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Old 18th November 2016, 14:41   #931
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Samurai View Post
Today I withdrew 20K from HDFC bank in Bangalore, they gave me 2K in 100 bills and rest in 2K bills. My wait was 20 minutes, only had 6 people in front of me when I joined the queue. I visited the bank 10 minutes after it opened. There was no line outside the bank, which means no TV cameras either.
You missed out being on national TV! I was talking to the No.2 chap in a foreign bank (branch of the same one which Rajdeep Sardesai visited). He says, crowds have dropped very significantly. I am visiting them tomorrow for some work, so will report back based on my first hand experience. My own guess is that crowds may even almost vanish on Monday. Why Monday afternoon, there is an off day before that.
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Old 18th November 2016, 14:43   #932
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by diyguy View Post
http://www.ndtv.com/india-news/dont-...nistry-1626967

EC has asked government not to use indelible ink
This is a joke. If I remember correctly the elections are next year starting Jan. Would the ink not be gone by then? Utter stupidity!

Also, banks are being given 10 rupee coins in order for people to get smaller denominations. I know this is happening atleast in IDBI Bank.

Can anyone answer- are you supposed to exchange your notes only once? If Yes, then the ink makes perfect sense. I hope the new 500 notes come to the market soon, this will solve some of the problems.

Also, I have been hearing that Hospitals are refusing patents - isn't this plainly illegal? There license can be cancelled for this and the administration should step into this. The point is that most state govts don't want the scheme to be a success and are hoping for a roll back so there is so much noise. Also there is news that some Parties are now not contesting local level polls - might or might not be due to Demonetization.

The shortage of money on the streets are somewhat real, big transactions are not getting affected but the small ones are for sure.

Atleast in Bangalore the small vendors do not have Paytm or such a thing, I wish there was as - atleast in cities you have most people with mobile internet and specially after Jio, this should help in we moving towards a cashless economy. And I really want people to come up with solutions rather than just cribbing about this. I don't expect Political Parties to do it, but we the people should.

What can you imagine from media which yesterday wanted a lady to drag her physically challenged husband through a hospital in order to prove the distress.
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Old 18th November 2016, 15:25   #933
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Why this Kolaveri Di about indelible ink, ECI uses ink on one finger during elections (left index finger) and as there are booth capturing or other incidents, repoll is also done immediately and during that time ink is put on the next finger and in rare case where third time repolling is done ink is applied on third finger. This also happens during LS elections, State elections and then Panchayat or ward elections are held in quick succession. So I am surprised at all this.

Also remember that while National Highways are toll-free, the beloved Socialist govt has not made Yamuna Expressway toll-free. Now this benefits general public or big businesses, I think we all know the answer.

Learned, experienced, well educated and belonging to the most Elite class Tavleen Singh has apologised on Twitter for getting confused about 2000 rupee currency note by watching Karan Thapar's programme, now if such people can be easily confused then what can be said about the general public, not difficult to guess.

Last edited by bblost : 18th November 2016 at 16:13. Reason: as requested
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Old 18th November 2016, 15:29   #934
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Can anyone answer- are you supposed to exchange your notes only once? If Yes, then the ink makes perfect sense. I hope the new 500 notes come to the market soon, this will solve some of the problems.
Yes, by producing a Govt ID card. The problem is that many are using multiple cards at different bank branches and hence the ink solution. Some black money hoarders have used 'mules' to exchange multiple stashes having them use their own individual id cards.
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Old 18th November 2016, 15:34   #935
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Just scored 10k in new hundred notes printed in the past few days with the lines on the border from my office ATM. Since there are few employees stood thrice in the queue and got 2k each time. Rest were by my colleagues who stood with me.
Happy to see the lower denomination new prints.
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Old 18th November 2016, 15:36   #936
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Rather than spreading intense negativity it would help greatly if everyone does his bit to support the govt and even if not govt then the poor common man about whom everyone is concerned.

I remember reading somewhere that 'In the process of becoming Modi-haters, they didn't realise when they turned into India-haters.'
In a democracy, people have the right to criticise their govt. As far as support is concerned there is no option but to go with the ruling. But to assume the govt is morally and legally unquestionable is funny and naive. "anti-Modi is anti India" that seems to be the flavour of the season.

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End of the story, the move did not Impact me at all.
Good for you. It didnt affect me too. Hurray for that. But outside us, people are facing hardships. And yes if I want 2k of my own money I dont know how much time it would take me, that is not a thought which makes me happy.

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...
When 26% of your economy has turned into a black economy then dire steps are required. Yes, one can argue (in hindsight) that the implementation is poor. But for the scale and size of this operation and they fact that secrecy was the key, one should expect things to go wrong. But if this move is good for us for the long run, then a few months of hardship is not such a bad idea.

Let us try and help out the needy at this time, rather than spreading rumours or negativity. The step is already taken. And if (for some reason) the government is forced into backtracking on this then we citizens will repent for our life that we had that one chance to change this country and we blew it. And then the hoarders will find a new kind of confidence that *nothing* can ever touch them. It will be a victory for the cheats and yet another defeat for the honest.
The move though sudden comes with a self defeating purpose of the newly introduced 2k note. I have already seen a bundle of 2 lac in 2k notes at the counter of a sweet shop who doesnt accept cards for purchases less then 200. Funny thing is he makes most money by selling 10 rupee samosas and other snacks. How much of that money is going to the govt? your guess is as good as mine. I dont want a rollback, but I wont be fooled to believe this is for the "greater good".

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Originally Posted by rdhawan15 View Post
Yes, this step of demonetization is in the right direct. There is obviously pain associated with it during the transition. Give sometime for transition period to roll over and the final deliverable should help the country at large.
Though the initiative is right, its all bark and no bite. I dont see any major change in the way the society functions. The poor are made to wait in queues, the corrupt are laughing and business people are having exciting and innovative times. The way the govt has made the common people toil for their own money, it now seriously owes the public. This "final deliverable" that you mention of is the proverbial carrot which the people are being promised.

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Veeresh Malik, journalist and a friend, writes this:
Very funny. Can you pay an autowallah without cash? Many people spend minimum 20-40 rs per day hailing a share auto to the railway station. Was there any intent of making these services cashless? Are all the Govt cash counter equipped with debit card swipe machines? Online payment yes! card swipe no! Does the traffic constable use a machine to accept fines? why not?
Other than opening Jan dhan accounts and drive against black money I didnt see any initiative to encouraging masses to make cashless transactions. I didnt see a drive to promote, encourage make ETC/ RFID tags to pay toll the way railway promotes smart cards (which we buy by paying cash at the counter)? For a one way toll why cant I use my card?

In a village if the govt decides to provide free healthcare, it will work only if there are enough beds/medicines/medical personnel etc. i.e infrastructure. We dont have a cashless infra structure at the bottom level of society. Fine Ola, bigbasket and flipkart works fine for you and me, but does that mean the vegetable vendors in the market should suffer because they didnt know their patrons wont have "black money" soon? Was there a drive to make them go electronic? There are illiterates who cannot operate a mobile leave alone set up a paytm account should they just retire and die?

This is a charade and the motive needs to be questioned. People are bearing with this thinking that post this only good things will happen to the economy. Ill be the happiest if it does, but only time will tell.

Last edited by SDP : 18th November 2016 at 18:42. Reason: Quoted post has been edited. Your response to that part has been deleted as a comment on politics
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Old 18th November 2016, 15:44   #937
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by PetrolRider View Post
All of his banking needs were over in just 5 min and also the bank guys had time to have a chat. The last branch, a Canara bank just opposite our house, have 10 in number total people standing in teller counter, total.
I visited Axis bank in a densely populated area in Chennai (Anna Nagar - near my home). It was crowded. They had the 1st floor for deposits and withdrawals, second floor for exchange of 2000. There were about 150 people on floor 1 (11:30am). I went to the priority section and had to wait for about 30 mins to deposit my cash and withdraw 24K from 2 accounts for a total of 48k. On my way out I saw the ATM had been loaded and there were only 10 people in queue.
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Old 18th November 2016, 15:59   #938
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by 400notout View Post

Good for you. It didnt affect me too. Hurray for that. But outside us, people are facing hardships. And yes if I want 2k of my own money I dont know how much time it would take me, that is not a thought which makes me happy.

Don't want to be cynical here, but from the time I have sense and even before that, there are a lot of thing happening around that affects me directly not only financially but also to my very existence and future, still as human, it is expected for us to fight for our survival.
Even a single digit hike last year in my organization didn't make me happy, but if I look at the organization's financial condition, I was satisfied that I was not fired and still got the hike.

My whole point of writing was, we the normal public are getting panicked and started hoarding currency notes, which is causing scarcity.

Last edited by PetrolRider : 18th November 2016 at 16:05. Reason: modified idea
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Old 18th November 2016, 16:08   #939
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by diyguy View Post
I visited Axis bank in a densely populated area in Chennai (Anna Nagar - near my home). It was crowded. They had the 1st floor for deposits and withdrawals, second floor for exchange of 2000. There were about 150 people on floor 1 (11:30am). I went to the priority section and had to wait for about 30 mins to deposit my cash and withdraw 24K from 2 accounts for a total of 48k. On my way out I saw the ATM had been loaded and there were only 10 people in queue.
Don't get me wrong, you seem to be on a cash withdrawal spree. It is your money, perfectly fine. But would like to know the logic behind people keep on withdrawing huge amounts of money. Since you withdrew money from office ATM as well I assume you are a normal salaried guy.
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Old 18th November 2016, 16:10   #940
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pratyush6 View Post
. This is a joke. If I remember correctly the elections are next year starting Jan. Would the ink not be gone by then? Utter stupidity!

2. Can anyone answer- are you supposed to exchange your notes only once? If Yes, then the ink makes perfect sense. I hope the new 500 notes come to the market soon, this will solve some of the problems.

3. Also, I have been hearing that Hospitals are refusing patents - isn't this plainly illegal?
1. I am not sure about the leanings of the EC chaps. I hear most banks are using Indelible Ink/markers. This became necessary due to the use of 'mules' in many places.

2. This was supposed to be only once till 24/11. It was a one off measure. The 10/24k limits from accounts were there from day 1. The idea was to get you over the immediate crisis, and then tap your account. Repeat visits were never envisaged.

3. Most of the bigger hospitals are/were quite happy to accept debit / credit cards. Also, many were accepting personal cheques. Only the smallest were apparently refusing. Of course only 'sarkari' hospitals were allowed to accept the old currency. It seems that if the Nursing Homes had been allowed then massive money laundering would have gone on. Ditto for cooperative banks (mostly run by the netas or mafia).

I think where they could have goofed was in not knowing the need to recalibrate the ATMs. To maintain secrecy, they obviously could not have recalibrated the ATMs beforehand. With Pakistan having large stock of the paper used for the old notes, a new source of paper was necessary.

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Originally Posted by diyguy View Post
I visited Axis bank in a densely populated area in Chennai (Anna Nagar - near my home). It was crowded. They had the 1st floor for deposits and withdrawals, second floor for exchange of 2000. There were about 150 people on floor 1 (11:30am). I went to the priority section and had to wait for about 30 mins to deposit my cash and withdraw 24K from 2 accounts for a total of 48k. On my way out I saw the ATM had been loaded and there were only 10 people in queue.
So things are coming back to normal. I am again going to my bank to draw money tomorrow. I will report back. I have not done any of the 2k/4.5k exchange. Deposited money into my account on the 11th and draw 10k each by a couple of cheques. This is what the middle and higher income chaps were supposed to be doing. I cannot understand that if I had, say, 10L in black money, how would 4k per visit have helped. Paranoia I guess.

I hear that in one major financial centre, after due deliberation, they have decided to deposit their cash, pay the taxes, and go legit. If we already have this change in mindset in about a week, then all the best.

One aside, we have four maids working for us, to date none have come up with a complaint of cash shortage. Also, all have bank accounts (three under Jan Dhan) so went and deposited their cash, and are happy.

Last edited by sgiitk : 18th November 2016 at 16:12.
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Old 18th November 2016, 16:22   #941
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But would like to know the logic behind people keep on withdrawing huge amounts of money. Since you withdrew money from office ATM as well I assume you are a normal salaried guy.
Of the 48K, 10K + 10K went to 2 colleagues who didnt want to wait in queue for their money and another 4K went to another colleague. so I am left with 24 for the coming month end and salaries to be paid. My mom does all her spending in currency and cannot use a card. So I need to have money for her (lower denominations. Her hand shakes and so use of smart phone and pin number or signing is out of the question for her.
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Old 18th November 2016, 16:24   #942
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Flavor of the day is to oppose this move anyhow and suggesting that move was compromised by leaking info to candidates of a specific party, and to specific industrialists and also to the favorable journalists, and also to the favorite officers ... and to everybody except some opposition leaders.


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Originally Posted by 400notout View Post
The move though sudden comes with a self defeating purpose of the newly introduced 2k note. I have already seen a bundle of 2 lac in 2k notes at the counter of a sweet shop who doesnt accept cards for purchases less then 200. Funny thing is he makes most money by selling 10 rupee samosas and other snacks. How much of that money is going to the govt? your guess is as good as mine. I dont want a rollback, but I wont be fooled to believe this is for the "greater good".
Sir, if no big denomination note available then I will be damned, if new currency note with different denomination with more security features is introduced - it is self defeating.

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Though the initiative is right, its all bark and no bite. I dont see any major change in the way the society functions.
Yes, the initiative can be termed right and effective only if its effect is felt in seven days - or is five the right no of days?

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Originally Posted by 400notout View Post
The poor are made to wait in queues, the corrupt are laughing and business people are having exciting and innovative times. The way the govt has made the common people toil for their own money, it now seriously owes the public. This "final deliverable" that you mention of is the proverbial carrot which the people are being promised.
Two conclusions from the above:
1. If I am laughing and happy - I am corrupt
2. If I am not toiling - I am not common

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Originally Posted by 400notout View Post
........
Are all the Govt cash counter equipped with debit card swipe machines? Online payment yes! card swipe no! Does the traffic constable use a machine to accept fines? why not?
There is one instrument called cheque - acceptable at all government counters - I have paid my property tax, income tax, and others through cheques! Now a days, for many of them electronic transfers are also applicable.

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This is a charade and the motive needs to be questioned.
Flavor of the day, right?

Last edited by SDP : 18th November 2016 at 18:50. Reason: Deleting quotes and your responses which touch politics
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Old 18th November 2016, 16:25   #943
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Has anyone got the new Rs. 500 notes yet? Personally I have not seen one neither have I seen it with anyone else.
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Old 18th November 2016, 16:28   #944
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Of the 48K, 10K + 10K went to 2 colleagues who didnt want to wait in queue for their money and another 4K went to another colleague. so I am left with 24 for the coming month end and salaries to be paid. My mom does all her spending in currency and cannot use a card. So I need to have money for her (lower denominations. Her hand shakes and so use of smart phone and pin number or signing is out of the question for her.
What kind of notes are being supplied at the bank counter? only 2000 notes or 100?
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Old 18th November 2016, 16:35   #945
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by 400notout View Post
In a democracy, people have the right to criticise their govt.
Agreed.


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Originally Posted by 400notout View Post
The move though sudden comes with a self defeating purpose of the newly introduced 2k note. I have already seen a bundle of 2 lac in 2k notes at the counter of a sweet shop who doesnt accept cards for purchases less then 200. How much of that money is going to the govt? your guess is as good as mine.
He may have started hoarding cash again with 2000 notes, but in future its going to get much harder to invest that cash, be it in property or gold. Gov has already hinted about more steps to tackle other forms of black money.

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Originally Posted by 400notout View Post
The poor are made to wait in queues, the corrupt are laughing and business people are having exciting and innovative times.
Suddenly everyone is super concerned about the poor of India, be it politicians, businessmen or intellectuals. Sadly poor are always pawns to be used as and when needed. Why do you say corrupt are laughing? Are they easily being able to convert old notes to new with no loss? What business people are having exciting times? Touts who have started exchange business, please explain?

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This is a charade and the motive needs to be questioned. People are bearing with this thinking that post this only good things will happen to the economy. Ill be the happiest if it does, but only time will tell.
Motive is up for debate. No one denies that temporary difficulties are not being faced. But no pain, no gain. Most people are in favor of the move. We should try to help out people who are in dire need of cash. I have started doing my bit by converting a small amount of cash for our maid who is from out of state and don't have a Delhi ID.

Last edited by SDP : 18th November 2016 at 18:52. Reason: Deleted quoted post and your responses which touch politics
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