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News Round Up 224

pridepocpridepoc Posts: 153 ✭✭✭

Comments

  • amatsuscribbleramatsuscribbler Teacher Posts: 1,991 mod
    Hmm. Not sure they stand much of chance in the current economic climate!

    Here's the link for the recording:-
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    There is quite a furore over the new £5 note. Who on earth thought that animal fat might be acceptable to use on the note when there are so many people who are vegetarian? Whoops, someone wasn't thinking!
  • LynneLynne Your Teacher HomePosts: 8,490 mod
    edited December 2016
    If any vegetarians have a £5 note problem, feel free to send them to me I will sort them out for you. :smile:

    @mheredge - It's not just vegetarians who find this unacceptable. Religious leaders have also expressed their concern, but no one seems to know which animal the tallow is from.

    Of course there are a lot of products that contain animal by products:-

    http://www.independent.co.uk/news/business/news/new-5-pound-note-fiver-animal-fat-tallow-cosmetics-plastic-bags-what-else-you-should-avoid-a7447661.html
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    You would have thought that in this day and age there wouldn't be any need to use animal by-products for this sort of thing though, don't you think @Lynne? If they recall the new £5 notes, I'm sure it won't be as problematic as the Indian government's decision to withdraw all 1000 and 500 rupee notes (roughly equivalent to £10 and £5). This is having untold repercussions not only within India but in Nepal, where in some areas Indian currency is used almost as much as the Nepali rupee. The government is doing some deal with the Nepali government to allow Nepalese people to change their now worthless rupee notes. @mohit_singh, @nidhii how have you been managing?
  • nidhiinidhii Posts: 655 ✭✭✭✭
    @mheredge Yes Indian Government decision of demonetization causing problem to people as their is per day limit and long queues in exchanging old currency to new one .But most people or you can say people who don't have black money is ready to cooperate with government.And we all understand that scarcity of new currency will overcome gradually only as it is not easy for government to serve the need of 125 crores people instantly.
    People who have uncountable black money is finding this decision more troublesome as they as are going to loose such money.So According to me it is very good initiative by government in the way of curbing black money.And it is going to shun duplicate currency business,betting business and other anti national activities because of lack of fund to sponsor such things.
    And if I say about my personal experience @mheredge We didn't face any problem because of this demonetization decision.As we are regular tax payer and no black money issue with us.Only thing is that we stand in one hour queue in bank to get our thing done.
  • mohit_singhmohit_singh Posts: 1,276 ✭✭✭✭
    edited December 2016
    @mheredge
    You raised a very good topic.I also doesn't have any problems with 1000 and 500 rupee note ban.
    Actually, I does not have that much money in cash.That may be the one reason. and also I didn't have to stand in rows for hours.

    But I think that this kind of demonitzation Should happen more often .May be in every 5 to 10 year's period.

    And As @nidhii said several antinationl activity gets altered with it.for example terror funding and all that.

    I am fully in support of this demonitzation.
    And we should also need to take steps for cashless economy.
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    Was it done to flush out those people who sit on large reserves of cash that they obtained though illegal means @mohit_singh and @nidhii?

    There are many ways money launderers can launder their money using banks and businesses so that they don't hold cash. But by suddenly doing this, I guess the Indian government probably caught some of the worst culprits on the hop and maybe it will have the desired effect. I'm not sure that I'm totally convinced though.
  • mohit_singhmohit_singh Posts: 1,276 ✭✭✭✭
    Yes, cash transaction from a bank and online transaction can be under the surveillance of the government but how the government will track the Big cash transaction on other shops and Big cash property deal.The Big deal that happens from the cross-border terrorist in terms of fake currency.

    This action of Instant Demonetization is cruel for those people.The common people have 50 days time to exchange their old notes.And Any good taxpayer never holds lots of cash. Everything should be in Bank account.So in my opinion with a little bit of trouble, everything will come on the line again.
  • nidhiinidhii Posts: 655 ✭✭✭✭
    @mheredge Yes demonetization have been done to curb black money and to put a check on anti national activities .People can convert their Black Money into White Money by paying 45%tax.So government got huge amount of money as tax.Although yeah you can't say all people with Black money is going to caught and suffered ,people know how to get their work done by illegal means.But even if government get 50 percent of positive result it is worth.But decision of demonetization completely affected anti national activities .So good decision.
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    Certainly anyone who held their savings under the mattress rather than in the bank will have been punished rather severely by this demonetisation @mohit_singh. But don't you think quite a lot of innocent poorer people who might not have a bank account might have been penalised by this?
  • mohit_singhmohit_singh Posts: 1,276 ✭✭✭✭
    No, I don't think so @mheredge .Because there is a reason for that.Everyone thinks that this decision Of PM is absurd because he has Surprised by his One-day decision.

    But this is not a one-day decision because before this PM also initialised a mass movement to create a bank account for every citizen for free.
    I think without wasting time I should share a Wikipedia link to you so that it will make it clear that there was a vision for this from starting.I think in that mission about 2.6 Billion account were opened with an insurance at zero balance.
    https://en.wikipedia.org/wiki/Pradhan_Mantri_Jan_Dhan_Yojana


    So most of the people should have Bank account now.

    and if they don't have accounts till today they can open it and be the part of the running Economy of the country.They can Store up to 2.5 lakhs(1 million= 10 lakhs) without any hesitation.So,I think poor people does not have more than 2.5 lakhs of stored cash money in the home.If they have they are simply not poor!
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    Even in Britain @mohit_singh, not everyone has a bank account, particularly very poor people. The government has made it easier as not everyone can provide proof of address which you normally need to satisfy anti-money laundering regulations. I imagine poor people in remote villages gave this problem. In Nepal only now are people like teachers in a village I work with have started to have bank accounts for their salary. The nearest bank used to be 4 of 5 hours walk away but now with the new road, it is only two of tree hours away by jeep. But you're right, nowadays there's less excuse for not having a bank account. And 2.5 lakh is quite a lot of money, which you wouldn't want stuffed undefined thd mattress.
  • mohit_singhmohit_singh Posts: 1,276 ✭✭✭✭
    edited December 2016
    @mheredge
    Finally you agreed on something! :p :p :D :#

    Thanks for asking such questions and I am really inspired by you.you want to know everything and about every region. That is an amazing spirit.I also looking for this trait of yours.
    When you start asking questions! It will automatically increase your knowledge on that topic.Isn't It?
  • mheredgemheredge Wordsmith Here and therePosts: 23,498 mod
    I was always a real pain as a kid @mohit_singh! 'Why', 'what', 'where', 'when' and 'how' were always my favourite words. Nothing irritated me more than my mother resorting to answering ''just because ' to shut me up.
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