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Old 9th November 2016, 16:45   #181
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Default re: Government scraps Rs 500 and Rs 1000 notes!

One good outcome of all this is anyone with a POS terminal is swiping cards without any 'nakhras' (tantrums) about 'small amounts' or 'extra charges'.

I managed to buy stuff for less than 100 rupees with a credit card that the trader would've usually frowned upon, but was glad to accommodate today.

Between credit cards, mobile wallets and Sodexho coupons, I'm covered for a while until this settles down.

Last edited by Chetan_Rao : 9th November 2016 at 16:53.
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Old 9th November 2016, 16:52   #182
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Tolls suspended till midnight of 11th. Just saw a tweet from Transport Minister.

Mods please delete this post if it is already posted by others.
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Old 9th November 2016, 16:57   #183
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Default re: Government scraps Rs 500 and Rs 1000 notes!

With Jaitley announcing that the replacement currency will only be in the markets in 3-4 weeks - how do you guys plan to manage? I was expecting to be able to withdraw new money in 2 days, but now, this will cause problems all over the country?

http://timesofindia.indiatimes.com/v...w/55328553.cms
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Old 9th November 2016, 17:19   #184
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by naveenroy View Post
With Jaitley announcing that the replacement currency will only be in the markets in 3-4 weeks - how do you guys plan to manage? I was expecting to be able to withdraw new money in 2 days, but now, this will cause problems all over the country?

http://timesofindia.indiatimes.com/v...w/55328553.cms
My plan
  • Spend less and spend only on absolutely necessary items
  • Go cashless where ever possible (even before I was more of a cashless guy)...Use Sodexo coupons, Online wallets like Paytm, OLA money, Airtel money etc.
  • Use debit and credit cards for transactions.
  • Go to shops where electronic payments are accepted.
  • 100 rupees notes will be available so use that.

For many, its a mental block that without cash, things won't work. In fact I feel that now, many people will realise that it is not that difficult and they will come out of this mental block. There is almost nothing that you cannot buy with electronic cash.
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Old 9th November 2016, 17:21   #185
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Snippet from THE GAZETTE OF INDIA - Official Publication

The Gazette of India.pdf

With demonetisation of Rs 500 and Rs 1,000 currency notes, the government has directed Income-Tax Department to coordinate with all banks and furnish details of individuals who exchange cash amount of Rs 2 lakh and above.

Article: http://www.business-standard.com/art...0801577_1.html

Last edited by embee : 9th November 2016 at 17:24.
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Old 9th November 2016, 17:31   #186
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Nempuguru View Post
Tolls suspended till midnight of 11th. Just saw a tweet from Transport Minister.

Mods please delete this post if it is already posted by others.
I missed a crucial appointment at A'bad due to the fact that am out of cash. Bad luck I guess. The highway announcement should have been made yesterday.
And 3-4 weeks for new currency to reach is a disaster. Dont know how to manage. Probably go online shopping even for essential products. Larger, organized players will benefit due to plastic money. Smaller traders, shopkeepers not having facilities for swiping card will lose business, accentuating trouble if already they are in.

Can we pay for fuel and toll in cheque.

Last edited by aaggoswami : 9th November 2016 at 17:32.
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Old 9th November 2016, 17:33   #187
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by naveenroy View Post
With Jaitley announcing that the replacement currency will only be in the markets in 3-4 weeks - how do you guys plan to manage? I was expecting to be able to withdraw new money in 2 days, but now, this will cause problems all over the country?

http://timesofindia.indiatimes.com/v...w/55328553.cms
I believe he meant a 'gradual' introduction over that time period, but it's true that pretty much all daily essentials except the local fresh grocery purchases can be managed with plastic money (with a few adjustments) in urban areas. Rural folks will have to grin and bear it for a while, as there may not be enough small denomination notes (10/20/50/100) in circulation to cover for discontinued 500/1000 denominations.

P.S. I do believe the transition should've been managed better. It's easy to say 'bear with it for the greater good', but most small traders in my area have had almost no business today except really small purchases. Some are even ready to accept 500/1000 notes but have run out of change to return. It's either 'buy something for the whole amount of your note', or 'tough luck come later'. If this is the situation in urban centers, imagine the plight in semi-urban/rural areas.

P.P.S. For some sobering context, people who think it's no big deal as technology will mitigate the crunch, my office cabbie who turned up today said he couldn't use our transport mgmt. app to call me or navigate to my home because he's never used a touchscreen phone before. Not having 'real' money is unimaginable for someone like him, while we tap our phones a few times to recharge out e-wallets enroute to work . Not everyone is app-savvy or literate, and we shouldn't forget them or assume they'll manage somehow.

Last edited by Chetan_Rao : 9th November 2016 at 17:47.
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Old 9th November 2016, 17:37   #188
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by hemanth.anand View Post

For many, its a mental block that without cash, things won't work. In fact I feel that now, many people will realise that it is not that difficult and they will come out of this mental block. There is almost nothing that you cannot buy with electronic cash.
Yes, I understand this is how we can manage in the cities. I can order even food online. But imagine the plight of millions of people - even elderly people living on their own in towns/villages where electronic cash is hardly even known - and ATMs closed for 2 days! Wonder how they even manage? That situation surely isn't a mental block?

And when I tell this to friends, they laugh at me saying everyone accepts electronic cash these days. Well, not everywhere. And I think we guys are forgetting the fact that most people of India don't live in the cities.

EDIT - to quote Chetan's post above.

Quote:
Originally Posted by Chetan_Rao View Post
P.S. I do believe the transition should've been managed better. It's easy to say 'bear with it for the greater good', but most small traders in my area have had almost no business today except really small purchases. Some are even ready to accept 500/1000 notes but have run out of change to return. It's either buy something for the whole amount of your note, or 'tough luck come later'.
Totally agree. Funny when people say "bear it for the greater good". The same people who used to produce fake medical bills to get the medical reimbursements from their employers! I mean, why wasn't this transition even thought of? It must have been managed better. Especially when it was first announced that ATMs will have the new money in 2 days and now, they tell us that it will be 3-4 weeks!

Last edited by naveenroy : 9th November 2016 at 17:41.
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Old 9th November 2016, 17:42   #189
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Originally Posted by daretodream View Post
Folks in Bangalore
Have you tried using old currency at petrol pumps today?
Any luck?

I saw an HP bunk in new BEL road with old currency.

In fact, the attendant even tried to pass off Rs 500 note to me as 'change'. I had asked him to fill Rs 1000 diesel. The charge slip that he gave from the card machine had Rs 1500! I promptly asked him to fill for Rs 500 more instead of collecting the change from him. Although he apologized for wrong charge, I think it was a trick to loosen his share of old notes.
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Old 9th November 2016, 17:44   #190
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by aaggoswami View Post
I missed a crucial appointment at A'bad due to the fact that am out of cash. Bad luck I guess. The highway announcement should have been made yesterday.
Wow! Not having any cash in 100s and lower denominations? How did that happen?


Quote:
Can we pay for fuel and toll in cheque.
I doubt that. Cards are accepted at bigger fuel-pumps though.

Last edited by SDP : 9th November 2016 at 17:46.
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Old 9th November 2016, 17:53   #191
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by SDP View Post
Wow! Not having any cash in 100s and lower denominations? How did that happen?
I doubt that. Cards are accepted at bigger fuel-pumps though.
Thought of collecting cash at night. Hardly 500 X 9 notes at home yesterday night. Tried to get change but nobody ready for it, not even pan-wallah. And now, even hospitals are not accepting Rs. 500 and Rs. 1000 notes.

Never anticipated this. Whatever rs. 100 and other currency I have, needs to be with us for mom's health and medications.
Card not accepted at Expressway. Cash I have is Rs. 500/- currency only and a few notes of Rs. 100/-.

Toll will be Rs. 95x2. Other contingency like puncture, etc. cannot be taken care of. There are two major highways for A'bad, NH-8 and Expressway. Toll at both places. Just left it the way it is. Waiting for tomorrow as the announcement is made.
Am alarmed if new notes are delayed !

Last edited by aaggoswami : 9th November 2016 at 17:54.
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Old 9th November 2016, 17:57   #192
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Masterstroke and perfect timing:

1. With US elections all financial markets attention diverted.
2. Punjab & UP elections around the corner, black money flushed out and nefarious elements will find it difficult to fuel underground activities.


BTW latest news tolls to be not collected until 11th midnight.

Last edited by heydj : 9th November 2016 at 18:00.
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Old 9th November 2016, 18:13   #193
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Nempuguru View Post
Tolls suspended till midnight of 11th. Just saw a tweet from Transport Minister.

Mods please delete this post if it is already posted by others.
Yes, BETL and NECE roads in Bangalore are toll free. Just passed through NECE toll a few seconds ago
Edit: NICE road toll collection happening at exits and long queue at Kanakapura exit where our cab is waiting to pass.
We told we have only 500 and not a single rupee. The toll collector told give at least 20 rupees. We didn't give... he had to leave

Last edited by hemanth.anand : 9th November 2016 at 18:37.
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Old 9th November 2016, 18:18   #194
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Banks will remain open this Saturday (despite being 2nd Saturday) and Sunday to facilitate exchange/deposits of money.

Source - news link

Last edited by Divya Sharan : 9th November 2016 at 18:23. Reason: Source added.
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Old 9th November 2016, 18:59   #195
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Excellent move that is in the best interest of our country though it would cause some inconvenience for us for the next few weeks.

I believe this move also had a hidden agenda, to flush out any black money kept aside by the opposition for campaign and other party activities. And I'm sure they would be thinking " Now why the hell didn't we think of this "
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