Serious Rich Ah Nehs Suddenly Very Polite To Poor Low-Caste Ah Neh Serfs! Guess Why?

[JohnTan]

Rich people in India are begging the poor to launder money for them after the Indian government abolished the country’s largest currency notes in a bid to curb unaccounted wealth and corruption, according to reports.

Wealthy Indians are said to be treating their maids, drivers, nannies and cooks with unusual politeness, in the hope of persuading them to launder undeclared cash they had been stashing in their homes following what the Indian government called a “strike” against people who keep unaccounted-for cash in the country.

Rahul Sharma, a driver from Delhi, said he was offered a cup of tea by his employer for the first time.

Mr Sharma told the Sydney Morning Herald: “I was shocked at his sudden niceness. It went on for two days. He didn't even bother to remember my name. When he wanted to summon me, he’d call out ‘driver!’

“On the third day, the penny dropped. He asked me to deposit 250,000 rupees (£3,000) in my bank account on his behalf so that he could get rid of his black money.”

In another case, it was reported that a woman took two of her servants to a bank and “shamelessly” ordered them to exchange her old notes with new notes from their account.

A witness, known only as “Munkeyy”, wrote in an online forum on Reddit: “I was standing in the queue at a bank to exchange my old notes. A middle-aged aunty brought her servants (a wife and husband) to the bank.

“She made them stand in the queue with her, shamelessly gave them 4,500 rupees each in the bank and asked them for an exchange. The male servant had an ID card he could exchange and the aunty could exchange, but the servant's wife did not have any ID with her and so got nothing.

“She was shamelessly using them to exchange her old notes and I am not sure if those poor servants got a commission for this or not.”

Experts had predicted that those who would be worst-hit by the crackdown would be doctors, lawyers and wealthy professionals in real estate, who are often paid in cash to avoid taxes and stash their money in overseas accounts.

Following the introduction of the note ban, panicked customers lined up at banks to exchange and deposit old notes, sometimes standing in queues for hours. Fistfights broke out at petrol pumps when clerks ran out of change, while at toll booths operators simply gave up charging and let cars stream through.

Indian Prime Minister Narendra Modi announced the crackdown in an attempt to fulfill his election promise of curbing tax evasion and recovering income stashed overseas after illegally evading taxation, after he struck a chord with 1.3 billion Indians in the 2014 national polls.

The government had said concessions would be allowed for use of the notes in government-run and private hospitals, chemists and petrol pumps until 11 November, but this was then extended to 24 November.

http://www.independent.co.uk/news/w...rich-poor-servants-ban-currency-a7424706.html

 

[WujiBo]

One of the ways to redistribute income to the poor and needy!! What a brilliant man Modi is!

Who could do such exercises too!

 

[dr.wailing]

One of the ways to redistribute income to the poor and needy!! What a brilliant man Modi is! Who could do such exercises too!

Do you think Modi's move would work in Zikapore?

 

[JohnTan]

Do you think Modi's move would work in Zikapore?

There is no need to do so in zikapore because most of our elites, including myself, are honest and upright people. We pay our fair share in taxes, we don't launder and we certainly don't have stacks of cash stashed under our mattresses.

 

[frenchbriefs]

imagine a world without wealth inequality,not only would the elites would remember ur name they would offer you a cup of tea.

 

[jw5]

imagine a world without wealth inequality,not only would the elites would remember ur name they would offer you a cup of tea.

There is nothing wrong with wealth inequality, the problem is wealth inequity.

 

[JohnTan]

There is nothing wrong with wealth inequality, the problem is wealth inequity.

In Kelingland, wealth inequality and inequity is enshrined in their caste beliefs. I've rarely met ah nehs who show respect to anyone they deem below their caste. I deal with every keling with assertiveness and blatant aggression. It has always worked and the kelings immediately find their manners.

 

[The_Hypocrite]

The real rich would have kept their petty cash in foreign currency and gold...only these middle-class rich not rich poor not poor type would hold domestic currency...I mean y hold local currency in such large denominations?

 

[The_Hypocrite]

http://www.foxnews.com/world/2016/11/18/effects-india-currency-reform-chaos-say-analysts.html

The effects of India's currency reform? "Chaos" say analysts
Published November 18, 2016
Associated Press
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FILE - In this Nov. 17, 2016 file photo, Indians stand in a queue to deposit and exchange discontinued currency notes outside a bank on the outskirts of Allahabad, India. The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil. (AP Photo/Rajesh Kumar Singh, File)
FILE - In this Nov. 17, 2016 file photo, Indians stand in a queue to deposit and exchange discontinued currency notes outside a bank on the outskirts of Allahabad, India. The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil. (AP Photo/Rajesh Kumar Singh, File) (The Associated Press)
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NEW DELHI – The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.


That's just the immediate fallout from Prime Minister Narendra Modi's surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say.

"Basically, you've created chaos," said Steve H. Hanke, an applied economist at Johns Hopkins University in Baltimore and a global authority on currency policy. "India is a cash economy. It's not like Europe or the U.S. where everyone is running around with a credit card. That's not the world of India."

"It doesn't look like this thing was thought through at all," he said.

Every day or so, soothing assurances about India's overnight currency reform spill from the offices of top government officials.

"Enough cash is available," Economic Affairs Secretary Shaktikanta Das said Thursday during a nationally televised press conference, as millions of people waited in hours-long lines. A few days earlier, the finance minister urged patience with what he called "a period of inconvenience."


But the decision to ban India's highest denomination bills, 500 rupee and 1,000 rupee notes worth about $7.50 and $15, goes far beyond an inconvenience.

India's economy has become one of the world's largest in recent years, but millions of businesses, and hundreds of millions of people, lack bank accounts and use cash to pay for everything from groceries to hospital stays to land purchases.

The shadow economy — countless transactions hidden from the authorities — is believed to amount to about a quarter of the country's gross domestic product.

The government used a similar demonetization in the late 1970s. But it failed to curb corruption, and the underground economy has grown immensely larger since then.

Plenty of Indians do use cash transactions to hide their wealth and avoid taxes — less than 3 percent of the population pays income taxes — and the authorities occasionally arrest businesspeople or corrupt officials with currency hoards that can fill trucks. But plenty more people use cash because of habit, poverty or a lack of easy access to banks.

So instead of just aiming squarely at wealthy tax dodgers, the demonetization is also hammering the poor, the working-class and small business people whose lives have been turned upside down during the transition to new currency notes.

Across India, people are waiting in lines that often form hours before banks open and last well into the afternoon, though the government has limited most withdrawals and currency exchanges to a maximum of $30 a day.

"It is unclear whether this exercise will achieve any lasting results other than having created a national economic crisis, destroying confidence in the national currency and unleashing tremendous suffering for ordinary Indian citizens," Rajiv Biswas, Asia-Pacific chief economist at HIS Global Insight, said in an email.

"This will have a direct negative effect on retail sales and industrial output during the coming weeks," Biswas said.

A research report this week from the banking giant HSBC predicted that imports of consumer goods would fall, but added that could be offset by a spike in demand for gold, as unsettled Indians look for ways to store their wealth.

In worst-case scenarios, the effects of demonetization could last for years, driving the country into recession and pushing Indians to keep their wealth in more stable currencies, such as the euro or U.S. dollar.

"When you don't trust a currency and you don't trust a government you start using foreign currencies," said Hanke. "That's what this is going to do, I think: People will not trust the rupee."

Raghuram Rajan, the former head of India's central bank and one of the country's most respected economists, warned in 2014 that demonetization programs can easily stumble.

"It's not that easy to flush out black money," he said after a speech, while he was still the country's top banker. He added, "my sense is that the clever find ways" to get around currency overhauls.

Rajan has instead suggested better monitoring of financial transactions, such as using government ID cards to track major purchases, and improved tax enforcement.

Hanke was surprised that India would even try a demonetization program, given that its failure in the 1970s is well-known in currency policy circles.

"They're usually done in some kind of crisis situation and panic," said Hanke, "and they ultimately have all kinds of negative unintended consequences."

 

[winnipegjets]

There is no need to do so in zikapore because most of our elites, including myself, are honest and upright people. We pay our fair share in taxes, we don't launder and we certainly don't have stacks of cash stashed under our mattresses.

Ok, so you don't stash your cash under the mattress ...where do you stash the dough ...in the bunker?