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Dinar Chronicles is now allowing viewers to guest post. If you wish to speak your mind and write a post/article about the current situation relating to Iraq, the RV, the GCR and so on. You may now send in an entry.

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Featured Post

Restored Republic via a GCR: Weekly Update December 8, 2016

Restored Republic via a GCR Update Dec. 8 2016 Compiled in the early morning hours (EST) of 8 Dec. 2016 by Judy Byington, MSW, LCSW, ret, Au...

Friday, November 18, 2016

"March 21 till May" - Last Night's KTFA Thoughts, News w/ Backdoc

KTFA

PMAC
 » November 18th, 2016


I'm sorry. Tariff's are only for countries who are making % money off the goods that are being imported. Are you trying to tell me there's value in there somewhere other than 1182???

EHankins
 » November 18th, 2016

THIS SOUNDS LIKE BUSINESS INSIDE IRAQ IS WORKING FROM BORDERS INTO BANKS AND BACK OUT INTO SOCIETIES POCKETS. OBVIOUSLY GREAT NEWS/FIND......

Don961
 » November 18th, 2016

The direct application of the new tariff Kmarkip in Basra port
10:04:00 11.17.2016|(Voice of Iraq) - Baghdad

revealed district director of Safwan west of Basra demanded Alhsonh, for the direct application of the new law of customs tariff in the Safwan border crossing, between that of the material covered by the customs increase, sedans except production cars ,which amounted to 25%, in addition to alcoholic beverages increased by 100%, after fees were customs of up to 80%.

the Alhsonh the Safwan border port began working customs tariff system, which targeted applied several types of goods and materials and different rates.

he said the port Safwan border has already begun the implementation of resolution Secretariat Iraqi cabinet up new customs tariff which included:

1. sedans except productive vehicles from 15% to 25%

2 -alcoholic drinks from 80% to 100%

3. coolers from 20% to 25%

4. kinds of cigarettes ,up from 25% to 75%

5. TV sets from 30% to 35%

6. soft drinks from 20% to 60%

7. juices of all kinds from 20% to 25%

and Alhsonh pointed out that there is a state of discontent and protest by importers, as they demanded to wait or refrain from the application of this law at the present time, and that will cause higher prices of those materials in the local market

http://www.sotaliraq.com/latestnews.php?id=362389#ixzz4QKQ46OTX

Thunderhawk
 » November 18th, 2016

OOPS!!!! NOW MODI WANTS MORE TIME TO PULL THE NOTES. NOW HES TALKING MAY!! SOUND FAMILAR?

BACKDOC
 » November 18th, 2016

AGAIN THERE IS ANOTHER COUNTRY NOW LOOKING TO THE MARCH 21 st TILL MAY WINDOW. INTERESTING.

REMEMBER THIS DOES NOT MEAN THAT WE WONT SEE A RATE CHANGE EARLIER. WE JUST DONT KNOW. WE KEEP STUDYING. DOC IMO

Thunderhawk
 » November 18th, 2016

Modi May Need Six More Months to Replace India’s Junk Bills

For Indians expecting respite from the government’s clampdown on cash, here’s a reality check: it probably won’t come soon.

Prime Minister Narendra Modi’s administration may need until May 2017 to replenish the stock of now worthless bills, according to Saumitra Chaudhuri, an economist who advised Modi’s predecessor. The government on Nov. 8 banned 500 ($7.5) and 1,000 rupee notes in a surprise move against graft and tax evasion.

Delays in replacing the currency risk prolonging the pain in the $2 trillion economy, where about 98 percent of consumer payments are made in cash. Deutsche Bank AG predicts the crunch could easily shave off a half-point from India’s growth in October-December, which could imperil its position as the world’s fastest-growing major market.

This is how Chaudhuri reached his conclusion, which he published in a blog post on the Economic Times’ website: Extrapolating from central bank data, he estimates that Modi’s move sucked out about 16.6 billion notes of the 500-denomination, and 6.7 billion 1,000-rupee bills. That means more than 23 billion notes totaling 15 trillion rupees.

Modi intends to replace these with new 2,000-rupee and 500-rupee bills. However, Bharatiya Reserve Bank Note Mudran Pvt., which prints the higher denomination currency, has a stated capacity of just 1.3 billion notes a month. That’s with working double shifts. Raise this to triple shifts and it becomes 2 billion bills, which means it will need until the end of 2016 to replenish in value the 1,000-rupee notes.

Security Printing & Minting Corporation of India Ltd., whose capacity Chaudhuri estimates at 1 billion pieces a month, will need several more months to meet the 500-rupee target, even if it joins forces with BRBNM, he said.

"Ergo, currency shortages will remain with us for many months and economic contraction will rule this period," he wrote. "At the end of the period, confidence will be at new lows and recovery will take time."

In what could make matters worse, the presses -- busy with the new bills -- have almost completely stopped printing 100-rupee notes, Bloomberg Quint reported Wednesday citing central bank sources it didn’t name. These bills are the bread-and-butter of India’s $780 billion informal economy, which employs more than 90 percent of the workforce.

Finance Ministry spokesman D.S. Malik rejected the assessment. "This is not correct, things will improve shortly," he said. "Once supply of Rs 500 and Rs 100 notes increases and re-calibration of ATMs is over, which is underway on a fast pace, the situation will improve to a huge extent."

There is a "sufficient" supply of bank notes as production started nearly two months ago, the central bank said in a statement on Thursday.

The ministry’s officials, however, admitted the government is falling far short of meeting requirements for 100-rupee notes. They declined to be identified, citing rules on speaking with the media
.
In a teary-eyed appeal, Modi on Sunday requested Indians to bear the pain for 50 days. "After that, if any fault is found in my intentions or my actions, I am willing to suffer any punishment given by the country," he said.

http://www.bloomberg.com/news/articles/2016-11-17/modi-may-need-months-more-to-replace-india-s-worthless-money

Thunderhawk
 » November 18th, 2016

SWEDEN GOES DIGITAL…….Backdoc Alert

BACKDOC » November 18th, 2016

THE IDEA OF CASH BECOMING EXTINCT MAY BE A LONG WAY AWAY IN SOME COUNTRIES BUT OTHERS WILL ENCOURAGE THE MOVE TO TOTAL DIGITAL! DOC IMO

Krona Goes Digital: Sweden Poised to Launch First Electronic Currency

With cash slowly becoming extinct, Sweden may become the world's first nation to launch its own digital currency, which is destined to revolutionize the financial realms.

Today's Sweden is on the cutting edge when it comes to electronic payment solutions. At present, Swedish National Bank (Riksbank) is poised to become the first major bank to emit a national digital currency. Whereas the e-krona will hardly supplant traditional currency in the nearest future, it may nevertheless become a longed-for supplement for one of the world's most digitalized nations.

"The fewer of us Swedes use bank notes and coins, the clearer it becomes that the Riksbank needs to investigate whether we should issue electronic money as a complement to the money we have today," Riksbank deputy governor Cecilia Skingsley told Swedish Radio. According to Skingsley, state-backed electronic currency would become as revolutionary as when Sweden in the 1660s became one of the first countries in the world to introduce paper bank notes.

Even today, solutions to avoid cash abound, such as debit cards and payment services. According to Skingsley, the difference between e-krona and any random digital currency would be state support. At present, the exact technological solution to be used remains unclear, but it can involve a debit card on an app.

In present-day Sweden, cash is gradually becoming obsolete, with alternative methods of payment becoming commonplace. Cash now only represents 2 percent of the Swedish economy, compared with roughly ten percent in the Eurozone. At the same time, only 20 percent of all customer payments are done in cash, whereas in the rest of the world, the figure hovers at 75 percent. Additionally, the number of Swedish bank notes and coins in circulation has fallen by 40 percent since 2009. Swedes also rank among the world's keenest payment card users.

According to its own estimations, the Riksbank needs about two years to investigate all the possible technical, legal and practical issues before finally deciding whether or not the e-krona will become a fact of life. Previously, similar research has been undertaken in the US, Canada and the UK. "The declining use of cash in Sweden means that this issue is much more burning for us than for most other central banks. Although it may at a cursory glance seem an easy task to issue e-krona, this is something entirely new for a central bank with no template to follow," Skingsley noted.

Recently, the Riksbank launched a series of bank notes, portraying some of the nation's greats, such as FN Secretary General Dag Hammarskjöld, children's writer Astrid Lindgren and filmmaker Ingmar Bergman. Those who would like to keep the famous Swedes in their wallet can (at least temporarily) breathe a sigh of relief. The Riksbank ensured that the e-krona will in any case serve as a complement rather than a replacement for cash. Hard cash will continue to be issued, as long as there is popular demand for it in Swedish society.

Despite all the potential benefits and challenges arising from digital currencies, there have been fears that the poor, elderly and disabled who lack access to technology will be at a disadvantage. Additionally, there is an elevated risk of fraud involving electronic transactions.

https://sputniknews.com/business/201611171047547430-sweden-digital-currency/

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