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Old 11th November 2016, 11:00   #376
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I am pretty surprised to see comments against this move.

This is the first time someone is taking a stab at this big problem we are lugging around. Why don't we get out heads around and fight? I mean, if the country had to go to war today and your services are called for would you fight for the greater good or you worry about the inconvenience it would cause to your family and loved ones and stay back? Would you fight for the greater good? Would you fight to protect the people who don't understand why the war is being fought?

Now don't pull out the poor people/ medical emergency card. I too have a granny who is very ill as we speak, my dad is far away from me taking care of her. I have a mother living alone who does not know to use a debit card. I have this , that and I can go on but to what avail folks?

We all want things to happen without inconveniencing us. We all want thing to be done in the best possible way but are not willing to take the step forward to do it and when someone else comes out and makes an effort we complain. What if there is just no other way than to shock the hoarders?

Rather than complain lets try to make a difference in what ever little way we can. Avoid splurging and keep away from ATM/Banks unless you really cannot. Let the people who are in immediate need of cash get it first. Help your maid/apartment security guard/cab driver understand why it is being done and then educate them about the steps that they can take. If possible take the steps for them.

Lets fight. We have a chance. We know not when we will get to fight this again.

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Old 11th November 2016, 11:02   #377
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The affect is on everyone but the most affected is the lower income group who need to buy necessities but cannot because no one is dealing with scraped notes anymore.

I have heard that Metro, Mother Diary, Hospital, Govt approved chemist are dealing with scrapped currency but I am afraid to say none of them are dealing. Metro people are straight away refusing to accept ₹500/- and ₹1000/- notes. And I have been told that on Mother Dairy when a person went to buy milk he handed over a ₹500 note and the guy on the booth told that firstly I will deduct your ₹100 purchase and the I will deduct ₹100 more because you are giving me ₹500 note. People are making profits from the one who are going to them to buy. It is also been heard that people are taking ₹1000/- and giving ₹700 or ₹800 instead. A bit of a problem for a normal person to deal with these situations.

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Old 11th November 2016, 11:04   #378
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by arvind71181 View Post
Since you are having a long trip, can I suggest going to the bank and doing a withdrawal using cheque/exchange? Withdrawal up to 10k and exchange up to 4k (am sure you know)
I went to the ICICI branch here and they've lowered their shutter citing systems being down. The nearby SBI branch was crowded and it was suffocating inside with the AC not working! I will go there around 4 PM after winding up the work. I've got to withdraw some money some way.

Just a doubt. Will the tolls accept the old 500 Rs notes when they resume working? I doubt they will issue change for the 2000 Rs note.
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Old 11th November 2016, 11:09   #379
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200% Tax penalty calculations. Just got this in WhatsApp. This is how it will be calculated?
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Old 11th November 2016, 11:26   #380
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by rajathv8 View Post
Why don't we get out heads around and fight? I mean, if the country had to go to war today and your services are called for would you fight for the greater good or you worry about the inconvenience it would cause to your family ........Lets fight. We have a chance. We know not when we will get to fight this again.
Thank you Rajathv8 for your post. Did my heart good to read a decisive and positive post, after quite a few negative ones. The tragedy is that the poor man's discomfort is being made the focal point for lamblasting this decision. However, the truth is that while the poor are facing inconviniences, they while acknowledging the same, mention in the same breath that they are happy the government has taken this decision to combat corruption and black money.

Those of us who needlessly and at times unthinkingly forward stories about inconviniences faced by elderly, poor and the infirm, would do well to ask themselves if they are not being made a tool for people with vested interests? I am not saying that these stories are cooked up. They may well be true. Today i find the queues quite long at some of banks that i passed on the way. Yes, a price that we have to pay to make our country better.
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Old 11th November 2016, 11:33   #381
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by lHarpreetl View Post
200% Tax penalty calculations. Just got this in WhatsApp. This is how it will be calculated?
This will only be applicable incase you have misreported your income, so as long as you have disclosed the income in previous IT returns,but deposit say above 5 lakhs, there is nothing to worry.

So the calculation is correct only under the assumption that the WHOLE of such deposits made, was from mis/under reported income.

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Old 11th November 2016, 11:34   #382
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by rajathv8 View Post
I am pretty surprised to see comments against this move
Do you have money in hand to take care of expenses or are you ready to face things as they come by? No one here is questioning the motive, I will speak for myself, I am just upset about the level of unpreparedness.

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This is the first time someone is taking a stab at this big problem we are lugging around. Why don't we get out heads around and fight?
This is not the first time such a move happened, it happened 3 times before in independent India, but black money and currency hoarding happened once the dust settled. Now I can clearly and without any doubt say it was done only with the upcoming elections in the view.

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Originally Posted by rajathv8 View Post
I mean, if the country had to go to war today and your services are called for would you fight for the greater good or you worry about the inconvenience it would cause to your family and loved ones and stay back? Would you fight for the greater good? Would you fight to protect the people who don't understand why the war is being fought?
The country is not at war and this argument is baseless, if this was a sneak preview of what is to happen in a war scenario then, I am not sure how will things be at the time of a real war.

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Now don't pull out the poor people/ medical emergency card. I too have a granny who is very ill as we speak, my dad is far away from me taking care of her. I have a mother living alone who does not know to use a debit card. I have this , that and I can go on but to what avail folks?
Isn't medical emergency a valid concern? do you have any idea of the situation on the ground? most clinics and hospitals are not accepting any old currency, petrol pumps at places have boards displaying 1000 and 500 RS notes wont be accepted, even if you have 2000 Rupee note, getting change is not possible if you buy anything for under 2000. Most places that accept cards ask us to pay an additional 2.5%.

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Originally Posted by rajathv8 View Post
We all want things to happen without inconveniencing us. We all want thing to be done in the best possible way but are not willing to take the step forward to do it and when someone else comes out and makes an effort we complain. What if there is just no other way than to shock the hoarders?
Hoarders might be shocked initially but most have done ingenious things to convert their hoards into gold and other currencies(read foreign currency), I am really not sure who got shocked here. with the endless queues of common people outside banks its obvious none of the hoarders are killing themselves or standing in those queues. So I am now really sure who actually got shocked in the whole exercise, its us and the common people who work hard pay taxes, get taxed again when we buy things and still get harassed when the government decides to shock someone.

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Originally Posted by rajathv8 View Post
Rather than complain lets try to make a difference in what ever little way we can. Avoid splurging and keep away from ATM/Banks unless you really cannot. Let the people who are in immediate need of cash get it first. Help your maid/apartment security guard/cab driver understand why it is being done and then educate them about the steps that they can take. If possible take the steps for them.
Do you really think we have a choice? with the upper limit capped at 10k a week, I am sure people cant really go nuts withdrawing money

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Originally Posted by rajathv8 View Post
Lets fight. We have a chance. We know not when we will get to fight this again.
I lost my father last week, I cannot imagine about people who might loose their loved ones this week, imagine not able to conduct last rites just because the hoarders are to be shocked

My only request to people like you is to stop rubbing salt on the wounds people have by saying we need to sacrifice and nation needs to sacrifice for a greater good, there was absolutely no planning and people including me who supported the government initially are now really cursing the same government.

Jai hind.

Last edited by pramodkumar : 11th November 2016 at 11:36.
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Old 11th November 2016, 11:46   #383
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Originally Posted by pramodkumar View Post
Do you have money in hand to take care of expenses or are you ready to face things as they come by? No one here is questioning the motive, I will speak for myself, I am just upset about the level of unpreparedness.

Jai hind.
I have hardly seen a 100Rs note in last one week. I have around 5000Rs in cash in old notes. This also came as my wife's salary. I have not even looked at a bank or ATM in last 2 days since I will only do the exchange when the dust settles. All my expenses are run on cards.Admit I am in a place where cards are widely accepted. Can you tell me being also in a city like Trivandrum, why are you hard pressed for cash? Every where I know including hospitals accept cards. I accept this may not be the case in rural places. But I have seen reports that they are accepting cheques now. I am sure you are going by the panic reaction in some Malayalam channels.
Now some will surely say people don't have accounts or cheques. This is exactly the problem in this country. When an opportunity was given to open zero balance accounts under Jan dhan scheme one year back they took this lightly. Everything is going on a plan. Expect more steps like this. Particularly on gold front.

Last edited by poloman : 11th November 2016 at 11:51.
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Old 11th November 2016, 11:58   #384
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Last night I was having a telephonic conversation with one of my friend based out of Dubai branch of an Indian nationalized bank. He says out of 50 calls coming a day, at least 30 are for finding ways to somehow converting cash back home into new currency notes. He said - one customer walked in asking if there is some way I can change 83 crores worth of cash (back in India) to new currency. Exactly the kind of people this exercise is targeted to. Most probably, all of that 83 crores will now be gone to zilch.

I am loving it.
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Old 11th November 2016, 12:02   #385
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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I have hardly seen a 100Rs note in last one week. I have around 5000Rs in cash in old notes. I have not even looked at a bank or ATM in last 2 days since I will only do the exchange when the dust settles. All my expenses are run on cards.Admit I am in a place where cards are widely accepted. Can you tell me being also in a city like Trivandrum, why are you hard pressed for cash? Every where I know including hospitals accept cards. I accept this may be the case in rural places. But I am sure they are accepting cheques now. I am sure you are going by the panic reaction in some Malayalam channels.
Luckily I am not hard pressed for cash at the moment, but I will tell you what happened the day I went to the crematorium. There is a charge of 1600 and as per government guidelines they would accept old cash, I gave 2k and they didn't have change and I had 100 rupees change so that was taken care of. Now I will detail the other expenses I had at the crematorium.

The person(crematorium staff) who conducted the last rites asked me to give him 500, then 2 cleaning ladies arrived who asked for 400 each, then the guy who was operating the crematorium asked me for a 500 rupees tip. They guy from whom I collected the ashes asked me to pay 500. This is the state of affairs, if you wont pay these guys the last rites wont happen, to pay them you cannot use a card or cheque. This is one instance

One of my team member had sold gold for 3 lacs for his mothers cancer treatment, which is happening at RCC(supposed to be done at government rates) he now has cash and no one is accepting it, his father has to go to the treasury(he was an employee there) to exchange it or deposit it.

Another guy is getting engaged tomorrow he had the money withdrawn to pay the jewelry for the engagement rings and for the transport, caterers and others, none are accepting cash or cheque now as they are equally panicked. he got the rings covered by depositing the money back into his account but things are not easy otherwise.

Now people who have money with them can sustain, imagine people borrowing money from small time lenders to meet expenses. There are many such examples.

I am not just upset because things happened to me, I am upset because everyone around me is affected. people who were earlier praising the government are now really speechless, if as promised ATMs started working people would have been happy, but looking at the level of uncertainty everyone is getting even more tensed, I am not worried if this affects law an order situations or people start rioting or looting, there is a limit to everything.

Last edited by pramodkumar : 11th November 2016 at 12:03.
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Old 11th November 2016, 12:08   #386
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Luckily I am not hard pressed for cash at the moment, but I will tell you what happened the day I went to the crematorium. There is a charge of 1600 and as per government guidelines they would accept old cash, I gave 2k and they didn't have change and I had 100 rupees change so that was taken care of. Now I will detail the other expenses I had at the crematorium.



I am not just upset because things happened to me, I am upset because everyone around me is affected. people who were earlier praising the government are now really speechless, if as promised ATMs started working people would have been happy, but looking at the level of uncertainty everyone is getting even more tensed, I am not worried if this affects law an order situations or people start rioting or looting, there is a limit to everything.
There is no pain without gain. How else would you have gone about this exercise? If there was even an inkling of this happening before the announcement, all the black money would have been converted to other assets and they would have gotten away with it. This is the only way.
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Old 11th November 2016, 12:14   #387
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Luckily I am not hard pressed for cash at the moment,

I am not just upset because things happened to me, I am upset because everyone around me is affected. people who were earlier praising the government are now really speechless, if as promised ATMs started working people would have been happy, but looking at the level of uncertainty everyone is getting even more tensed, I am not worried if this affects law an order situations or people start rioting or looting, there is a limit to everything.
This exactly my point and many others are pointing out here. A guy sold gold for his mother's treatment, perfectly fine but why should he insist pay RCC in cash? Why can't he deposit money in bank and issue cheque? RCC does not accept debit cards either? Are you saying treatment at RCC fully stopped till people give them hard cash in new series?
Now the guy who is in trouble with engagement. Why can't he buy jewellery with cards or cheques? Why can't he simply do a online transfer to the caterer's account which is a one minute job.
Now all these are conduits of real black money. So you are essentially supporting the very system which is filled with cash bribes and cash dealings, which now will happen in white.
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Now people who have money with them can sustain, imagine people borrowing money from small time lenders to meet expenses. There are many such examples.
It is not a question of who have money and who have not. I have given you my example. I don't have a single penny of legal tender in my hand. But I am working around it with much ease. The problem arises, when you insist you deal in cash only.

Please understand we are trying here to clear a system where the black economy is around 30%. This will be unique among free democratic countries and no way we can let this happen if you want to remove poverty or aim financial inclusion.

Last edited by poloman : 11th November 2016 at 12:35.
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Old 11th November 2016, 12:18   #388
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I don't understand why there are so many long queues and mad rush among people to exchange notes or long lines at petrol pumps etc.

People are behaving as if its end of the world. Govt has given ample time for changing so just chill. If passing by the bank in few days or weeks time we see its relatively empty then get the needful done.

Told same thing to my neighbors today who wanted to go stand in the line from 7 am so that they could be first when the bank opens. I was like -

If anything all those with plastic should stand aside and let people less fortunate and completely dependent on cash go in first.
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Old 11th November 2016, 12:33   #389
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pramodkumar View Post
......Another guy is getting engaged tomorrow he had the money withdrawn to pay the jewelry for the engagement rings and for the transport, caterers and others, none are accepting cash or cheque now as they are equally panicked. he got the rings covered by depositing the money back into his account but things are not easy otherwise.
....
I have not come across any situations where I had to deal with transport, caterers and others post demonetization. However I find it strange that if they do not want to accept cash or check - do they want to do business or not?

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everyone is getting even more tensed, I am not worried if this affects law an order situations or people start rioting or looting, there is a limit to everything.
Sir, though I sympathize with your personal situation, I find this thought of yours gruesome that you are not worried even for law and order situation! Please do not wish rioting and looting
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Old 11th November 2016, 12:41   #390
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

How's the situation at Banks and ATMs today in Bangalore ? I'm not hard pressed for cash after I exchanged 4000/- yesterday , just wanted to hear some first hand information.

EDIT : SBI has said 10 days to normalize ATMs due to vendor limitations - in all reality it will take more than that.

Last edited by sdp1975 : 11th November 2016 at 12:51.
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