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Old 11th November 2016, 18:21   #436
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by RGK View Post
Expected results are visible now after demonetization.

Here you go:

http://economictimes.indiatimes.com/...w/55371390.cms
What a way to compensate for lack of funds in banks owing to NPAs by biggies.
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Old 11th November 2016, 18:23   #437
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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There are large supermarkets still accepting this in Chennai and I think this is the ones who are doing all their trade in white. So they will anyway deposit all their cash into the bank before Dec 31st..
I don't think it works like that. At least not officially. These guys are supposed to have a current account with their bank and their KYCs are pretty elaborate. Expected daily turnover, cash deposits etc. are known. They do not carry their cash in their till for months on end. In other words they need to deposit their cash on a daily basis. If they deposit these old notes everyday IT will catch them for dealing in scrapped currency. Similarly, if they hold back and then try to deposit everything together in one go then too they are at peril as their KYC will give them away in terms of their expected daily turnover vis a vis what they are trying to deposit. I do not see how these guys are dealing in old currency notes other than having some questionable means of recovering their money back.
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Old 11th November 2016, 18:28   #438
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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I do not see how these guys are dealing in old currency notes other than having some questionable means of recovering their money back.
Dont know and they may not be doing it daily but this was today morning in Yeses Supermarket...
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Old 11th November 2016, 18:50   #439
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Some interesting numbers from the article below :

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* Transactions that take place outside formal channels amount to around 20 percent of India's annual $2 trillion gross domestic product, according to investment firm Ambit.

* India's tax revenue as a percentage of its GDP was 16.7 percent in 2016, compared with 25.4 percent in the United States and 30.3 percent in Japan.

* Macquarie estimated the government could raise $30 billion in additional tax revenues from its scheme to withdraw higher-denominated bills, enough to significantly reduce India's fiscal deficit, which in the previous year stood at around $80 billion.

* PM Modi's administration also implemented a tax amnesty scheme that brought in nearly $10 billion in undeclared income.


Source : http://www.ndtv.com/india-news/after...-leaks-1624286
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Old 11th November 2016, 18:56   #440
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Originally Posted by arvindmanju View Post
There are people advertising by sending messages that their establishment will accept old notes for their business/ services. Is it not illegal to accept these notes?

If they are dealing with scrapped notes it surely raises concerns. They are effectively helping hoarders to dispose off old notes with them instead of at the bank. For this reason alone it should be considered illegal.
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Old 11th November 2016, 19:12   #441
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Our office ATM has been refilled and was able to withdraw 2K now. No queues as our facility is low staffed and it is not permitting a second withdrawal. I got an sms from my bank that I have crossed the permissible limit and can try again after 9:30PM (about 3 hrs).
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Old 11th November 2016, 19:12   #442
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I have absolutely no idea why are people in panic mode? You can deposit your money till 30th December, why stand in such long queues? I mean is all their money at home?

I can understand people waiting outside ATMs as they were non functional for 2 days, but the world is not going to end if you don't withdraw money right now. If it is an emergency, I can understand, but most people are simply panicking!

Stupendous in this day and age. I for one have a 100 Rupee note for the past 3 days. Have tried eliminating use of cash completely. Even the local sweet shop was accepting 30 rupee transfers through cards
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Old 11th November 2016, 19:51   #443
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Originally Posted by sushantr5 View Post
Exchange of notes with new notes, a person can do that only once till 31st December. As understood by everybody, it is not per day Rs.4000.
Not quite! I exchanged ₹6000 in the last 2 days from the same branch using the same ID documents.
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Old 11th November 2016, 19:53   #444
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

OK something from a store owners perspective. City Margao, Goa.
We maintain accounts properly but our margins do not allow us to provide card payments due to transaction charges.
Nov 9: Had bunch of people who never shopped at our store dropping in to pick Rs40-50 stuff and giving Rs500 notes. We took the stand to take Rs500 notes in case they were buying stuff worth Rs300+ or if they agreed to pick remaining cash later since we simply didnt have enough Rs100 notes to cater to all. Some flare ups did happen but we didnt change our stance.
Nov 10: Same story as above but we did started seeing some Rs100 notes. One dude walked in and picked up stuff that'll last him for an year. No comments for guessing.
Nov 11: Many Rs100 notes and no commotion like earlier days.
Lets see what happens tomorrow.

One thing I do noticed, every single customer though faced hardship supported this decision. Some of them strongly anti modi. I have never seen something like this before.

In other news, I can literally feel how ground has shaken for some folks. They know there is no escape.

Last edited by akshay380 : 11th November 2016 at 19:55.
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Old 11th November 2016, 19:56   #445
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I stood in queue to exchange my 500 rupee notes. I would say it was painless but lot of people tried to fool system and were caught when computer rejected their application. But fly in ointment was I only got two rs 2000 notes. So much for limited circulation of high denomination. It seems we will see hoarding of lower denomination currency just like scarcity of coins we face today as 500 and other higher legal tender are now increasingly targeted by Government.
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Old 11th November 2016, 19:59   #446
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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I stood in queue to exchange my 500 rupee notes. I would say it was painless but lot of people tried to fool system and were caught when computer rejected their application.
What fool the system? Applications are processed by a computer that accepts or rejects?
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Old 11th November 2016, 20:06   #447
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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What fool the system? Applications are processed by a computer that accepts or rejects?
You are allowed to exchange cash once only in these 50 days. These smart people tried to exchange money from different banks and some even tried to exchange money from same person they dealt yesterday. Isnt it a case of trying to fool the system ?
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Old 11th November 2016, 20:10   #448
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Two days. Total 3 hours spent in various queues. I have in my hand five 2000 rupee notes, a few 50 rupee notes and a bundle of 10 rupee notes. I have to chug along with this through this weekend as I have hit the weekly limit. The first set is worthless, as I can't use it to buy anything. If I have to shop in a supermarket I'd use my credit card. And I'd look like a fool going shopping with a 10 rupee bundle, but that is OK.

This whole demonetization exercise sound good in paper (I rejoiced when I first heard it) but it is creating more hardships to people especially the ones who are not to be the real target of this exercise.

I read somewhere that the PM was advised by somebody from an NGO to take this drastic step. While it is fine that our leaders take their ideas from wherever the deem fit, if the leaders themselves lack understanding of economics and market forces, such fiascoes are bound to happen.

It wouldn't hurt if we reserve our highest offices to people with some real education (real degrees). Even a written test of elementary grade would help. We even have to take a written test for getting a learners licence, while any tom dick and harry with a sharp enough tongue can get a licence to handle our most important office.

Meanwhile I wonder where all the replacement notes are. No 500s and 1000s are anywhere to be seen. Are people who transact using Rs 2000 notes expected to get the change in 100, 50 and 10 rupee notes? Say I buy something for Rs 200, pay using a Rs 2000 rupee note and expect to get the balance as 18 hundred rupee notes? How stupid is that? And are there so many hundred rupee notes in circulation?
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Old 11th November 2016, 20:19   #449
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by FrozeninTime View Post
You are allowed to exchange cash once only in these 50 days. These smart people tried to exchange money from different banks and some even tried to exchange money from same person they dealt yesterday. Isnt it a case of trying to fool the system ?
Does this apply only for exchange? I m planning to deposit the 1000's to my account and then withdraw using ATM/bank teller. Can I deposit money multiple times into my account?
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Old 11th November 2016, 20:26   #450
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Meanwhile I wonder where all the replacement notes are. No 500s and 1000s are anywhere to be seen.
there are no 1000 rupees new currency. Yes 500s are not seen as much
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