India scraps its two largest rupee notes in shocking anti-corruption move

As we had often come back to discussing economic benefits/impact of sports I thought it was about time for an economic discussion forum.
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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby gbelday » Tue Dec 06, 2016 6:27 pm


Sorry, I don't get this. What challenges? Are these international players being paid in cash?

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prashanthm » Tue Dec 06, 2016 7:27 pm

Varma wrote:
In his letter, Mr Kadakin has said the limit set by the government is "not even enough to pay for a decent dinner" and totally inadequate for operational expenses.

Buy some potatoes and cook, my comrade! :)

- Varma


And he pays his dinner bills in Cash at a road-side street vendor?
Or their govt. is so inept that they can't get their ambassador a credit card for his dining expenses?

Hillarious......
Last edited by prashanthm on Tue Dec 06, 2016 7:30 pm, edited 1 time in total.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prashanthm » Tue Dec 06, 2016 7:29 pm

gbelday wrote:

Sorry, I don't get this. What challenges? Are these international players being paid in cash?


Same thoughts....
Mahesh is paying these players in cash? or is he out of his hard-earned cash stashed somewhere? :D

Or on a more sensible note, he may be worried that people may not show up to the matches being played in India (because the write up specifically talks about the indian leg) - but it is hard to believe that people depend on cash to buy tickets to attend these events..... may be they do, but it wouldn't be all 100% of them...

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prasen9 » Tue Dec 06, 2016 7:46 pm

Thank you Jaydeep for the post. Jaydeep posts most informative articles. This is what we were saying. Modiji has brought down even sports. ;)
Last edited by prasen9 on Tue Dec 06, 2016 9:00 pm, edited 3 times in total.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prasen9 » Tue Dec 06, 2016 7:49 pm

gbelday wrote:Sorry, I don't get this. What challenges? Are these international players being paid in cash?
Gautam, partly. The appearance fee part is paid in cash so that they do not have to pay taxes on them. As you know, most of the top players will not come without them being paid the appearance fee, which is often under the table. Hence, Fed and Serena refused to come this time. Modi has actually done the U.S. a favor by even cutting down Serena's black money. ;)
Last edited by prasen9 on Tue Dec 06, 2016 9:00 pm, edited 2 times in total.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prasen9 » Tue Dec 06, 2016 7:52 pm

prashanthm wrote:And he pays his dinner bills in Cash at a road-side street vendor?
A lot of foreigners are big fans of road-side food. That gives them the most authentic experience of visiting India. Street food is much more tasty than restaurant food, imho.
Or their govt. is so inept that they can't get their ambassador a credit card for his dining expenses?
They have credit cards. But, for certain good things/services in India (and even abroad) you can only pay with cash ;)

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prasen9 » Tue Dec 06, 2016 7:59 pm

prashanthm wrote:Mahesh is paying these players in cash? or is he out of his hard-earned cash stashed somewhere? :D
Mahesh is afraid of using his black money. It has become mostly useless these days anyway.
may be they do, but it wouldn't be all 100% of them...
Yes, but, most do. Even if you get 30% attendance, that would mean empty stadiums, big losses for the organizers etc. I think the whole tournament will be cancelled soon because they may not be in a position to stomach the huge losses. I heard that even television sponsors cannot pay the tournament organizers. It seems that many of the big TV stations got black money from Dawood's gangs in Mumbai and now that money cannot be used because. Modi. I did not know that even TV stations are using black money. Anyway, so they are cutting the amounts they pay because advertisers are not paying the TV stations because they have no cash. And, advertisers are not paying or are canceling bids because people are not buying much. Because. Cash. Modi. This guy is pure evil. Ask Mahesh.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prashanthm » Tue Dec 06, 2016 8:03 pm

prasen9 wrote:
prashanthm wrote:And he pays his dinner bills in Cash at a road-side street vendor?
A lot of foreigners are big fans of road-side food. That gives them the most authentic experience of visiting India. Street food is much more tasty than restaurant food, imho.


I'm sure they do - and that is why his allowance of 2,000 INR is being gobbled up by the street vendors.... :p
He would be in the hospital with lots of things if he were to do that daily....
So, their claim is utter non-sense...... :D

Or their govt. is so inept that they can't get their ambassador a credit card for his dining expenses?
They have credit cards. But, for certain good things/services in India (and even abroad) you can only pay with cash ;)[/quote]
ha ha, I'm sure you were trying to joke... If not, then this is not true...... you could pay with your cards at most restaurants from a long time, in India... unless he is eating street food...

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby VReddy » Tue Dec 06, 2016 8:14 pm

gbelday wrote:

Sorry, I don't get this. What challenges? Are these international players being paid in cash?


The economic impact ultimately trickles down. Coca Cola is the lead sponsor and I am pretty sure their sales would have taken a big hit in India over the past month (not sure what their revenue breakup between tier 1, tier 2 cities, etc,. but wouldn't be surprise if the impact is almost close to say 1/5th of revenue). This is also absolutely the wrong time for that brand to market itself - so wouldn't be surprised if they have a huge cut in marketing budget allocations in India till next year.

To echo Gautam, Jay in this thread - even my mom has been able to navigate the past month ok. She says the general sentiment on the ground has been positive even though lot of them face hardship still. But again the opinion and the community circle will likely be biased as my Mom/family have been long time supporters of TDP / Lok Satta and BJP.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby prasen9 » Tue Dec 06, 2016 8:51 pm

VReddy wrote:[Coca Cola is the lead sponsor and I am pretty sure their sales would have taken a big hit in India over the past month (not sure what their revenue breakup between tier 1, tier 2 cities, etc,. but wouldn't be surprise if the impact is almost close to say 1/5th of revenue). This is also absolutely the wrong time for that brand to market itself - so wouldn't be surprised if they have a huge cut in marketing budget allocations in India till next year.
Mr. Modi has publicly said that demonetization will solve all social ills. Eating too much sugar and getting fat has become a modern Indian pastime. Mr. Modi wants to take India back to its glorious past when everyone was lean, thin, and, swanky. Well, he said that the swanky part will take some time. But, demonetization will make the populace lean and thin. It is his primary tool to address obesity, that is increasingly becoming a big health hazard. People without cash cannot eat and will lose weight. Healthcare professionals across the world have talked about the menace that soda poses to the public health. Along with cigarrette and petroleum tax, economists agree that soda is an evil that needs to be taxed. People from the left and the right agree on this. So, a hit on Coca Cola is a hit by design. Mr. Modi is a public health wizard. A soda tax enacted without having to pass a single law.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Prashant » Tue Dec 06, 2016 10:47 pm

prasen9 wrote:As you know, most of the top players will not come without them being paid the appearance fee, which is often under the table. Hence, Fed and Serena refused to come this time. Modi has actually done the U.S. a favor by even cutting down Serena's black money. ;)


Cash or otherwise, its only black if you don't declare it on your taxes :)

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Mugundan » Wed Dec 07, 2016 4:01 am

VReddy wrote:
gbelday wrote:
jaydeep wrote:The economic impact ultimately trickles down. Coca Cola is the lead sponsor and I am pretty sure their sales would have taken a big hit in India over the past month (not sure what their revenue breakup between tier 1, tier 2 cities, etc,. but wouldn't be surprise if the impact is almost close to say 1/5th of revenue). This is also absolutely the wrong time for that brand to market itself - so wouldn't be surprised if they have a huge cut in marketing budget allocations in India till next year.

Precisely my thoughts, too. This might have more to do with (if not all) lull in the economy/sales/promotions and thus lack of enthusiasm for big budget sponsorship rather than cash being paid to players. Not just one company but several companies.
BTW the most regular full-page advs in newspapers are that of e-wallet companies these days. Understandably so. They are making a killing, though stats show(as per reports) transactions have dipped drastically in November after a boost in October.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Mugundan » Wed Dec 07, 2016 4:18 am


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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby kujo » Fri Feb 03, 2017 2:55 am

The tune not just changed, it has turned really sad now to see that there might be more old notes accounted for, than physically available!!

http://www.rediff.com/business/column/s ... 170118.htm

I am told that the network of businessmen that dominates businesses across Kolkata and the Northeast have used all the above techniques in league with politicians to convert their cash.

So successful were these tricks that after a few weeks of the note ban, the discount on old notes disappeared and for a while there was even a premium for old notes.

Indeed, there is a suspicion that old notes deposited came back into the market, got deposited again and were double counted


I would like to say just one thing. These man-made laws & rules are there, only for those who will follow them. As for the rest, they are just letters on a piece of paper - to be ignored.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Mugundan » Thu Mar 02, 2017 6:56 am

There seems to have been no effect of note ban on the economy if the latest GDP figures are true:
http://indianexpress.com/article/busine ... o-4548502/
This report says the figures were manipulated:
https://www.telegraphindia.com/1170302/ ... Le8YDuGPIU


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