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Old 15th November 2016, 15:52   #736
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by indian21r View Post
SBI. Lost half a day today to get the transactions processed.


Why do you think I had to even go to the bank? Because online services are not working.

SBI takes 5 days to make an account active for transfers more than a Lakh. Did I put the limit on it? Nope

To not inconvenience the bank employees who are already overburdened, I went to various SBI group ATM's searching for the option to activate the beneficiary. It did not work. Went to the bank, it did not work there. Finally gave a form to get the transfer done.

My previous post was meant to highlight that business is not as usual. If you choose to read it in a very ignorant manner that is your choice

Hey Man, your original post did not indicate that you tried online. My apologies if I was ignorant of that. SBI or even other banks have a limit for online transfer because of security reasons. You don't want someone who got access to your online account to transfer all your money into another account, do you?
All I am saying is that try to be reasonable at this time when bank employees are under tremendous pressure to deliver cash to the needy.
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Old 15th November 2016, 15:52   #737
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Went to the bank first time today since this decision was taken on 08th Nov.

Had to withdraw cash from my account. Was in and out of bank in 15 minutes with 10K in crisp new notes. Bank staff was supportive despite long queues for curreny deposit and exchange.

This is UCO bank Borivali East branch.

Regards
Dieseltuned.
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Old 15th November 2016, 16:08   #738
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Admirable indeed, but not to be put on the same level of merit as joining a revolution. And doing this without also doing the truly revolutionary and hard to do things that are the need of the day, isn't going to turn the country around. Which of course no one wants to face up to, because we want to continue to merrily bribe our way out of trouble or pay cash to get a noticeably cheaper deal, or to flout traffic rules when no one is watching, etc etc. We just want everyone else to stop doing so.

We therefore are all just as culpable as the people who have the black money that we are busy gleefully pointing to at this time but a holier than thou attitude isn't merited. How many of us have NOT or would have NOT have done the same thing that they did, even when we had or would have had the same opportunity to do so? Most of us that don't have black money don't have it because we have not been able to find a way to do so.
+1 to that!
You see, the moral codes our society has adopted so far, by adjusting and accommodating every act of crime as normal, is now starting to fall apart.
With restricted circulation of currency, when there is no cash to buy milk, where is the cash to bribe? If they can give a receipt, and accept credit cards, no problem in bribing.
Yesterday, we had this interesting discussion about the gas delivery man charging forcefully per cylinder. Nowadays in some cities, the amount to be paid is more or less standard, like Rs.30 per cylinder. If this is legal, why not charge it through the receipt, and credit to the gas delivery man's account number? Why are we so okay to bend the system, and pay cash?
Similarly consider the officials who forcefully charges per signature for the usual stuff such as the OBC certificiate, First Graduate certificate etc. Isn't it impossible to make these stuff unnecessary, and track everything through Aadhar?
Another example: Yesterday I visited a quite famous restaurant in Coimbatore to get a parcel for dinner, and quite surprised to know that they operated this restaurant for so long without a card swiping machine! I have visited this restaurant a hundred times and never realized. But now, without cash, I had to ask for swiping machine, and since they didn't have I just cancelled the order and walked out. The businesses now face the reality of losing customers if they cannot support them with multiple modes of payment. This forces them to bring most of their income into the tax net.
If more people are forced to come to the tax net, then the habit of doing dealings under the table will be reduced and will be more of an exception than a norm, unlike now.
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Old 15th November 2016, 16:14   #739
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sukhoi30 View Post
Hey Man, your original post did not indicate that you tried online. My apologies if I was ignorant of that. SBI or even other banks have a limit for online transfer because of security reasons. You don't want someone who got access to your online account to transfer all your money into another account, do you?
All I am saying is that try to be reasonable at this time when bank employees are under tremendous pressure to deliver cash to the needy.
I know I have seen them get hassled big time. That is why I am surprised that some of the services are suspended. It making the work of the bankers even more cumbersome.

A different take on this. I am happy that we are moving to online/card based system.

But are we fully ready to safegaurd the interest of the common man. Millions of cards are compromised, we don't know what is safe.

http://economictimes.indiatimes.com/...w/54945561.cms

As recent as 3 weeks back, my Brother in law's Citibank credit card was compromised and used to purchase something worth $1000. We raised a complaint and hotlisted the card. But until otherwise proven he is liable to pay that amount. We are educated, take all the safe gaurds and still are victims to fraud.

What will be the case of millions if we force them to park their savings in bank and someone just swindles it? Who will pay the cost

Cash was a safe bet for millions of people (Well this scenario makes people question even that. Maybe gold is a true safe heaven)
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Old 15th November 2016, 16:31   #740
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+1 to that!
But now, without cash, I had to ask for swiping machine, and since they didn't have I just cancelled the order and walked out. The businesses now face the reality of losing customers if they cannot support them with multiple modes of payment.
Exactly. We should reward business who provide cashless transactions. Ask for card / wallet payments. If not available then walk out. This will force businesses to change.

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What will be the case of millions if we force them to park their savings in bank and someone just swindles it? Who will pay the cost
I don't agree to this argument. Cash at home / pocket can also be stolen. And there is the case of fake currency as well. Every form of money is susceptible to fraud. But cards and accounts have a good level of security features. Hence to argue that people will lose money through card frauds is wrong. Moreover, many countries put the blame of card fraud on the banks and not on the user, unless conclusively proven otherwise. Get more federal protection to the user. Strengthen the technical compliance of bank's systems. Actually cash in hand can be swindled off far easier than money in bank.
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Old 15th November 2016, 16:54   #741
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many countries put the blame of card fraud on the banks and not on the user, unless conclusively proven otherwise. Get more federal protection to the user. Strengthen the technical compliance of bank's systems.
Do we currently have this in India. If not we really need to get this in place and spread the message that they are ultra safe to use.

my concern is enough awareness was not done for the transition to happen smoothly. A guy at the bank was asking someone to fill the form as he was illiterate. How do we include them?

P.s: Can you guide me if you have accurate info related to credit card fraud.
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Old 15th November 2016, 17:54   #742
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

The ATM calibration seems complete. The ATM in our office campus was giving out 2000 rupees notes. New 500 notes are still as elusive as a big cat in a Jungle Safari
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Old 15th November 2016, 18:01   #743
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^^Complete in your neighborhood. There are thousands of rural ATMs closed for entire day. Don't know when they will come for calibration. So banks are the only option and still people are thronging banks and I see frustration building up.
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Old 15th November 2016, 18:27   #744
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

If I saw it right, the SBI chief in an interview earlier today said 438 ATMs have been re-calibrated. If the pace doesn't pick up, this might take a 'while'.
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Old 15th November 2016, 18:30   #745
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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If I saw it right, the SBI chief in an interview earlier today said 438 ATMs have been re-calibrated. If the pace doesn't pick up, this might take a 'while'.
Why is there a dependency on the ATM? Why can't people simply go to the bank and withdraw money from their own account? AFAIK, money in ATM is not available but banks do have cash.
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Old 15th November 2016, 18:40   #746
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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WWhy can't people simply go to the bank and withdraw
My wife came home in about an hour after visiting two banks, and we have 20K, but, as has no doubt been posted a hundred times, 2K notes are effectively uspendable.

Which was only to be expected as, even before this, 1K notes were unwelcome with most small traders.
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Old 15th November 2016, 18:40   #747
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Why is there a dependency on the ATM? Why can't people simply go to the bank and withdraw money from their own account? AFAIK, money in ATM is not available but banks do have cash.
My comment had nothing to do with anything else but the apparent speed of the re-calibration process. I'm not entitled to comment on what withdrawal method anyone else should use.

As for banks having enough cash, I've inquired at multiple branches of my two banks (ICICI & SBI) over the last few days, and both claim a crunch of lower denomination notes. I didn't bother withdrawing anything after my first transaction because the 2000 rupee note is useless as petty cash, and cards/e-wallets work for pretty much everything else.

Last edited by Chetan_Rao : 15th November 2016 at 18:43.
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Old 15th November 2016, 18:52   #748
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Media is full of incorrect news and references. For those who are following their favorite news papers should have a look at this ...

http://www.opindia.com/2016/11/10-mo...ians-whatsapp/
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Old 15th November 2016, 19:15   #749
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Taxation is theft. Govt takes money forcibly from you to fund their wasteful schemes and they themselves keep the rest. We put up with it only because we don't have the power not to pay taxes. I have a salaried job, so tax gets deducted from my salary even before I can set my eyes on it. If income tax was voluntary, I wouldn't pay a dime. Hardly anyone would. We envy the farmers, doctors, the businessmen etc who cheat on taxes only because they have the opportunity and we don't. We wrap this disappointment in idealism and rejoice when they finally get the same treatment we got. I am so happy that they lost all their (black) money.
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Old 15th November 2016, 19:41   #750
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Taxation is theft. Govt takes money forcibly from you to fund their wasteful schemes and they themselves keep the rest. We put up with it only because we don't have the power not to pay taxes. I have a salaried job, so tax gets deducted from my salary even before I can set my eyes on it. If income tax was voluntary, I wouldn't pay a dime. Hardly anyone would. We envy the farmers, doctors, the businessmen etc who cheat on taxes only because they have the opportunity and we don't. We wrap this disappointment in idealism and rejoice when they finally get the same treatment we got. I am so happy that they lost all their (black) money.
Refreshing honesty that is good to see here - I commend you for that!
Here is something to think about though - if Government was honest, not a parasite, and did not have the wasteful schemes you correctly refer to, and gives you the kind of infrastructure that Singapore has as an example, would you think differently about paying taxes voluntarily?
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