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Rupee problem


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In view of the recent news that the Indian government has declared all 500 and 1000 rupee notes to cease to be legal tender, I wonder how our brothers in the sub-continent are coping.

India is largely a cash economy, very few of the poorest inhabitants have ID or a bank account, and 45% of cash transactions are in 500rupee notes or more.

 

http://www.bbc.co.uk/news/world-asia-india-37921673

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The news reports they can exchange a limited amount of rupees each day.

 

For the next two weeks, citizens will be able to exchange 4,000 rupees a day, or about $60. But they will have difficulty converting large cash holdings because they will have to declare them to the tax authorities. Money that cannot be exchanged will be, as officials put it, “extinguished.”

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People are panicky. Extremely worried because they know that their life earnings would be gone.

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Working class has nothing to worry. Middle class, small traders, big traders, villagers, etc etc all in a loop. Many have millions. But they are not in a situation to declare it.

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As I understand it, any funds handed over to banks for exchange that tally with the expectations based on declared income are fine.  It's where the amount are not in line with the tax returns made or where cash is determined to be fake that the problems occur.  It's to get rid of fraud and reduce the amount of tax evasion but of course must be a massive disruption.

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Total country runs on black money.
But even the new step to end the old notes( currency) by asking the citizens to get it deposited in banks and get new money( currency with different denominations) is not practical. They are charging some fines. The fine and also the fear that they will be scrutinized by the income tax officials is promoting many to burn their black money, some even committed suicide.


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THe government's solution to corruption is drastic, and may cause instead a worsening of the economic system there. But if you have been correctly declaring your taxes, then you don't have penalties. The problem is, did the govt realise how widespread the black money market is? Cause pulling the rug out so fast and furiously is going to be too much for the economy to handle. There are more 'unrighteous' than righteous tax payers.

 

Prov 14:11 (I'm applying it in the sense that those who have been honest on their taxes will be spared the penalty. But really everyone in India and beyond will be affected).

  • Wealth will be of no benefit on the day of fury, But righteousness is what will rescue from death.
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  • 2 weeks later...

Another news item on this currency ban triggering widespread problems.

http://www.abc.net.au/news/2016-11-26/indian-currency-ban-triggers-fears-for-economy-food-production/8058922

 

Once again, by attempting to "solve" one problem, that of corruption, the govt has created more issues.  This badly managed attempt to halt corruption is seeing many farmers unable to seed crops because of the inability to use the high end currency to buy the seeds.  Why? Because not enough of the new notes are in circulation yet for the exchange.  If you don't have that in place, it will definitely impact on the economy, starting with food production.  This will mean food shortages.

 

But an ongoing inadequate supply of replacement currency means like many rural Indians, Mr Rai still cannot get new notes.

Mr Rai said farmers like him depended on cash from selling one crop to plant the next.

"We cannot use the money that we have earned anymore," he said.

 

As he tilled his soil, frustrated farmer Sunil Kumar said despite good monsoon rain, he expected his forthcoming crop to disappoint.

"I had no cash to buy new seed, so I resorted to using the seed I had at home," he said.

He could not afford decent fertiliser either, and knows yield and quality will suffer as a result.

 

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5 hours ago, hatcheckgirl said:

Another news item on this currency ban triggering widespread problems.

http://www.abc.net.au/news/2016-11-26/indian-currency-ban-triggers-fears-for-economy-food-production/8058922

 

Once again, by attempting to "solve" one problem, that of corruption, the govt has created more issues.  This badly managed attempt to halt corruption is seeing many farmers unable to seed crops because of the inability to use the high end currency to buy the seeds.  Why? Because not enough of the new notes are in circulation yet for the exchange.  If you don't have that in place, it will definitely impact on the economy, starting with food production.  This will mean food shortages.  

Sadly, this does not surprise us for the very fact alone that Jesus Christ had foretold this over 2,000 years ago.  

“For nation will rise against nation and kingdom against kingdom, and there will be food shortages and earthquakes in one place after another.--Matt.24:7

 

Could it be that India may face a similar plight as Venezuela?

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Good question and point Sisters Sandra and Catrina: Sounds like the currency is becoming valueless, there may come a time when people will have to barter for food  because money will be of no value; those without knowledge of the truth are desperate and anxious about money. We follow Jesus advice 'never be anxious about the next day, for the next day will have its own anxieties'... Jehovah will give us bread for this day in order to survive. He has promised us: "I will never leave you, and I will never abandon you" (Heb. 13:5) 'Taste and see that Jehovah is good' (Ps 34:8)

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