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Old 16th November 2016, 06:49   #766
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Originally Posted by maddy42 View Post
Thanks to your Ilk and hats off, you guys deserve all the credit one can get. Totally unprepared for such a situation, but you guys did a good job.

The local coop bank where my dad is a member had all their cash taken back by the DCC bank, as they received orders not to disburse money from the govt is what i heard. This happened today, so am not sure what exactly is the reason. In the rural areas these coops are life savers for poor farmers. I hope there is some clarity on this situation soon.

Thanks for confirming that info though,
Maddy
I got a whatsapp forward and also read online somewhere that coop bank managers are forced by the local bigwigs into converting their cash at the cost of farmer's accounts. Could be one reason.
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Old 16th November 2016, 07:12   #767
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Originally Posted by Thad E Ginathom View Post
but just now I think they deserve a lot of patience.
I agree; in general the public sector bank employees have a long history of being a pampered lot, but they have risen to the occasion this time, no question about that.
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Old 16th November 2016, 08:07   #768
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Sharing the following update/clarification I read in the paper today.
Ignore if already mentioned.
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Government scraps Rs 500 and Rs 1000 notes!-dh.png  


Last edited by tharian : 16th November 2016 at 08:09.
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Old 16th November 2016, 08:45   #769
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Originally Posted by m8002? View Post
I got a whatsapp forward and also read online somewhere that coop bank managers are forced by the local bigwigs into converting their cash at the cost of farmer's accounts. Could be one reason.
I read this article yesterday. It is about Kerala's cooperative banks, but I imagine is applicable to the ones elsewhere as well.

http://www.firstpost.com/india/keral...h-3106408.html

In summary, they fought the RBI tooth and nail to not have to adopt modern banking standards, regulations and technology; and now they find themselves in a position where they are unable to continue in business without such compliance.
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Old 16th November 2016, 09:23   #770
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

The most talked of topic for everyone,

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Old 16th November 2016, 10:39   #771
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Originally Posted by maddy42
Just heard from my family that the cooperative banks are not permitting both withdrawls or exchange of currency in karnataka.
Same is the case in Kerala. There are a few cooperative banks (Urban Co.Op & State Co.Op etc.) who have moved to Core Banking System (CBS) and are working under RBI Guide lines. There is some relaxation to them; they could accept any amount in the old currency from their account holders. They were given rights to exchange notes, but only for three days.

Then there are very many other co.op banks which are nothing but glorified "chit fund" companies. They do not follow RBI guide lines, do not have any KYC norms and also encourage people to hold multiple accounts and make payments for Rs.49,999 etc (to escape the PAN card requirement). The RBI have been trying to get the compliant, they operate under certain state specific laws. It is these banks who have got shafted big time. They cannot accept or issue money. I would not blame the RBI, because these "banks" were operating in a shady way. Most of these co.op banks are governed by local politicians directly. Chances of money laundering is very high here.

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Originally Posted by Thad E Ginathom
Bank staff are having a hard time, of course. The mother of a friend of mine had to work all weekend when she should have been working with her daughter on her soon-to-happen marriage
Wifey works at a bank, and have been spending 9-7 kind of work schedule for the past few days. Her main complaint has been the same people (so called "poor people") who line up with Rs.500 & Rs.1000 notes for exchange. They just keep coming again and again, where as genuine customers are now left high and dry. The media is also causing panic and over playing the current negative impact. This makes me worried, if a sad situation comes up and the nation has to go on a war. Our own media would be our own worst enemies, if their current reporting styles can be taken as a bench mark.

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Originally Posted by binand
In summary, they fought the RBI tooth and nail to not have to adopt modern banking standards, regulations and technology; and now they find themselves in a position where they are unable to continue in business without such compliance.
And in Kerala the "you know whos" have started a campaign that these co.op banks are forced to close down, so that people would opt for "new generation banks". The co.op banks were a source of easy access to credit for many people, but it has now been heavily misused. Don't know how many of them exist purely for money laundering purposes.
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Old 16th November 2016, 11:32   #772
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Well as per the firstpost article, Kerala has 60,000Cr deposits in Co-op banks and 30,000Cr in loans disbursed by them. That is a mind boggling amount of money. They are even beyond the purview of IT?

All these big numbers hurt my poor brain :P
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Old 16th November 2016, 11:37   #773
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by FrozeninTime View Post
Excellent work. Could you explain how does app know which ATM working and which is not?
Example: You access the app and find an ATM which is dispensing cash. Before you reach there, the cash in the ATM is over, then it is your task (a kind of volunteering effort) to edit the app (ATM icon) as "not working" to facilitate others.

This is done by visiting people, volunteers and bank staff. He is in need of volunteers in all cities.
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Old 16th November 2016, 12:01   #774
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Originally Posted by sachinpk View Post
.
Wifey works at a bank, and have been spending 9-7 kind of work schedule for the past few days. Her main complaint has been the same people (so called "poor people") who line up with Rs.500 & Rs.1000 notes for exchange. They just keep coming again and again, where as genuine customers are now left high and dry. The media is also causing panic and over playing the current negative impact. This makes me worried, if a sad situation comes up and the nation has to go on a war. Our own media would be our own worst enemies, if their current reporting styles can be taken as a bench mark.
People who have a requirement for cash will come repeatedly because the government has made this a necessity. What makes you think that people who come frequently aren't genuine?

During war time free speech is suspended, rest easy, this isn't war time, just legislated chaos. The media's job is not to push the government line, that would be propaganda, social media is doing a great job of that.
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Old 16th November 2016, 12:05   #775
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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?
I am not a fan of the Singapore system. I'd rather have more freedom than prosperity. But even then, Singapore collects far less income tax (highest slab is 20%) and very less sales tax (7%). So it is easy to guess where all the taxes we pay are going.

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I imagine many worthies before you have treated the taxation system with similar disdain. Yet, it is not immediately clear to me how something as mundane as law & order is expected to function in a taxless society of the kind you envisage. Usage based payment system? Rs. 500 to register FIR + Rs. 2500 per day of investigation + expenses reimbursed at actuals? Chargesheet filing and court appearances chargeable extras?
I'd like a world where people take care of themselves. So I'd rather buy a gun than pay for an FIR. But then I am not an idealist either. If govt sticks to what they really supposed to do (law and order) and quit all wasteful spending, we would be taxed at very low rates, and people would more willingly pay taxes.
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Old 16th November 2016, 12:21   #776
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sachinpk View Post
...
Wifey works at a bank, and have been spending 9-7 kind of work schedule for the past few days. Her main complaint has been the same people (so called "poor people") who line up with Rs.500 & Rs.1000 notes for exchange. They just keep coming again and again, where as genuine customers are now left high and dry.....
Quote:
Originally Posted by avira_tk View Post
People who have a requirement for cash will come repeatedly because the government has made this a necessity. What makes you think that people who come frequently aren't genuine?
...

There was a news report (sting operation) where it was revealed that lots of daily-wages workers (don't want to generalize ... this was in a specific area in Delhi) are standing in bank queues as a full time job since last Wednesday. Two modes of operation:
1. Get 4000/4500 in old notes from someone and get them exchanged from bank. Get paid 300 Rs for exchanging 4500 Rs.
2. Stand in queue as a proxy for someone and as the counter comes close, make a call and then that someone stands in queue for last few minutes. Again get paid something like 300Rs from each 'customer'.

The 2nd mode is still OK, but the first one is a clear fraud.

The move to mark people with indelible ink has been announced to address this problem.
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Old 16th November 2016, 12:24   #777
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I'd like a world where people take care of themselves. So I'd rather buy a gun than pay for an FIR.
In which case, don't you think those who could afford bazookas will end up being "always right" in disputes with those who could afford only airguns?

And presumably in your world those physically incapable of operating a gun don't have a place, at all.
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Old 16th November 2016, 12:31   #778
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1. Get 4000/4500 in old notes from someone and get them exchanged from bank. Get paid 300 Rs for exchanging 4500 Rs.
This is a continuous operation in most large white goods stores today in Chennai. They have a stream of people coming in continuously collecting cash (one at a time), getting it exchanged and picking up the next lot. Necessity breeds innovation and this model is in place almost from the 9th/10th of nov at most places... Just visit any brand store where you are seeing crowd and you will see this in action.
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Old 16th November 2016, 12:33   #779
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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I'd like a world where people take care of themselves. So I'd rather buy a gun than pay for an FIR. But then I am not an idealist either.
US of A allows guns, but one still needs 911 to take care of most things. Immigration can be an issue too.

There are some countries like that, but aren't civilised. Law and Order is nothing to talk about there. You can search on google to know which such countries suit your tastes.
Immigration in such countries should also not be a problem, as most people avoid it. Their own citizens abort ship.

You need to actually think about moving to a country you would like/prefer. From some of your previous posts, you absolutely detest Indian conditions.

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On a separate note, somebody who works in a bank told me this yesterday - the number of loans (auto and car loans mostly) that are getting pre-closed has increased noticeably since last few days.
I received an SMS from Citi stating payments against Credit Cards and Loans, over 50,000, will be accepted in cash only be accepted up to the credit limit and that all such deposits are subject to usual reporting.
They smartly added "over 50,000" there. And this can be interpreted in many ways.

Last edited by vinit.merchant : 16th November 2016 at 12:49.
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Old 16th November 2016, 12:35   #780
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by diyguy View Post
This is a continuous operation in most large white goods stores today in Chennai. They have a stream of people coming in continuously collecting cash (one at a time), getting it exchanged and picking up the next lot. Necessity breeds innovation and this model is in place almost from the 9th/10th of nov at most places... Just visit any brand store where you are seeing crowd and you will see this in action.
Huh? Why are large white goods stores accepting old invalid currency?

-------------------------------------------------------------------------------------

On a separate note, somebody who works in a bank told me this yesterday - the number of loans (auto and car loans mostly) that are getting pre-closed has increased noticeably since last few days. So looks like people are using others with a fairly small outstanding loan (let's say 1.5 Lakhs) to convert their black to white with a IOU understanding when the dust settles. Banks are also smart. They are allowing loan pre-closures with cash if the amount is small (in thousands). For large amounts, they are asking them to deposit in their account and then use that amount for closing the loan, so that there is a digital trail.

Last edited by SDP : 16th November 2016 at 12:41.
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