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भारतीयों को बेच दिया भारत सरकार ने ग्लोबल बैकों से

भारतीयों को बेच दिया भारत सरकार ने ग्लोबल बैकों से

भारतीयों को बेच दिया भारत सरकार ने

जैसा के अब सभी को समझ आ चुका होगा के वर्तमान भारत सरकार और उसे चलाने वालों का एकमात्र उद्देश ग्लोबल बैंकरों के समूह को लाभ पहुंचाना है|

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इस समय भारत सरकार की बागडोर ग्लोबल बैंकरो और चंद उद्योगपतियों के हाथों में है जिन का सर्वप्रथम उद्देश्य भारतीयों की बचत और कृय शक्ति को शुन्य के बराबर कर देना है.

साथ ही काले धन के नाम पर सभी की जमा पुंजि को बरबाद कर देना है जिस से की आप को अपनी हर जरूरत के लिये बैंकों से लोन लेना पडे, आप को शादी करनी है, छुट्टीयों में घूमने जाना है,  घर में रंग रोगन करवाना है तो आप को लोन लेना पड़ेगा..

इस के लिये यह भी जरूरी है की भारतीयों के पास मौजूद ज्यादा से ज्यादा धन को बरबाद कर देना, इस बात का  उदाहरण है 10 दिन रहते सरकार की ये घोषणा की एक व्यक्ति 5000 रुपये से ज्यादा की रकम नहीं जमा कर सकता है..    फिर 50 दिन कि अवधि के बाद रिजर्व बैंक में पैसे जमा करने का जो प्रावधान था उसे भी निरस्त कर दिया जबकि सरकार रिजर्व बैंक के द्वारा टैक्स काट कर भी पैसा लौटा सकती थी.. और अभी तक सरकार जनता को अपना ही पैसा बैंक से जरूरत के मुताबिक निकालने नहीं दे रही है.

सवाल यह उठता है कि क्याें नहीं जमा कर सकता है कोई अपना ही पैसा और क्यों नहीं निकाल सकता ?

परन्तु डिमोनिटाईजेशन की आड में भारतीयों को अपना बंधुआ मजदूर बनाने का खेल खेलने वाली ग्लोबल बैंको का मुख्य उद्देश्य भारतीयों का जमा पैसा बरबाद कर के उन्हें लोन और अपने बैंकिंग सिस्टम का गुलाम बनाना है .

क्या आपने कभी सोचा है  के आखिर क्यों बरबाद करने पे तुली है मोदी सरकार भारत वासियों की जीवन भर की जमा पुंजि ? भारतीय ऱूपये पर से दुनिया भर का भरोसा गिराकर क्या हासिल किया सरकार ने..भारत की आर्थिक संप्रभूता को पूरे विश्व के सामने उजागर किसके लिए किया गया..   किसको फायदा पहुंचाना चाहती है मोदी सरकार ?

ऱिलायंस ग्रुप को 25 से ज्यादा देशों में बडे बडे प्रोजेक्ट दिला दिये गये हैं…  इस समय पूरी दुनिया की मीडिया में अडाणी ग्रुप को अस्ट्रेलीया में कोल मांईस चलाने में वर्ल्ड बैंक के द्वारा अनैतिक सहयोग देने की जम कर आलोचना हो रही है परन्तु भारतीय मीडिया ने चुप्पी साध रखी है.. क्यों कि सच यही है की इस सरकार और इसके सहयोगीयों को ग्लोबल बैंकों ने दुनिया भर में लाखों करोड रुपये दे कर खरीद लिया है और जो वो चाह रहे हैं वो यह सरकार कर रही है.

ग्लोबल बैंकों के ही ईशारे पर सरकार जनता पर जोर जबरदस्ती से कैशलेस सिस्टम थोप रही है..इस के लिए वह लोगो को अपना ही पैसा अपनी मर्जी से निकालने पर प्रतिबंध लगा रखी है. . जिस से की लोग कैशलेस का ईस्तेमाल करने पे मजबूर हो जाए और ग्लोबल बैंकों की झोली घर बैठे भरती रहे.

कैशलेस सिस्टम में उपभोक्ता को जहाँ भी अपना डेबिट और क्रेडिट कार्ड स्वाइप करना होता है वहाँ गौरतलब है कि कार्ड द्वारा किये गए प्रत्येक लेन-देन पर बैंक शुल्क लेता है, और इस शुल्क का भुगतान उस व्यापारिक प्रतिष्ठान को भी करना होता है जिसने अपने यहाँ पीओएस टर्मिनल लगा रखा है।

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इस शुल्क को एमडीआर (merchant discount rate) के नाम से जाना जाता है। एमडीआर का एक हिस्सा उस बैंक के पास जाता है जिसने उपभोक्ता कार्ड जारी किया है, एक हिस्सा उस बैंक के पास जाता है जिसने संबंधित प्रतिष्ठान के पीओएस टर्मिनल को स्थापित किया है, जबकि एक हिस्सा भुगतान माध्यमों (payment getways) को जाता है, जैसे वीज़ा (visa) रूपे (rupay) और मास्टरकार्ड (mastercard) इत्यादि ग्लोबल बैंकों को.

आप सभी को ये भी को ये जान कर भी हैरानी होगी की वर्ल्ड बैंक भी ग्लोबल बैंकों के समूह  का बनाया हुआ एक छलावा है जो असल में एक  प्राइवेट बैंक से ज्यादा कुछ नहीं है और जिसने वर्ल्ड बैंक नाम के छलावे के साथ दुनिया भर के देशों में काम करने की मान्यता ले रखी है

देशों की इकोनोमी को अपने हिसाब से प्रभावित करना इस का काम है  ग्रीस, पेरू, जिम्बाबवे जैसे देशों को कर्जदार आैर कंगाल बनाने में वर्ल्ड बैंक का ही हाथ था

आप अपने डेबिट और क्रेडिट कार्ड को पलट कर देखें तो वहां आप VISA, MASTER CARD, DINERS CLUB, AMERICAN EXPRESS जैसे नाम और लोगो पायेंगे, ये सभी इन ग्लोबल बैंकों की संस्थाएं हैं.. जान लें की ATM से आप के द्वारा 100 रू निकालने पर भी इन विदेशी बैंकों को कमीशन प्राप्त होता है .

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यही कारण है की ये विदेशी बैंकों के समूह और वर्ल्ड बैंक चाहते हैं कि सभी के सभी भारतीयों को बैंकिंग सिस्टम के अधीन ले आया जाए.

यानि आप के द्वारा किए गये हर टरांजैक्शन पर ग्लोबल बैंकों को कमीशन प्राप्त होगा .. हमारी सरकार को इन ग्लोबल बैंकों को इतनी चिंता है की यह हमें इनका कैशलेस सिस्टम यूज करने के लिये जो डिस्काउंट दे रही है वह सब्सिडी के रूप में ग्लोबल बैंकों के खाते में जमा कर रही है.

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एक तरफ सरकार हमसे रसोई गैस की सब्सिडी छिनती है दूसरी तरफ स्वदेशी का राग अलापने वाली सरकार विदेशी बैंकों को हमारी सब्सिडी का पैसा पहुंचाने में शर्म भी नहीं महसूस करती है.

आखिर शर्म भी क्यों करे आखिर पैसा पहुंचाने के बदले सरकार चलाने वालों को भी पैसा मिल रहा है और इस मामले में तो जिंदगी भर मिलता रहेगा .

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https://arresteddevelopments.wordpress.com

Along with thanks and compliments to the sources for the shared data

Creative Commons Copyright © Arrested Developments 2015

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Will ‘Cashless’ may be the new normal

Why ‘cashless’ may be the new normal in India

The demonetization drive is not so much about curbing black money. Consider the likely outcomes of a cashless society, and read back from them the intent behind such a move

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Perhaps the most significant development since the November 8 announcement of demonetisation is the shift in the legitimising narrative around the note ban. What was touted as a ‘surgical strike’ on black money, fake currency and terror funding has now become a radical ‘reform’ to transform India into a cashless economy. A series of measures, not least a high-decibel advertising campaign, are already in place to build national consensus in favour of this transformation.

Cashless Ki Baat

It was Prime Minister Narendra Modi’s Mann Ki Baat of November 27 that officially signalled this narrative switch. In a nuanced execution of a sophisticated communication strategy, Mr. Modi drew on the equivalence, in the Hindu imaginary, between ‘Swachh’ and ‘purity’, and ‘purity’ and ‘virtue’, to give a moral colouring to the binary of cash/cashless.

India is an economy where 90 per cent of all transactions are in cash. This is due to the large informal sector, which employs 90 per cent of the workforce. The overwhelming majority of them are not hoarders of black money. And yet, India cannot become a cashless society unless its mammoth informal sector transitions to digital payments.

Canny communicator that he is, Mr. Modi sought to pre-emptively quell the resistance such a forced transition would evoke by presenting the campaign for a cashless India as a campaign against black money and corruption. By dissolving the distinction between legal cash and black money, he cleared the ground for the treatment of all cash as potentially black unless proven white.

In other words, the informal sector is not an unintended casualty of demonetisation but the intended target. As the Reserve Bank of India Governor has clarified, the government was fully cognisant of the consequences of its move, and it was not at all an ill-planned operation, as some have suggested. As it happens, cash is the most powerful instrument of financial inclusion. Anyone can access it directly, without depending on rent-seeking technological or financial intermediaries. Once you have it, you could spend it whenever, wherever, and in whatever quantity you want to, without anyone being able to track you doing it. These are basic freedoms and rights that we take for granted. It is because these freedoms matter that there is resistance to their loss — a loss that is a given in a cashless society.

There was thus a logical need for a ‘phase one’ of demonetisation where the idea that it was about black money could be firmly planted in public memory. In phase two, which would kick in after ‘black money’ and national pride have been inserted into the demonetisation discourse, ‘cashless’ would be equated with ‘clean’, and cash with ‘dirt’ and the suspicion of dirty or black money.

In the cashless utopia that India is set to become, anyone who insists on using cash, a signifier of dirt, has a ‘dirty mind’, and is thus a suspect — a possible beneficiary of black money and the vices associated with it. Indeed, Mr. Modi concluded his Mann Ki Baat by explicitly equating ‘Swach Bharat’ with a cashless (or ‘less-cash’) Bharat, as he proclaimed, ‘Swachh Tan, Swachh Mann, Swachh Bharat, Mera Parichay’.

Why cashless?

But what explains this urgent drive towards a cashless society? One way to answer this is to consider the likely outcomes of a cashless society, and read back from it the intent behind such a move.

One immediate outcome of a cashless India would be a sharp rise in indirect taxes compliance. Traders, small businesses, shopkeepers, and consumers routinely use cash as a means to avoid paying service tax, sales tax, VAT, and any number of indirect taxes and fees. This mindset needs to change if the imminent Goods and Services Tax (GST) regime is to actually work. Brutally enforcing a cashless payments system — by sucking out 86 per cent of paper money and letting people flounder for a period in a condition of acute paper money scarcity — is perhaps the quickest means way to get there.

Apart from the state, another big beneficiary of a cashless India is finance capital. At present, India’s low-income households access credit through informal systems — be it a pawn broker or employer or a relative with cash savings.

This informality has been partially dented with the arrival of self-help groups that can access formal credit. But given India’s population, both the debt and the savings of the working classes constitute an enormous market that global finance has so far been unable to access.

Forcing them to shift to cashless payment platforms instantly formalises this world of informality. As the Prime Minister himself has reiterated many times, the mass opening of bank accounts under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion, but in reverse: it channels personal income (wages/cash transfers) to financial markets via insurance and pension schemes such as the Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana. Thanks to forced deposits, unlike cash in a piggy bank or a plastic pouch, money in Jan-Dhan accounts can serve as a fresh source of liquidity for financial institutions.

Go in for cashless transactions and get discounts, says govt.

The third beneficiary is the digital sector, which enjoys a complex but symbiotic relationship with finance capital. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8. Their massive ad spends were possible courtesy the financial institutions that have invested in these finance technology (fintech) businesses.

Finally, in a global scenario of debt-soaked slowdown, extreme income inequality, and stagnating real wages, capital accumulation is only possible through a mechanism that systematically administers an upward redistribution of income — from the 99 per cent to the 1 per cent. While an indirect tax regime like the GST would accomplish this objective for the state, the integration of personal savings into the global debt economy would manage the same for finance capital. The primary requirement in both cases is to capture the circuits of capital and commodity circulation that lie beyond their respective domains of taxation and credit — that is, the entire cash economy. The drive towards a cashless society is hence the lynchpin for securing the supremacy of the state-finance nexus.

The definition of ‘normal’

From businesses to analysts to ordinary citizens, everyone in India is waiting for life to return to normal. But what would constitute this ‘normal’? An easy definition for most people would be: no long queues at ATMs. But the queues are long not only because there are too many people and too little cash. They are long also because there is a limit on how much cash you can withdraw at a time, forcing people to queue up multiple times at different locations. A proper return to the pre-demonetisation ‘normal’ therefore entails something more: removal of any ceiling on cash withdrawals.

Indian Government to fund digital discounts

Such a definition of ‘normal’ would be valid if the reason for demonetisation was either destruction of black money or fake currency, or even a recapitalisation of banks — all of which has either already happened or no longer matter. Assuming you are an honest citizen who uses cash but not black money, you could legitimately expect to go back to the pre-currency ban status quo, with one difference: instead of old notes, you use new ones, which should soon be available in numbers proportionate to demand.

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But everything that the Prime Minister has said and done so far suggests that there may not be a return to this old ‘normal’. No matter how many currency notes are reportedly printed, how many ATMs are recalibrated, how many livelihoods affected in the informal sector, the ceiling on cash withdrawals may not be withdrawn any time soon — and no date has been indicated so far. The reason is simple: the demonetisation drive is not so much about curbing black money as it is about combating cash. The only way this could change is through extreme political pressure.

Not surprisingly, the banking sector is firmly behind the Prime Minister on demonetisation. So is the IT sector. Barring a few squeaks about the impact on growth, the corporate sector, too, is behind Mr. Modi. The only constituency that may not be, is the one targeted by demonetisation: the cash-dependent informal sector, which has taken a hit, and will continue to do so unless and until they switch en masse to digital payment platforms — which is what the government is expecting them to do.

While the political ramifications are a different story, one may view Mr. Modi’s push for a cashless India as the culmination of the economic logic of liberalisation unleashed by Manmohan Singh in 1991. From this ideological vantage point, a rapid transition to a cashless economy — even if it means not-so-subtle coercion — makes perfect sense.

Original Article published on The Hindu, an English Newspaper of India

sourced via sampath.g@thehindu.co.in

http://www.thehindu.com/opinion/lead/Why-%E2%80%98cashless%E2%80%99-may-be-the-new-normal/article16801344.ece

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https://arresteddevelopments.wordpress.com/2016/12/17/cashless-monetary-system-means-absolute-power-over-you

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Along with thanks and compliments to the sources for the shared data

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Cashless Monetary System means Absolute Power over you

Why the Governments Will Implement the Cashless Monetary System

Of all who are working to bring your nation into a cashless monetary system, the desire to do this is greatest in the hearts of those who would rule over us and the world.

Governments, Bankers, Elites and Capitalists will become more Richer and more powerful but the average citizens will bear the burnts.

Absolute Power

Those who dream of absolute power over the masses realize that in order to achieve their goal, it is necessary to have absolute control of the world’s economic system. Tyrants know that if they can effectively separate every individual from his or her wealth, requiring the approval of the system for every financial transaction, that they can control the world. They have been, and are, continually working to develop and implement this system.

While banks, businesses, and others will gain financially from an electronic cashless monetary system, government will exponentially increase its power over the people.

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 The people who wield power within government are those who are most able to effect this fundamental change in the way the world does business. This is because it will be those in government who will determine, by law, the type of system that will be used to control buying and selling and the form of currency that will be used.

Let us consider a few of the reasons why those who desire power over others want to implement a system of trade that they can control completely.

“Government” Money

Since government does not produce wealth, it must take the money it needs to operate by taxing those who produce wealth; that is, those who work.

The innumerable layers of taxes that have been heaped on the worker have caused him to render unto Caesar much of his hard earned wealth. Not only is the worker’s income taxed by the government, but in most cases he must pay taxes on his income to the state and sometimes even to the local government.

Property taxes must be paid regularly if he wants to keep his property. Other taxes are imbedded in the cost of the goods and services and are paid by the consumer when an item is purchased. Then there are sales taxes that must be paid to state or local governments when an item is purchased. All taxes are paid to the government, and while few people know it, all taxes come out of the pockets of those who produce wealth — again the workers.

While we like to think of ourselves as “the land of the free”, the truth is that there is almost nothing we can do that isn’t either taxed, or regulated in some way by some level of government.

The Income Tax and Power

The income tax system as it now exists is one of the most burdensome, corrupt, confusing, and oppressive methods of taxation ever devised by man. One reason for this is that the system is used not only for the collection of money to operate the government, but it is also a mechanism by which those who are in power may increase their power. It is so complex that it is understood by no one. It is easily manipulated by those who write the laws and has been used by politicians to reward friends and punish enemies.

Over the years, it has metastasized so that its tentacles now reach into every part of our lives, and the farther it reaches the more it controls.

From time to time many have suggested, and some have worked very hard, to replace this monstrosity with tax systems that would be simpler and less intrusive. All of these attempts have failed. The reason every attempt to replace the graduated income tax with some other form of taxation has failed can be summed up with one word: power. The graduated income tax gives those who control it the power to control every segment of the economy and thereby the ability to control every part of our society and even the behavior of individuals.

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They say it would enable our economy to grow by leaps and bounds and would increase our liberty and privacy, but it would actually increase the power of those who use the present system of taxation to oppress and control the people.

Under our present system of taxation, every part of a person’s life is open to the government. The requirements of reporting income and expenditures for tax purposes creates a record of a company’s or an individual’s life. The government requires that any and all information that is demanded by the tax collecting agencies be supplied to them. This information gives the government the ability to examine not only a person’s financial dealings but their personal and political lives as well.

With the present system, there are various tax rates, deductions, exemptions, and tax credits, enabling those who write the tax laws to exert forces upon the economy, society in general, organizations, and even the individual. Sometimes this is done in order to force industry and individuals to make decisions based upon tax considerations rather than what would otherwise be best for the business or the individual.

The power to reward friends and punish enemies is perhaps the most misused power derived from this complicated and easily manipulated system. Many favors can be bestowed upon those who support the right party, politician, or program. Much misery and even financial ruin can be visited upon those who don’t.

The Collection of Taxes

In order to make certain that people don’t spend their earnings before they meet their tax obligations, employers are required to withhold a portion of each employee’s earnings. The money that is withheld from the employee’s earnings is sent by the employer to the government’s tax–collecting agencies. This enables the tax–collecting agencies to claim their share of a person’s earnings before the person gets possession of their earnings.

Problems Collecting Taxes

When it comes to the payment of taxes, companies and persons who are self employed operate under a different set of rules. The rules under which a company, or someone who is self employed are based somewhat on the honor system. This system requires them to pay taxes based on their estimated income.

 This gives them access to their money before the tax–collecting agencies of the government. This arrangement means that the government must rely on the honest reporting of income by companies and those who are self-employed. It is also gives the dishonest taxpayer opportunity to conceal income. This is especially so when the business is conducted on a cash basis.

Ever since there have been taxes, there have been those who evade the payment of taxes. Government has had to implement enforcement measures to ensure that it collects the amount of money it demands of the people. Those who are charged with collecting taxes are always seeking better and more efficient ways to collect the revenue they believe should be paid to the government.

If the government becomes lax in the collection of taxes, then few, if any, people would pay taxes. The age old problem for governments when it comes to tax collection is that with cash or some other medium of exchange that allows individuals to deal directly with others, transactions are easily concealed from the government. Many people attempt to conceal profits from the tax–collecting agencies of the government by simply failing to report income. Also, by its very nature, income derived from illegal activities is not reported, unless it is reported as having come from some other activity that is legal. The fact that there is a great amount of economic activity concealed from the government creates problems in the area of tax collection.

To minimize tax fraud, the tax collecting agencies must develop accounting procedures and investigative methods that will ensure all income is reported. This is a very complicated and costly undertaking, since it requires the creation a huge bureaucracy which must try to monitor all economic activity. If tax–collecting agencies had a way of knowing about every transfer of money or goods from one entity to another, tax fraud would be eliminated. This would result in a huge windfall of money for the government as a result of increased collections. Tax evasion, though, can never be entirely eliminated as long as our present economic system is in place, because financial transactions can still be conducted privately by the use of cash, or the transfer of other items of value.

No Place to Hide Wealth

Once the cashless monetary system is in place, hidden cash transactions will no longer be possible because cash will no longer exist.

All financial activity will take place within the computers of the new electronic economic system. Every financial transaction, no matter how small, whether it involves funds credited to, or debited from a person’s account, will be known by the government. All income and expenditures will be carefully monitored and examined by the government’s computers. The tax–collecting agencies will know all there is to know about every company’s or individual’s financial dealings. They will know the sources of all income. They will also know when, how, and where all money is spent. This will ensure that taxes are paid on all income.

Such a system will enable governments to subject everyone to a continual financial strip search.

Instant Tax Collection

Since all currency will consist of electronic credits that cannot be removed from the system, the tax–collecting agencies will no longer have to depend on voluntary reporting of income by companies or those who are self-employed.

 The government will not have to rely on the honesty of those who are reporting income. Tax–collecting agencies, by the use of computers, will be able to immediately calculate for themselves the amount of tax owed by companies and the self-employed.

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This will be done by comparing revenues to expenditures. Once the amount of tax owed is determined, the amount will be automatically debited from the financial account of the person or business. This will enable the government to claim the taxes that it determines are owed on a more frequent basis than the present system. Tax payments will be transferred from the taxpayer’s account to the government as frequently as the tax–collecting agencies desire. This means that the government will be able to confiscate money on a daily basis, if this is the desire of those who collect taxes. This will prevent a company or an individual from coming up short when taxes are due. These features of the cashless system will eliminate the problem of delinquent tax payments. It will also eliminate tax evasion.

Maintaining the Money Supply

Manufacturing paper currency and coins is a very expensive task. Physical currency must be designed and manufactured in such a way as to make counterfeiting as difficult as possible. It must also be manufactured in sufficient quantities to supply the demand of the economy. Since physical money wears out with usage, recalling and replacing worn currency is a continual process. Distribution of money once it is created is expensive in that it must be transported, and security must be provided as it is moved from the treasury to the banks.

Since much of our economy’s business is already transacted electronically, only a portion of the money that is presently in circulation actually exists as paper currency and coinage. Those who control the monetary system know that elimination of all paper money and coins is necessary in order to obtain the power they desire.

This transition is already well underway.

First of all, the creation of electronic credits is much easier and faster than creating physical money. Creating electronic credits and adding them to the money supply is a very simple task that could be accomplished with a few keystrokes on a computer’s keyboard or by a program that will make automatic adjustments to the money supply. It does not involve the purchase of expensive paper, inks, or metal as does the creation of physical money. It does not require complicated and expensive printing presses or dies. It also eliminates the lag between the decision to adjust the money supply and the actual adjustment.

Electronic currency is not subject to wear and tear so it never needs to be replaced. While physical money must be transported from place to place, electronic currency is moved instantaneously to any place on earth through communication networks. By eliminating paper currency and coins and replacing them with electronic currency, the huge expense of creating and maintaining the physical money supply will be eliminated.

Controlling the Economy through Wage and Price Controls

Since all commerce will be conducted within the closed electronic monetary system, wages, the prices of all goods and services, as well as the profit margins of companies could be set at particular levels or within certain ranges, there are many who subscribe to the notion that the pressures of supply and demand can be regulated in this way. With a closed monetary system, controlling wages and prices will be very easy, and the temptation to use this power to attempt to control inflation and other economic pressures will be too great to resist.

income-tax-slab-rates

Since all transfers of funds must be approved by the system, any wage, price, or profit margin that is deemed too high will result in the transaction either being refused or automatically adjusted to be within the allowed limits. This will be the end of free enterprise and will eventually reduce the availability of goods and services.

Cashless Monetary System + RFID = Absolute Control

The main objective of tyrants is to have the ability to force the populous to comply with every command. This goal will be attained when absolute control of all buying and selling is achieved by the convergence of the closed cashless monetary system and the RFID system of inventory control.

This will be done by interfacing these two systems so they will perform as one system.



To accomplish this goal requires that the transition to a cashless monetary system be completed, and for all items produced or offered for sale to be identified with RFID chips. This will mean that in order for an item to be sold or for ownership of an item to be transferred from one person to another, it must contain a chip and the item must be registered with a database that is controlled by the government. This will be done to eliminate any possibility of a black market that might circumvent the closed monetary system of trade.

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Once this system becomes operational, buying and selling apart from the closed monetary system will become impossible.

Bartering will also be impossible, since ownership of items will be recorded within the system. Money laundering will also become extremely difficult, if not impossible The reason for this will be that since the government will have an inventory of all items produced and all items possessed by individuals, they cannot be sold unless they are deleted from the inventory of one person’s possessions and added to another person‘s inventory.

If an item does not have an RFID chip registering it with the inventory system, it cannot be sold. This will be because when credits are to be transferred from one person’s financial account to another person’s financial account, there must be a corresponding transfer of goods which takes place at the time of sale. Even items offered for private sale must first be tagged with an RFID chip and then registered with the government‘s inventory system before there will be an authorization of payment to the seller. Unless these steps are performed, the item cannot be sold.

With the closed cashless system in place, those who control the system can implement any law or program they desire. It will be a simple matter to use the closed monetary system as the engine of social and political change, and as the weapon for enforcement.

If a particular activity is deemed to be good by the powers that be, then it will be permitted, or even encouraged.

spying

 This will be done by allowing the approved activity through the use funds stored within the system. If an activity is determined to be in inappropriate, for example certain religious or political activities, then the funds that are needed by the individual or group to engage in these activities will be denied.

 All expenditures, and therefore every activity, will not only be monitored, but must also meet the approval of the authorities who will control the closed cashless monetary system.

Once the closed monetary and RFID systems are completed and interfaced one with the other, those who would rule the world will have absolute economic power over us, and with this power they will force compliance with their edicts. The cashless/RFID system will enable the ruling power to do this without a large military or police force.

more to come…

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Indian Government has No Clues of Black Money in India

Indian Government has No Estimation ever of Black Money in India

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There is no official estimation of black money either before or after November 8 — the day government announced scrapping of old Rs 500 and Rs 1,000 notes, Indian Finance Minister Arun Jaitley said in Parliament on Dec 16.

“There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9,” he said in a written reply in Lok Sabha.

And You are very much aware that the Indian Government is not even sure how much counterfeit currency was rolling in India before Demonetization and how much rolling now.. All they have stated that the govt had been informed of a mint in Peshawar where only fake Indian currency notes are printed every year by which Pak pushes Rs 70 crore worth of fake currency every year into the Indian economy.

And according to RBI, there is only Rs 400 crore worth of counterfeit currency in India.

Then Why Demonetization?

According to the Indian prime minister, there are two objectives. One is (curbing) terrorist financing and counterfeit currency—and the second is that the black economy has become very large and it is the source of poverty and all the problems in India so we need to get rid of the black economy.

The question isdoes demonetization overcome these two problems. As far as counterfeit notes are concerned, they are only 400 per million, which is very tiny. And according to RBI, there is only Rs 400 crore worth of counterfeit currency.

Total currency in circulation is Rs 17.5 lakh crore. Its not even oont ke muh me zeera, as they say in Hindi. Its negligible.

Terrorists need financing. So they print these fake notes and circulate it. But once they have given the money to another person, it’s circulating within the economy. So they have to print more and more money. That is what you have to stop.

And how do you stop that?

Not by demonetization, because there are state actors involved in counterfeiting. They can counterfeit the new currency notes also.

Then & Again Why all this Drama and Ho-Hoopla of Demonetization in India ?

The Answer has been already given by us in our post Indians towards Modern Slavery on 8th November, the day India announces Demonetization.

All this has been done for just one single objective “pave the path to Cashless Economy” just for the benefit of the Global Bankers who are now the Shadow Government in India along with some of the Super Rich and ultra powerful people.

The US has had acute trouble dealing with black money and dirty cash for over a hundred years now. Yet, not once has it declared its currency illegal since it began issuing notes in 1862. That is the strength of its financial system, on which the entire world relies.

But Indian Rulers have not only sold the Indians to the Global Bankers they also exposed the strength of its financial system as well the reliability of their own currency.

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A currency note is a promise that must be kept, whatever the circumstances.  This trust has also been broken in India.

Only to bring Cashless Economy in a Camouflaged way.

No Debates, No Discussions, No Public Opinion, No Bills…. Withot looking at the Drawbacks.

Mind you.. it’s not the Government but the Shadow Government going full throttle for Cashless Economy in India.

And Don’t be fooled.. You are always at risk in Cashless Economy and you will never be the absolute owner of your own wealth..There are a lot more things you need to know about Cashless System which will really make you cashless..

more to come…

Read further:
Indians towards Modern Slavery
https://arresteddevelopments.wordpress.com/2016/11/08/indians-towards-modern-slavery/
Demonetisation Loot And Plunder Says Manmohan Singh
https://arresteddevelopments.wordpress.com/2016/11/24/demonetisation-loot-and-plunder-says-manmohan-singh
The cash crunch may paralyse economic activities in India
https://arresteddevelopments.wordpress.com/2016/11/20/the-cash-crunch-may-paralyse-economic-activities-in-india

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https://arresteddevelopments.wordpress.com

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Creative Commons Copyright © Arrested Developments 2015

Demonetization Chaos

Demonetisation chaos

Out od service ATMsSupreme court of India allign itself with the Rulers and taken time to restore order
Post update of December 2 hearing on Demonetization.

Faced with “too much chaos” caused by a large number of petitions the Supreme Court has deferred the hearing of demonetisation cases to Monday. Broadly the court is being asked to judge three issues: countrywide hardships caused by the November 8 announcement, cooperative banks’ contention that allowing only state-run and private banks to exchange cash was discriminatory as they too operated according to the RBI’s guidelines and whether the government action is constitutionally valid. At an earlier hearing the Supreme Court had refused to stay the government notification. At the same time it had refused to shut the doors of justice at the critical juncture.

“Carpenters, maids, vegetable sellers are dependent on cash. Are you capable of reducing their trauma? 

Your aim is to wipe out black money but people are traumatised standing in queues for hours doing nothing,” the bench had observed. The apex court is clearly worried about the “collateral damage” that demonetisation has caused. Giving an inkling of its thinking, the bench had remarked that the Centre’s objective was not “illegal” but appeared to be “laudable”.

 Still, a senior advocate for some of the petitioners, Kapil Sibal, insists that he wants to challenge the constitutional validity of the move since, according to him, the RBI rules do not allow anybody to prevent anyone from withdrawing their rightful and legitimate money from the bank.

Even though Section 26(2) of the RBI Act empowers the government to demonetise through a gazette notification, in 1978 the Morarji Desai government had taken the precaution of issuing an ordinance providing legislative backing to the step even though it affected a much smaller segment of the population then. 


500-1000

Frequent arbitrary changes made after the PM’s November 8 announcement  are open to judicial scrutiny. 

No one knows What the Court is doing in India..

The court may perhaps also like to examine whether the withdrawal of the legal tender status of 86 per cent of the currency in circulation violates certain fundamental rights such as the right to life (deaths have occurred and these have been attributed to demonetisation), the right to pursue any occupation, trade and business (hit by lack of currency) and the executive notification being discriminatory against the poor who are without bank accounts. 

Sources: The Tribune and TOITOI

Read further:



Why BJP Govt’s Demonetization Move Is An Absolute Disaster


https://arresteddevelopments.wordpress.com/2016/11/24/why-bjps-demonetization-move-is-an-absolute-disaster



Demonetisation Loot And Plunder Says Manmohan Singh


https://arresteddevelopments.wordpress.com/2016/11/24/demonetisation-loot-and-plunder-says-manmohan-singh


The cash crunch may paralyse economic activities in India


https://arresteddevelopments.wordpress.com/2016/11/20/the-cash-crunch-may-paralyse-economic-activities-in-india



Demonetization may leads to Riots On The Streets in India


https://arresteddevelopments.wordpress.com/2016/11/19/demonetization-may-leads-to-riots-on-the-streets-in-india



Rupee Falls To Near Record Low


https://arresteddevelopments.wordpress.com/2016/11/25/rupee-falls-to-near-record-low




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https://arresteddevelopments.wordpress.com


Along with thanks and compliments to the sources for the shared data


Creative Commons Copyright © Arrested Developments 2015


The cash crunch may paralyse economic activities in India

The cash crunch arising out of demonetisation is expected to paralyse economic activity in the short-term, and the 2017-18 GDP growth is likely to take a hit

Out od service ATMs

According to a report by Ambit Capital, GDP growth is likely to decelerate from 6.4 percent in first half of this fiscal to 0.5 percent in the second half with a distinct possibility of GDP growth contracting in third quarter of this fiscal.

Reuters

From October-December 2016 until October-December 2019, Ambit Capital expects a strong ‘formalisation effect’ to play out as nearly half of the non-tax paying businesses in the informal sector (40 percent share in GDP) become unviable and cede market share to their organised sector counterparts.

“We expect this dynamic to crimp GDP growth in India in FY18 as well and hence we cut our FY18 GDP growth estimate to 5.8 percent (from 7.3 percent),” the report said.

The demonetisation move is expected to disrupt economic activity in the short term, especially those segments where cash-based transactions are the norm like real estate, unsecured lending, real estate construction services and building materials.

“Whilst in the near-term, we expect these businesses to suffer, over the next couple of years the strongest players in these sectors will gain market share as competition from unscrupulous/unorganised players reduces,” the report added.

A report by Care Ratings titled ‘Impact of demonetisation on GDP growth in FY17’, said, the services sector is expected to be affected the most in these economic activities. Importantly, these losses, due to their inherent nature, can’t be recovered in the next quarter. For rest of manufacturing, demand side issues would exist till such times conditions stabilize and could get reversed in Q4. Hence, Industry is also expected to be impacted which will be more significant in the first 2-3 weeks post the announcement.

While consumer goods’ companies are also feeling the impact right now, with tight liquidity in the markets, the demand is likely to come back by next quarter. “Losses incurred would be recovered in the next quarter, particularly for consumer goods where there would be only deferment of purchase.

Even the SMEs industry will have a major problem in adjusting production schedules as both payments and receipts flow in cash given their structures.

According to the Care Ratings’ report, as per initial estimate, overall GDP growth would be affected by 0.3-0.5 percent.

“As a response to the slowing GDP growth, we expect the RBI to consider rate cuts of 25-50 bps over the second half of FY17 itself,” the Ambit said.

The Monetary Policy Committee headed by RBI Governor Urjit Patel last month cut benchmark interest rates by 0.25 percent to 6.25 percent. The next RBI policy review is on 7 December.

Foreign brokerage Bank of America-Merrill Lynch sees the demonetisation exercise impacting the country’s growth in the next two quarters, and estimates GDP to fall by 50 basis points.

“The economy has had a heart attack this quarter. We expect the impact of this to resonate for at least two quarters, impacting GDP by 50 basis points for the fiscal year,” The Economic Times report said quoting Indranil Sen Gupta, chief India economist at Bank of America-Merrill Lynch.

Rating agency ICRA has cut GDP forecast by 40 basis points, while HDFC Bank trimmed growth estimates to 7.3 percent from 7.8 percent earlier. Another credit rating firm Crisil, which earlier estimated GDP growth at 7.5 percent, now sees downside risk from the demonetisation move.

In between:

Congress leader P Chidambaram on Saturday attacked the Narendra Modi government for obliterating everything about India before it came to power and said it believes there was no civilisation prior to that.

P Chidambaram. PTI

“As far as the present government is concerned, India began, civilisation began only on May 26, 2014,” Chidambaram said at the Tatas-run Mumbai LitFest today while addressing a panel discussion on Banking for the bottom billion.

The former finance minister was referring to the NDA government not adding the 13 crore no-frills accounts, opened during the UPA regime, with the Jan Dhan ones that were opened during the present government’s financial inclusion drive.

While the UPA government had opened these accounts between 2004 and 2014 under its financial inclusion drive,Prime Minister Modi had relaunched this under the Pradhan Mantri Jan Dhan Yojana on 28 August 2014, under which around 25.51 crore accounts have been opened so far.

Chidambaram noted that as many as 13 crore no-frills accounts were opened under the UPA rule, but are blacked outnow.

“These 13 crore accounts which we opened between 2004 and 2014, under the guidance of C Rangarajan, as far as the (present) government is concerned, they don’t exist, they are blacked out,” he said, adding that “Jan Dhan is only another name for no-frills accounts”.

The Congress leader praised the government’s efforts for this financial inclusion drive, but said by simply opening an account, one’s behaviour can’t be changed.

“People must have money to deposit in the account, they must have a need to borrow from that account, otherwise account will remain dormant.

“So, how does our bankers jugaad sense work? The government pulls them up for saying dormant accounts, they put one rupee from their pockets in those accounts,” he said.

Earlier in the day, he had said the after-effects of the demonetisation will last longer than expected as it was carried out without much thinking and he also doubted if the government had consulted its Chief Economic Advisor Arvind Subramanian on this before taking the decision.

“You are seeing the first-order effect of withdrawing, sucking out 86 percent of the currency in circulation from the market. The first order will continue for several weeks now. Then, you will see the second-order effect,” he said.

“My suspicion is the only knowledgeable economist in the government Arvind Subramanian was not consulted,” he said.

source:

https://wordpress.com/stats/insights/arresteddevelopments.wordpress.com

http://www.firstpost.com/

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Indians towards Modern Slavery

By Banning the Rs.500 & Rs.1000 Currency Notes

Mr. Modi has laid the Path for Making India a Cashless Economy..

Just for the Benefits of Global Bankers

How much it costed RBI to print a new, high-value currency note, and What is the impact on the exchequer when it is pulled out of circulation

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Indian Prime Minister Mr. Narendra Modi is working under the influence of Global Bankers.”

The Demonetization of Rs 500 & Rs 1000 Currencies are a clear sign of Large American Bankers long term interest in taking Indian Economy in their Hands.

Money scarcity is the phenomenon of insufficient liquidity in the economy to finance all possible Trades.

Mr. Modi who is now aligned with American Bankers, “The Global Bankers” who are now aligned with Mr. Narendra Modi were known to have always focused on scarcity of money.

Go behind and find for yourself “Lending is the fundamental cause of money scarcity”.

This Money Scarcity will be the beginning of Modern day Slavery in India.

Money scarcity is pleasant to the Bankers. They prefer depressed economies, because it prevents the poor from becoming middle class. Bankers like cheap labor and people licking their boots for below sustenance job.

At What Cost

How much it costed RBI to print a new, high-value currency note, and What is the impact on the exchequer when it is pulled out of circulation

There is a significant cost in stopping issuance of Rs.1,000 and Rs.500 notes, and these costs should be weighed against what misuse of high-value notes costs the economy, before Mr. Modi should have made a decision.

What’s the Hurry in making India a Cashless Economy ?

These are all part of a Grand design to make people modern slaves of the High and Mighty, The Rulers and Governmental System.

More to come….

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MILLIONS OF INDIAN DEBIT CARDS COMPROMISED| INDIA

MILLIONS OF INDIAN DEBIT CARDS ‘COMPROMISED IN INDIA

It was very much expected.. And know it very well despite of all claims made by Banking Institutions and Technological Experts that “every aspect of your your Online presence are open to breach” … Most of the time by the same Banks, Handling Institutions and Technology Service providers and occasionally to every  traditional perils of the world lurking online.  

online-payment

The problem

 

About 30-32 lakh debit cards are learnt to have come under threat of potential fraud after a ATM security breach through malware infestation. According to media reports, the payment systems of Hitachi Payment Services were infested with malware that helped miscreants to steal personal information and do fraudulent transactions.

 

Banks, cards affected

A report in The Economic Times says citing sources that cards issued by State Bank of India, HDFC Bank, ICICI Bank, YES Bank and Axis Bank as “worst affected”. The cards, as per the report, include 2.6 million of Visa and MasterCard and 6 lakh of RuPay cards.

 

How the breach happened

The breach might have happened at YES Bank as Hitachi manages the bank’s ATMs, says a report in The Times of India. The reason why other banks became vulnerable is because YES Bank ATMs see many third party transactions, says the report. What is worrisome is that the breach was effected in such a way that anyone using the bank’s ATMs in the region would risk having data compromised, a PTI report said citing bankers.

yesbank

“Data processes of one private bank was compromised which affected other banks’ customers well. Customers who used that bank’s ATM stand to get potentially affected,” the PTI report quoted a banker as saying without naming the bank. Though the bankers claim the breach has not led to any monetary losses to anyone, the ET report says some customers have complained of unauthorized usage from China.

YES Bank on its part has “proactively undertaken a comprehensive audit of ATMs”. “There is no evidence of a breach or compromise on ATMs. We continue to work with relevant stakeholders, including other public sector and private banks, and NPCI, to ensure utmost safety and security of ATM network and payment services which are completely safe to use,” a bank spokesperson told the PTI.

Hitachi too has denied that its systems have been compromised. “I do not think it is necessary for any bank to reissue cards,” Loney Antony, MD, Hitachi Payment Services, has been quoted as saying in the ToI report.

Steps taken by banks

The breach happened sometime between May and July. Banks have been alerting customers to change the security PIN or even replacing the cards. Bankers have told PTI that all measures being taken are to safeguard the system against any potential threat.

RBI steps

The PTI quotes an RBI official as saying that the central bank is seized of the matter and is looking into the issue. According to the Times of India, the infested systems have been quarantined and inspected, the affected cards have been spotted. The RBI has also asked banks to inform it about any suspected fraud immediately, the report said.

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HEAR THE AUTHORITY

AP Hota, Managing Director and Chief Executive Officer of National Payments Corporation of India – the domestic payment gateway discusses the recent suspected debit card data compromise issue and the lesson we learn from the episode.

 

What are lessons that we learn from this episode?

One of the lessons that have come out very clearly is that we were thinking that 100 per cent of the customers have linked their mobile number to the bank account, But it is no so. As far the information we have got, it is only 50 per cent of the customers whose mobile numbers are registered with the bank.

NPCI gave a statement yesterday saying there is no need for customers to panic. Why do you say so?

If at all there was any card compromise, if at all, the fraudulent transactions should have happened by now and the customer would have complained. A total 641 complaints have come in the first week of September and not now. And the card compromise, if at all that has happened, it happened in June and July. The fraudsters would have taken sometime to make the cards, and fraudulent transactions would have happened in August and September. By this time, the customers and banks have changed the pin also. If the pin is has not been changed, the card if blocked.

But is there a failure on the part of the bank to educate their customers?

Customer education is a continuous process. We cannot say it is a part of the failure of the banks, but they could have done more.

It has been noticed by several customers that there are some small value transaction for which banks don’t sent alerts…

As per RBI circular, irrespective of the amount the bank should send alerts. RBI has also allowed that if the banks so like they can charge the customers for the mobile alerts service. But some banks have decided not to charge but fixed a transaction limit beyond which they will send the alert. Banks should follow what RBI said and not make their own rules.

Who will compensate the customers for any loss?

RBI has clear guidelines on the issue. As far as the customer is concerned, once it is proven that the transaction is fraudulent, banks will reimburse. And the bank later on would get reimbursed from the bank which is responsible for the fraud.

For example, in the 641 complaints, the largest number if from Axis Bank. Axis Bank will refund the customers and they in turn will get compensated once it is proven that switch of other banks is at fault. There are well laid out ruled for that.

There was not a single complain on RuPay cards, mainly because our RuPay international cards are less. All the complaints were from Visa and Mastercard.

What are the steps that banks should take to avoid such incidents?

All the banks have should have the fraud risk management tool. They can subscribe to NPCI services and most of the banks have subscribed. Banks also must conduct the PCI-DSS audit (Payment Card Industry-Data Security Standard), once in an year to ensure how the data security should be maintained.

Do you think the incident will affect RBI’s vision of a cashless economy?

No don’t think this incident will not effect the RBI’s vision of a cashless economy. I think our payments system is robust.

smart-cashless

So you might have heard what the authorities and experts are still claiming..

But, Don’t be fooled.. You are always at risk in Cashless Economy and you will never be the owner of your own wealth..

There are a lot more things you need to know about Cashless System which will really make you cashless.. We will disclose you all at “Arrested Development”.

More to come…!

 

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