Old Currency of Rs. 500 and Rs. 1000 Void from 09th November 2016
- Thread Starter Akash1886
- Start date
When Income declaration scheme was launched by PM, he threatened to take hard actions against the people who have black money. The people will now make this money white without paying any taxes. This same government is still denying to publicize the name of few hundred people how have billions of Rupees of bad loans. what king of hypocrisy is that. The real problem is for the people who save all their life to buy a house or save for their kids marriage. This step is genuine hardship for middle class and lower class people, Rich still will not be affected by this.
What will happen when the banks will open tomorrow?
What will happen when the banks will open tomorrow?
RBI has confirmed there is no chip in the Rs2000 note. BTW, jewellers had their highest sales on Tuesday. Some of them were operating post midnight as well. Came to know, a jeweller shop near my place was selling gold at 40k per 10gm. Till 1am, all the jewellery in his shop were sold out.
Even though people buy gold a lot then now the jewellers are liable to pay tax or exchange a hefty amount with the bank and in turn the jewellers will be held liable to the Income Tax department for non-payment of tax.
This shows how silly we Indians are. All the transactions from 8PM ,November 8th on words will be double scrutinized. .
Up to 2 lakhs no danger flags will be generated.Above that amount, it will happen. Those jewellers who had not taken PAN numbers for sale,will be fined.
People panic like hell. By Monday everything will be all right. There is enough money in banks to take care of the exchanges.
Up to 2 lakhs no danger flags will be generated.Above that amount, it will happen. Those jewellers who had not taken PAN numbers for sale,will be fined.
People panic like hell. By Monday everything will be all right. There is enough money in banks to take care of the exchanges.
Just been to ICICI bank to exchange some old notes, but came back as big rush /que there.
Co-operative Banks are not accepting any old notes and at present they are disbursing only Rs.1000(in 100 and 50 rupee notes) to each account holder(they still to receive the new currency). Some nationalized banks are giving away Rs.2000 per account (that too only one note of Rs.2000 - they still to receive Rs.500 new note).
So lot of confusion here this morning. Hope things will normalize by tomorrow...
Co-operative Banks are not accepting any old notes and at present they are disbursing only Rs.1000(in 100 and 50 rupee notes) to each account holder(they still to receive the new currency). Some nationalized banks are giving away Rs.2000 per account (that too only one note of Rs.2000 - they still to receive Rs.500 new note).
So lot of confusion here this morning. Hope things will normalize by tomorrow...
For small time workers & businesses dependent on cash transactions, this is actually equivalent to a two day bandh(strike), & bandhs usually result in loss of day's income and GDP loss, only difference is this time this is done by govt for good reasons. If country can take or face state wide and country wide bharat bandhs few times a year then this should not be new or difficult to handle. Hopefully all settles down soon & things come back to normal & start functioning smoothly again.
Only fear is the sudden & rapid pace of cleansing the system which is happening probably for the first time in the history of India hopefully does not end up slowing down the economy drastically!
Only fear is the sudden & rapid pace of cleansing the system which is happening probably for the first time in the history of India hopefully does not end up slowing down the economy drastically!
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Why should it slow down the economy? Though this move may be a temporary blip on the economy. The government will get loads of money back and that could help government to capitalise the government banks which are in dire needs of capital infusion as major part of their money is declared NPA. Kingfisher for one is a major known culprit among them.
The government in its last budget gave away just 25000 crores as capital infusion into banks whereas they need 2 lakhs crore according to experts. This capital is supposed to be availed for loans by small and medium enterprises which are in need of huge loans to sustain. The banks these days have learnt from their mistakes and totally avoid big ticket loans to corporates. This government, though I don't belong to any party, has done lots of things other governments dared to do. For a major change to happen, you have to give anyone 10-15 years to turnaround the systemic mess we had been into. But, something majorly has to be done to curb corruption at top and bottom or else we'll have to keep doing this exercise every five years.
The capital infusion would negate the blip in the long run. The government in the past has unearthed 1.25lakh chores out of black money and brought into the system which in itself is a great achievement. Life in lot of countries these days are torn by war and terrorism and let's just treat this phase as a war against black money and more importantly fake currency which is ailing our economy.
The government in its last budget gave away just 25000 crores as capital infusion into banks whereas they need 2 lakhs crore according to experts. This capital is supposed to be availed for loans by small and medium enterprises which are in need of huge loans to sustain. The banks these days have learnt from their mistakes and totally avoid big ticket loans to corporates. This government, though I don't belong to any party, has done lots of things other governments dared to do. For a major change to happen, you have to give anyone 10-15 years to turnaround the systemic mess we had been into. But, something majorly has to be done to curb corruption at top and bottom or else we'll have to keep doing this exercise every five years.
The capital infusion would negate the blip in the long run. The government in the past has unearthed 1.25lakh chores out of black money and brought into the system which in itself is a great achievement. Life in lot of countries these days are torn by war and terrorism and let's just treat this phase as a war against black money and more importantly fake currency which is ailing our economy.
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This trouble will last for a few days,I agree,but see the big picture.Its bright for INDIA as a country,in the long run.Anyone who pays his taxes,and has not hoarded black money,and is patriotic,will be super happy.And anyone who is sad ,angry,frustrated,bitter and not approving,well,what can I say,bad luck,maybe.![[;)]](https://www.theautomotiveindia.com/forums/images/smilies/Wink.gif "Wink [;)]")
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Thread Starter
#41
Friends,
It is being said that the Rs. 1000/- note shall be returning in a new avatar. That would also resolve issues regarding the tendering of 2000/- rupees note for values lesser than 1000 rupees.![[:D]](https://www.theautomotiveindia.com/forums/images/smilies/Big%20Smile.gif "Big Smile [:D]")
Regards
Akash
It is being said that the Rs. 1000/- note shall be returning in a new avatar. That would also resolve issues regarding the tendering of 2000/- rupees note for values lesser than 1000 rupees.
Regards
Akash
Friends,
It is being said that the Rs. 1000/- note shall be returning in a new avatar. That would also resolve issues regarding the tendering of 2000/- rupees note for values lesser than 1000 rupees.
Regards
Akash
It is being said that the Rs. 1000/- note shall be returning in a new avatar. That would also resolve issues regarding the tendering of 2000/- rupees note for values lesser than 1000 rupees.
Regards
Akash
WWhy I am saying it is, if you see the new 500 note there are 5 lines at the edges of the note for the blind. 2000 has 7. so it means there will be 1000 with 6 , 100 with 4, 50 with 3, 20 with 2 and 10 with 1 line.
Every situation can be seen in two ways, moment of opportunity or moment of despair. Indians are normally so resourceful , that we make it, more of a time of achievement. All those depressing news regarding ATMs, banks and suicides are just eye wash by the media. Keep faith and stay strong. We needed a drastic change.
Toll suspension for all the national highways extended till 18th November midnight