The Indian money crunch.

Old Mar 15th, 2017, 08:10 AM
  #41  
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I am happy it's ok again however the truth is it was a burden on many Indians for some time. I don't think the planning in regards to making this a smooth transition was any where thorough enough though I do agree that the end, to collect millions in taxes was appropriate.

As for the exchange rate this move by the Indian govt. had no effect on that sir. That's been climbing for years.

The greater question is how to change from a cash based to an electronic economy to prevent this from happening again

JM2C.
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Old Mar 15th, 2017, 09:28 AM
  #42  
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http://www.x-rates.com/historical/?f...ate=2016-03-15

It was actually higher one yr. ago per this chart.
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Old Mar 15th, 2017, 09:53 AM
  #43  
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Here is another chart. The rate was highest in Dec. 2016.
http://www.xe.com/currencycharts/?fr...to=INR&view=1Y
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Old Mar 15th, 2017, 08:05 PM
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Very interesting charts, Jacketwatch.
Thanks for sharing.
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Old Mar 15th, 2017, 10:13 PM
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Thank you jacketwatch for such information.
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Old Mar 16th, 2017, 04:20 AM
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Going cashless?Agreed no country in the world is entirely cashless Its happening in India.Slowly but surely.

Though the digital payment provider are cashing in,the Government has now introduced BHIM-Bharat Interface for Money. An initiative to enable fast, secure and reliable cashless payments through mobile phones.

BHIM is inter-operable with other Unified Payment Interface (UPI) applications and bank accounts, and has been developed by the National Payments Corporation of India (NPCI).

Jan-Dhan or the bank account opened by the Government for the poor (in far flung areas)in India has crossed over 22 crores.The bank account can be operated for free and its holder is issued a RuPay debit card.

https://blog.paytm.com/15-photos-tha...f4a#.lxregpidl
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Old Mar 16th, 2017, 05:06 AM
  #47  
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I did not say "cashless" sir. I said it's largely cash based. Clearly it's much harder to trace cash.

My nephew in Delhi told me that if you have a credit card issued by an Indian bank and if that card is hacked the card owner is on the hook for those charges whereas here in the US we are not. If true this is at least one reason to stay cash based. Do you know if this is still the case?
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Old Mar 16th, 2017, 05:16 AM
  #48  
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Thanks too for that link. I was very concerned about how local merchants like those would convert to electronic payment options. Good to see!
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Old Mar 16th, 2017, 05:49 AM
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Interesting story here on the realities of a cashless economy in India.

https://globalvoices.org/2017/03/12/...ors_picks=true
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Old Mar 16th, 2017, 07:25 AM
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Most of the Cc issued these days are chip based. If a transaction is done over the counter, one has to punch in the PIN only known to the holder. Replicating with a card reader is almost next to impossible, but possible by scamming as in the case of a friend and in a restaurant in Cape Town. After entering the PIN the steward on some pretext took the card inside and copied the data.Partly my friends fault, when he settled the fare in cash also. He had a local number and not the registered mobile to which the SMS is sent.

When transacting online, you receive a One time password on the regd number. This is absolutely foolproof.

In other words little can be done without the card holders knowledge.The PIN is of course the key.If the issuing bank has proof of misuse. The liability is entirely theirs.

A debit card is more dangerous as the liability is entirely yours.
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Old Mar 16th, 2017, 07:31 AM
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Recently State Bank of India's database of half a million customers was hacked 6 mth ago. All accounts were frozen and fresh cards issued. Liability in this case was theirs.
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Old Mar 16th, 2017, 08:01 AM
  #52  
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So now CC' are ok if hacked, no liability but with debit you are out of luck, correct?
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Old Mar 16th, 2017, 09:06 AM
  #53  
 
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CC is okay if hacked not scammed as in my friend's case.

DC is a clean swipe. Just got to count the losses.

CC- 1 DC-0

CC needs the intelligence of a tech savvy hacker to crack the codes or a hypnotic gaze of a deft con man who diverts attention to leave behind a broke soul.
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Old Mar 16th, 2017, 09:17 AM
  #54  
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Or that same con man who rivets your attention while another picks your pocket or purse. That happened to us in Las Vegas. A gal struck up a conversation with us and was so cool about. And later no wallet. Lifted right out of my wifes purse. Dirty dogs!
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Old Sep 8th, 2017, 10:55 PM
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Yes, we were caught in the disaster. My 86 year old mother caught Chikungunya and needed to go to the hospital. We had to pay over the amount for the taxi driver to take us there as we had to pay in old currency. Then when we got to the hospital, they would not take the old currency even though hospitals were exempt. We did not have an Indian credit card so we had to get someone to pay with their credit card and we give them the money. Parents were shouting that their sick children were not being attended to because the hospital would not take the old currency. Old folk had to stand in long queues in the heat (some died) to try and change their old currency. Often then had to return several days before they got any and then the small shops could not change the Rs2000 because they did not have the small notes! It was the poor who were hit the most while Modi and his blackmarket ministers go around with smiles on their faces.
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Old Sep 9th, 2017, 05:16 AM
  #56  
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Thank you. This is what many do not hear about.

Many of my inlaws and Indian friends here say there is such a low value on life.
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