Why India Banned 86% of its Currency
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- Опубликовано: 28 ноя 2019
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get ready for the hate/ the love
I don't agree with you on one point that- the decision made people more biased towards Modi,yes demonitization made him win the 2017 Uttar Pradesh elections but after that people started looking for an alternative however our opposition is dumb and especially their leader Rahul Gandhi(don't take him seriously he is just a product of dynastic politics this kind of adtitude people have for him including me).So they thought that Modi is the best and also became optimystic about him. Plus the media it is fully biased towards Modi. Don't think iam anti Modi because I would vote for him because their is no alternative.
@@akshatkumar3847 stay home .Better Don't vote. Or vote NOTA
While the PR might be accurate I think this take is wrong.
I heard it was supposed to wipe out the coffers of his rivals' political parties in the rhen upcoming election since Modi relies on the rich & the other party's rely on the have-nots.
If you don't understand economics please don't comment. It is really absurd and reflects upon lack of your wisdom to comment on a subject without reading and understanding.
Fable: To hunt crocodiles,86% water was drained from the pond. No crocodiles were found; they live on land too. But all the small fish died.
A very good example. Hats off
and later on no fishes were left so crocodile are starting to suffer leading us to 4.5% situation
Great anology 👍🏼
@@vishalsinghbaghel well said
@B Chow xd. Keep drinking that cool aid bru
The fact Modi got re-elected after this proves how bad Congress Party's rep was at the time.
The *ONLY* Reason I supported Modiji was Because Congress had no strong leader (Rahul Gandhi is SHIT)
E V M hack
&election commission bjp side
that all
@@jack-yw4sk Lol. If you are that much confident why don't you prove it.
@@csvigneshwar3390 and the fact that Sonia Gandhi won't let anyone besides her son to grab the reins of Congress Party
@@anunaysharma2718 hi bro how did you get verified at only 40 subscribers ? 😅 Please let me know btw I have a channel which is verified as music channel but I don't know the process of this tick one. How did you do it?
There was this startup called Book my Chotu...where you can book a person to stand in line and get your money exchanged or withdrawal from ATM 😂
What lol
Never heard of that...
Bhai , tum kaha the 2016 meh. kahi apka hi toh startup nhi. 😆😂😂
'Chotu" means "Place" in telugu😂 coming from an Hyderabadi
@@imfoive3734 But it means small person in Hindi.
This best thing that came out of this was that even local street vendors started accepting digital payments
@Nationalistic Patriot no they didn't
There was nothing best out of it...that was just a shitty decision taken by a shitty person.
@Nationalistic Patriot are you a troll
@Nationalistic Patriot first of all why modi is emperor second nothing much has changed you must be from somewhere rich neighborhood who knows nothing about real India or a propaganda bot
@Nationalistic Patriot mudi ki mkb
Polymatter: *uses the word “demonetization” like a 100 times*
RUclips: WRITE THAT DOWN! WRITE THAT DOWN!
Did you copy that from Charles the French?
꧁アハメド サミ꧂ I have no clue who that is
@@prisminc158 Yeah , it's really funny 😂😂😂. Charles is the Best !!!
@@JustDoinFlorida It's from this video ruclips.net/video/_GZZ8s5bTkM/видео.html
@@prisminc158 It is originally from spongebob in the episode when they go camping.
Demonetisation in India in a nutshell:
Mission failed successfully.
Not entirely failed. Its due to demonetization we have mobile payments like PayTM, Google Pay..etc
@@useraccount8241 they existed even before demonetization
@Saaduddin Ansari Well its not we will be 100% cashless. There is no country which is 100% cashless. But cashless payments are convenient, traceable for small transactions like shopping, travelling, movies, etc.
@Saaduddin Ansari Use bitcoin instead :)
Cashless is only to provide chances to nich modi's friends
Not gonna lie after this. Most people now use Upi or other payment options. And we buy gold now to keep our assets
Most people YOU KNOW.
Just delete 86% of everyone’s bank account
So the govt plan worked then. The upi thing is trackable and gold is more solid than cash. So you did good idiotic jk and the gkvt benefits too.
@@cookiecakeeater6340 nah not really just the cash
@@suchismitamondal1566 I don’t get what that means
I still remember when I was arrested for helping RBI by making notes
😀
That's why I never help RBI.
😂
HOW
🤣🤣🤣
I found old 500 note earlier this year, not gonna lie I cried so hard.
Harshpreet Singh it will be worth a lot again in 50 - 100 years
Keep it. You will get a fortune for that 20-30 years from now!
In the video they say it was worth approximately 7 USD but that tells me nothing. How much could you buy for it?
@@konradhalman5104 For 500 you could get 20 packets of bread
Konrad Halman in the US 7 USD would get you about 4 liters of Coca Cola.
Middle Eastern countries: *bans porn
India: *hold my chai
Banned porn sites too
@@mlvprasadofficial boomers banned only for mobile data , could open with WiFi ( don't know about you but , I open them weekly and I never faces any problems)
Well India later did it too
@@PenduLover02 Depends upon you ISP.
@@AshutoshJenaKingJena ok boomer
I was in India when it happened. Crazy times, there was basically no cash in the market for 2 weeks, and India is a country where everything run in cash. So weird situation happened where ppl got stuck for a few weeks.
I also remember Mumbai banks having a few miles long lines of ppl trying to get into the banks to convert their cash. I myself stood in lines for hours a day in front of the ATMs to get any cash.
Indeed interesting test that completely failed and nothing changed.
Ubr right, black money dissapeared for some time but after coming of new notes, ppl agains started dealing in black money. Now new demonetization is required to clean up new black money.... Even some rich which beggars on paper live rich life behind with hiden black money so that their homes dont get raided...
What do u guys use so that ppl cant deal in black money????
Wrong everything changed after 5 years. Alot of people are using UPI and alot of people have bank accounts including the rural population.
How Indian citizens did not rise up and execute all the politicians is beyond me... They executed kings for less in the past.
I won't say that mate. UPI came through. And UPI is a boon. Its good that we are moving towards a cashless economy. That s how it should be.
I had many patients visiting my clinic for treatment suddenly paying Cash in 500 and 1000 rs denominations. One of the funny incidence was when a tea vendor paid Rs. 5000 in 1000 Coins of Rs.5.
Chaiwala had black money😂😂
@@AA_04 is it a metaphor 😉
I remembered when we stood outside ATM till midnight to get money and many people were still standing behind us
Wow
Yeah, those days.
Stood whole day in the scorching sun only to find out that cash ran out!
@Salman Khan Selmon boi😂
You are an educated idiot 😂 when my illiterate parents were already using online payment services you were standing in que
India runs on cash...
WRONNG
India runs by avoiding taxes
Really, even if u buy a candy worth less than a rupee u still end up paying tax to govt. well consumption tax in formal words
Its run on gst bitchs some day will raise 100% u wont ever feel it
Abhijeet Kundu This is an oversimplification, keep taxes too low for a long time and we’ll get trapped in a debt cycle. Sure keeping taxes low during a bear run helps businesses and people, but it has to raise taxes during a bull run, otherwise the government will simply keep on adding to it’s debt, similar to the Greek crisis. Sure, the Euro had a lot to do with it, and India has its own currency, but you get the point
Abhijeet Kundu I never told about socialism or welfare, you _assumed_ I did. Even so the arguments don't hold up good.
Socialism in a poor country like India (I am guessing you lived here) will never work. Even true socialism will probably never work in any country for long. But that's not to say the idea doesn't work. Pseudo-socialism like rhine capitalism in Germany, or the mixed economy of Norway are probably the best examples. Both are pretty rich and can afford basic healthcare. What you said is true, basic healthcare can sometimes suck, especially the Canadian or British NHS, but can also be pretty good, take Germany. I would take German healthcare any day over a hypercapitalistic overpriced US healthcare.
"The government will only provide for electricity and roads". This is because of the same reason you stated: They're uneducated. Only if they knew their rights, they could've used the power in numbers to demand for proper infrastructure for the government instead of spending that money on useless statues (I am referring to Modi) I am not saying poor countries can provide the best amenities to citizens. But if the world's largest illiterate population demanded for reduction in inefficiencies in public work projects (read corruption) and demanded governments to spend on what people actually wanted, people could have a lot more than “just electricity and roads”
As for about keeping the government small, I see no reason why bigger more powerful corps will misuse their power with no government to keep them in check. Imagine if Standard Oil still existed or some corporation own roads and you had to pay them to use it (with absurd profit margins because the demand is so high.
*TLDR, now coming to the main point, what I actually meant in the previous comment is the goverments should tax people/businesses during times of prosperity to pay off debts and save for recessions and lower taxes during bad times to encourage economic activites.* It's basic economics man
@thetruereality I think India as a whole can't be said that it runs on any particular thing .
Even if government had good intentions, the execution was terrible, whole thing turned out to be a big economic disaster.
Thats how good intentions driven by the threat of violence if you don't obey always turns out. Even the US is at a fraction of what it could've if not for this poisonous mindset.
India is a dumb country what else you expect?
@@nameless9084 How can India be dumb country? Racist child
@@nameless9084 your name speaks what is dumb
@@nameless9084 I believed in Human evolution until I saw your comment. Good luck troll. Worst life form on the earth.
That's how you get people to start saving in foreign currency.
Most Indians or more specifically, Indian farmers, save in save their wealth in gold. 916/1000 purity Asian gold.
This and just straight up inflating the currency (by printing and deficit spending).
Imagine if only 3 % of Americans filed tax returns. Nuts! Nice vid!
That's India.
Imaging 7% GDP growth being the norm. Imagine the US before income tax in 1894
@@mennovanlavieren3885 The income tax is pretty cool actually. It's brought far greater benefits for the vast majority of people than it has hurt them.
@@mennovanlavieren3885 The US is a HUGE economy, while the percentage by which it grows might be small, the shere amount it grows by is huge
Imagine if they didn't amend the constitution to allow for an unamerican income tax.
Tax evaders *exists*
Modi: I'm gonna ruin this man's entire career
Economy in shock: You just ruined everyone's career.
While the tax evaders lived happily ever after
Yaa gdp growth 4.5% and unimpolyment is highest in 45 year.
But guess what
They will built Temple.
450 cr for temple by UP govt.
@@radhekrishanrathod9001 According to some sources the GDP maybe even lower
China Video lol. It’s 1.5 or may be negative. First time voted BJP due to countries internal security. Next time NOTA.
@@radhekrishanrathod9001 xxxxxcu fyi 99u9999 po iijñnn qbbbbbbbbbbbbbbbbbb
Demonetization caused a vast chaos in the country in the next months and did closed to nothing. Rich people and the ones with black money somehow weren't affected much with it. The people affected were middle class and the poors. Especially businessmen suffered major losses due to demonetization followed by GST implementation the following year.
Demonetization was a mistake I agree but what was the problem with GST all it did was consolidate various taxes in one and the shops who weren't paying taxes and were running illegibly were closed I don't see a bad side to that
@Ssd Ssd you are right
How do you know it didn't hurt the rich? Their black money was "somehow" not affected? Tell me what this somehow is.
@@hittingyouoverthehead exactly
@@hittingyouoverthehead because they have connections with politicians and accounts in swiss banks.
India retains the top spot with 25.5bn real-time payments transactions, followed by China with 15.7bn transactions; South Korea is in 3rd place with 6.0bn, Thailand 4th with 5.2bn and UK is in 5th place with 2.8bn. Nigeria follows up in 6th place with 1.9bn transactions, Japan in 7th with 1.7bn.
Wehhhhh....
Ngl. That Nigeria above japan surprised me.
@@siliconhawk9293 Nigerian prince ofcourse
For short period of time?
that's the total number of transactions, not the total amount of transactions as India is highly populated but mostly poor than all those countries it's not surprising and as china goes, its data is very shady.
I just chilled at home as i didn't had any money 😌
Underrated comment
Hilarious
All I had at that time was roughly like Rs.1k/$13.42 and I was ecstatic when I deposited it to my bank account to me it was like my whole property lmao.
My family money was in bank 😃
me too🤣
The rich and the powerful had access to insiders in banks and other sources where they unlawfully managed save almost all of their money without standing in a line or abiding by the 4.5k limit. In some cases, they bought goods such as cars with a pre-dated bill to show that the vendor already had the cash. This is why no one in the line is wearing sunglasses or appear rich
wearing sunglasses is a thing only rich people do, noted.
@@neoncity1557 i was just saying. Obviously you can tell a rich person from middle/poor by their appearance. That's how society works
@mkohli I'm not talking about the salaried people obviously. This whole proposition was to eliminate the black money hoarders which the government also knew exist in large numbers. It did little to reveal them is all I'm saying. It was only the middle class/poor that were affected.
@mkohli rich and middle class aren't the same
thry had servants, accountants to change notes
On that day I was traveling free of cost in govt Buses 🚌(Shimla). I told the bus conductor that 😩 I have only 500 notes and they were not accepting 500 notes 😈. I saved ~40 rupees that day 😂.
It was lot for me back then.
My country has transitioned to being cashless.
When occasional old fashioned stores only accept cash, I often find myself short on it. Crazy how it took only a few years
Not fully. And India still has to make strong cyber rules
@@saikatbanik9359 I'm not from India.
Interesting; what country is this?
@@Spartan-sz7km 80% Indian now using upi
India has the highest number of digital transactions now, lmao.
We're leading in digital Transactions😂
"you don't have to fight them, you just have to convince the pitchfork people that the spear people are trying to take away their pitchforks"
😭
Somebody explain this to me, I'm dumb and slow 😔
@@sebastianelytron8450 make them fight and busy while you do your agenda
A rare and interesting comment in an ocean of trolls.
That is a great way to summarize this situation
0:12 "TVs across India flickered in Unison. Dramas, Cricket Matches and Game Shows were all replaced with face Prime Minister Modi!"
Dude, you're making it sound like an alien invasion! 😂 Nothing like that happened that day. Only news channels were showing the demonstration announcement.
😂😂😂 he just want to make it more dramatic 🔥
he legit made me thought: "hain, sach men aisa kuchh huya tha... tv serial bi replace kr diye the!!" {'cz i dont watch tv so... dont know how it went}
Yeah, my family was still watching drama and it didn't stop. I got the news on mobile.
@@freudsilver3097 me too, in the mobile
I remember this time 3/4 years ago. No covid, no social distancing.Just standing in line with my fellow strangers to withdraw cash. The good ol days
Demonetisation was the result of the desire of the govt to "do something" while ignoring "how to do it effectively" 😂
I remember these being very stressful times. I remember chilling in my bedroom watching a few videos and all of a sudden, my mom was like,"THEY ARE BANNING 500 and 1000 RUPEES NOTES?!" Shit went sort of downhill from there.
I remember watching people beg for a ride home. Gas stations didn't accept the money pure chaos.
@@VishOnPc Yeah, no one had change for 2000 rupees at that time. In Bangalore (when this happened), 100 rupees notes became rare too. Oh, and of course the Indian soap operas made countless episodes about this lmao.
rishimazza at one the time you chillin
The next you know
You standing in a line going Willie nille
@@karandullet380 And here you are hoping that you will receive the money in the first place lmao. Sometimes they were out too!
I mean, are you guys not using bank account or what? If my country does the same thing there would be 0 effect on me because we don't save our money in cash lok
One of my friends dad gave all their black money to their workers to deposit in their bank accounts.
How do you know my Dad?
Hello friend!
Oh really ? Lucky employees !! Should I complain about your dad or will you give me money ?
It was common practice
@@applemango6001 It was 3 years ago they returned the whole 2 years ago.
I remember those days from 2016 . People from lower class backgrounds use to wait from dusk to dawn , just for 4000 Rupees (57 USD) exchange .
I know how income tax evaders gave thir labours 4000 each to make that white standing in the queue.
Still remember, I had no notes to exchange. What I did was changing news channels one by one and enjoyed the chaos in Gotham city.
"Likewise, Brilliant is a ..." Aight, Imma head out.
Looks like you have won the game of beating the smooth sponsor transitions
Dude’s gotta eat.
@@eggdude I have no problem with youtubers talking about their sponsors. But those smooth transitions just feel manipulative.
@@KungKras rickard WHY ARE YOU REPLYING ONE YEAR LATE
@@dynamine203 A wizard is never late. Nor is he early. He arrives precisely when he means to.
Dude where did you get the 1000 rupee note😂😂😂😂
Yes i was thinking same and searching in youtube for it but I understand actually it is a 2000 rupee but they put 1000 wtf
haha yeah, he could have just googled the old 500 and 1000 notes... that 500 is the new one
the secret ingredient is crime
I have rs. 12000 in 1000 and 500 notes from my last trip to India 2015. No use now except it's vintage now 😣
@@spicybrown75 rip
Since I was traveling every day to city to study at that time, I had to carry all my family's debit cards and stand at the atm queues during lunch breaks. ATMs near my home and where people in my family worked were always out of cash.
Our economy went downhill at a very fast rate after this due to inflation of new notes and yet no one thought it's a failure
Yeah, our PM don't understand economics and didn't realised that printing money caused Inflation. Also the decision was made by the Home Minister Amit Shah and PM Modi without the consent of Finance Minister Arun Jaitley. Also why a defence lawyer like Arun Jaitley was given the post of Finance Minister. Pretty much, the Modi Cabinet was an absolute mess.
During demonetisation a lot of people paid 10-20% to brokers and all of their old notes were converted into new notes useless move.
And worse..new currency has already been counterfeited in thousands of crores
It doesn’t work that way
@@aaaadit5155 continue living in denial this was the reality.
30% on oeak season
Jaisa chalre hai chalne do. Waise hi doobega desh.
So modi probably got the idea from doing a course on brilliant..lol
@Mob educated my ass
@@MehboobIslam Your name itself says about you.
@@thevideochannel4155 says what? When journalists tried to find out about his educational status, somehow all the documents became inaccessible. RTI gets weakened and journalists get harassed.
You don't know about my education, so please don't comment.
@@thevideochannel4155 at least I have the guts to have my real name displayed, unlike you who hides behind fake accounts. You are a coward who has nothing else to offer other than hatred. Go, get a life!.
Mehboob Islam Even if he passed B.A, he is educated. So shut up.
...and then our economy went down the hill right into the hell...Hi from the Hell!
Basically someone shouted cockroach and they pulled out flamethrower.
It should be noted that the results of demonization have been disastrous for the Indian economy. It severally affected the workers in the informal sector who were receiviced their wages in cash, especially daily wage labourers. People didn't get their salaries on time, small businesses didn't had any captial to continue their business. Unemployment has rose to an all time high and the government did its very best to hide any statistics that showed the disastrous effects of this reckless move.
*India’s GDP growth hits over 6-year low; analysts say economy has bottomed out: India’s GDP growth slumped to 4.5% in the September quarter, its weakest pace since 2013.* - ET
@@NoName-ss8pm the economy has less to do with demonitization but more cause of failing and stressed companies ...Bankrupt nbfc after their scams..A fraud worth 80000 crore is usually enough for market to go haywire... Fortunately it didn't
This was a move which was opposed by the then Governor of The Reserve Bank of India, Economists warned the PM, but he still went through with this move.
This move has NOT curbed black money in any way, has NOT curbed fake currency and has NOT increased digital transactions, though digital transactions increased just after demonetization, they returned back low after more currency was put into circulation.
The Government itself has NOT published any report on demonetization.
Messed up move.
Jeez, did nobody warn Modi or whoever was behind the bill that “unintended consequences” are a thing?
@@shuja5044 ur points r true.. the one to whom I replied were not
criminals: already spent dirty money to buy gold and property
government: lets make notes worth nothing
@drgmani apollohospitals and what? seriously? most Indians have assets in land and gold. I do. And I don't have a single source of black money. Now I can't sell any land. Had to give our house to marry my sister off, because I could only sell it for far less than it was worth!
m yu
but record the transactions if you buy property, as to gold somewhat recorded.
@crusader jack crusader jack DOES YOUR CAPSLOCK NOT WORK? You should use it if it does
It wasn't just the big-time criminals who were avoiding paying taxes. ALMOST EVERYONE was avoiding paying taxes. So even if the big-time criminals were able to avoid this trap, everyone else were caught, as they deserved to be.
@@simonthomas1878 You can marry your sister to China ,and get a tons of money and keep your house ,hahahah
0:34 That 500rs note animation is of the newer denomination, and that 1000 rs denomination animation never existed! 1000 rs looked different
I noticed that too
When a foreigner understands but an Indian Citizen doesn't.
Indian govt. ***
Trash govt.
What
Lol
@wase Let's just say that we wanted to plug terror funding and it worked. Closed millions of shell companies and improved online payment to $25.5 billion, most in history.
Idiots will remain ignorant and herd mentality is indigenous. But, then again, what do you do?
China: Spare me!
PolyMatter: Why India bans ...
China: Thank you!
PolyMatter: Like Xi Jinping ...
China: ...
Tianenmen square massacre
China's mobile payment services demonetized China through market forces, without government intervention, and despite of obstacles from state owned banks. On the other hand the largest democracy in the world had to use to the most heavy handed government intervention to achieve the same thing and fail.
@@masterofyeet4438 racist
@@PhoenlxA How?
@@ShivSai123456 They still call them communist party, but exept from inofficial one party ruling they are nothing alike. Mao would execute whole todays chinese government.
china is changing a lot annualy.
that comment was like Germany is a Nazi country
judging nations by their past mistakes by different people. well then there are no good people left on earth
I was based in India during demonetization. It was an absolute disaster I had to support my colleagues during the transition period as they weren't able to get any cash to pay bills. All the criminals did was go down to the slums and pay them to launder money!
Alll... I was in India that time.. Coments. Shut up
@@ongbak8552 if you still aren't convinced of the utter chaos this caused, take a look at the GDP of india at this time. India was experiencing a massive economic growth after the 2008 depression stagnated the economy, and all of a sudden the economy stoped and contracted. The economic growth was halted unit the next year pretty much. If this wasn't disrupted think how much the economy would have grown up until 2020.
@@ongbak8552 I was and am in india, and I can definitely say that demonetization reduced Indian economic growth. It halted it completely for weeks.
@@ongbak8552 GST? Gst is a tax and GDP is different. Dumb
@@ongbak8552 ...what are you even talking about? 🤣
4:20, no there weren't 2 goals. Modi started making goals as time went by and the as the situation went out of hand to give people a sense of achievement when in reality, there was none
i accidentally read the title as "Why India Banned 86% of its Curry"
Now I am curious what will happen.
OISHI SUSHI DESU YO!
NAAN CURRE TABE TEKURASAYI XD
That will never happen... would be like banning money.
Funny 🤣😒
Typical racist indophobic comment
*Uses The Word Demonetized*
RUclips: YES!
Reserve Bank of India: To what extent should we demonetize the currency?
PM Modi: Yes.
Now, India digitalized the transaction through UPI in greater phase.
A time will come, where all transactions are cashless.
Just for knowledge :
At the time of demonitisation , in a river near my house for about 18 hrs the river was flooded with 500 and 1000 rupee notes
Similar cases were reported across the nation
that was fakemoney
Now what am I gonna do with these vbucks...
@sfasfasfaf asfasfasfasf poverty is still high though?
@@onion4550 It was a joke, lol
“It’s just a prank”
"Or is it"
*Vsauce music plays*
Just like 15 lakhs in ur account
WTF HAHAHA
@@shubhampit can you send video where he say to give 15 lac.
@@dharmendrarathod8056 It was in the 2014 manifesto
Because of this Demonetisation, Digital Payment options have reached to each and every corner to India. Even small vendors accept online payment.
Demonetization of currency removes the savings of people that do not interact with the governments or major institutions in a country. It gives people a reason not to value the government which is why most people around the world would rather hold US dollars than their own home currencies. More than half the population of the world would rather hold dollars because the fees and inflation pertaining to their own country's currency forces them to lose wealth on a daily basis.
Its was a dark day in India. Even though the Finance minister was against it, this idiotic move was done. And the people with black money was suppose to be caught, was never caught and almost none of the black money was retried. I had to wait in a long line for days to change and get my money back and suffer for months. Even people i know changed huge sums of black money without any effort, all they had to do was pay 20% commission to the corrupt bankers to change them.
@@shreyakhadse8589 It was in the news but nothing happened to them. And I want to fight against this type of darkness, but if I did both me and my family will disappear or some kind of accident will happen. I like living thank you.
@@sasidragen21 true
@@shreyakhadse8589 if it was that easy, the world would be a better place now
Wait, wasnt the mastermind behind this move.
It was a bright day for honest people and dark day for money launderers.
I guess they MODIfied their current system
Nope, modified India is stronger,better and we feel a lot safer and are leading a decent middle class life .
@@mehularora3234 stronger? only in hooliganism, fascism, jingoism and mass propaganda, safer? Yes, only the goons are, not the common folks.
Keep your bloody Bhaktiyapa to yourself.
@THE HUMANIST you call yourself humanist? Irony died a thousand death seeing this.
@THE HUMANIST Ah yes, a fellow man of hindutva. I'm being sarcastic.
@Shafiqul Alam Still better than Islam. Both are trash tbh. But Islam is worse.
I was in the first year of my college when this happened
It was fking chaos
As food in hostel aren’t good, without cash we had to eat hostel food
And it went opposite
Big fishes paid a part of their food to get new food and small fishes died
"There were two goals of demonitaztion"
RUclips: *make that three*
RUclips: four or we will demonetized your entire channel.
"Such great ideas, im almost proud of you, but watch how grandpa topples an empire by turning 1, into 0"
~ *rick sanchez*
Underrated
Can I know which video editing app you use? , It would be greatly helpful
Actually, there few other things to look at that happen
1) the number of terrorist attack actually reduced
2) there are several people who were having seemless money lost their status over night and you can know who it was just by talking to them
3) increase in digital payment automatically made boomer generation of 60-70s birth become technically adept about other things like smartphone. As a result building on smartphone culture
4) increase in taxs, we could capitalise on solving national problem without begging from IMF.
Defence, technology, make in India,... All such initiatives became reality with positive effects.
My father still has his one 500 notes which he has till today because he was not able to exchange it in time
Mine too
But we dont like to keep 500 as souvenirs, so we exchanged it with new one
I have two 500 rs notes because they were stashed somewhere in my mom's purse and we didn't know until after the exchange window was over.
My mom and me have 7500 Rupees as 500 Rupee notes
@John Hero
99% of currency got returned
I would retitle the video to 86% of its Cash, as cash does not equal currency
Bank accounts are so meaningless with fractional reserve banking and all that. At least a blockchain ledger doesn't do that crap.
Fuck off
@@deltabeta5527 Hey, be nice!
@@nmmeswey3584 fuck you too bitch
No, currency is correct. A currency doesn't have to have any value in itself. Cash is just the medium here.
One thing the demonetization did was that it bursted the real state bubble. I’ve witnessed it first hand.
Now it is undervalued better than stocks
As an indian, I have to tell you that this is so true.
Nice job
Directly From Rick and Morty:
See how Rick crashed the Galactic Government economy by just replacing 1 with 0.
Thats not even possible in real life. Every money is backed with gold standard. Why did they gave up when their currency went bankrupt??? They have reserves though
@@ayingchanda Such a naive and old school concept. But you truly wish that was the case now. No, currency valuation is intrinsic in nature. It's called Fiat Money, wherein the value of the currency is determined by the value given to it by the government. And most currency is valued against the US $, so most currencies in the world are fiat(fake). Yes, countries do keep gold and other precious metals but not for currency valuation (which used to be the case), but just as any other commodity for trade.
Basically, the Rick and Morty scenario is not beyond the realm of possibility. And, in a sort of way, it did happen in India.
I see you're man of culture as well
2020: that a brilliant idea
@@ayingchanda the gold standard was abandoned decades ago you nitwit. The person below you is right.
PM Modi didn't tweet about demonitisation since lasts 3 years. Its a proof of it's failure.
Modi, Xi, Putin, Netanyahu, Bolsonaro, Duterte, Boris Johnson, the world is full of variable-intelligence Trumps.
India needs bank reforms they just accumulate debt
And we all know that modi is best in marketing.
@I changed my username lol see it is not only the modi who should be blamed for that every citizen who was involved in laundering money is responsible...I was in Delhi at that time when dis happened poor worker are used by their owners to exchange the money. Axis bank in chandni chok was the epicenter to exchange your money for 10% rate.
@Karl Quetzacoatl it's not the state it's the people who are the problem...first they create a problem out of their personal greed then they blame the institution for not doing anything to resolve the problem
As an Indian, question that I have to ask is: " What did india gain after banning 86% of currency"???.
the pm or whatever gained support, it was never about getting terrorists or anything
I heard that this was done to save banks ( I don't have any idea about it ) but this could be useful if it was implemented perfectly with all preparations
Forced people to rely on digital transactions while banks used the cash accumulated for lending aka business. Increased surveillance on public money.
Downside was stoppage on economic activities that we never recovered from and government is selling all it's assets to big corporations like adane to compensate for lost revenue.
Absolutely nothing.
People now knows that the tax evaders was within the govt and their allies and they all whitewashed all of their blackmoney prior to noteban.
Just fucked the whole country and told us to take care
@SUPER MARIO wow 👏..
What did I ask and what are you telling???..
I still remeber that my father rushed to the bank to exchange notes.
I will never get over how easily this channel transitions from video to sponsor so fast
lmao
That segue was so seamless, I paused to appreciate it
I really really appreciate the facts. I was expecting a very biased interpretation, but it was almost 100% accurate. Demonetalisation was a blunder
Demo was not a blunder. Their mission was to win UP election, and they weren't sure what'd happen.
They did this to make opponents weak, and see, they won.
@@rudranroy2109 you are right .. they won people lost and lost big
@@rudranroy2109 UP was not the case. It was very clear BJP was gonna win in UP in 2017. They gave em 73/80 seats in 2014.
@@meanmachine2003 Delhi gave 6/6 seats to bjp in 2019 LSE. The same Delhi gave 62/70 seats to AAP in 2020.
I hope you've got the point.
@@rudranroy2109 yea but the wave in Up was different. Everybody already supported the BJP, okay: if we neglect the 73 seats, even while talking to normal people and all, they supported BJP. You've got a good point tho.
It's was one of the most traumatic events of my life.
During these COVID years many local shops in Thailand complained that they have to pay taxes when accepting government's aids. The govt would help people pay for goods, but both the shop and customer have to register to the govt with an app, therefore, the govt knows their incomes and can collect taxes. The shops then collect extra fees from customers to compensate that and customers agreed anyway because the govt will pay half of whatever the prices are.
We are still so far behind in terms of public interests awareness.
Indonesia also did this kind of thing in the past. Government declared that every circullating bank note only worth half of its face value. Of course it went horribly
That's stupid on a economical standpoint but genius in a political one.
@Anonimous 1277 not the most corrupt. If he was he'd be PM
@@OtisAdonisChad funny, true and depressing at the same time
Yeah basically American Democratic Party's slogan: "Stupid on an economical standpoint, but genius at getting political power"
At least every store in India has google pay now.
I came here to read the comments. No regrets.
Like seriously think about how much work and time go into these videos.
Reading wikipedia and making a short script from it does not constitute knowledge
So i went through this. ATM were always long in line. It took me almost 6 hours to get it sometimes. And old people who are in the lines sometimes faint from the long waiting.
And some people still have a couple of those notes that they forget they had but found after the exchange period is over. So just like that, money was no more than color paper.
@North American RUclipsr I also think this was a dumb move. If they gonna change currency atleast give proper time to prepare. Like that shit happen out of nowhere and brew chaos all over.
@North American RUclipsrBut like in all countries the so called "The Elites"changed the money in no time!
I still have 6000 rs old currency notes..
@@wikimsengar3466 I was cleaning my bookshelf the other day and found a 1000 Rupee note sandwiched between two pages of a book. To think that I could get in trouble for having it is both hilarious and depressing.
that's the government for you, they're all tyrannical. it's their nature.
Now In India we use Unfied payment interface like 98% of ppl use UPi
It was a good thing I was not in the country at that time with cash. My money was safe in my bank account.
@@msdadsfsx 🤣🤣🤣🤣 3 trillion. What a joke
The reason that India’s mission plan failed is because they never had one in the first place.
@N Satheesan *TASK FAILED SUCCESSFULLY*
@N Satheesan
Not failed fully. Many ISI spies were caught.
@Anand Shah
The intelligence agencies are not fools to make it public.
@@arjunsavanur7242 too cbi se hai ya raw se??? lol aisa demonetization ke wajah se kuchh nahi hua tha .... its really hard to trace from bank details and stuff.....
@@binget.s159
My dad is working in NIA.
Why India Banned 86% of its Currency: Uttar Pradesh Elections
If we observe carefully, they do something like this before each election.
Surgical Strikes, etc
Modiji bore ho gye the 🙃
@@swamysriman7147 Ooo chutiye
That is what I told a lot of people when it happened. Lot of election campaigning in India and especially in UP is done with cash and is one of the ways black money is laundered. With demonetization, all those 500 and 1000 notes became useless. Its one of the ways the BJP won the UP elections.
Nigel Lobo Exactly! Glad other people observed the same thing.
Fun fact: this happened the night before (around 8 o’clock) and on my birthday.
One way to measure is to see india had the most number of online transaction.. more than US and China.. but will u say that ?
And now because of it our economy lies in ruins and GDP is down to just 4.5%
(only 2% according to older formula)
* GDP growth rate
Tu hai kon. Padh le pehle kuch.
@@pokerrisker5135 guys guys look, here's a top-notch douche bag modi supporter, it's because of him our dumb PM is in power as he stumbles from one folly to next
@@pokerrisker5135 Gandu Bhakt spotted.
@@mrinalthakur3459 Dear sir,
I don't support modi
But I have studied enough to know that gdp have proven better. Demonetisation was not so ideal. But gdp has actually improved.
Next Video: Didn't I tell you about wework?
I saw shredded 500 and 1000 notes near the large drainage area and people storming to jewellery shop to buy gold, diamond etc.
Meanwhile me: struggling to open an paytm amount while standing in the queue at ATM around 9:00 pm to get take out 2000 RS(100 RS denomination)...
But now I am good...I switched my all transactions to online without any fear of theft or fraud and without any merchants.
Back in the day, I was in Bombay (Mumbai) with a beautiful Black Opal from Australia. I had a dozen gem dealers trying to outbid each other, and I was offered gold or silver. I wondered why, at the time. Now I know why. I bought a thousand US $1.00 notes in Singapore, and got 30% more Rupees than the bank offers in India. I knew that before I went there.
Next Up:
Why China Manipulates its Own Currency
Because they’re commies
Of course to earn more money they have highest exports.
Keep the value of their currency low to make it inviting to investors and foreign importers.
@@Redsoxking Because They are dishonest
@@oohdannyboy Meanwhile exporting their Communist Censorship
This Step was the Biggest Blunder. It costed 2-3% of our GDP growth since then.
In 2016 we were growing with 8%, and now its below 5%.
Trade war impact all over the world bro
Demand is low, unemployment rates went berserk, let me focus on the video now
@@mlvprasadofficial Trade war is between US & China. So it should impact China more, not India. Infact India should have been a Beneficiary as Companies fleeing from China due to Trade War would come to India/Vietnam/Bangladesh and other ASEAN countries. But Still China is growing with 6.6% while we fell below 5%! It's definitely the Govt. Policies which have Affected Growth Rate. GST & Demonetization were a big fat Blunder
@@sayainsights yes china was growing more than india now it's not
@@sayainsights see bro, India should nt benefit from China's trade war, u are under estimating china's influence economically, ONE ROAD ONE BELT INTIATIVE
I can bet , most of us saw lakhs of rupees burning in front of our eyes....
In October 2021, the total UPI transactions value is $100B.
The total expected for 2021 is expected over $1T.
It was just announced that the GDP Growth slowed to a measly 4.5%
Real GDP growth is close to 1-1.4%
@Mob its literally today's headline from 8% to 4%
meanwhile our finance minister: There is no recession we are on the path of reaching 5 trilllion dollar economy!
@@Sathish_12 i hate her worst fm ever. She is ignorant and never accepts the truth about her shit economic policies.
@Mob Subramaniam Swami of BJP saod that. He said that government isn't showing real stats and the actual economy is in even worse condition.
I was an undergrad student living in one of the metropolitan cities in the country and it was only my 3 rd year and I just came back from a beautiful relaxing trip from the mountains with little to no cash. And I lived by myself- 5 to 9 of all my friends had to rely on each others' food.
The closest bank that gave out cash was at least a 30 mins drive from my college. I had to offer to pay for my friends' petrol to drop me every 5-10 days to stand in queue from 8 AM till the bank opens which is at 10:30AM.
Little did we know, it continued to affect us all in the next 2 months.
I have lived to tell the story.
Same for me except I was first year
Nice
RUclips demonetization has a rival now; but is still the leading cause of mental suffering in the modern world caused by a single corporation.