[Samurai]

Originally Posted by MDED

I would request you to use the net banking of banks like SBI, IDBI, Canara Bank which have spruced up and embraced technological advancements and are no less than their private sector peers.

I use both HDFC and corporation bank netbanking. While HDFC netbanking is a breeze to use since 2004 when I opened the account, the corporation bank netbanking is a mess. The UI design is very complicated and security is lax. I can't even use special characters for corporation bank netbanking password. They only allow alphanumeric characters, which makes the password really weak.

Few months ago my corporation bank branch called me saying my home loan documents are not notarized. This was a year after the loan was disbursed. I had to take the documents back and get it notarized.

[heydj]

Intentions might have been right in implementing demonetization but its impact is being felt in a very disproportionate way with cherry picked cases coming to light.

Some of the core institutions that impact politicians such as political party funding's are being ignored but when it comes to common man squeeze is being put in every way possible.

Earlier there used to be four classes of people politicians, super rich & powerful, famous personalities moderately rich, and common man. After demonetization only two will be left standing politicians and all others moved into common man. Its an improvement.

Off topic - More than anything else worrying aspect of prevailing situation in our society is that if you don't agree with steps taken by Govt then you are anti Indian. Be it demonetization, foreign policy, or any other schemes launched.

[RSR]

I don't know whether this demonetisation thread is relevant for my question, or whether we should open a separate new thread for discussion on bank apps, BHIM, mobile wallets etc.

Does any non-ICICI Bank customer use ICICI's app called Pockets?

I liked their concept of giving a virtual debit card (Visa) to users of the app, so I downloaded it. One can even open a mobile small savings account from the app and/or apply for a physical version of the virtual debit card.

It works fairly well for the most part, but I'm facing problems with loading money - the app has issues with accepting payments from certain debit cards (ICICI Bank customers would not have to go through this, as their account can be linked to the app).

Has anyone else faced the same issue?

[carrerastrax]

Originally Posted by tsk1979

The only proven effect of this circus till now has been bailing out banks with my hard earned money. I feel as if a bunch of crookes have hoodwinked me. Yes wait and watch.. yada yada. They have a plan.. yada yada. Its all speculative. Only thing proven is my money being used to bail out banks.

Yes. This appears to be the primary agenda. And to make it sustainable, going digital is a good next step.

If they stated this problem, they would've caused panic. Some channel will say - do you know that the government only insures up to 1 lakh, of your savings account? So they marketed it with many flavors - honest vs. corrupt, rich vs. poor etc..etc. I cannot think of a better way than they have marketed it. But credit goes to this government for acting on their toes, introducing and communicating new rules everyday.

So we need good insolvency and bankruptcy laws first. And also tighten the loan disbursal criteria to ensure the health of the loans. Then we can let the banks die. There are two broad types of defaulters - willful and genuine. The former have been shaken. I'm guessing a majority of the bad loans have been lent to the genuine defaulters. For example - Many have invested in the steel and energy sectors right before the slump down began. Now there is over capacity, lesser demand and cheaper imports. They are burdened with an interest component greater than their revenues. Should they also die? Very few jobs have been lost here, yet. We can assume that they are expecting help from the government. And it's a cyclical thing. It's not easy to put up an organization. And keeping aside the objects and subjects of it, greed is the only driving factor here for some one to create something. So, should we bail them out or no? If we ask why and when these loans were given, we will digress into a political discussion - so we stop here.

Now, many of these willful defaulters are in for trouble. We have seen a lot of bad loans being paid back in full. Not sure of the numbers, but I'm ok with behavioral change and expect it to have a domino effect. With the digital thing going on and the direction and general pace at which these reforms are coming in, we can expect that it will be increasingly frustrating for them to stay out of the system.

Good? Bad? I don't know. I would've preferred a few corrupt to be sentenced seriously. Because that fear will drastically reduce the number of people who live and think like this - "Jaanta hain ki main kaun hoon?" But was it about honest versus corrupt? 😜

Interesting times. The entertainment quotient is catching up with the movies. My mind was occupied for days, trying to think through movies like matrix, inception, interstellar..

Banks will have a plan after they understand the real quantum of the effect of this exercise. Until now, it's everyone's guess.

[nowwhat?]

Originally Posted by Samurai

I can't even use special characters for corporation bank netbanking password. They only allow alphanumeric characters, which makes the password really weak.

Not that I want to defend Corporation Bank nor do I know their maximum password length, but you seem to have fallen prey to the cryptic password myth.

[Haque]

Have a doubt regarding the new rules on keeping the now illegal notes of 500/- & 1000/-. Is it punishable offence to retain few of these notes as personal collection, since these notes were part of an interesting exercise that I have lived through...?

[mayankk]

Originally Posted by Haque

Have a doubt regarding the new rules on keeping the now illegal notes of 500/- & 1000/-. Is it punishable offence to retain few of these notes as personal collection, since these notes were part of an interesting exercise that I have lived through...?

Over 10 notes is punishable, as far as I recall, though why that is the case is incomprehensible.

[Haque]

Originally Posted by mayankk

Over 10 notes is punishable, as far as I recall, though why that is the case is incomprehensible.

Thanks for the clarification. Indeed, strange are the ways of governance..

[Chetan_Rao]

Being a salaried, tax-paying, middle class nobody in this country increasingly feels like being the Dad in a house of belligerent teenagers. The guy who pays for everything, counts for nothing

[ecenandu]

There are just 24 lakh people in country who admit their income is more than 10 lakh.

Source

Really? just 0.2% of total population. I thought it will be close to 2%.

[sgiitk]

Originally Posted by Haque

Thanks for the clarification. Indeed, strange are the ways of governance..

I think it is more of a deterrence. If you are found stack of the old currency then you can be prosecuted under some more (and harsher) sections.

Originally Posted by Chetan_Rao

Being a salaried, tax-paying, middle class nobody in this country increasingly feels like being the Dad in a house of belligerent teenagers. The guy who pays for everything, counts for nothing

Agree, as an honest taxpayer one thus get fed up with subsidizing all sorts of freeloaders. Frankly, I just cannot see the reason for not taxing agricultural income. Only logic is that most netas are 'farmers'.

[poloman]

Originally Posted by sgiitk

Agree, as an honest taxpayer one thus get fed up with subsidizing all sorts of freeloaders. Frankly, I just cannot see the reason for not taxing agricultural income. Only logic is that most netas are 'farmers'.

Sir, but the same set of people were firing from the shoulders of the poor, accusing the demonetization is virtually killing the poor. Now when the govt announces sops for them we crib. Taxing agricultural income will lead to death of agriculture in our country. That will be the last straw for the farmers who will sell of their land at a premium to real estate sharks.
I think what PM missed was a report card of the demonetization. How much money the govt is expected to scoop in directly and indirectly. This should have put a logical end to this whole exercise. Hope RBI or finance ministry will come up with that data soon.

[Chetan_Rao]

Originally Posted by poloman

.....Taxing agricultural income will lead to death of agriculture in our country. That will be the last straw for the farmers who will sell of their land at a premium to real estate sharks....

No it won't. Farmers are poor, middle class and rich, same as non-farmers like most of us are, so why can't they be taxed the same way as us (including exemption slabs), with the middle class and rich picking up the tab for the poorer ones? That would arguably put a lot more money in the govt. coffers to help out the poorer ones than they have today.

As for selling land, that's widespread around urban centres as is, and it only takes two eyes to figure out what's being done with that 'non-taxed' income.

I think what PM missed was a report card of the demonetization.....

A big miss at that. Facts would've helped form a strong narrative, but yesterday's speech was full of pointless, unverifiable rhetoric bar the few factual points reg. sops being doled out.

[sgiitk]

@poloman; Remember the first round was over only on the 30th. Even collating data from Banks, Post Offices etc will take time. Analysis (esp forensic to weed out the 'operators') will take much longer. I fear that we may get preliminary data in a couple of months, but I will be surprised if the real 'artists' are caught in a couple of years.

[poloman]

Originally Posted by Chetan_Rao

No it won't. Farmers are poor, middle class and rich, same as non-farmers like most of us are, so why can't they be taxed the same way as us (including exemption slabs), with the middle class and rich picking up the tab for the poorer ones? That would arguably put a lot more money in the govt. coffers to help out the poorer ones than they have today.

As for selling land, that's widespread around urban centres as is, and it only takes two eyes to figure out what's being done with that 'non-taxed' income.

Unless Govt doles out concessions and land at reduced prices, industries won't be willing to set shop. The same way if you don't extend subsidies or tax breaks to farmers they are going to look for alternatives. With out Industry human beings may survive, if there are no farmers to feed them that will be the end of the story. If the returns on selling the land is more than farming on it, that will become a dangerous situation. This has already happened in states like Kerala where agriculture has literally collapsed and entirely depend on other states even for staples.