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Old 13th April 2017, 11:02   #2386
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by .sushilkumar View Post
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 .
A lot of these are photoshopped. I saw a lovely green 1000 note, then someone pointed out that the running text still talks for 2000! So be careful. There is talk of a 200 note as well. Having spent a lot on money on it, I do not see the 2000 vanishing in a hurry.
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Old 13th April 2017, 12:27   #2387
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by alpha1 View Post
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.
Last weekend, when on vacation our resort owner insisted on cash payment for the food/drinks we ordered outside the official package cost. We were a largish group, but none of us were carrying cash. We scanned all around for multiple ATMs before we finally located an ATM (of a cooperative bank) that finally had cash.

This was in Kerala and the cash shortage was real. My office ATMs almost always are out of cash too.
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Old 13th April 2017, 13:50   #2388
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Yesterday, early morning, we had not been able to get cash the previous day. A parcel from USA arrived in the post, with Rs800 Customs to be paid. My wife borrowed it from the milkman!
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Old 13th April 2017, 14:18   #2389
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Similar stories in Pune as well.

And the very questionable Remonetise India campaign continues on TV, with a message that cash should not be taken away from the poor that need it to survive and we should not add to their burdens by using it. That really takes the cake. Who created the problem in the first place? If there was any artificially created shortage in the abysmal history of our shortages hobbled economic history, it is this one.

Clearly there is something happening in the economy that I no longer understand. The economic impact of this move that now appears to be purely a vote catching one is something that has been much below what I expected it to be, but something still doesn't smell so good. Perhaps I was wrong in my impact expectation; or perhaps I was right, and the impact is still be fully realised.
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Old 15th April 2017, 20:14   #2390
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
A lot of these are photoshopped. I saw a lovely green 1000 note, then someone pointed out that the running text still talks for 2000! So be careful. There is talk of a 200 note as well. Having spent a lot on money on it, I do not see the 2000 vanishing in a hurry.
Thanks for the warning sir. logically i agree that phasing out 2000 Rs notes will be a waste of money but logic have rarely worked in Govt circles. As a tax payer, I must bear the brunt of so called elective representatives.

As for 200 Rs note goes, it is more or less certain if i go via media reports. It is a matter of govt approving them for circulation as getting change of 2000 note is a challenge. Looking at bright side, earlier i used to withdraw 2000 for my pocket expenses, now i make up with 1500 for fear of getting a 2000 Rs note.
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Old 16th April 2017, 21:57   #2391
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Unless and until GoI waves of merchant PoS fees & miscellaneous expenses like paper & call charges that a merchant has to incur for about 3 years minimum, so that every body who has a debit card in urban and rural setups can really go digital and people can adapt to the idea of paying big or small amounts, this digital India initiative will never work.

Thousands of ATMs are just gathering dust because there is no liquid to fill em up and this is a total loss on assets of banks by way of machinery cost invested and rental paid to several landlords where ATMs have never been refilled.

GOI can also work out avenues with network operators to allow Bhim or UPI apps to run on subsidised data packs that run only for such apps so that mobile banking payments take off vigorously.
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Old 13th May 2017, 07:12   #2392
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

This subject seems to off the radar now, in spite of ATMs still not having enough cash when most required, in many places in the country.

In this context, a balanced report on the subject:
http://www.ndtv.com/opinion/a-book-p...m=home-opinion

I remain of the opinion that this was purely a move to appear to be doing something visible to capture votes, once it was understood that visibility of any other development action would arise only over a much longer term than what would allow power to be retained. The voters at large will be the ones to decide the merit of such calculated actions that take them for granted.
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Old 13th May 2017, 07:40   #2393
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Sawyer View Post
In this context, a balanced report on the subject:
http://www.ndtv.com/opinion/a-book-p...m=home-opinion

I remain of the opinion that this was purely a move to appear to be doing something visible to capture votes... The voters at large will be the ones to decide the merit of such calculated actions that take them for granted.
When you called it a balanced report, did you mean the linked review or the book that piece reviews? If the former, I find the suggestion that Jean Drèze would offer a balanced view given his political leanings somewhat risible. If the latter, I have just placed an order for the book, let me read it first (available here: http://www.amazon.in/dp/9386392615).

The most recent demonetization related news I have seen is this:

http://www.livemint.com/Politics/WRT...taxpayers.html

As for the voters, if the recent elections are anything to go by then at least some of them have already made their decision, it would seem.
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Old 13th May 2017, 08:15   #2394
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

One can fool all people for some time, some people for all the time, but no one can fool all the people for all of the time.

I read reports at face value; I do not let the reputation of the writer come in the way of my assessments, because to me that is irrelevant. All that matters to me are the present words in the present review.

As a democracy, we will progress at the rate of the least common denominator. As Churchill said though, democracy is riddled with flaws, and the only thing to be said for it is that nothing better has been invented till now.
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Old 13th May 2017, 10:25   #2395
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Seems that the reduction of cash in circulation is a calculated strategy to push people for cashless. However, by charging on these our bankers are not helping the cause.
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Old 13th May 2017, 12:40   #2396
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I discovered two old 500 rs notes yesterday. Is there still any option to exchange?
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Old 13th May 2017, 13:44   #2397
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by archat68 View Post
I discovered two old 500 rs notes yesterday. Is there still any option to exchange?
You can't obviously exchange now. You can try depositing through an NRI friend/relative. Quoting a previous post of mine:
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The deadline is not over yet. NRI's can still deposit old notes till June 30.
Since you found only two notes, keep them as souvenirs. If you don't want to, there's always the collection box at all places of worship. God almighty would have some ways of using them.

Last edited by dailydriver : 13th May 2017 at 13:47.
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Old 16th May 2017, 17:11   #2398
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sgiitk View Post
Seems that the reduction of cash in circulation is a calculated strategy to push people for cashless.
This actually seems to be the case. With such promotion of cashless transactions, one should have seen ATMs filled with cash, which is not the case. However, overall I feel it is good since cashless modes are being appreciated by everyone.

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However, by charging on these our bankers are not helping the cause.
The banks are actually the ones who are making a killing out of all this. I just saw my bank statement and SBI has charged by Rs. 115 for debit card which I have not used in over 2 years now.
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Old 17th May 2017, 09:48   #2399
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

@ksameer1234; My info from the banks is that far less of the 2000 notes are coming back into circulation, ie they are being stashed away. Also, banks relaxed. One thing good, the virus / ransomware did not hit as badly as expected. Also, banks got an excuse the keep their ATMs off.

I just fail to understand why are we running WinXP systems, and also, what is happening to the declared switch to Linux etc.
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Old 17th May 2017, 10:19   #2400
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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@ksameer1234; My info from the banks is that far less of the 2000 notes are coming back into circulation, ie they are being stashed away.
The same black money cycle starting up all over again then? There have to be safeguards to prevent what has plagued the country all this while.

Or may be there will be another address starting with "Mitron..." writing the obituary for 2000 notes!


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I just fail to understand why are we running WinXP systems, and also, what is happening to the declared switch to Linux etc.
This is actually a great concern. While the old pc at my home running XP is fine, it is indeed frustrating to see government offices using the same. There was so much noise about BOSS OS but simply no adoption. I hope this attack wakes the government up from slumber.
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