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Old 13th March 2017, 12:20   #2371
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

A minor comment. Looks like the recent elections do not seem to prove that "demonetisation" was a foolish move. Either it served its intended purpose, or the voters were not affected by the drive (as reported by the media - who we all know are NOT "biased" at all).
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Old 15th March 2017, 18:25   #2372
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by arunphilip View Post
...this instance is one of play money, since the note never states itself to be legal tender (it talks about owing the bearer 2000 coupons, not 2000 rupees), although it is visually styled similar to the newly introduced notes...
Illegal - not sure if the design's similarity itself is illegal, that's for the RBI to define. Definitely illegal on the part of the chap who loaded an ATM with it, though.
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If a play note can infiltrate an ATM, counterfeits may already be on their 10th transaction now, undetected.
TOI reports that a major attempt to infiltrate the banking system by depositing the Children Bank of India notes has been foiled in Hyderabad. Not sure what to make of this. Have a look.

Quote:
The arrest on Tuesday of a stationery shop owner when he tried to deposit Rs 9.91 lakh in obviously fake notes of the new, post demonetisation variety at an Allahabad Bank branch here has resulted in the largest haul of counterfeit currency that does not have even the standard “Reserve Bank of India“ embossed on it.

The accused said during interrogation that he had tried to deposit the notes because he had been told to do so by the “archangel Jibreel“, police said. When they investigated the source they found wholesale stationery shops regularly give out such notes, with the word “specimen“ stamped on them, to grab the attention of children whenever a purchase is made. They also sell stacks of such notes police said.

The accused, Shaik Yousuf (37), tried to deposit the notes at Allahabad Bank's Gayathri Nagar branch on Tuesday morning. Of them, 400 notes were in 2000-rupee and 382 in 500-rupee denominations. All the notes had “Childern (sic) Bank of In dia' written on them instead of “Reserve Bank of India“.

There have been several instances, for over a month, of ATMs giving out such glaringly fake banknotes -without regular features like “Reserve Bank of India“, the RBI seal and the Ashoka Pillar lions on them. The notes seized in the past had “Children Bank of India“ in place of “Reserve Bank of India“, a logo that said “PK“ in place of the RBI seal and “Churan Lable (sic)“ written where the Ashoka Pillar lions should have been.

However, the counterfeit notes seized on Tuesday differ from the fake ones seized earlier in that Tuesday's notes had both the RBI seal and the Ashoka lions on them.They also had the rupee sign, missing in the earlier notes.
Source: http://epaperbeta.timesofindia.com/A...15032017011042
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Old 15th March 2017, 18:33   #2373
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by dailydriver View Post
"he had been told to do so by the “archangel Jibreel“, "
I'd like to have whatever he's been imbibing!

To think he could walk up to a bank counter and attempt depositing it, and that too in such quantities.

When I first read the news about this, I thought it was some attempt at discrediting a bank, or shaking confidence in our financial institutions. But seeing the detail and sheer amateurishness of the play notes and the person himself, Hanlon's razor removed my worries: "Never attribute to malice that which is adequately explained by stupidity"
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Old 17th March 2017, 15:31   #2374
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Sawyer View Post
Excellent poem...Things fall apart was also the title of an excellent book - Akebe?
Quote:
Originally Posted by dailydriver View Post
Yes, Chinua Achebe. A writer I have a lot of respect for.
Completely OT. I wish I could quote you both and the post appeared in the book thread.

Picked up Things Fall Apart after you both talked about it, and, now almost nearing the end, it has come to take its place in my list of favourite books.

Mods: Please bear with me.

Figured a way out but now can't delete it.

Last edited by Piyadassi : 17th March 2017 at 15:33.
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Old 17th March 2017, 16:19   #2375
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sachinpk View Post
A minor comment. Looks like the recent elections do not seem to prove that "demonetisation" was a foolish move. Either it served its intended purpose, or the voters were not affected by the drive (as reported by the media - who we all know are NOT "biased" at all).
So the verdict is out finally!! Demonetization did not pinch people as much as it was brought out by the media. People seemed to have noticed that due to demonetization certain privileged people (read politicians) did indeed suffer.
People stood in long queues for changing notes as well as for changing Govt. It is interesting times ahead. ATB.
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Old 17th March 2017, 20:12   #2376
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

http://indianexpress.com/article/ind...s-why-4572948/

This is going to be interesting.
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Old 18th March 2017, 10:27   #2377
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sachinpk View Post
A minor comment. Looks like the recent elections do not seem to prove that "demonetisation" was a foolish move. Either it served its intended purpose, or the voters were not affected by the drive (as reported by the media - who we all know are NOT "biased" at all).
As on March 3, sum of 12 lakh crores had been surrendered and changed. Now the Govt has started probing the Petrol Pumps for the sales during the demonetization period, and correlating with the bank deposits.
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Old 19th March 2017, 19:23   #2378
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

A ready reckoner for customers of State Bank of India. These are post-demonetisation charges/changes and hence posted here.
Attached Thumbnails
Government scraps Rs 500 and Rs 1000 notes!-img20170319wa0009.jpg  

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Old 19th March 2017, 20:40   #2379
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by dailydriver View Post
A

Thank you, went to check IOB service charges and found a Gold mine.

I found the RBI letter announcing Demonetisation.
Attaching here as I think there is positive learning from it.
Attached Files
File Type: pdf RBI Notification on withdrawal of legal tender2.pdf (395.1 KB, 88 views)
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Old 12th April 2017, 08:36   #2380
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

FM announced that Rs 5400 crores of undisclosed income was brought to light because of demonetisation.

That's all??? What am I missing?
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Old 12th April 2017, 09:04   #2381
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Sawyer View Post
What am I missing?
That 5400 crore was detected till 10/1/17 and does not count the quantum detected later.
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Old 12th April 2017, 09:26   #2382
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Remember the deadline was 31 March, so data is still being compiled. Also, how money must surfaces in forensic audit is to be seen.
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Old 12th April 2017, 10:00   #2383
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
Remember the deadline was 31 March, so data is still being compiled. Also, how money must surfaces in forensic audit is to be seen.
The deadline is not over yet. NRI's can still deposit old notes till June 30. An article dated 02/01/2017 published in ET has this to say:

Quote:
The Reserve Bank of India has allowed non-resident Indians to exchange scrapped Rs 500 and Rs 1,000 notes till June 30. This facility will be available through RBI offices in Mumbai, Delhi, Chennai, Kolkata and Nagpur.

In a notification issued late night on Saturday the banking regulator said that resident Indian citizens who failed to deposit old notes and were abroad between November 9 and December 30, 2016 can avail themselves of this facility up to March 31, 2017, and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017.

"While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA (Foreign Exchange Management Act) regulations (Rs 25,000 per person)," RBI said.
So, the final tally could still be a few months away from being compiled.

Full article at: http://economictimes.indiatimes.com/...w/56282220.cms
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Old 12th April 2017, 17:21   #2384
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Are we nearing end of 2000 rs notes shortly. My whatsapp is flooded with new design of 100 rs / 200rs notes & did saw news of a a 200 rs note launch with RBI waiting for approvals from GOI .
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Old 12th April 2017, 18:29   #2385
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

What is the problem with ATMs running dry again.
Anyone else also observed this in recent time?

For a past few weeks I am experiencing a spate of "unable to dispense" whenever I visit ATM. Reminds me of the last year, except that there are no queues this time.
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