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Comment Re:No one makes anyone buy anything. (Score 1) 250

If you're talking about 'cost-plus' pricing where the seller adds a fixed margin on top of the costs that go into producing something, this is only one of a number of pricing strategies. Even in cost plus, there's no (and has never been) any arbitrary figure of 10% set based on morality or respectability. The price of a product or service is always what the market will bear. Profit margin in the diamond industry is as high as 30%. The airline industry on the other hand considers 5% cause for celebration.

Comment Re:Disgusting use of censorship to protect bad mov (Score 1) 487

Oh look, a lying muslim feeding us non-believing kafirs more taqiya lies!

If you are such wonderful people, then why did Erdogan, himself, use SENDING MORE MUSLIMS TO EUROPE... as a THREAT when Denmark didn't let them hold political rallies? Denmark belongs to THE DUTCH, not a bunch of violent lying foreigners.

I think the Danes might disagree with you on that!

Comment Re:It seems like they acted too fast. (Score 1) 216

Fair point, but I think you massively underestimate the scale of corruption in almost every sphere of life in India. Any additional time allowed to ease people's inconvenience would also have meant higher chances of leaks and reduced the effectiveness of the exercise as a whole. It's really a choice between the lesser of two evils here. By the way, I live in India and the on-ground situation is not been quite so cataclysmic as the media would have you believe. Sure, there are minor inconveniences but that's pretty much the norm here. Just means you need to plan a little better.

Comment Re:gov't trust [Re:What's the rush?] (Score 2) 216

The fear of government "Taking away your guns" is uniquely American. The rest of the world has solved the problem far upstream by not making firearms and ammunition freely available to the general public. Ethnic profiling is done anyway, through various other means. They're not depending on cashless payment systems for this. And finally, very few people are worried about being deported FROM India.

Comment Re:India just tried to go almost completely cashle (Score 1) 258

This isn't intended to be a panacea for every social ill. It isn't even a solution to curb all forms of corruption. It's just one measure by which the government aims to reduce the size of the shadow economy, widen the tax base and flush counterfeit currency out of circulation. Corruption is, to a large extent facilitated by the existence of a large parallel economy. One of the reasons bribery is so widespread is that it's relatively easy to convert all that accumulated cash into other forms such as real-estate, gold etc. Does it eventually become part of the legitimate economy? sure. Thats kinda the point of money laundering!.

Comment Re:India just tried to go almost completely cashle (Score 1) 258

Do the municipal and state/district governments not record sales of land and vehicles/vessels? Such large assets require registration in other countries: Does India refuse to do this?

Yes and no. They do record sales and purchases, in turn levying registration charges and stamp duties on the buyer. But since these levies are a percentage of the property value, there's usually an agreement between the buyer and seller to reduce the transaction value to a minimum. The discrepancy between the value of the property on paper and the amount of money actually changing hands is usually no less than 40% and could be up to 95% in extreme cases. The reason this is possible is because a) people are accustomed to dealing in large amounts of physical cash and b) the clerk in the registry office is happy to accept a bribe and look the other way. Less physical cash in the system means more barriers to this sort of behaviour.

Yes, idle money is a bad thing but a banking system is not strictly necessary, it's just easier to regulate a savings and loans service. Money lying around must be attracting thieves: How can people justify holding onto cash, or losing interest from investing?

Prior to economic reforms in the 1990s India had extortionate levels of taxation. In the 60s and 70s tax rates were as high as 97%. This naturally made a lot of people seek to avoid having anything to do with banks and these habits persist. In other cases it's just resistance to change - people were uncomfortable when ATM machines were introduced around 20 years ago. Now they're ubiquitous. People will eventually get used to transacting through cards, digital wallets and online. As for S&L, I'm not sure there is a direct equivalent of this in India, although there are payments banks, co-operative banks (more like credit unions I guess) and housing finance lending companies. All these come within the purview of the regulated economy however and tend to be shunned by those who favour cash payments.

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