Re: [IAC#RG] VERY IMPORTANT NOTICE from IAC regarding note exchange

Thanks, Sarbajit for your response.

I am ready for this and let us forego even that Rs 10/ charges. Even if Pan India initiative is not happening on this platform, each can do in individual capacity. I am available for any clarifications / support in Bangalore city.

This cash limit (exchange and withdrawal) is per person and family members can also draw. Also, this limit is only for rationing purpose and not law by itself.

We understand the reason behind sudden announcement without execution preparedness but PM / RBI could have always arranged fresh 100/50/10 notes into banks / circulation as a routine exercise silently.

Per latest news, new Rs 500/ hitting banks today and public services will accept banned notes until 24th. This would go a long way in mitigating current mess.

Poor people are being lured by hoarders to take 2.50 L in their regular accounts or 50k in Jan Dhan accounts with sizeable commission. Some of us may even be tempted to encourage them to accept such offer. Just got the message that Govt plans to make them ineligible for White Ration card and Arogyya Sree card for those depositing 2.50 L. This may be a ploy to make laundering black money more costly for hoarders as poor may demand more commission to deposit such money and may lead to "mother of Robinhood act" across the nation (not sure if it is already in Modi's plan). I believe he is primarily after big fish with > 100 cr black money and may not go after less mortals. Poor Jan Dhan holders number more than 15 cr (1/6 total voters) accounts that were opened like crazy by Modi soon after becoming PM. Poor sell their votes for even Rs 500/ to the giver during elections but in current scenario, will they thank hoarder who is forced to give or Modi for this windfall ?!

Ravi - 9901840840

AECS Layout, Bangalore

From: Sarbajit Roy <sroy.mb@gmail.com>
To: Ravichandran Rajamannar <rrc_21@yahoo.com>; indiaresists <indiaresists@lists.riseup.net>
Sent: Monday, November 14, 2016 12:49 AM
Subject: Re: [IAC#RG] VERY IMPORTANT NOTICE from IAC regarding note exchange

Dear Ravichandran

I partially agree with you, that we (the highly educated Engineers and Doctors of India) should break the law if it helps poor people and sufferers.

I fully support you that "we" should take old 500 / 1000 notes from poor marginalised people and travellers etc. who are trapped for no fault of theirs, and give humanitarian help them by advancing what few notes we have, and deposit those 500 / 1000 rupee notes of theirs in our own bank accounts as social charity.

As we draw out more money beyond our daily needs we can help more and more people. Instead of 20 poor illiterate unbanked non-included people standing in line jamming the system, "we" the educated ones with bank accounts can assist them by doing it for them. Perhaps we can even charge a token fee (say Rs.10 per Rs. 10,000) for this to cover bare administrative costs.

If other members agree, we can set up an all India network for this purpose.

It is of course highly illegal / irregular what you are doing, but desperate times call for desperate measures especially when Govt seems to be an all-round failure.

Sarbajit

On Sun, Nov 13, 2016 at 10:57 PM, Ravichandran Rajamannar <indiaresists@lists.riseup.net> wrote:

Hoarding old 100, 50, 10''s is worse than hoarding black money under current circumstances. Please keep only bare minimum needed and circulate the rest outside. I have given to small vendors and few stranded travelers and took their Rs 500/ note instead. .It means a lot to them.

PM announced it suddenly as proper planning / execution readiness would have revealed the plan to many.

Monetary Surgical strike impact - In addition to stated objectives,
a) Politicians have the biggest black money and also store in cash for elections
Dynasty and cronies take the cake built over 6 decades
b) Key government officials (mostly dynasty loyals) with huge black money cannot justify source
c) Educational, Hospitals etc have large cash hoardings and cannot justify source fully
d) Business people (jewellers, real estate etc) have big cash component but they can justify the source

Now business people are making hay accepting sackfull of old notes at steep discount (not only jewellers)
Black money is partly moving from first 3 entities to No 4 as white money with huge profit
Modi has reduced the dynasty and regional party black money muscle & strengthened its base (business segment)

More taxes for govt, more deposits / business for banks, shrink NPA size (read big business loans)
More surgical strikes can come against other black money (real estate, gold, other assets, benami holders etc) leveraging new technologies

Modi may reserve the last surgical strike against political class just before next general elections. Repealing pension for MP / MLAs, capping the perks and reducing salaries etc will make him a rock star. He cannot do it now as 99% corrupt political class (incl BJP) will revolt and replace him.

Only time will tell if Modi really has such bigger plans or just our wishful thinking !!
For now, middle class will be watching keenly if inflation, real estate prices, terror / crimes, counterfeit will come down as predicted.

Regardless, I would like to contribute in a small way in several ways to make this drive a success.

Ravi

From: Sarbajit Roy <sroy.mb@gmail.com>
To: indiaresists <indiaresists@lists.riseup.net >
Sent: Sunday, November 13, 2016 9:42 PM
Subject: Re: [IAC#RG] VERY IMPORTANT NOTICE from IAC regarding note exchange

Dear IAC subscribers

What we predicted is turning out to be true - a massive shortage of Rs. 100 and 50 notes is building up. We repeat do not get trapped with new 500 and 2000 notes if you can avoid it. Coins and low denom notes.

Unless Govt acts decisively NOW, 40 days of pain till 30th Dec. Watch out for trouble in 2nd week of December 2016. Strong possibility of civil unrest building up. Stock up on food, gas, medicines and other survival essentials. More later. Be prepared.
Panic hoarding of Rs 100 notes as ATMs dry up fast

Chaos reigned outside banks and ATMs across the nation, while at least one death due to exhaustion was reported
BS Reporters November 13, 2016

"A disturbing trend emerging now is that people have started hoarding Rs 100 notes and banks are running out of these notes very quickly, even as the Reserve Bank of India assured that its printing presses were running full capacity and there was no need to panic"

On Wed, Nov 9, 2016 at 4:20 PM, Sarbajit Roy <sroy.mb@gmail.com> wrote:
Dear Subscribers

After extensive discussions with fairly high levels of RBI today, IAC is making following suggestions for all HONEST / TAX-PAYING Indians

1) Utilise the across the counter exchange facility to exchange notes into Rs. 100, Rs. 50 and Rs. 10 series only There is likely to be a HUGE shortage of these notes in future. Stand your ground and Do not get tempted into taking news series Rs. 500 and Rs. 2000 notes (I cannot share why here).

2) Stock up on coins.

3) The IAC is now taking the legal position that the recent action of Govt of India, allegedly for #IndiaFightsCorruption , fully exposes the BANKRUPTCY of the Banking sector and the BANKRUPTCY of the RESERVE BANK OF INDIA in particular.

3) In any civilised country there would have been a run on the Public Sector Banks by the common people. What this demonetisation actually amounts to is the REPUDIATION of the solemn promise made by each RBI Governor in turn to "pay the bearer the sum of Rupees one thousand on demand" this means that each RBI Governor is bound to give value of Rs. 1,000 on demand and not give just another meaningless piece of paper to keep the PONZI currency cycle going. The "value" of Indian coins is fixed in the Indian Coinage Act. which is why a Rs.1,000 coin "sells" for Rs. 10,000

4) So remember this - only accept OLD NOTES or OLD COINS as a temporary measure. Do not make the mistake of accepting shiny NEW NOTES for OLD as 'Alladin' did.

Sarbajit Roy
National Convenor
INDIA AGAINST CORRUPTION, jan andolan

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