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Old 4th July 2017, 07:57   #2431
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Now there is a ₹200 currency note on the way. I am surprised that we seem to going towards 2** which will be unique. 2000 and now 200!
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Old 6th July 2017, 18:20   #2432
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

This article in rediff claims all the currency has come back into the system or they have printed enough notes to replace all the discontinued notes. So much for reducing cash in the system!!

http://www.rediff.com/business/colum...t/20170706.htm

Quoting from the article below:

The RBI Weekly Statistical Supplement of June 9, 2017, reports: Notes in circulation declined from Rs 17.9 lakh crore on November 8, 2016, to Rs 14.7 lakh crore on June 2, 2017.

Over the same period, total deposits of banks with RBI and under market stabilisation scheme (MSS) increased by Rs 2.31 lakh crore and Rs 0.947 lakh crore, viz, Rs 3.25 lakh crore on account of deposits of demonetised bank notes.

Now, do the math: Rs 14.7 lakh crore plus Rs 3.25 lakh crore (Rs 17.95 lakh crore) on June 2, 2017, as against Rs 17.9 lakh crore on November 8
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Old 6th July 2017, 19:26   #2433
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

add to that the SC prodding the govt to open a second window for depositing cash
http://www.hindustantimes.com/india-...CZ7Iq1VQM.html
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Old 7th July 2017, 10:26   #2434
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sachinpk View Post
GST not applicable in J&K at the moment, because of the special provisions (read as "goof up") in our Constituition.
Seems that Jaitley had to read the riot act. They were ranting about the special status of J&K. Now they too are on board.
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add to that the SC prodding the govt to open a second window for depositing cash
http://www.hindustantimes.com/india-...CZ7Iq1VQM.html
The SCI is imho exceeding its brief. We have had totally inept governments for so long, that everybody is busy expanding his domain. Also, now we have ceased to be a Keynesian economy.
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Old 7th July 2017, 11:44   #2435
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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The SCI is imho exceeding its brief.
The govt made a statement, ( that notes would be accepted till a certain date), and then refused to honour that committment, and people are using the courts to make the govt accountable to its statement. In my opinion, this is exactly what a court is supposed to do. In my opinion, courts have been asleep on their watch while the government exceeds their brief!

Last edited by SDP : 7th July 2017 at 16:16. Reason: corrected minor typo
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Old 12th July 2017, 08:52   #2436
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Reports coming in indicate that cash in the economy is almost back to earlier levels and digital payments are now going down such that overall these again reflect an organic, driven by user choice and convenience driven growth rate over the last 12-24 months. Which is the only sustainable way for that to grow - by creating a organic demand for digital cash. Any attempt to force drive that growth by constraining cash supply can only be at the cost of economic activity and consequently, GDP. A no brainer that, if one recognises the ground realities in the country.

Every thinking Indian will slowly be drawing their own conclusion about the motivation for the demonetisation decision based upon its cost/benefit to the nation of ordinary citizens.
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Old 26th July 2017, 13:45   #2437
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Exclamation Re: Government scraps Rs 500 and Rs 1000 notes!

Is there another demonetization in the pipeline? Most people who may have salvaged their old notes to 2000s and this may be another exercise to flush even further especially with the various linkages of aadhar to Bank, PAN etc.
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Old 26th July 2017, 14:07   #2438
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Looks like printing of Rs 2000 notes is being stopped. ( Zee tv news). They will however, continue to be legal tender.
Notes of Rs 200 denomination should be out soon.
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Old 26th July 2017, 15:44   #2439
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Originally Posted by condor View Post
Looks like printing of Rs 2000 notes is being stopped. ( Zee tv news). They will however, continue to be legal tender.
Notes of Rs 200 denomination should be out soon.
Seems to be based on the over-all plan of only having small denomination notes in the market. Many other nations have already done that. Advantage being cash transactions for large values would become more cumbersome.
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Old 26th July 2017, 16:06   #2440
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Seems to be based on the over-all plan of only having small denomination notes in the market. ... Advantage being cash transactions for large values would become more cumbersome.
Agree. Also, many of us did guess that the 2k denomination is more a stop-gap than a permanent measure.
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Old 26th July 2017, 16:40   #2441
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by condor View Post
Looks like printing of Rs 2000 notes is being stopped. ( Zee tv news). They will however, continue to be legal tender.
Notes of Rs 200 denomination should be out soon.
I believe post circulation when the 2K notes re-enter the banks, they are not re distributing them again. There are more 500 notes circulated though to counter this measure. I am told even the 2K notes have become black rapidly and this may be one of the reason for them to be out of circulation shortly to flush the black out!

Truly we need to go digital to avoid this menace...
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Old 26th July 2017, 17:19   #2442
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Just read that the Rs.2000 demonetization question was raised in Parliament and the FM did not respond. With this denomination not being dispensed out of ATMs and the Rs.200 note launch on the anvil, I think a demonetization of Rs.2000 cannot be ruled out. Will it be a blow to the black market hoarders, who may have already found newer ways to stash ill gained money? I doubt.

The Rs.2000 note was quite illiquid anyway and was a pain to exchange it for smaller denominations.

Last edited by hrman : 26th July 2017 at 17:20.
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Old 26th July 2017, 17:32   #2443
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I am not very sure as to the statement of when the 2K notes re-enter the banks, they are not re distributing them again.

The reason being, I withdrew cash from the ATM today morning and all I got was 2000 Rs notes.

So is the move of not re-dispensing the 2k notes implemented or is still in the development stage (as we say it in IT industry).
I agree on the point that 2k notes are hard to break in. I usually do it at the toll booth. Every toll booth on the way I give a 2k note, it has worked 90% of the time.
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Old 26th July 2017, 18:04   #2444
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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I usually do it at the toll booth. Every toll booth on the way I give a 2k note, it has worked 90% of the time.
My favourite place to dispose off 2K notes is the petrol pump. Works 100% of the time. Never failed me even during the dark days of demonetization.

Usually fill fuel for 300 in case of bikes and 500 in case of cars. So, get to have the remaining change .
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Old 26th July 2017, 18:34   #2445
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

The 2k note is useful when you fill up, with the current fuel prices, it won't suffice even for a diesel hatch. It's useful when travelling and that's about it.

The note is preferred for enabling expenses, one smaller bundle can do the job that two bundles did earlier, if you are into that sort of thing.
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