beyond that, your only hope would be your family, friends, sharp shooting and sophisticated survival skills.

[Findingnemo]

Narendra Modi's government called as corporate governments by the Indian people because he is always takes action favours for the corporates not for the citizens and the crime rate increased since the BJB governments starts ruling and India becomes number one in the corruption so he did lot of achievements in this ruling period so my middle finger salutes him always.

[Dudeperfect]

I would say it is a complete hypocrite mentality to link the deaths with the demonetization. We want to be able to see the impact of Demonetisation or GST in short-term because whenever you are implementing something in a territory having the population of more than 1 billion, you have to give at least 5 to 10 years for the same to see the impact on the economy.

* World Bank says India has recovered from impact of demonetisation, GST.

Indian recovery will lift South Asia as a region and make it the world’s fastest growing again, says the World Bank’s bi-annual South Asia Economic Focus report.

I believe that it's the time to appreciate these groundbreaking decisions and move on. I am not supporting or discouraging anyone but sometimes being uncomfortable is the only option for the bright future.

By the way, it is very surprising to see people die in bank queue but not even a single person died while standing in a queue for free coffee or sim card.

Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.

* Demonetisation, GST will bring long-term benefits: IMF.

[Findingnemo]

Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.

* Demonetisation, GST will bring long-term benefits: IMF.

The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.

And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.

[Dudeperfect]

Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.

* Demonetisation, GST will bring long-term benefits: IMF.

The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.

And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.

Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.

As I said, turbulence doesn't mean things are going to end. Bold decisions (such as 1991) have given us good results so far and hence I believe that we should give more time to analyse the results.

On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.

[First77]

Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.

Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices

Read More: https://twitter.com/hashtag

[Hell-raiser]

Anyways, I am optimistic about the future and I don't see any trouble for the Indian economy to grow in near future.

* Demonetisation, GST will bring long-term benefits: IMF.

The demonetization were implemented by Indian government to wash a way all the black money in their country but they failed to achieve that since there were lot of BJB politicians were spending the new printed money in huge amount when the people were looking for some notes so they just did this to convert all the black money into their own.

And GST has going insane in that country because most of the well developed countries have only GST upto one digit number in tax but India has upto 28% os GST to our daily usage and no taxes for the expensive things so this is intention to develop the country or just back up the big companies.

Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.

I never understood that logic. I mean how the number of people should necessarily add up to the time it takes for some economic policies to have effect. Care to explain? For me, if these policies are affecting all people at once, as they should, not one by one, it doesn't really matter how many people live in a country. On the contrary, the effects may in fact depend on the population density, and in India it is huge, and likely of the highest in the world. So, if anything, the effects should reveal themselves rather sooner than later.

Rome was not built in a day but if it had been built by over 1 billion people, it would have been built in half an hour. With adequate management, naturally. Without proper management, it would have been destroyed even faster.

[Kakmakr]

The more troubling side of this is the fact that citizens did not trust the Banks enough to deposit this money into the Banks. Most of the people in those queues are average citizens with savings stashed under the mattress and not some criminal with dirty money. 

We have also seen similar queues like this, when Greece placed limits on money that can be withdrawn from ATMs during the Bank rush.   

http://www.abc.net.au/news/2015-07-01/why-are-greeks-lining-up-outside-atms-banks-crisis/6586770

Who can ever forget this photo : http://jakartaglobe.id/economy/miles-athens-greeks-overseas-buy-groceries-family-back-home-2/

[Sony.UK]

Yes, the government took some bold steps but that doesn't mean every step should give quick results. Especially when it comes to the country having a population of more than 1.3 billion, you can't expect overnight results. As far as favour matter is concerned, any government in this world is not able to give jobs to billions of people and that's why you have to favour those who can do that job. Rome wasn't built in a day.On the other hand, as a common man, we can't do much when it comes to the politics. We have to choose the better option from those who are consisting the elections and expecting the best one is a foolish expectation.

Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices

Read More: https://twitter.com/hashtag

Yeah I just read this news, But I check the oil prices of India. Petrol is cheaper in India and they supply many countries. I think approximately 34 Indian rupees per litre, But prime minister is totally against in consumer because they earn many black money in petroleum companies. So government should not fix the prices in oils and It is democratic country so peoples are directly complaint the government.

[aoluain]

This also goes to show that even though it is our money, it is still controlled
by others, they call the shots and we have to react to the situation and conform.

Another perfect example of why Bitcoin was invented and what it can offer in
such events.

Terrible situation for people to be put in.

[First77]

Today Indian Congress has carried out "India shutdown" against highest food prices and fuel prices

Read More: https://twitter.com/hashtag

#BharatBandh got 200,000 tweets on twitter in 8 hours. Could be highest on twitter   

[beerlover]

This is totally bad and  government should look into this in order to necessary precaution.

Well, this is one of the reasons why the digital age will just keep bringing a lot of ease when it comes to transactions and at least people would not have to keep being in a long queue all in the name of withdrawal or something. For what it is worth anyway, as time goes on I believe people will start seeing more need in which this space would bring about more ease to them and this is the major value that the space creates and for the fact that everyone is simply in control of their spending, and due to its decentralized nature, no goddamn bank or government will be able to have a strong hold on it.

[First77]

This is totally bad and  government should look into this in order to necessary precaution.

Indian billinoaires "Nirav Modi and Vijay Mallaya" scamming banks of $3.5 billion.

Currency ban or demonetisation in India 2016, first in history

bitconnect.com $13 billion ponzi scheme whose owner got arrested in India.

[First77]

Yeah I just read this news, But I check the oil prices of India. Petrol is cheaper in India and they supply many countries. I think approximately 34 Indian rupees per litre, But prime minister is totally against in consumer because they earn many black money in petroleum companies. So government should not fix the prices in oils and It is democratic country so peoples are directly complaint the government.

Now Petrol is Rs 90 per litre in Mumbai, India. In Delhi petrol is Rs 84 per litre.

[junglist.massive]

Whatever policies the government makes shouldn’t take the rights away of its citizens, looks like the policy wasn’t made well and seemed rushed, even though the demonetization wasn’t an easy thing and need a long time to be fully implemented.