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Old 26th January 2017, 18:26   #2266
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

For those with some old notes, there could be good news coming:
Quote:

Demonetisation: People may get another chance to deposit Rs 500, Rs 1000 notes


The Reserve Bank of India may allow citizens another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum, sources in the government and banking sector said on Wednesday.
http://www.hindustantimes.com/india-...6ry7cdoxN.html
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Old 26th January 2017, 18:55   #2267
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by avira_tk View Post
The broadest indicator of economic performance is actual growth in sales of houses and automobiles
I don't know where this is coming from - care to share some references for this? It might be true for California but could hardly be the case in India.
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Old 26th January 2017, 19:28   #2268
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by gopalnayak View Post
For those with some old notes, there could be good news coming:

http://www.hindustantimes.com/india-...6ry7cdoxN.html
I hope RBI gives us another chance to deposit these old notes without much hassle, just today found old notes worth 20K which i had stacked up for emergency needs
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Old 26th January 2017, 19:33   #2269
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Visran View Post
I hope RBI gives us another chance to deposit these old notes without much hassle, just today found old notes worth 20K which i had stacked up for emergency needs
My guess is that they will allow deposit of these notes into your account, essentially no exchange. They may set upper limit on the amount you can deposit and may ask for some ID proof, possibly PAN.
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Old 26th January 2017, 19:43   #2270
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
Sad that they could not deposit an amount of about $450! You could have helped out by using your account to deposit and change the amount. Remember ₹24,000 a week per account is permitted. Maybe if they were in a desperate hurry you could have used two accounts.
These were old Rs 500 notes, how could I deposit them ?
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Old 26th January 2017, 21:17   #2271
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Mortis View Post
These were old Rs 500 notes, how could I deposit them ?
They were kosher for depositing in the bank till 30th December. It only after that date the restrictions come in. After some sturm und drang, the final version was that they continued to be Ok. Only, multiple deposits after 10th December or so were verboten.

I would not bother for them to try unless they had Aadhar cards and/or PAN cards.

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Originally Posted by bblost View Post
Isn't this illegal?
We were strictly warned to not deposit others old notes in our accounts.
Yes, and no. You are accountable for any deposits you make.

Demonetisation: People may get another chance to deposit Rs 500, Rs 1000 notes

Quote:
The Reserve Bank of India may allow citizens another chance to deposit the scrapped Rs 500 and Rs 1,000 banknotes but the exchange would be for a limited sum, sources in the government and banking sector said on Wednesday.
I will consider this to be more of wishful thinking, than real.

Last edited by sgiitk : 26th January 2017 at 21:21.
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Old 26th January 2017, 22:23   #2272
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by binand View Post
I don't know where this is coming from - care to share some references for this? It might be true for California but could hardly be the case in India.
Cars and houses are the biggest purchases, anywhere, a drop in sales signals a slowdown and the ripple effect of huge because they employ a large number in the unorganised sector. The stock market prices in future earnings and has plenty of volatility, including international events, something that 80 percent of the population isn't affected by. Retail investors are only 3% of the market(BTV today), so a stock market boom isn't really a ride that lifts all boats.
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Old 27th January 2017, 05:27   #2273
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Cars and houses are the biggest purchases, anywhere, a drop in sales signals a slowdown and the ripple effect of huge because they employ a large number in the unorganised sector.
Isn't that actually a good thing? Everyone knows that real estate and automobiles are two big ticket items bought with unaccounted cash (In part or full). Now if their sales has dropped then that's a true reflection of being unable to splurge unaccounted cash. And more importantly when there's a cash crunch, the last thing you expect a person to do is spend lakhs or crores on real estate or cars.

Real estate prices should see a correction and that will help salaried people (To buy not sell ) who are the biggest losers in India at any point in time with respect to taxes.

Last edited by kiku007 : 27th January 2017 at 05:29.
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Old 27th January 2017, 06:01   #2274
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by avira_tk View Post
Cars and houses are the biggest purchases, anywhere
Even in India? I would like to see some reference from which you are quoting this. It stretches imagination that automobiles and houses, which about 10-15% of the population owns (Census 2011), can be used as a broad economic performance metric as opposed to say, FMCG or food adjuncts.
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Old 27th January 2017, 12:08   #2275
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Any update on the new Rs. 2000 notes? Will these also be withdrawn from circulation in near future?

With so much fake news floating around and Govt. not clarifying, for whatever reasons, is it advised to retain these notes?
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Old 27th January 2017, 14:29   #2276
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I will be surprised. It costs a lot of money. What may happen is that 1000 denomination may come, and 2000 may be allowed to die a natural death.
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Old 28th January 2017, 02:55   #2277
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Originally Posted by AltoLXI View Post
Any update on the new Rs. 2000 notes? Will these also be withdrawn from circulation in near future?

With so much fake news floating around and Govt. not clarifying, for whatever reasons, is it advised to retain these notes?
Oh, didn't you know these new notes self destruct after a set period of time? So hoarders beware.

Jokes apart, I would think everyone should be spooked enough to think that such a move is not impossible. If anything, it'll only help in earlier migration to cashless modes of transactions.
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Old 30th January 2017, 19:07   #2278
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

As per TOI, The Reserve Bank of India on Monday (23/01/2017) announced that the limits placed on cash withdrawals from ATMs stand withdrawn from February 1, 2017.

"On a review of the pace of remonetisation, it has been decided to partially restore status quo ante," RBI said adding, cash withdrawal limit from ATMs stands withdrawn from February 1, 2017.

At present, the daily limit on cash withdrawals from ATMs is Rs 10,000.
The limits placed on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts also stand withdrawn with immediate effect, the RBI has said.

However, restrictions on withdrawal of Rs 24,000 a week from savings bank account will continue for now.

http://timesofindia.indiatimes.com/i...w/56873687.cms
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Old 31st January 2017, 12:16   #2279
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by gopalnayak View Post
For those with some old notes, there could be good news coming:

http://www.hindustantimes.com/india-...6ry7cdoxN.html
Does anybody has any idea as to when will this be implied?
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Old 31st January 2017, 14:41   #2280
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Visran View Post
Does anybody has any idea as to when will this be implied?
What I understand is that this is just "wishful thinking" of a few journalists. No official RBI directives seen any where.
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