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Old 11th November 2016, 12:44   #391
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by heydj View Post
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.
There is so much rush because people want to have some cash in hand to use it for their daily needs as ATMs are not working in many cities yet. I think you can exchange your 500s/1000s in return of denominations of 100 directly from the bank. Correct me if I am wrong.
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Old 11th November 2016, 12:46   #392
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Most bank branches in South Bangalore have liquidity crunch for lower denominations. Checked in two ICICI, one AXIS and a few SBI branches by several colleagues.

Only 2000 INR denomination notes are being offered, and according to my branch manager (ICICI Jayanagar 7th block), they haven't got supply since noon yesterday. They're expecting a van by 2PM so they can stash and activate the ATM on premises.

Edit (ATM situation): Except an HDFC ATM at Kathriguppe signal that seems to be working (long queue outside so I presume it is functional), I couldn't locate a single working ATM in the Banashankari area when I checked around 11 AM.

Last edited by Chetan_Rao : 11th November 2016 at 12:55.
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Old 11th November 2016, 12:47   #393
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I have been without cash and ATMs not having the required money is kind of not being prepared well.

Looking at our population and the propensity to panic and do things in mob frenzy, they should have handled this better.

Last edited by srishiva : 11th November 2016 at 12:50.
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Old 11th November 2016, 12:52   #394
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sdp1975 View Post
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.
I am in need of cash and none of the ATM's I visited were dispensing .
Thinking I was early and maybe the the cash needs to be filled, I went twice again with a gap of an hour and it was the same story.
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Old 11th November 2016, 13:01   #395
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pramodkumar View Post
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.
Sorry to hear about your personal situation, but your instigating ideas are horrifying.

It is not easy to flush out the existing money in all ATM's (pan-india) and fill with new cash at the same time. Apart from logistics, if you look at the backend, lot of software changes, validations have to be made which consumes a lot of time. The time given is just one day. There may be glitches here and there and few places are affected (comparing the large scale, this is negligible) as expected.
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Old 11th November 2016, 13:05   #396
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Stood in line for half an hour at SBI, Fort to get my notes exchanged. This was comparatively less time as i went through an internal route! As expected everyone got 10 & 20 rupee bundles. No sign of new notes.
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Old 11th November 2016, 13:06   #397
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

http://www.business-standard.com/art...1100406_1.html

....and people with black money have already started to figure out workarounds.
Multiple articles point to exchange rates in the ball park of 20-30%

I'm not sure if the inconvenience caused by this initiative to tax evaders outweighs the inconvenience caused to the law abiding common man (not people like you and me who have bank accounts, mobile wallets and plastic money to fall back on)
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Old 11th November 2016, 13:06   #398
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by RGK View Post
........It is not easy to flush out the existing money in all ATM's (pan-india) and fill with new cash at the same time. Apart from logistics, if you look at the backend, lot of software changes, validations have to be made which consumes a lot of time. The time given is just one day. There may be glitches here and there and few places are affected (comparing the large scale, this is negligible) as expected.
Some glitches are expected on any large scale operation, but when something is being done on such a large scale, logistical planning becomes CRITICAL.

A lot of this could've been mitigated by providing banks with extra supply of 50/100 notes immediately after the PM's announcement. Shouldn't have been an issue since our Finance Minister claims notes have been in print for months now.

If ATMs had dispensed lower denominations notes just for a week before this was done - no need to announce anything, this happen once in a while everywhere anyway - the transition could've been much less painful.

The cash crunch is VERY real and nowhere close to negligible, and 2000 rupee notes are no good to anyone buying small everyday stuff because there's not enough change to transact against at most places. It's just a selfie prop for the next few days.

Last edited by Chetan_Rao : 11th November 2016 at 13:09.
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Old 11th November 2016, 13:08   #399
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I had no problems withdrawing from HDFC ATM yesterday, no queue, no waiting. In and out in under a minute, got 100s for 2000/-.
Strange thing was there was quite a queue at the YES bank atm which is next door, don't know what people were thinking.

Try the ATMs that are attached to a bank branch, these are working since yesterday.
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Old 11th November 2016, 13:12   #400
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pramodkumar View Post
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.
Gentleman, there is an attempt being made to clean the dirt of past 60 years. Would you not be happy about the efforts made at the top level to remedy the rotten system? Would you not suffer some pain for 60 days so that your next generations could get a better business and work environment when they grow up? We can continue to lament, but if we can sustain the inconvenience for a few days things are going to get better.

I am surprised that we lament when we are unable to buy a house because it is un-affordable due to the amount of black money that has come into the system over the past 10 years. And, when a Government tries to fix the system we are again lamenting because of the short term pain associated with the transition to a new note system. At some point of time, we need to have our priorities right. Either be ready to take some inconvenience for a better economy and better business environment or continue to live as is with the rotten and out-rightly corrupt system.

And, why would people riot? It seems you fell for the rumor and fear mongering being used as a tool by vested interests to try and cause problems during the transition period. As a bare minimum, you should try and ensure that such fear mongering does not spread.

Whether anybody votes for a particular party at a later date is something that will happen in the future. For now, we have been offered a chance to fix the broken system and we should seize the opportunity to make the most of it.
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Old 11th November 2016, 13:14   #401
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by speedmiester View Post
I had no problems withdrawing from HDFC ATM yesterday, no queue, no waiting. In and out in under a minute, got 100s for 2000/-.
Strange thing was there was quite a queue at the YES bank atm which is next door, don't know what people were thinking.

Try the ATMs that are attached to a bank branch, these are working since yesterday.
Did you draw cash with an HDFC card itself ?? As far I know, at the moment, cash cannot be drawn with a different bank atm card.
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Old 11th November 2016, 13:20   #402
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

When people say "this should have been planned better", I hope they understand the scale and complexity of the task when 86% of the ENTIRE nations's cash (by value) needs to be collected back and new currency issued in its place.

50 days of time for exchange and depositing of old currency has been given precisely for this. Essential services like fuel-pumps, govt hospitals, travel (rail/air/toll-nakas) were excluded precisely for this. Heaps of new currency was printed and kept ready precisely for this. Weekends of bank-employees have been encroached and working hours on other days extended precisely for this.

Banks and post-offices are the only reliable channels through which this could be handled without compromise to the broader purpose. Let's be realistic, this "delivery infrastructure" can not be augmented overnight and definitely not for an activity that is temporary.

Yes, conceptually it could have been planned/executed better. Of course, there is no upper limit to excellence and perfection. But, has enough been done in terms of planning and execution. My answer is ..yes.

Last edited by SDP : 11th November 2016 at 13:21.
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Old 11th November 2016, 13:21   #403
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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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?
Sadly they accept only cash. Just heard the same in the news. The debit card reader is not working since last year, it seems. Sad state of affair.
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Old 11th November 2016, 13:25   #404
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Did you draw cash with an HDFC card itself ?? As far I know, at the moment, cash cannot be drawn with a different bank atm card.
Yes I used HDFC bank card. I didn't try with my other cards.
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Old 11th November 2016, 13:30   #405
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Sadly they accept only cash. Just heard the same in the news. The debit card reader is not working since last year, it seems. Sad state of affair.
Never believe what you hear in news channels. These Malayalam channels are notorious for being opinionated . Also I heard hospitals are even accepting delayed payments. Every transaction is a two way process, if you deny every option of payment, your own business will suffer. So both sides will soon become flexible and come to a common ground. They can use either cheque or DD or online transfer if POS machine is not working. In Bangalore lot of Autos have PAYTM or Freecharge scan codes pasted. You can just make a transfer to that account. Such is the level of digitization.

Last edited by poloman : 11th November 2016 at 13:34.
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