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Showing posts with label Monetary Economics. Show all posts
Showing posts with label Monetary Economics. Show all posts

Tuesday, March 7, 2017

922 The Story of 'Pingali vAri pEki' in the context of Demonetization and Remonetization of High value Currency Notes in India


Our readers are aware that from Nov. 8, 2016, to-date, nearly 1300 million Citizens of India have been undergoing the travails of demonetization and remonetization of high value currency notes. In the place of Rs. 1,000 denomination notes, Rs. 2,000 denomination notes have been introduced. A new design notes of Rs. 500/- denomination have been introduced. Indian Citizens in possession of the old notes were forced to surrender all their notes to Banks in India, and were thereafter permitted to withdraw their monies, subject to some limits. Initial teething troubles of replacing old currency notes with new notes were expected to end after 50 days i.e. from 1st Jan. 2017. It appeared as though the difficulties were going to end. The Central Government and also some active (over-active? overzealous?) State Governments took up on their shoulders, the task of (nearly) forcing people to opt for digital payments with debit cards, credit cards, aadhar cards, different types of apps on mobiles, etc. etc.

About Pingali Surana


Shri Pingala Surana was a great poet of Telugu language, of 16th Century CE. He was in the court of Vijayanagara (Karnataka State, India) Kings. It is believed that he was in his youthful years, made a late entry into the Court of Shri Krishna Deva Rayalu, who died in 1531 CE. Surana is considered as one of the 'ashTa diggajams' (ashTa= eight (Indo-European origin word) dik gajam = Elephants bearing the burden on this this Earth in the Eight directions i.e. East, South East, South, South West, West, North West, NOrth, North East). The other seven elephants were: Allasani peddana, Nandi Timmana (also called mukku timmana), DhUrjaTi, mAdaiah gAri mallana, Ayyalaraju RamabhadruDu, rAmarAja bhUshaNuDu (also called bhaTTu mUrti), and tenAli rAmakrishna.

Distinction between Telugu Poets and English Poets


Telugu poets (like their counter parts in other INdian languages) were vegetarians, teetotalers, had great memories, had great control over poetic metres, prosody, and vocabulary. These characteristics are essential ingredients for all Indian poets, even for those who adorned the courts of Sultans and Moghul Emperors.

These characteristics also make the INdian poets different from English and European poets, many of whom were paedophiles (like some Catholic Christian Missionaries), drunkards, debauches or love-lorn birds, sufferers of consumption and TB. Hence, we rarely see the themes of melancholy, revenge and retribution, in the Indian Poetry. As Medieval Indian Poets did not visit taverns or pubs, they were not involved in drunken brawls. Most of their only weaknesses were self-boasts, and flattering of their patron kings.

Particularly, Telugu language verses have very difficult meters, though most of them have only four lines. Writing one poem, in compliance with the rules of prosody (called chandassu), itself was very difficult, unless the persons trying to write poetry have very large treasures of vocabulary, and patience. Incorporating the words into the verses and meters was like a work comparable to inserting diamonds and precious stones into gold ornaments. Telugu poets not only wrote thousands of verses complying with meters, but some of them like Pingali Surana, Ramaraja BhushaNuDu specialised in writing verses with two meanings e.g. a verse with one meaning of Ramayana and second meaning of Mahabharata. Not only did they write one or two verses, but they could write whole books of verses with two meanings.

Not only the poets in the Courts of Vijayanagara Kings, but also most of the Telugu poets were 'AaSu' (Telugu word Aasu = instantaneous, spontaneous) poets. That means, they can render verses of difficult meters instantaneously, and spontaneously, ORALLY EX TEMPORE, without writing on papers. They can bless or curse with Spontaneous verses, as circumstances and situations may require. (e.g. poet: vEmulavADa bhImakavi).

The Telugu land is very fortunate, though such fortunes are receding, that we have poets who can spontaneously render verses in difficult meters. There is a public process-procedure called 'avadhAnam' where the poet will stand to tests by eight scholars (ashTA avadhAnam), 100 scholars (SatAvadhAnam), 1000 scholars (sahasrAvadhAnam), 5,000 scholars, 10,000 scholars etc., on public fora.

THE STORY OF PINGALI VARI PEKI



PingaLi is the surname (family name) of sUrana's ancestors. sUrana is the first name of the poet, given by his parent. sUrana means "SUN".
There are two versions of this story which may be a fantasy, but it can generate laughter.

FIRST VERSION


Pingali Surana (or his ancestors) were going in a forest. We shall take it as Surana himself was going. On the forest path, he found a bead. He picked it up, and took home, quite casually, without thinking of consequences. When he reached home, he found a woman waiting there at his home. She said that her name was 'pEki'. She wanted to work as a servant in Surana's home, without taking any salary. Her only condition was that under no circumstances, she should be kept idle. 24 hours, she should be given work. Surana and his wife didn't / couldn't foresee the difficulties ahead. They gladly took her into service. Intially, everything went on well, because there was lot of pending things and chores. Whatever work was given to her, she was finishing in few minutes, and was asking for more work. Surana's wife was unable to provide more and more work to pEki, who was pestering them for work.

One day, sUrana's wife delivered a baby, after pregnancy. pEki was also sleeping in the same room as sUrana's wife. In those days, there were no electric lights, or remotes. As the oil lamp was getting exhausted, sUrana's wife asked pEki to push up the wick slightly, to make it burn better. pEki suddenly felt lazy, and not ready to get up, stretched her tongue from the place she was sleeping, and pushed up the wick with her tongue. Seeing this, sUrana's wife was flabbergast (astonished), and started believing that pEki was not a human, and that she might have been a ghost.

Next day, sUrana's wife narrated the incident to her husband. After sending pEki to fetch water from river, in order to escape from pEki, they tried to shift their family to a neighboring village, taking all their belongings in carts. When pEki returned from the River with water, she found that sUrana's family was missing, and neighbors told her that they shifted to the neighboring village, taking their luggage on carts. pEki found that there was a grinding-stone which was left out by sUrana's family, owing to its heavy weight. She took it up on-to her shoulders, and went to the neighboring village, in search of sUrana's new home. She reached there, and again started pestering them for work.

Finally, sUrana and his wife were so tired with pEki that they asked her, how she would leave them. pEki asked for the 'bead' which sUrana picked up in the forest. sUrana gave the bead to pEki, and she left.

SECOND VERSION OF PINGALI VARI PEKI'S STORY



More is ready to be added here in the evening.

To continue adding / deleting / modifying . सशेष. ఇంకా ఉంది.

Monday, December 19, 2016

857 Fiscal and Monetary Policies cannot/need not be regarded as beyond the purview of Supreme Court of India


With due high respect to the Supreme Court of India, yb-donkey is emotionally compelled/tempted to say that fiscal / monetary policies a Government follows cannot / need not be beyond the purview of the Supreme Court. Context: Suprme Court's reluctance to look into Demonetization 2016 (popularly known as NOTE BAN), on the ground of such policies being within the exclusive domain of the Executive. Here is a DeccanChronicle.com news report dated 17th Dec. 2016, titled: Supreme Court not to tinker with notes ban Click to go to Deccan Chronicle article..

For the benefit of those, who are not conversant and familiar with the terms "fiscal" and "monetary", here are the general broader meanings of the terms.

FISCAL POLICY: Deals with A Government's income and Expenditure. Example: budget, tax revenues, internal borrowings, external borrowings, plan expenditure, non-plan-expenditure, deficit financing etc. Primarily, a domain of Ministry of Finance.

MONETARY POLICY: Deals with Money Supply in the Economy. Internal Currency Management. Pricing of moneys (interest rates). etc. Primarily, a domain of Reserve Bank of India, though technically RBI itself is an instrument of the Government.


TOP TEN REASONS. WHY SUPREME COURT NEED NOT HESITATE TO SHY AWAY FROM INTERVENING AND ADJUDICATING THE DEMONETIZATION 2016 (NOTE BAN).



IF NOT GOVT. LAW, CAUSE OF EQUITY SEEKS JUDICIAL INTERVENTION



Ordinarily, Supreme Court need not look into Fiscal Policies of the Government, or the Monetary Policies of the Reserve Bank of India (indirectly by GoI). But from 8th Nov. 2016, a sort of FINANCIAL EMERGENCY arose in India. Citizens of India, initially thought that it would last a few days, and the train would be back on track. But, the derailment continues even after 40 days, deep through Dec. 2016. In his Nov. 8, 2016 speech, Mr. Narendra Modi, the Prime Minister of India while declaring that the Rs. 500 and Rs. 1000 notes will become trash, has not said that currency shortages are going to continue for 50 days, though time is given to holders of notes to deposit their trash with Banks upto 31st Dec. 2016. He is now giving assurances that everything will be normal after 50 days. But, many experts seem to have a different opinion.

BREACH OF NATURAL JUSTICE



Natural Justice , and EQUITY are indisputably paramount and superior, when compared to Parliamentary Laws, Delegated Laws (Notifications issued by Executive, using a sort of delegated general authority provided in Parliamentary Laws, to take care of contingencies and exigencies, as everything cannot be exhaustively inducted and packaged into a Statutory Law at the time of Enactment), and even Case Laws (Supreme Court judgements accepted by lower courts as role-models). On 8th Nov. 2016, with the WAVE of a Prime Minister's hand, 86% of the currency held by the people to purchase their necessities, and to undertake their daily small businesses, has been reduced into a heap of trash, leaving people astounded, making them beggars in their own country. Foreign Tourists have been rendered into stranger beggars in an unknown-land, with old trash pieces in their hands, wondering about how to buy a meal for the day, and surviving on help from good samaritans.

HIGHEST COURT MAY HAVE TO INTERVENE WHERE EXECUTIVE BECOMES PARANOID AND FICKLE


Though it may be apt for Governments / Executive to make on-course changes in guidelines depending upon contingencies, facts show that Government and its Executives have been announcing changes everyday just as film heroines change dresses several times in a song. Sometimes, these changes seem too fickle. I shall give my own practical experience.

PERSONAL EXPERIENCE


Even before Nov. 8 demontization, very few ATMs were giving Rs. 100 denomination notes. I used to search for ATMs with Rs. 100 notes. There also, the machines are set to give Rs. 100x5= Rs.500, and the remaining balance in Rs. 500/1000 denomination. To overcome this problem, if I needed Rs. 5000/- I used to draw Rs. 1,000 five times, to get Rs.2,500 in 500 denomination, and Rs. 2,500 in Rs. 100 denomination. Thus, I accumulated Rs.12,000 in 500/1000 denomination notes as on Nov. 8. I happen to be an addict and slave of PROCRASTINATION. As the Govt. gave time for deposit of old notes into bank accounts upto 31ST Dec., I went on postponing the deposit, while I was seeing others deposit their old notes.

ANALOGY OF ZEBRA CALVES


One night, I had a bad dream, may be as a sequel of Government's daily announcement of changes in guidelines. In the dream, Govt. was forbiding deposit of old notes into one's own accounts. Next day, I rushed to bank, and disposed off the Rs. 12,000/- like a vratam (sacred duty), with help of fellow-queue-gens who were more knowledgeable about ATM Deposit machines. Had I not performed that vratam then and there----, today, I may be facing an awkward situation: 1) Deposit Rs. 5,000, Rs. 5,000 and Rs. 2,000 in three lots. 2) Or go to Bank Manager, provide explanation in the presence of two officials "why I had not deposited earlier", pray them and deposit Rs. 12,000/- in one lot. What is the lesson of this predicament? The story of Zebra and its calf. I read somewhere. Cows lick and kiss their calves, soon after their births. Zebras, instead, kick their calves, and make them to run for safety. This was said to be to teach the zebra calf to be on alert right from the first day of birth. In the same manner, citizens are being taught to be on alert, to save themselves from their Nation, and its Nationalist Patriotic Rulers.

STORY OF SEVEN PRINCES, AND SEVEN FISH


In Telugu language, there is a fable told to children, called STORY OF SEVEN FISH.
There used to be a king. He had seven sons. The seven sons went, hunted, and brought seven fish. They dried them. One fish did not dry. The owner-prince of that particular fish, went to it and questioned: "Oh fish! Oh fish! Why did not you get dry?"

Fish: "A haystack obstructed my access from sunlight."

Prince: (The Prince went to the haystack, and asked it): "Oh haystack! Oh haystack! Why did you obstruct sunlight to the fish?"

Haystack:- "Cow did not graze me".

(Now the Prince went to the cow and asked it). "Oh cow! Oh cow! Why didn't you graze the hay?"

Cow: "The cowherd didn't take me to grazing".

(Now, the Prince went to the cowherd and asked him): "Ow Cowherd! Oh Cowherd! Why didn't you make the cow to graze?"

Cowherd: "Mother did not feed me my breakfast! "

(Now, the Prince went to Mother and asked her): "Oh Mother ! Oh Mother ! Why didn't you provide breakfast to the cowherd?"

Mother: "The child wept. Hence I could not attend to the cowherd's needs."

(Now, the Prince went to the child and asked it): "Oh child! Oh child! Why did you weep?"

Child: "Ant bit me".

(Now, the Prince went to the ant, and asked it): "Oh ant ! Oh ant! Why did you bite the child?"

Ant: "If the child keeps its finger, in my golden ant-hole, won't I bite him? What should I do, if not biting it? "

The Bank Officials question the late depositor: "Why didn't you deposit old notes earlier?"

Late depositor: "Long queues obstructed me going into the ATM room. Police guards and long queues at Bank gates, obstructed me from entering Banking Halls."

Now the Bank Officials have to go to long queues and ask the queue-gens: "Why did you obstruct the late depositor from going in /coming in?". But with their workload, the Bank Staff are getting heart attacks. They are unable to perform their daily or alternate day sexual intercourse with their wives, as Bank-staff are spending 24/7 in Banks, and are getting too fatigued to perform sex.


SUPREME COURT HAS ALREADY INTERVENED NUMEROUS TIMES INTO NUMEROUS FLIMSY THINGS WHICH HAVE NO NATIONAL IMPORTANCE



Anybody can prepare a Table of Contents for the pending/settled Supreme Court cases. The table will reveal, all types of cases both important, and unimportant have been entertained by Supreme Court. I am afraid, that it will not be reasonable to say those sets of Supreme Court Judges, and the present set of Supreme Court Judges are different. Can't citizens expect some continuity? Strictness or liberality, whatever they are, can't we citizens expect some consistency? The same is the case with locus standi in respect of public interest litigations (PIL). It is difficult for citizens or even legal experts to forecast whether a particular PIL will get admitted or disposed off as flimsy/lacking locus standing with the applicant getting fined Rs. 10,000/-.

When compared to many other cases decided by Supreme Court, examining the reasonableness of some notifications under demonetization and note ban, is not going to be intrusion and overstepping into Executive Arena.

To continue. सशेष. ఇంకా ఉంది.

From Post Nos. 001 to 500

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Remaining 500 posts are at the bottom. మిగిలిన 500 పోస్టులు (501 to 1000) క్రింది భాగంలో ఉన్నాయి. बाकी ५०० पोस्ट् निम्न भाग में है।


501 to 1000 Post Nos. here.

Post Nos. 1 to 500 are at the top.
501      |      502      |      503      |      504      |      505      |      506      |      507      |      508      |      509      |      510      |      511      |      512      |      513      |      514      |      515      |      516      |      517      |      518      |      519      |      520      |     
521      |      522      |      523      |      524      |      525      |      526      |      527      |      528      |      529      |      530      |      531      |      532      |      533      |      534      |      535      |      536      |      537      |      538      |      539      |      540      |     
541      |      542      |      543      |      544      |      545      |      546      |      547      |      548      |      549      |      550      |      551      |      552      |      553      |      554      |      555      |      556      |      557      |      558      |      559      |      560      |     
561      |      562      |      563      |      564      |      565      |      566      |      567      |      568      |      569      |      570      |      571      |      572      |      573      |      574      |      575      |      576      |      577      |      578      |      579      |      580      |     
581      |      582      |      583      |      584      |      585      |      586      |      587      |      588      |      589      |      590      |      591      |      592      |      593      |      594      |      595      |      596      |      597      |      598      |      599      |      600      |     


601      |      602      |      603      |      604      |      605      |      606      |      607      |      608      |      609      |      610      |      611      |      612      |      613      |      614      |      615      |      616      |      617      |      618      |      619      |      620      |     
621      |      622      |      623      |      624      |      625      |      626      |      627      |      628      |      629      |      630      |      631      |      632      |      633      |      634      |      635      |      636      |      637      |      638      |      639      |      640      |     
641      |      642      |      643      |      644      |      645      |      646      |      647      |      648      |      649      |      650      |      651      |      652      |      653      |      654      |      655      |      656      |      657      |      658      |      659      |      660      |     
661      |      662      |      663      |      664      |      665      |      666      |      667      |      668      |      669      |      670      |      671      |      672      |      673      |      674      |      675      |      676      |      677      |      678      |      679      |      680      |     
681      |      682      |      683      |      684      |      685      |      686      |      687      |      688      |      689      |      690      |      691      |      692      |      693      |      694      |      695      |      696      |      697      |      698      |      699      |      700      |     


701      |      702      |      703      |      704      |      705      |      706      |      707      |      708      |      709      |      710      |      711      |      712      |      713      |      714      |      715      |      716      |      717      |      718      |      719      |      720      |     
721      |      722      |      723      |      724      |      725      |      726      |      727      |      728      |      729      |      730      |      731      |      732      |      733      |      734      |      735      |      736      |      737      |      738      |      739      |      740      |     
741      |      742      |      743      |      744      |      745      |      746      |      747      |      748      |      749      |      750      |      751      |      752      |      753      |      754      |      755      |      756      |      757      |      758      |      759      |      760      |     
761      |      762      |      763      |      764      |      765      |      766      |      767      |      768      |      769      |      770      |      771      |      772      |      773      |      774      |      775      |      776      |      777      |      778      |      779      |      780      |     
781      |      782      |      783      |      784      |      785      |      786      |      787      |      788      |      789      |      790      |      791      |      792      |      793      |      794      |      795      |      796      |      797      |      798      |      799      |      800      |     

801      |      802      |      803      |      804      |      805      |      806      |      807      |      808      |      809      |      810      |      811      |      812      |      813      |      814      |      815      |      816      |      817      |      818      |      819      |      820      |     
821      |      822      |      823      |      824      |      825      |      826      |      827      |      828      |      829      |      830      |      831      |      832      |      833      |      834      |      835      |      836      |      837      |      838      |      839      |      840      |     
841      |      842      |      843      |      844      |      845      |      846      |      847      |      848      |      849      |      850      |      851      |      852      |      853      |      854      |      855      |      856      |      857      |      858      |      859      |      860      |     
861      |      862      |      863      |      864      |      865      |      866      |      867      |      868      |      869      |      870      |      871      |      872      |      873      |      874      |      875      |      876      |      877      |      878      |      879      |      880      |     
881      |      882      |      883      |      884      |      885      |      886      |      887      |      888      |      889      |      890      |      891      |      892      |      893      |      894      |      895      |      896      |      897      |      898      |      899      |      900      |     


901      |      902      |      903      |      904      |      905      |      906      |      907      |      908      |      909      |      910      |      911      |      912      |      913      |      914      |      915      |      916      |      917      |      918      |      919      |      920      |     
921      |      922      |      923      |      924      |      925      |      926      |      927      |      928      |      929      |      930      |      931      |      932      |      933      |      934      |      935      |      936      |      937      |      938      |      939      |      940      |     
941      |      942      |      943      |      944      |      945      |      946      |      947      |      948      |      949      |      950      |      951      |      952      |      953      |      954      |      955      |      956      |      957      |      958      |      959      |      960      |     
961      |      962      |      963      |      964      |      965      |      966      |      967      |      968      |      969      |      970      |      971      |      972      |      973      |      974      |      975      |      976      |      977      |      978      |      979      |      980      |     
981      |      982      |      983      |      984      |      985      |      986      |      987      |      988      |      989      |      990      |      991      |      992      |      993      |      994      |      995      |      996      |      997      |      998      |      999      |      1000      |     

From 1001 (In gradual progress)

1001      |      1002      |      1003      |      1004      |      1005      |      1006      |      1007      |      1008      |      1009      |     
1010      |           |     
1011      |      1012      |      1013      |      1014      |      1015      |     
1016      |      1017      |      1018      |      1019      |      1020      |     


1021      |      1022      |      1023      |      1024      |      1025      |     
1026      |      1027      |      1028      |      1029      |      1030      |     


     |      1031      |           |      1032      |           |      1033      |           |      1034      |           |      1035      |           |      1036      |      1037      |      1038      |      1039      |      1040      |     


     |      1041      |      1042      |      1043      |           |      1044      |           |      1045      |     


     |      1046      |      1047      |      1048      |           |      1049      |           |      1050      |     

     |      1051      |      1052      |      1053      |           |      1054      |           |      1055      |     
     |      1056      |      1057      |      1058      |           |      1059      |           |      1060      |     
     |      1061      |      1062      |      1063      |           |      1064      |           |      1065      |     
     |      1066      |      1067      |      1067      |      1068      |      1069      |      1069      |      1070      |     
     |      1071      |      1072      |      1073      |      1074      |      1075      |      1076      |     
1077      |      1078      |      1079      |      1080      |     
     |      1081      |      1082      |      1083      |      1084      |      1085      |      1086      |     
1087      |      1088      |      1089      |      1090      |     
     |      1091      |      1092      |      1093      |      1094      |      1095      |      1096      |     
1097      |      1098      |      1099      |      1100      |     
     |      1101      |      1102      |      1103      |      1104      |      1105      |      1106      |     
1107      |      1108      |      1109      |      1110      |