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A comment on In Its Third Month, India’s Cash Shortage Begins to Bite. Parent comment

Re:In Its Third Month, India’s Cash Shortage Begins to Bite by photonwins on Wednesday January 25, 2017 @04:48PM (#13486541)
wrt #1 where are you getting those numbers from? Can you cite the source?
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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by denzil_correa on Wednesday January 25, 2017 @05:54PM (#13487055)
The Reserve Bank of India is unusually silent but reports based on sources say that 97% of the demonetized currency is back into the system.

http://www.livemint.com/Industry/RlRLIaViu44DYPKASuX76K/Bank...

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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by photonwins on Wednesday January 25, 2017 @06:01PM (#13487102)
I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP.

https://en.wikipedia.org/wiki/Mint_(newspaper) https://en.wikipedia.org/wiki/Shobhana_Bhartia

I would rather have some trust in the official RBI's figures, because they are accountable unlike some website.

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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by denzil_correa on Wednesday January 25, 2017 @06:10PM (#13487157)
> I see, livemint's reputation for reporting facts is as dubious as nytimes. I say this because, livemint is owned by HT Media whose chairperson was a congress Rajyasabha (Upperhouse) MP.

I doubt you read the link I posted. The report was from Bloomberg not Livemint. Would you now discard that too based on another tenuous link?

https://www.bloomberg.com/news/articles/2017-01-04/india-sai...

> I would rather have some trust in the official RBI's figures

RBI has been unusually silent on this. As of December 10 (21 days before the final date), 80% of the demonetized currency was back into the banks [0]. So, even if you trust the RBI figures - don't keep your hopes high.

[0] http://timesofindia.indiatimes.com/business/india-business/8...

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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by photonwins on Wednesday January 25, 2017 @06:23PM (#13487234)
You are right, I didn't read the link you posted because the moment I noticed livemint, I kind of jumped to respond (possibly due to my past experience with the articles on their website). However my point still holds, if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers? I went through RBI's press release for December 2016 and didn't find anything stating the $220 billion deposits (as claimed by bloomberg).

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx

PS: I am not trying to argue for the sake of arguing, I really would like to know the numbers to apprise myself.

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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by denzil_correa on Wednesday January 25, 2017 @06:33PM (#13487293)
> if RBI is not releasing the data how are these Bloomberg or any other entity getting their numbers?

The Bloomberg report is based on sources. For a moment, lets discard the Bloomberg reports and look at actual numbers from RBI. The data from RBI on December 13 shows that 80% of the demonetized currency was already back into the banks. RBI has not released data beyond that point of time. Based on a reasonable guesstimate, I would expect the final number to definitely touch 90% or above. Besides, we already know that unaccounted income in cash is 6% - so don't expect a number lesser than 90%.

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Re:In Its Third Month, India’s Cash Shortage Begins to Bite by mbesto on Wednesday January 25, 2017 @08:47PM (#13488053)
Ya, I'd like to know this too. I was just recently in India for 3 weeks and I saw day after day that IT was bringing in people for black money (usually to the tune of $1M USD equivalent). Just propaganda then?
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