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Old 14th November 2016, 13:00   #631
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by msdivy View Post
The banks are not replenishing the ATMs with cash. Their priority is distributing cash to those visiting them personally, by standing in the queue in front of their branches.
I am sorry, but I do not see the logic. The bank-employees who are working for 12 hours now would have been more than happy to load the ATMs and go home to enjoy the weekend with their families rather than handling the unruly crowd at most places.

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This has led to cash crunch among the people. People are hoarding onto their 100 rupee notes dearly and not spending unless it is very essential.
The cash-crunch is a reality. When you take off 86% of the entire currency in circulation out, obviously the remaining 14% in lower denomination is not going to be enough for everybody. The withdrawal/exchange limits have been put in place precisely for this. Its those people - who don't necessarily 'need' the cash for daily needs, but still withdrawing from ATMs/bank-counters assuming its a doomsday scenario - who are more responsible for the cash crunch currently.

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...Kind of agree with you. I feel the Govt rushed into this. They must have prepared better for Nov 8th, like by having more notes of 100s in circulation, encouragement of non-cash transactions for smaller payments (like NFC).
As per a TV report, the Govt was preparing for this since last 10 months. More 100s have been printed and are in circulation. There was a RBI directive to load ATMs with more 100s since a few days BEFORE the announcement on 8th Nov. You still believe they rushed into this?

Last edited by SDP : 14th November 2016 at 13:02.
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Old 14th November 2016, 13:15   #632
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From a FB friend:
*SEVEN SPIRITUAL LESSONS FROM THE CURRENCY INVALIDATION IN INDIA*

*1. Change is Sudden*

Everybody is concerned about the overnight action making high value currency invalid across India. Nobody saw it coming; or was prepared; or had even any idea of its happening.

But there is something else which we know will surely come, but are not sure when, where and how - that is death. And it will come even more stealthily than this!

We had 4 hours advance notice for this - but in death, there will not be 4 seconds. Are we prepared for the secrecy and suddenness in death?

*2. Value can be lost in a Second*

We had Lakhs of Rupees in 500 and 1,000 denomination yesterday - but today they are just pieces of paper!

Similarly, all worldly gains - money, wealth, fame, power - not just high currency - will all be worthless for us a second after death.

*3. Don't Bank upon Banks*

Like the ATMs and Banks are closed today, options to do good deeds will close with death. No further good deeds can be done / notes withdrawn by us directly.

We can enjoy the assets we purchased earlier with the 500 / 1,000 currency but can't purchase any new ones now. Similarly, only the lasting assets of good deeds we created will benefit us after death - no new goodness can then be done.

*4. Fakes Will Not Last*

One of the purposes of the action is to deal with fake currency. After this, all fake notes will be out of the system. So will it be with ourselves and our actions.

Let us test ourselves - do we have authentic notes or fakes ones - of success, relations, happiness and even good deeds? Is our life itself authentic or are we living a fake life in a fake world?

*5. Small is Big*

Big deeds run the risk of breeding pride and arrogance. The real gems are the small, quiet, hidden, good deeds that are done with sincerity when no one is looking.

The person with two 100 rupee notes is today richer that the person with a thousand 500 rupee notes!

*6. Source Matters*

For each of your actions, you shall be questioned and your source / intention seen.

When you go to the Bank to exchange the Rs 500 / 1,000 note, you will be asked for identity / PAN / source of Income.

Similarly when you bring your deeds to the Creator, he will ask for your source / intentions / purpose. Did you do it to be called a generous person? Or to compete with someone? Or only for the will and happiness of God?

Only the last will be valid currency there!

*7. Plan Ahead*

A lot of people are busy worrying and planning what they can do with the invalidated currency now. But it may be too late.

Planning for the Hereafter needs to be start in the Now - with right intention, sincere devotion and regular action. Else it could be too late.
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Old 14th November 2016, 13:21   #633
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by SDP View Post
Its those people - who don't necessarily 'need' the cash for daily needs, but still withdrawing from ATMs/bank-counters assuming its a doomsday scenario - who are more responsible for the cash crunch currently.
I kind of agree with you on this bit. There is an ATM inside our office which is exclusively for our company people only. On sat it was loaded 5 times. Each time the money was loaded it got over in 1 hour. (according to the cash loading people). On Sunday they had loaded it for 6 lakhs in one go around 11 in the morning and by 2:30 they were back again to reload it seems. I infact saw one couple having 3 ATM cards each and withdrawing money inspite of their colleague/friend behind them requesting them to use only one card. I can understand each person will have the need for cash but not to this extent. So if the educated people itself behave like this then I think the poor people becoming scared and hurrying to withdraw money is not surprising.
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Old 14th November 2016, 13:22   #634
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by SDP View Post
Its those people - who don't necessarily 'need' the cash for daily needs, but still withdrawing from ATMs/bank-counters assuming its a doomsday scenario - who are more responsible for the cash crunch currently.
+1 to that. This is what will make this difference.
In my opinion, the media are playing a part in making this seem like a bigger problem than it is.
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Old 14th November 2016, 13:25   #635
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I am looking at some of the statements by opposition and cannot believe the level of utter stupidity that is in the system. This was only one way to do it. You could not have given anyone a time-frame, we Indians are the best when it comes to jugaad. To say that GOI should have given 7 or 10 days is utter stupid.

Yes people are going to be inconvenienced - that is a given. People are now hoarding 100s - that leads to problems for the larger population. Once someone believes something is scarce, we hoard it and make it scarce - this is just human nature. I went to my apartment ATM and got around 1000 bucks thats it. I am good for the next 10 days to be honest! Why hoard the cash?

My biggest concern is for Rural India - where transactions are typically in cash - of someone can tell me what's happening there, it would be better.
Also, because of the smaller population of rural India - it might actually not be such a problem in exchanging notes.

The PM yesterday pleaded for bear 50 days for a cleaner system, we owe that much to our country. Just imagine the mind boggling number that Black Money is around of 20% of our GDP.Most land/RE deals happen in Cash, people under report their income, bad all the way for everyone. Prices go up, Govt earns less, less money in the system and so on and so forth.

I am probably wondering but digital payments are the need of the hour - they are quick, they can be of any small amount unlike cards, which are generally used for slightly bigger transactions.
And on a slightly different note - Honest people are troubled but are happy with this while the dishonest people are both troubled and unhappy.

P.S. The media keeps showing these queues and is feeding the frenzy really. They make you feel you need you need to keep cash with you!

Last edited by pratyush6 : 14th November 2016 at 13:31.
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Old 14th November 2016, 13:25   #636
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by TorqueyTechie View Post
I kind of agree with you on this bit. There is an ATM inside our office which is exclusively for our company people only. On sat it was loaded 5 times. Each time the money was loaded it got over in 1 hour. (according to the cash loading people). On Sunday they had loaded it for 6 lakhs in one go around 11 in the morning and by 2:30 they were back again to reload it seems. I infact saw one couple having 3 ATM cards each and withdrawing money inspite of their colleague/friend behind them requesting them to use only one card. I can understand each person will have the need for cash but not to this extent. So if the educated people itself behave like this then I think the poor people becoming scared and hurrying to withdraw money is not surprising.
There is no harm in this if they genuinely spend the money in the market. The problem arises if they simply hoard the cash at home. Also make sure you share these notes with people in lower strata.
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Old 14th November 2016, 13:36   #637
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by asingh1977 View Post
Some people at the ATMs are creating their own kangaroo rules. They are not letting people punch out 2000. Are forcing them to key in 1000, only. Else they forcibly press 'cancel'.
How can someone else stand at the ATM when you are using it? Only 1 person is allowed at a time at the ATM.
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Old 14th November 2016, 13:49   #638
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Contradictory opinions among economists on the usefulness of this measure:
http://www.bbc.com/news/world-asia-india-37970965
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Old 14th November 2016, 14:05   #639
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pedrolourenco View Post
How can someone else stand at the ATM when you are using it? Only 1 person is allowed at a time at the ATM.
This happened at the ATM where I went too. Problem was that many were using multiple cards to withdraw. This was taking a long time and not only that people in queue with just one card were feeling cheated.
So, people in queue started complaining and one guy from the queue took it upon himself to ensure that everyone use one card only.
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Old 14th November 2016, 14:07   #640
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sachinpk View Post
The fact that the current govt. has not got into major scams etc., may have had a positive effect on the government
Kudos with current PM for his stern leadership
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Originally Posted by poloman View Post
There are extra 100 notes in circulation, this was evident from the fact that I got crisp, out of the mint 100 Rs notes from the ATM. One should be living in fool's paradise to expect the change over happen with the snap of your finger. There are bound to be some hiccups. Please be patient. Continue using plastic with even more fervor.
You are lucky to have cash in your hands. You have said you visited private ATM in your office premise on a weekend and then got cash. Very very few are privileged to have this option of not standing in queue
BTW, FM ministry estimates it will be 3 weeks before things come to normalcy.
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All genuine income earners who under report income. I know many such people are there in this forum itself. Please fall in line at least now. There is no way out, till Modi is at helm.
The current Govt has exactly 2 and half years to logically conclude its efforts and show results.
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Originally Posted by SDP View Post
I am sorry, but I do not see the logic. The bank-employees who are working for 12 hours now would have been more than happy to load the ATMs and go home to enjoy the weekend with their families rather than handling the unruly crowd at most places.
The banks are prioritizing over the counter transactions, hold their quota of cash for this purpose. They are not filling their ATMs, hence most ATMs are running dry. This is affecting those who want petty cash but don't have old notes to exchange. They must too spend 4 hours in the queue even to get a sum of Rs 100.
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The cash-crunch is a reality. When you take off 86% of the entire currency in circulation out, obviously the remaining 14% in lower denomination is not going to be enough for everybody.
Quote:
As per a TV report, the Govt was preparing for this since last 10 months. More 100s have been printed and are in circulation. There was a RBI directive to load ATMs with more 100s since a few days BEFORE the announcement on 8th Nov. You still believe they rushed into this?
That is precisely the question, if they are prepared for 10 months, why there is cash crunch now? In these 10 months, they could at least bring the value higher denominations from 86% to say maybe to 50%, by replacing with lower value notes and then on Nov 8th announce the withdrawal. Nobody would have suspected or expected and normal folks wouldn't have to go through this of queue business.
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Originally Posted by Sawyer View Post
Contradictory opinions among economists on the usefulness of this measure:
http://www.bbc.com/news/world-asia-india-37970965
Just a speculation. The previous RBI governor didn't buy into this. His subordinate agreed and was promoted
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Old 14th November 2016, 14:09   #641
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pedrolourenco View Post
Only 1 person is allowed at a time at the ATM.
Barely see that rule being enforced. There are atleast 3 - 4 people inside the ATM rooms that have a single ATM Machines. In some of the branches that have 3 - 4 ATM machines, its a maddening crowd. I say this based on the queues that I have seen at Bank ATMs across the last couple of days.
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Old 14th November 2016, 14:10   #642
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Did anyone else notice the different shades of ₹2000 note?
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Government scraps Rs 500 and Rs 1000 notes!-picsart_111401.46.32.jpg  

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Old 14th November 2016, 14:13   #643
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sukhoi30 View Post
Problem was that many were using multiple cards to withdraw.
There are many people who have taken upon themselves to police these queues and ATMs. Not many in the queue seem to be minding it given that they see a better chance at getting to the money when their turn comes up.

I frankly dont see the reason for this heard mentality - specifically when it comes to the cities or semi urban areas. Essential items - Groceries, Milk etc even when purchased at local grocery store / dairies are all willing to extend the line of credit to their customers.
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Old 14th November 2016, 14:16   #644
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Sawyer View Post
Contradictory opinions among economists on the usefulness of this measure:
http://www.bbc.com/news/world-asia-india-37970965
Read this. Typical left leaning BS. Farmers are exempt of IT - How can they be affected? Most of the arguments that it is a one time measure, how do they know this is the last of it?

To put it in simple terms - the GOI started a series of measures starting from Jan Dhan to One time tax declaration to VAT and now this. Not for a moment I believe this is it. There will be more countermeasures.

Example - My wife works in a bank and her bank has been approached by so many of their clients and offered huge bribes to convert Black to White. The stories are endless. Jewelers coming with sacks of money amounting to 5 crores is also among them.

The thing is if you have not declared your income, you need to feel the pain. No Govt has done anything about this. Now think about Maoists, Terrorists who all misuse the money - what about it?

The pain is necessary, we need to stand firm and not deviate. And slightly OT - BBC is not the holy grail of honesty
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Old 14th November 2016, 14:28   #645
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

This also is a chance that will force the system to move towards becoming more paperless. It is true that, in rural India, and even in many suburban areas of metros and major cities, they accept only cash.
I am not talking about vegetable markets here. Even many medical shops which usually sell in hundreds and thousands do not have the swiping machines. Don't you think it is time to grow and start accepting cards as well? When those who have cards, can use cards everywhere, there will be less need for currency notes.
There can be only interpretation now for not having such swiping machine, even when you are aware that the notes circulation is reduced and that you can do more business when you have a PoS machine: I do not want to disclose my true income to the Government.
Hope, soon we have a situation where we can swipe everywhere. At least then, only those who do not have cards or do not know how to use it are the only ones who needs cash.
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