Demonetisation in a nutshell: All you wanted to know

CA S S Nayak
Chartered Accountant

Mangaluru, Nov 28: Ever since Prime Minister Narendra Modi made the big and sudden announcement on the night of November 8, demonetisation has been the biggest issue grabbing headlines day after day. The issue has rocked the Parliament with the opposition parties firing all guns at the NDA government, even as the RBI and PM Modi himself have gone on record assuring the public that all would be well in a matter of days.

While debates rage on about the pros and cons of the move, here's a clear-cut picture of what demonetisation is, why it was done, and its merits and demerits:

What is demonetisation?

The government recalls the existing currency notes and issues new currency notes in its place.
Demonetisation is not a common exercise like annual budget. It is taken as an extreme step to streamline the economy and remove the effect of parallel or shadow economy.

Why was demonetisation done?

As per the government, demonetisation was done for the following reasons.

1) To tackle unaccounted money (called as 'black money') in the economy.
2) To lower the cash circulation in the country which 'is directly related to corruption in the country',
3) To eliminate fake currency and dodgy funds which have been used for illegal activities.

There are a lot of checks in place in the economic system like the Money Laundering Act, 2002 and Benami Transactions (Prohibition) Act etc. This has been instrumental in controlling illegal transactions being morphed as legal transactions. However, shadow economy and hard cash still plays a dominant role during periods like elections, property transactions, social occasions etc., much of which is done through unaccounted money. To curb these practices, it is essential to move to a cashless economy. Absolute cashless economy is not possible to achieve and even developed economies like USA and state-controlled economies like China have also had parallel and shadow economies. So, the process of demonetisation is aimed to achieve significant control over such shadow economy and to make the wealth created out of illegal economy as redundant.

Perceived Advantages of Demonetisation:

1. The biggest advantage of demonetisation is that it helps the government to track the 'black money', that is, undisclosed or unaccounted cash which has been stashed away by people at their homes and various places. And now that demonetisation is undertaken, they are left with the only option of depositing the same in their bank accounts. This helps the financial intelligence to trace the money so deposited and charge it to tax .

2. Since 'black money' is used for illegal activities like terrorism funding, gambling, money laundering and also inflating the price of major asset classes like real estate and gold; due to demonetisation all such activities will get reduced for a considerable time and also it may take years to generate that amount of black money again. Hence, in a way, it helps in putting an end to this circle of people doing illegal activities and using that 'black money' to do more illegal activities.

3. Another benefit is that, due to people disclosing their income by depositing money in their bank accounts, the government gets a good amount of tax revenue which can be used by the government towards the betterment of the society for providing good infrastructure like hospitals, schools, roads and many facilities for the poor and the needy sections of society.

4. With more deposits in the bank, there is an immediate inflow of cash. This has led to more funds available for giving loans, resulting in easy loans at lower interest rates. So for businesses that are planning for expansion this is the best time to borrow.

5. The real good news is that inflation is likely to come down. The government will be able to control inflation as less money will be in circulation. So overall consumption of goods and services will increase gradually and help businesses to make up for lost sales in the coming months. With GST to be implemented in the coming year, it will also reduce the overall central and state taxes. Interstate trade will increase and overall prices will come down. When consumption increases, profitability will rise higher than current levels.

6. Dollar rates have increased in the past few days. NRIs can now get more exchange value. This will prompt overseas investment to come to India and broaden investment opportunity in real estate and shares.

7. Even NRIs who earn salary abroad will get more Indian rupees for exchange and will benefit from it.

8. Exporters will gain better realisation for their products due to weakening of rupee.

9. The government is also thinking of reducing the income tax rates as fiscal budget deficit will come down. Individual tax payers can expect some relief in the tax rates for the next financial year.

10. There was also a belief that real estate would be hit by demonetisation. This is not fully correct. For buyers, this could be a great opportunity to get a deal, especially in ready to move-in projects, as real estate prices are likely to face a downward pressure and a few sellers may be more willing to negotiate and lower the prices of housing units. However, for real estate companies and builders this is bad news.

11. Status conscious people who buy gold for show-off, can use only the legal tender and accountable money. And as such, this money will be only limited and people may not buy gold and the demand for gold will come down. The consequence would be fall in the price of gold. Hence, gold is likely to lose sheen in the near future.

12. Share market prices have moderated in the course of demonetisation and this gives opportunity for the first time investors to invest in the stock markets.

Disadvantages of Demonetisation:

1. Demonetisation move has led to a huge panic in the country.

2. Loss of revenue due to loss of productivity, due to waiting in queues for the chance to withdraw at the ATMs for long hours.

3. Non-availability of cash in banks and at the ATMs causes a lot of inconvenience.

4. More deposits in the banks which needs to be disposed off will encourage reckless lending resulting in NPAs.

5. Due to lowering of the interest rates on deposits, it will directly effect the senior citizens who would have invested their savings in the form of term deposits. However, this loss of interest would be compensated by the inflation which is likely to come down in the near future.

6. There is a lot of money laundering undertaken, wherein the youth are lured to deposit money into their account. Also, the people under the below poverty line are convinced to deposit the money in their accounts. This may lead to cancellation of their BPL card just for momentary gains. Also, the youth fail to understand the extent of the legal repercussions for their action.

7. Black money holders who have parked their cash in gold, foreign currency and properties in tax haven countries seem to be out of the purview. (Although there is expectation that steps are being taken to deal with the same.)

8. Since the ATM card coverage in the country is low, the common man is facing several difficulties while paying for daily needs. Moreover, the people in rural areas are not familiar with plastic card usage. Proper spreading of awareness is required.

9. Rural economy, agriculture, transport and unorganized sectors are feeling a significant loss in business. Rural economy may take much longer to get actual cash. So businesses that have connection with rural economy may have a low business volume for some weeks to come. But, there is a news that to overcome this problem, the government has decided to make extra spending in rural areas and push more funds in the Rural Employment Guarantee Programme. Therefore, the business cycle may pick up again in the coming months and till then such businesses have to do effective cost management.

10. RBI wants to replace all the currencies which have been withdrawn from circulation, it will take atleast 4 - 5 months to print so much notes. Further, the intention of the government was to move to cashless economy. It is suggested that the retail business houses must have debit/credit card machines so that they do not lose customers due to shortage of currency. This is a sudden blow to the business houses because they would not have been prepared for the situation.

In short, owing to the response of people and several illegal acts of associations etc finally coming to light, this seems to be only a short term pain and long term gain. However, the two previous demonetisation schemes have not stopped the shadow economy. Experience of other countries that have undertaken demonetisation have not also been very encouraging. Also, just because the transaction is in cash, doesn't mean that it is a part of the shadow economy. However, whatever may be the pros and cons, majority of people have welcomed this move.



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Comment on this article

  • nd makker, Bangalore

    Wed, Nov 30 2016

    The agriculture income created by several group is running into substantial amount of GDP it will also come into the scanner of Tax
    Digital transctions will further reveal the real ground situation relating to agriculture income.
    Citizens who pay taxes will feel honoured and defaulters have to hide.
    Well done RBI and support system.

    DisAgree [2] Agree [1] Reply Report Abuse

  • VP, dubai

    Wed, Nov 30 2016

    Good article by SS Nayak, can you and anyone advise how NRI who are residing outside India can exchange their Rs 500 and Rs 1,000 notes. As you there is no instructions to exchange Rs 500 and Rs 1000 notes outside india, Even Indian embassy/Moneyexchanges has not issued clear picture in this regard. People who has brought with them when they travel (Rs 10,000 legally can carry)and have no plan of visit to India till official deadline to exchange currency,March 2016. What Govt stands in this regard can any one clarify

    DisAgree [1] Agree [11] Reply Report Abuse

  • Anand, Dubai

    Wed, Nov 30 2016

    I would like to thank SS Nayak for the useful informations about demonetization, its pros and cons and the way he explained it in simple English. "No candle loses its light while lighting another candle. So never stop sharing your knowledge with others.

    DisAgree [1] Agree [6] Reply Report Abuse

  • NN, Mangalore

    Wed, Nov 30 2016

    The authors has ignored one of the most important benefits of the demonetization. The banks has thousands of crores in NPA (Bad debts) which is shown as Receivables (asset) in the balance sheet. There is a pressure from International entities to write those bad debts off the books and show a clean balance sheet. If banks do that some banks may go belly up which will be more detrimental than demonetization. After the demonetization, the bank have collected thousands of crores in deposit and now they can write off bad debts without going belly up which is win win situation for both the depositors and the bank. Indians have never experienced banks going bankrupt and depositors loosing money for the last 60 years.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Vincy , Bangkok

    Wed, Nov 30 2016

    The traders who need cash on daily basis affected most.
    The government blindly think that India can turn cash based economy into card based economy like Singapore within 50 days.
    At the present speed of arrangements we need 365 days to restore cash flow.
    Why they expect people to have epay or plastic money when millions using railway track as toilets.
    All black notes are turning pink by end 2016.Are they going to change the slogan into pink money.
    Soon the new notes will be in safes.
    People will use 100 and 50 .Soon the wine shops will issue their own coupons instead of chanew for 2000.
    Most of the ladies bars in Mumbai are using their own 20 rupees pink notes on exchange of 2000 note.
    Bus operators will start weekly coupons. So the entire step of so called demonisation is a big jolt of crores of rupees using tax payers money.
    They have silenced Ram mandir .
    They have done strike on Pak so many are happy.
    Now they did this return of black money to stop 15 lac questions.
    But Ache Din how to bring?

    DisAgree [3] Agree [7] Reply Report Abuse

  • Alwin D'sa, Mangalore

    Tue, Nov 29 2016

    Let the government provide medical assistance, education, transport, jobs etc...

    Only then the poor can have dignified life and security.

    DisAgree [1] Agree [15] Reply Report Abuse

  • L N Rego, Bendur

    Tue, Nov 29 2016

    Well written article explaining the term and its counter effects in a simple language. We could read negative comments mostly by NRIs.As Indians we are catching up with the Demonetisation. Bank officials have worked hard to meet the demand by the costumers and today as we see people are not much worried about non availability of the currency. I appreciate the move, but the implimentation is poor.
    Please be assured Once again the Black money will generate in a course of time. Unless and until corruption is stopped Nothing more we can expect. Appreciate the Guts of Modi..

    DisAgree [7] Agree [20] Reply Report Abuse

  • Suleman Byari, Udupi

    Tue, Nov 29 2016

    When will be the next step to deposit 15 lakh in my account by ....inch?

    DisAgree [9] Agree [23] Reply Report Abuse

  • Zeitgeist , Mangalore

    Wed, Nov 30 2016

    Suleman Byari,

    Stop expecting free handouts from govt.

    Anyways i have already debunked Modi`s 15lakhs claim.

    DisAgree [1] Agree [2] Reply Report Abuse

  • Flavian , Mangalore/Kuwait

    Tue, Nov 29 2016

    I have two weddings to attend in Mlore. Better to take some USD as a gift. They will get more Rupees.

    DisAgree [3] Agree [18] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Tue, Nov 29 2016

    Postscript to new wedding invitation.

    "Owing to cash crisis, best man and bride's maid will be sitting along with the couple, holding card swipe machines".

    DisAgree [1] Agree [40] Reply Report Abuse

  • FRANCIS, Dubai

    Tue, Nov 29 2016

    Funny and hilarious.....

    DisAgree [1] Agree [21] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Tue, Nov 29 2016

    What is great?
    It's not 2018 general elections.

    DisAgree [9] Agree [17] Reply Report Abuse

  • Sujith Nayak, Kudla / AUH

    Tue, Nov 29 2016

    BJP sweeps local body elections in Gujarat. #Demonetization.

    DisAgree [26] Agree [29] Reply Report Abuse

  • SB, Mlore

    Tue, Nov 29 2016

    David Pais, Mangalore

    The same people voted for BJP in Maharashtra and total sweep in Gujrath today.

    I hope 10percent of you frustrated lot converted into votes, congress would have got another 10 seats more atleast in last 2 days, if your assumptions were true.

    DisAgree [10] Agree [18] Reply Report Abuse

  • geoffrey , hat hill

    Tue, Nov 29 2016

    The article has conveniently skipped the fact that this remonetization has gotten the banking sector that was in red due to bad debts, out of woods and unearthing of black money is just collateral advantage and is Temporary. The big contradictory question of introduction of 2k note remains still a mystery. PM/FM/RBI guv seem to be clueless about it.

    DisAgree [7] Agree [19] Reply Report Abuse

  • Flavian, Mangalore/Kuwait

    Tue, Nov 29 2016

    People who are complaining not necessarily be those who are holding black money. Because of lack of proper arrangements. 

    DisAgree [7] Agree [35] Reply Report Abuse

  • James moreyra, Dubai

    Tue, Nov 29 2016

    Real estate prices are not going to come down.The real estate lobby is too powerful.Secondly with low interest loans ,new buyers will purchase homes increasing the demand.Lakhs of NRI's have small amounts of Indian currency.This is not black money and should have been allowed to be exchanged.It is simply organized looting by the Govt.This money is now wiped out and confidence in the Indian rupee has fallen.Consequently investments will decrease.As per ED estimates 25% of Indian economy is black.Only 1% of the black money is in cash ,the rest is invested in gold,real estate and offshore accounts.What is the total loss suffered by businesses.Businesses are now reporting 25% to 40% loss.Tourism had ped by 40 %.GDP will definitely .Black will also be up and running within a year.In fact one only has to pay 2700 dirhams in UAE and you can receive one lakh in India.Will demonetization bring us major benefits or will it be like Modi's development talk.Without stopping the generation of black money, demonetization is useless.Is it worth the pain.Finally oil import bill will also rise as the rupee is over 68 vs the dollar.Time will tell if this is an historic blunder

    DisAgree [3] Agree [20] Reply Report Abuse

  • Aubb, Kuwait

    Tue, Nov 29 2016

    @ James

    I hope the writer of this articles, as well as those who blindly talk about demonetisation will learn something sensible from your comment.

    Banks will be back to zero after a short term gain.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Zeitgeist , Mangalore

    Tue, Nov 29 2016

    People who are complaining the most about demonetization the most are the people who have stashed money themselves.

    All the hue and cry about poor people getting affected? Virtue signalling at its best.

    DisAgree [30] Agree [11] Reply Report Abuse

  • David Pais, Mangalore

    Tue, Nov 29 2016

    some 15% r da people stashed black money in india not da most.

    DisAgree [4] Agree [11] Reply Report Abuse

  • kas, Mangalore

    Tue, Nov 29 2016

    No one is against the scheme, opposing the method of implementation, since BJP, Party, its friends had the clue before the scheme was implemented,... So questioning the Fairness ....
    In Mangalore, all the BJP business people have suffered a lot ....

    DisAgree [11] Agree [25] Reply Report Abuse

  • Rathan, Mangalore

    Tue, Nov 29 2016

    You yourself contradicting ur statement
    You say BJP ppl and their funds had the clue of demobilization next you say BJP ppl in mnglr suffered loss
    So it seems ur confused

    DisAgree [8] Agree [6] Reply Report Abuse

  • kas, Mangalore

    Wed, Nov 30 2016

    Yes Rathan, still I say that BJP political cadre was well aware of this scheme ....100%

    DisAgree Agree [2] Report Abuse

  • kas, Mangalore

    Tue, Nov 29 2016

    Dear CA Nayak....I am looking for an answer to this query.
    An individual deposits 150,000 in his SB a/c on 5/6 different days after 8 NOV 2016.. will this deposit attract 50 % tax and 25 % lock in period ....Thanks

    DisAgree [2] Agree [12] Reply Report Abuse

  • Aam Indian, Mlore/Bahrain

    Tue, Nov 29 2016

    within weeks India will come to a grinding halt because of this foolishness called Demonitization. No matter who praises it or how many Indian Media Channels paid to praise this move, the fact remains that the rural and working class Indians will go under starvation. The economy will go spiralling down, investors will run away, tourist as such are waiting to leave India once they have enough money to leave, no new tourists, exports will fall because transport system will collapse, Construction sites are already come to grinding halt. All these media in India will not show enough for people to realize because they feel threatened by the government already. The industrialists will not open their mouth as they afraid of no co-operation from the government(best example Rathan Tata's two variety of statements in two days), Anti nationals(BJP version) will be hounded and may be jailed(Aap ministers are already victims of this), Borders will be more violent than what it is now(now average 2 soldiers killed a day).

    DisAgree [35] Agree [38] Reply Report Abuse

  • Ramesh S, MANGALORE

    Tue, Nov 29 2016

    ..did you read statements of Indian economists, foreign economists, eminent ex-bankers..a lay man can understand benefits from the above reports, read it once again..whatever CONS listed are short term..RBI already took over the deposits from Banks,so there is no excess liquidity with BANKS now..yes we have lost thousands of crores but we have already succeeded in weeding out billions of fake currency in single stroke..fake notes will enter but it will take another 10 years to effect Indian economy..after December majority of existing black money in cash will be rendered useless (small percentage may be succeeded in converting into white)..dont beleive in deaths in ques..if its really true then by now KUJLI would have searched a Dalit and Congress a minority and lined in their houses..after Denomination byelectins won, maharastra municipalelectiosn won and now in Gujrat Congress decimated in municipal elections!!

    DisAgree [14] Agree [9] Reply Report Abuse

  • kas, Mangalore

    Tue, Nov 29 2016

    Billions of fake currency notes ????? ....who printed it ??? real Ajji khate

    DisAgree [4] Agree [11] Reply Report Abuse

  • Sandy, Udupi

    Tue, Nov 29 2016

    "Within few weeks, India will grind to a halt"
    What a prophecy! I am waiting!

    DisAgree [1] Agree [4] Reply Report Abuse

  • Flavian, Mangaluru/uwait

    Tue, Nov 29 2016

    Dear John,
    I am bit confused between touched or caught.
    If some one is caught having 50 Lakhs ( 100 Rupee denomination) un accounted money, do you think he will not subject to IT rules?

    DisAgree [6] Agree [20] Reply Report Abuse

  • Zeitgeist , Mangalore

    Tue, Nov 29 2016


    We expect solutions for everything all at once. Yes, people who have stashed money in 100 bill will get away with this. But how many will stash money in 100 bill? Majority of the money will be in 500 and 1000 bills.

    The truth is that many of the people will complain no matter what. if only 1000 bills where demonetized then people will ask, why not 500? then why not 100? then why not 50? and so on.

    DisAgree [4] Agree [22] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Tue, Nov 29 2016

    In my opinion 75 Percent have welcomed demonetization. However 96 percent of the masses have blamed monumental mismanagement and a great loot and plunder by the ruling central government.

    DisAgree [20] Agree [60] Reply Report Abuse

  • John R Lobo, Kaikamba

    Tue, Nov 29 2016

    No body can touch the person if he kept his unaccounted cash in Rs.100 notes...

    DisAgree [16] Agree [45] Reply Report Abuse

  • Jaimini P.B., Manipal,Sharjah

    Tue, Nov 29 2016

    Finally, Good article about Demonetisation..Whatever the disadvantages,it is only temporary..To get something,we have to sacrifice something..NO GAIN..NO PAIN..Even in America, Demonetisation was done by President Nixon. When America was struggling to fight fake currency,black money,illegal activities,President Nixon was forced to take one of the best decisons..He too faced attack from opposition..But at the end,everyone realized..America became more stronger afterwards..

    People who congratulated Indian PM after Demonetisation

    1.World Bank President
    2.US President
    3.Theresa May
    4.Chinese Media(inspite of not having good relationship)
    5.Pakistan Media (They said "we need Modi like PM in Pakistan)

    DisAgree [83] Agree [56] Reply Report Abuse

  • FRANCIS, Dubai

    Tue, Nov 29 2016

    We don't want a pat on the back from anybody... Let us - people of India decide on this as India, our country, currency, decisions all belong to us.....

    DisAgree [16] Agree [64] Reply Report Abuse

  • Jaimini P.B., Manipal,Sharjah

    Tue, Nov 29 2016

    Appreaciating good work shows his/her attitude..Appreciation/Recognition is necessary..Every human being likes it..Getting appreciation from ENEMY is the BEST reward one can have in his/her life..

    Some info for you

    1.No stone throwing in Kashir since Demonetisation.(There were stone thrwoing incidents at Army everyday since Terroirst Burhani was kllled by Army)..You have to accept it whether you like it or not

    2.Nearly 300 Naxalites surrendered in Odisha with truck loads of AK47 after demonetization..You have to accept it whether you like it or not

    3.Nearly Rs.7000 cr amount of Naxalites became just piece of paper now..(They are trying to use builders,engineers,businesmen to deposit in bank..One hospital owner refused..He was killed by naxalites

    4.Big blow to Hawala money handlers.

    DisAgree [22] Agree [42] Reply Report Abuse

  • kas, Mangalore

    Tue, Nov 29 2016

    Modi is asking BJP MLA's and MP's to submit their bank accounts after 8 Nov... Why cant it be from 1 April 2016.

    DisAgree [15] Agree [54] Report Abuse

  • Sampath, Mlore/ Blore

    Tue, Nov 29 2016

    Crores of INDIANS are in the que before the ATMs and Banks and not people from US, PAKISTAN and CHINA.

    Millions have people have lost their employment. and many more are on the verge of loosing thier "rozi roti". And they are INDIANS and not from the above mentioned countries.

    Lakhs of small time vendors have suffered loss in thier business because of this demonetization. Sufferers are they and thier families and not any body else.

    DisAgree [22] Agree [49] Report Abuse

  • James moreyra, Dubai

    Tue, Nov 29 2016

    Two terrorists who were gunned down last week,had new Rs 2000 notes with them.Plus everyday there is an attack by Kashmir terrorists on our army.Just today there were two attacks,so demonetization has not brought an decrease in terror attacks.

    DisAgree [15] Agree [27] Report Abuse

  • Peter, KSA

    Tue, Nov 29 2016

    Praise by Pakistan Media and the Bhakts are happy.

    DisAgree [13] Agree [19] Report Abuse

  • ca girishkk, m'lore/dxb

    Tue, Nov 29 2016


    your suggestion is apt.., but you may be potentially called anti-national...,

    DisAgree [3] Agree [15] Report Abuse

  • Sundar, Mulki

    Tue, Nov 29 2016

    James.. Do you feel immediately results show about clearing of terrorists. Still they hold money from other countries which they can for there purpose. One thing is clear there fake indian rupees all drained now.

    DisAgree [8] Agree [5] Report Abuse

  • Anirudh P, Bengaluru

    Tue, Nov 29 2016

    FRANCIS, Dubai

    People of India have already conveyed their decision yesterday through flop akrosh day.

    DisAgree [30] Agree [26] Reply Report Abuse

  • FRANCIS, Dubai

    Tue, Nov 29 2016

    See how many 'Disagrees' you have...

    DisAgree [5] Agree [5] Report Abuse

  • Sundar, Mulki

    Tue, Nov 29 2016

    Francis..Where is question arises of people decide..they already supported for same from the beginning itself. It's only politicians wage war on road with few chamachas now and then. Reason behind there all black money now holed-up in one place without any of use.

    DisAgree [9] Agree [8] Reply Report Abuse

  • David Pais, Mangalore

    Tue, Nov 29 2016

    people of india spat, abused & cursed modi & bjp

    DisAgree [28] Agree [58] Reply Report Abuse

  • Ravi, Kapu

    Tue, Nov 29 2016

    David Pais, Mangalore
    So why wasn't the Akrosh divas successful?? Shops, schools, offices were all open

    DisAgree [36] Agree [26] Reply Report Abuse

  • Peter, KSA

    Tue, Nov 29 2016

    Because people have realized shameless leaders will never feel anything

    DisAgree [8] Agree [22] Report Abuse

  • Sundar, Mulki

    Tue, Nov 29 2016

    David..Results already in from yesterday's maharashtra poll. Do you need anything else apart from it. Now just decide itself..who did people of india spat, abused & modi or legacy of 125 years.

    DisAgree [18] Agree [10] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Tue, Nov 29 2016

    To benefit the common man (last in the list)

    All will realize the benefits by next general elections.

    DisAgree [15] Agree [47] Reply Report Abuse

  • Zeitgeist , Mangalore

    Tue, Nov 29 2016

    It is the common man that is the initiator of the corruption.

    DisAgree [1] Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Nov 29 2016

    Demonetization is an escape route for failure in Swiss Black Money ...

    DisAgree [48] Agree [90] Reply Report Abuse

  • FRANCIS, Dubai

    Tue, Nov 29 2016

    Another biggest disadvantage is: so many poor and elderly people lost their lives!.... Who will compensate them?

    DisAgree [45] Agree [84] Reply Report Abuse

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