Maria S wrote:Not trying to blame anyone, but hope things get better really soon.

The goal seems to be good in the long-term, but looks like it was bad planning-execution to get there, and in the short-term, causing a great deal of difficulty for the average person. The masses were not informed/educated and there seems to be great confusion and chaos. 

Have been hearing about all the hardships standing in lines for hours and hours, machines which don't work, many banks being unprepared and inefficient (anyone who deals with banks in India, knows- how crowded they are..with people who know the bank officials getting special treatment)..now, it seems out of control. Some are terrible stories. 

As always, the wealthy and well-connected will find ways to deal with all this and make sure they are okay..but it's the poor and already disadvantaged who are feeling the brunt of it.

southindian wrote:Idiots will come up with something else to blame the Govt. once bank issues ease up. It already is as seen by increased limits of withdrawal.

Seva Lamberdar wrote:

southindian wrote:Idiots will come up with something else to blame the Govt. once bank issues ease up. It already is as seen by increased limits of withdrawal.

The Indian Govt. had been asking people to open bank accounts and try putting their money in them instead of keeping it at home (unaccounted for and untaxed). Many people paid heed to the Govt. and more than one crore new bank accounts were opened.

Unfortunately, many others ignored the Govt. in opening bank accounts and putting their money in them and they are now complaining about the long lines etc. at the banks to open new accounts after the recent demonetization. They should have done what the Govt. was asking them to do earlier.

confuzzled dude wrote:

Seva Lamberdar wrote:

southindian wrote:Idiots will come up with something else to blame the Govt. once bank issues ease up. It already is as seen by increased limits of withdrawal.

The Indian Govt. had been asking people to open bank accounts and try putting their money in them instead of keeping it at home (unaccounted for and untaxed). Many people paid heed to the Govt. and more than one crore new bank accounts were opened.

Unfortunately, many others ignored the Govt. in opening bank accounts and putting their money in them and they are now complaining about the long lines etc. at the banks to open new accounts after the recent demonetization. They should have done what the Govt. was asking them to do earlier.

Even to this day, about 40% of transactions in the US (85% globally) are cash based. Smart guys like you should stop repeating the nonsense spouted by idiot Modi and his half-baked ideas. The credit card companies charge the businesses anywhere from 2 to 3% per transaction which would bump the cost of the goods by that much. Having said that the world (including India) is moving towards electronic payments over the past decade or so. Let that change happen in an organic fashion, there was no need for Govt. to hold gun to head(s) of its citizens to force a change of behavior,  overnight. That is fascist style not a democratic way.