Old Currency of Rs. 500 and Rs. 1000 Void from 09th November 2016
- Thread Starter Akash1886
- Start date
![[lol]](https://www.theautomotiveindia.com/forums/images/smilies/Laugh.gif "Laugh [lol]")
I would suggest people, do not panic. Kindly give suggestions to daily laborers and maids to start an account with milk men and vegetable vendors. Ask them to keep the current thousand as security.
In rural areas there may not be much issues as they are still using the lower denominations.In urban areas ,cards will do the job.
In rural areas there may not be much issues as they are still using the lower denominations.In urban areas ,cards will do the job.
There are rumors of Rs 2000 note comes with micro Nano GPS chip, to track exact location of currency. How it is possible, track the location using satellite?
I am not in favor of this decision. What will happen to the black money outside India, why respected Modi ji is not speaking anything about it when it was his main objectives after winning the elections.
Thread Starter
#20
But if someone declines to use credit/debit card i.e Not having card swipe machine and wants only cash then what to do in such scenario? I went to get TATA sky recharged the shopkeeper said he'll take only cash and last date is 11th November. Now what to do? Though I got it done from him on credit i.e I'll pay him tomorrow but these type of situations can occur.
Apart from this, if someone has to pay a bill of 1000/- rupees then should the new currency note of 2000/- be used or 2 new notes of 500 should be used? What if the ATM dispenses only 2000/- rupees note initially? How to get change for a 2000/- rupees note?
Regards
Akash
Apart from this, if someone has to pay a bill of 1000/- rupees then should the new currency note of 2000/- be used or 2 new notes of 500 should be used? What if the ATM dispenses only 2000/- rupees note initially? How to get change for a 2000/- rupees note?
Regards
Akash
This is a hoax news.
Nano GPS Chip Forward About Rs. 2000 Note Is a Hoax | NDTV Gadgets360.com
I think we have such hardship for next weeks till we accommodate to the new scenarios and smaller shopkeepers move to online transactions like PayTM.
We should think about now not to allow black money to come into circulation again. Currently we have only dealt with the current black money in market.
We should now limit the cash transactions to limit/prohibit black money gets into circulation again. Real estaters and other unaudited business sources should be tracked and be bought under policy.
Nano GPS Chip Forward About Rs. 2000 Note Is a Hoax | NDTV Gadgets360.com
I think we have such hardship for next weeks till we accommodate to the new scenarios and smaller shopkeepers move to online transactions like PayTM.
We should think about now not to allow black money to come into circulation again. Currently we have only dealt with the current black money in market.
We should now limit the cash transactions to limit/prohibit black money gets into circulation again. Real estaters and other unaudited business sources should be tracked and be bought under policy.
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Any measures that causes disruption is bound to have some repurcussion for the people. This is indeed a great step by government. Now, the black money hoarders will have to desposit entire amount in the bank and willl come under the eyes of the IT dept.
There will be few smart people who have stashed money outside, now they will want to get money back in india. monitoring forex inflow will be easier for the government now that indian black money is gone, hoarders will have to get stashed money into india and get caught.
so all in all I feel that is a great move, surgical attack on the blackmoney.
The small time businessmen and poor will not be impact as they will have to disclose the income, open a jan dhan account, since thier income should be under the taxable slabs they will anyways will not be harmed inspite of exposing thier cash. infact they will be banked which there were initially not.
The only thing I see over here is bank and financial providers do not increase the rate for transfer of services and should ensure that systems are secure.
Hackers will see this an great potential for fund embezellement. Need to be sure we do keep our accounts safe.
There will be few smart people who have stashed money outside, now they will want to get money back in india. monitoring forex inflow will be easier for the government now that indian black money is gone, hoarders will have to get stashed money into india and get caught.
so all in all I feel that is a great move, surgical attack on the blackmoney.
The small time businessmen and poor will not be impact as they will have to disclose the income, open a jan dhan account, since thier income should be under the taxable slabs they will anyways will not be harmed inspite of exposing thier cash. infact they will be banked which there were initially not.
The only thing I see over here is bank and financial providers do not increase the rate for transfer of services and should ensure that systems are secure.
Hackers will see this an great potential for fund embezellement. Need to be sure we do keep our accounts safe.
I just went to a petrol pump here thinking that I can give a 1000 rupee note and buy petrol for Rs.200 (for my two wheeler) and get back balance Rs.800 in 100 rupee note. The Pump guy told me that either fill up fuel for Rs.500 or Rs.1000 as he dont have change ( 100 rupee notes ) to give back the balance.![[roll]](https://www.theautomotiveindia.com/forums/images/smilies/Roll.gif "Roll Eyes [roll]")
My scooter cannot accommodate more than 2 of 3 liter petrol now hence I had to come back (My trick didnt work there)![[embarass]](https://www.theautomotiveindia.com/forums/images/smilies/Embarass.gif "Embarass [embarass]")
My scooter cannot accommodate more than 2 of 3 liter petrol now hence I had to come back (My trick didnt work there)
I just went to a petrol pump here thinking that I can give a 1000 rupee note and buy petrol for Rs.200 (for my two wheeler) and get back balance Rs.800 in 100 rupee note. The Pump guy told me that either fill up fuel for Rs.500 or Rs.1000 as he dont have change ( 100 rupee notes ) to give back the balance.
![[:D]](https://www.theautomotiveindia.com/forums/images/smilies/Big%20Smile.gif "Big Smile [:D]")
Was wondering on my way to work, what if a tyre is punctured. I may not be able to pay the roadside puncturewala!
I just went to a petrol pump here thinking that I can give a 1000 rupee note and buy petrol for Rs.200 (for my two wheeler) and get back balance Rs.800 in 100 rupee note. The Pump guy told me that either fill up fuel for Rs.500 or Rs.1000 as he dont have change ( 100 rupee notes ) to give back the balance.
My scooter cannot accommodate more than 2 of 3 liter petrol now hence I had to come back (My trick didnt work there)
My scooter cannot accommodate more than 2 of 3 liter petrol now hence I had to come back (My trick didnt work there)
Every people don't panic.
Why waste money in filling the vehicles, instead get it exchanged so that you save a lot money.
Still the people in petrol bunks are more cautious as well as forcing us to fill more fuel indirectly so stop fueling your vehicles but fuel only to your necessity.
Why waste money in filling the vehicles, instead get it exchanged so that you save a lot money.
Still the people in petrol bunks are more cautious as well as forcing us to fill more fuel indirectly so stop fueling your vehicles but fuel only to your necessity.
Well I did use the Fuel pump to consume 2 notes each of 1000 and 500. Fortunately for me the tank was near empty so could easily accommodate diesel worth 3000.
But I heard few establishments are still accepting 500 and 1000 Rupees notes. May be they are okay with it as the deadline for depositing money in Bank is 30 December. So they can deposit daily or on alternative days stating business of the day.
But I heard few establishments are still accepting 500 and 1000 Rupees notes. May be they are okay with it as the deadline for depositing money in Bank is 30 December. So they can deposit daily or on alternative days stating business of the day.
No matter what, I don't welcome this decision actually. Initially they kept giving nightmares with their income declaration scheme messages and the ones warning of consequences.
Now they have done this on a short notice of just 4 hours. I agree that this will help bring a lot of black money directly into mainstream economy from the parallel economy it was initially in, but this could have been done after giving a deadline of a month. For anyone converting their black money to white, they will any ways have to put it into the system.
So IMO it is a good step taken in a wrong way, they are simply harassing the public for now as no one is willing to accept those notes despite of announcements that it is valid till tomorrow. IMO govt need to take care that if they have made a rule, then it is followed too.
Additionally what about the black money that is already out of country? Now they have given reasons to bank guys and babus to harass the aam aadmi whoever will go to bank to put his savings into the account.
Now they have done this on a short notice of just 4 hours. I agree that this will help bring a lot of black money directly into mainstream economy from the parallel economy it was initially in, but this could have been done after giving a deadline of a month. For anyone converting their black money to white, they will any ways have to put it into the system.
So IMO it is a good step taken in a wrong way, they are simply harassing the public for now as no one is willing to accept those notes despite of announcements that it is valid till tomorrow. IMO govt need to take care that if they have made a rule, then it is followed too.
Additionally what about the black money that is already out of country? Now they have given reasons to bank guys and babus to harass the aam aadmi whoever will go to bank to put his savings into the account.
Well according to the reports and articles there is no stopping to depositing money into the bank. if you have 500 and 1000 rupee notes you can still go and deposit in the banks. Only problem will be in near future, is when you are depositing money much more that that has been declared.
Which is in a way a correct step to stop black money.
Why do you want 1 month for notes? so that miscreants have 30 days of time to do away with the black money. I do not agree with your point of giving 30 days of deadline. there was enough already given for declaring the same previously. Modi too had warned in multiple speeches that people should own up.
The thing is we did not take this government seriously and now when steps are been taken we crib.
I am mightly pleased.Yes it will be difficult initially but as i said before, for a disruption for the future good for a nation some hardships have to be borne now.
During the freedom struggle had our older generation not embraced hardships and difficult situation then we would not have enjoyed the privileges we are getting now. So some one has to take up the hardships for the better future of our next generation.
Which is in a way a correct step to stop black money.
Why do you want 1 month for notes? so that miscreants have 30 days of time to do away with the black money. I do not agree with your point of giving 30 days of deadline. there was enough already given for declaring the same previously. Modi too had warned in multiple speeches that people should own up.
The thing is we did not take this government seriously and now when steps are been taken we crib.
I am mightly pleased.Yes it will be difficult initially but as i said before, for a disruption for the future good for a nation some hardships have to be borne now.
During the freedom struggle had our older generation not embraced hardships and difficult situation then we would not have enjoyed the privileges we are getting now. So some one has to take up the hardships for the better future of our next generation.
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If not one month, at least one week was a must. I mean that its not easy to adjust a huge sum within a week. Now the situation is worse, people have money but its if no use.
Businesses are brought to a grinding halt suddenly, payments et all are blocked and people are left hagging around in a lot of discomfort. Moving around in a car, one doesnt know what the people who move in buses, rickshaws etc are facing.
Mr. Modi said that 500 and 1000 notes will be accepted at places but no one is there to make sure if this rule is adhered to. It's more of a knee jerk reaction IMO.
Businesses are brought to a grinding halt suddenly, payments et all are blocked and people are left hagging around in a lot of discomfort. Moving around in a car, one doesnt know what the people who move in buses, rickshaws etc are facing.
Mr. Modi said that 500 and 1000 notes will be accepted at places but no one is there to make sure if this rule is adhered to. It's more of a knee jerk reaction IMO.