Old Currency of Rs. 500 and Rs. 1000 Void from 09th November 2016

[abhijit]

With miseries mounting for patients and their attendants following demonetisation, postal department officials have started visiting hospitals across the city to help them exchange old high-value currency notes for new ones.
So far, nearly Rs 25 lakhs have been exchanged by them at the hospitals.

 

[karthikjr73]

With miseries mounting for patients and their attendants following demonetisation, postal department officials have started visiting hospitals across the city to help them exchange old high-value currency notes for new ones.
So far, nearly Rs 25 lakhs have been exchanged by them at the hospitals.

Very nice initiative by the postal department to take care of the very people who need the lower denominations most urgently.

Today i visited three banks - HDFC, Axis & Kotak for personal work and on enquiring i was told that the lines for depositing and exchanging has reduced considerably. Only hitch is that ATM are still not able to cope with demand and most banks here have not received Rs 500 new notes so managing with Rs 2000 & old Rs 100.

 

[abhijit]

Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.

In the last 13 days, banks have been flooded with deposits in Jan Dhan accounts that have touched Rs 21,000 crore, sources said.

 

[IndicaDLS2002]

Speculations are that there maybe good reasons for delay & possibly limited supply of the new 500 note since the denomination was said/blamed to being used for all the "wrong" purposes in the past. Good chunk of the cash economy has also moved to digital wallets & will continue with it.

 

[Nairrk]

With Salary date fast approaching government has to take quick decision regarding maximum amount with-drawable at one go. Is it going to be only Rs.24000 weekly basis - that will put many in difficult situation

 

[TSIVipul]

To be very precise, I have started losing my patience with every passing day. Already this decision has caused enough of the loss to us and now news like these have also started felling in:

Demonetisation: Lakhs of daily wagers begin losing jobs in UP - Times of India

Baghpat: 6 hurt in lathi charge outside Baghpat bank, 4 cops suspended - Times of India

 

[abhijit]

The government on Wednesday asked banks to waive the merchant discount rate (MDR) or transaction fee charged on debit card payments until 31 December to encourage more customers to use digital transactions.

All public sector banks and some private lenders have agreed to waive these charges,

 

[allhyundaicars]

Good chunk of the cash economy has also moved to digital wallets & will continue with it.

how do you know this ? you said this because people around you started doing paytm transactions ? well it's a good alternative i agree but take a look at these articles.
you will change your statement after reading these.

Secondly, merely depriving people of cash doesn't make an economy cashless. With only 46% banking penetration, only 22% internet connectivity, 19% of population without electricity connection (and others with unreliable connection) and only 1.2 million of 14 million merchants having point of sale devices, India simply doesn't have the infrastructure for a cashless economy. Another problem is the low level of digital literacy in India. Unless these real challenges are addressed, withdrawing the bulk of cash only creates chaos as we can now see.

10 Reasons Why BJP's Demonetization Move Is An Unmitigated

To be very precise, I have started losing my patience with every passing day. Already this decision has caused enough of the loss to us and now news like these have also started felling in:

this move was supposed to help the poor and middle class people right ?

https://www.google.co.in/search?esp....serp..8.5.1773...0j0i67k1j0i20k1.e-F9QAj89s4

there are other things to be looked at

http://www.forbes.com/sites/timwors...late-we-dont-even-know-the-sign/#7f55e5134a1a

you are browsing TAI , just stop for some time and go through the articles and then you will realize was this a good move or a bad one.

pros

1.more people will start issuing bills for the goods sold.
2. put a stop of informal ways of dealing.
3. please enlighten me if there are any other benefits. please don't say or think it will be good for the long run. if you have facts , stats , links please post it.

cons
i have been listing just cons
1. workers being fired.
2. gdp will drop
3.a very good statement for all those who think it's good to wait in lines for a better tomorrow.

The officially projected best-case scenario is three weeks, which is a lifetime for the poor and indigent. And what of the unfortunate who have no proof of identity?

and many more mentioned in the articles.

this was just a publicity stunt just like kejriwal;s odd even scheme in delhi. if you compare the two.

black money in form of cash - 5% of the total black money
cars contributing to pollution - 5% of the total pollution level

now mr. kejriwal wished to curb air pollution by banning odd numberd cars on odd days and vice versa.
total effect on pollution - 2.5% ( obviously not the actual percentage but what you can see by the stats )
loopholes - converted cars to cng.

now mr modi decided to do the exact same thing and gaining publicity that this move will eradicate corruption. you can very much compare what happened to delh's pollution level and what will happen to india's corruption.

loopholes - converted to gold , other assets , transferred to jan dhan accounts ( a very easy way to hold black money , do i sense another conspiracy theory ? )
total effect on corruption - ?

both tried to get publicity , some of them found them to be good and some people found it to be a waste.

this seems like an odd comparison but just for the sake of it , read it.

 

[rselva]

Demonetization is a huge success because:
I find a long line of luxury cars outside banks and all the car owners are standing in line to exchange their black money
I find all ATMs spewing out small notes and people are not desperately searching for the next ATM with cash.
I find politicians, builders and large businessmen sobbing and looking despondent because they kept all their black money in cash and it got wiped out by demonetization .
I find farmers whipping out 1 of the many debits cards they have to buy seeds and fertilizers
I find that there is no Money Exchange gangs busy exchanging old notes for 30 to 50% commission
I find small stall owners taking out shiny new mobiles with paytm apps and happily asking people to enter their debit card numbers for samosas and chai.
I find unorganized sector labourers getting their daily wages without any problem
I find Reliance and Adanis of the world and Chinese investors are not getting big payout due to demonetization
I find that despite no new security features in Rs.2000 notes, Pak and China are not printing fake Rs.2000
I find that GDP will not reduce by 2%
And lastly, I don’t find it disturbing that 86% big denomination notes were pulled out of circulation to put in 76% EVEN BIGGER denomination notes to fight black money !!! (RBI data predicted circulation of 500 and 2000 notes as on 16th December)

 

[abhijit]

With an aim to support the government's ongoing move to shift Indians to cashless payments system, State Bank of India (SBI) launched an 'SBI Pay' app on Wednesday.

“With the current demonetisation drive of the government and the push towards Digital/Cashless payments, 'SBI Pay' is expected to be a game changer in the digital payment ecosystem as the bank has the largest customer base in the country,” SBI chairman Arundhati Bhattacharya, said in a press release on Thursday.

The 'SBI Pay' is an unified payment interface (UPI) app of the bank and is a payment solution not only for SBI account holders, but for all banks who are part of UPI, the release said.

Through 'SBI Pay' app people can send and receive money from their smart phones with a virtual payment address acting as unique identifier. Moreover, users do not need to provide any additional details other than the virtual payment address while using the app.

 

[abhijit]

Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008.

 

[allhyundaicars]

rselva your views appalls me. it really got me thinking where in india you live and after i continued i was wondering if you are living in a real world.

I find a long line of luxury cars outside banks and all the car owners are standing in line to exchange their black money

so you just said that all luxury car owners have black money ? how can you even generalize such a thing ?
so if i were in my santro going to a bankto exchange i dont have any black money, if i were to go in my friend's bmw , notes in my hands automatically becomes black money ?

I find all ATMs spewing out small notes and people are not desperately searching for the next ATM with cash.

do you see the queues now? this was on the 12th day.
the article also stated
"A 49-year-old vegetable vendor died on Monday afternoon while waiting for his turn to deposit money as long queues persisted outside bank branches for the 12th day"
source : Demonetisation: Queues Persist Outside Banks and ATMs on Day 12 - News18

Even 14 days after demonetisation by the government serpentine queues are witnessed before ATMs while many offsite ATMs were seen with shutters down across the city on Tuesday.

source : No respite from long queues before ATMs - Times of India

I find politicians, builders and large businessmen sobbing and looking despondent because they kept all their black money in cash and it got wiped out by demonetization

did you even read the articles i mentioned above ?

"Top experts in the country estimate that black money in cash is only about 1/20th of the black economy."
source : Demonetisation may not end black money | The Indian Express

I find farmers whipping out 1 of the many debits cards they have to buy seeds and fertilizers

indeed he is a very fortunate person to have a debit card but do you really think every farmer has a debit card ? are you serious. read my previous reply. i can't keep posting the same links again and again.

I find that there is no Money Exchange gangs busy exchanging old notes for 30 to 50% commission

just because you didn't need to find the people doing this doesn't mean it isn't happening.
demonetization: Two bankers booked for illegal exchange of demonetized cash - Times of India

it's happening in most banks and whosoever has links with the banks is charging commission and changing it.

I find small stall owners taking out shiny new mobiles with paytm apps and happily asking people to enter their debit card numbers for samosas and chai.

happy to see this. people should definitely use this but still not everyone can use paytm.

I find unorganized sector labourers getting their daily wages without any problem

didn't get this.

I find Reliance and Adanis of the world and Chinese investors are not getting big payout due to demonetization

absolutely no comment on this. are you his personal lawyer or a close relative ?

I find that despite no new security features in Rs.2000 notes, Pak and China are not printing fake Rs.2000

were you running the previous fake currency printing machines ? maybe you know someone who is not able to print fake currency. i hope no one does this but how can you be absolutely sure on this ?

I find that GDP will not reduce by 2%

i would believe you if you are an economist. if not you can't just say things like this.
" i find" seriously your comments make me wonder if you are living in a fantasy land | perfect world.

GDP growth to drop to 5.5% in Q3 FY17: FinMin | Business Standard News

Cash crunch: Analysts cut India GDP growth forecast - Livemint

Demonetisation fallout: Experts warn note ban will slow down Indian economy | business-news | Hindustan Times

And lastly, I don’t find it disturbing that 86% big denomination notes were pulled out of circulation to put in 76% EVEN BIGGER denomination notes to fight black money !!! (RBI data predicted circulation of 500 and 2000 notes as on 16th December)

i will get back to you on 16th december on this. i hope it turns out to be true.

 

[abhijit]

Money being flown from Haryana to Nagaland might seem like a truly bizarre way of trying to convert stashes of cash in old notes into legal tender , but it's not as illogical as it might sound. India's income tax laws allow exemptions for various categories of incomes or individuals. These exemptions are apparently now being misused to covert black cash into white money.

Among those exempt from paying income tax are members of scheduled tribe communities in Nagaland, Manipur, Tripura, Arunachal Pradesh and Mizoram. Scheduled tribes in North Cachar Hills and Mikir Hills in Assam, the Khasi Hills, Garo Hills and Jaintia Hills in Meghalaya and Ladakh in Jammu & Kashmir also don't have to pay income tax. The exemption applies to income arising from any source in these areas or from dividends or interest on securities from anywhere.

A similar exemption is available to all those defined as "Sikkimese" in the I-T Act. This again is for any income generated from Sikkim itself and for income from dividend or interest on securities generated anywhere. The intent behind these exemptions is to provide fiscal concessions to backward areas and communities. In times like now, it becomes a useful route for people looking to turn undisclosed incomes legitimate.

 

[SubbuAR]

I wonder how people are generalizing the demonetization effect.Many guys are referring everything came back to normalcy.It is not the case,i feel pity of those ignorant people.Common man is suffering more and all those having black money are easily finding ways to convert their black money with 30%-50% commissions. This move is not bringing black money to coffer , this is nothing but bringing everybody under the tax scanner that's it.People are suffering to get back their own money, and the 2000 new note is a complete joke.We are not getting any change for those notes.

 

[macsvin]

Main issue is now people are not ready to spend 100 rs note unless it is necesarry and the small notes are inside pockets only making life more miserable. I have 10 notes of 2K in my pocket which I am not able to use at many places still. Although most of my payments are digital but daily needs are still be on cash.

Further my maids have bank account but are not ready to accept cheques or bank transfer. They claim that they do not get enough time to go to bank to withdraw the cash. They are insisting to give there salary in cash and that too deny to get 2K note.

IMO with the new 500 Rs note the situation might be more better but still people (read very few %) with black money might find some or the other ways easily.

The only thing which I personally expect out of this is if Govt announces some concession or may be increase TAX limit as well as exemption in saving limit for common man to be really happy