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Old 22nd November 2016, 10:46   #1141
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

OK now it is more than 2 weeks and the mood in this thread is still the same. Salaried class love it and businessmen despise the same. Now the queues have started vanishing and things start return to normal slowly, there is only one winner. The so called 'aam aadmi' on the streets. Despite strong provocation from political parties and personal hardships, the people of India have shown their true spirits. Despite some stray incidents there have been calm and order across the country.
I still believe both the intention and implementation have been exceptionally good. Around 70-80B USD will come to govt coffers. It is the time Govt has to show its will and bring about changes to the life of ordinary public with better utilization of collected money and keeping the corrupt on tenterhooks and not allowing them to start over again.


Will stop posting here for the moment and may be revisit after 6 months if thread is still alive.
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Old 22nd November 2016, 11:15   #1142
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by VKumar View Post
Sir, with due respect, would like to present a couple of words about the said author.

Source
My god, this guy was in-charge of Morgan Stanley Investment Management during the subprime scam which sunk the financial world in 2008. This guy has no business preaching to India about anything.

http://dealbook.nytimes.com/2014/12/...le-in-lending/
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Old 22nd November 2016, 11:16   #1143
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by poloman View Post
OK now it is more than 2 weeks and the mood in this thread is still the same. Salaried class love it and businessmen despise the same. Now the queues have started vanishing and things start return to normal slowly, there is only one winner. The so called 'aam aadmi' on the streets. Despite strong provocation from political parties and personal hardships, the people of India have shown their true spirits. Despite some stray incidents there have been calm and order across the country.
I still believe both the intention and implementation have been exceptionally good. Around 70-80B USD will come to govt coffers. It is the time Govt has to show its will and bring about changes to the life of ordinary public with better utilization of collected money and keeping the corrupt on tenterhooks and not allowing them to start over again.


Will stop posting here for the moment and may be revisit after 6 months if thread is still alive.

Now thats a generalization if I have ever seen one. Sounds like an editorial.
Whats your basis for this claim?
The lines are still here. There is no true spirit being shown, its resignation to fate. I still have not been able to get cash even once since the "implementation". I am salaried, and this has been a hair pulling exercise from the start.
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Old 22nd November 2016, 11:33   #1144
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Whats your basis for this claim?
The lines are still here. There is no true spirit being shown, its resignation to fate. I still have not been able to get cash even once since the "implementation". I am salaried, and this has been a hair pulling exercise from the start.
Not the case in Karnataka. I have stood in queue 3 times, never more than 20 minutes. Got money every time.
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Old 22nd November 2016, 11:38   #1145
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Not the case in Karnataka. I have stood in queue 3 times, never more than 20 minutes. Got money every time.
I came to Icici on Thursday, Friday, Monday and again today.
Today is the only time they have cash in one of the largest branches here.
Else most cash is over by 1pm.

So I have been standing in this queue for over 45 mins. It may take me another 45 mins to get those elusive 2000 rupee notes, which I cannot spend anywhere.
They have no other denominations.
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Old 22nd November 2016, 11:41   #1146
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Now thats a generalization if I have ever seen one. Sounds like an editorial.
Whats your basis for this claim?
The lines are still here. There is no true spirit being shown, its resignation to fate. I still have not been able to get cash even once since the "implementation". I am salaried, and this has been a hair pulling exercise from the start.
, I'm down to my last hundred and not seeing any queues at ATMs around here, the common man hasn't come out on the streets because the ATMs are shut and branches are handing out 2k notes. Fuel pumps are the only place I can use that note and my car is gone for service so even that is unnecessary.

The rural economy is frozen, but that shouldn't be a concern for those occupying the moral high ground because all those who didn't pay income tax are facing the music. /s
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Old 22nd November 2016, 11:44   #1147
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A colleague of mine visited icici in t nagar, chennai and he was given complete quota of 24k in 100s. This was two days back. He then visited his wife's bank and got another 24k again in smaller denominations including 50 and 20 and then provided this to his team in office.
When I visited axis bank, I was only given 2000 denomination notes last week.
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Old 22nd November 2016, 11:46   #1148
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I am on Sankey Road, Bangalore. I have a around 6 ATMs in my immediate vicinity. I can see no crowds in any one of them and cash available in all. Things seem to be improving in urban areas where there are more plastic and digital options. But rural areas which have a larger day-to-day cash transactions are going to struggle a bit more.
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Old 22nd November 2016, 11:51   #1149
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

There are 2 ATMs at my office. One of them has long queues when the cash van arrives and the money gets over in about an hour, and then a "No cash" notice is stuck on it.

The other one has had a permanent "No cash" notice stuck on it since the demonetization move was announced. No replenishment has happened. There's a SBI ATM outside my office attached to a branch and that has no cash in it most times.

There's an ATM inside my apartment complex that did not have a queue yesterday, but it was dispensing 2K notes which are of little use and I did not draw any money. Hope the 500/- notes are available soon at the ATMs and branches.

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Old 22nd November 2016, 11:51   #1150
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

ATMs have started dispensing the new Rs 500 notes.
This should reduce the rush and panic at banks/atms.
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Old 22nd November 2016, 11:54   #1151
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Well, how about this. If there was a horse, this is from his mouth:
banning-notes-will-not-curb-black-money-says-thinktank-that-called-for-demonetisation

Last edited by mayankk : 22nd November 2016 at 11:56.
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Old 22nd November 2016, 11:57   #1152
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Originally Posted by kpzen View Post
ATMs have started dispensing the new Rs 500 notes.
This should reduce the rush and panic at banks/atms.
Yes, the more Rs. 500 notes in circulation, the more easy it will become. Infact, it will also help bring out more Rs 100 notes into the market given that many are hoarding these notes.
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Old 22nd November 2016, 12:08   #1153
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Couple of observations I had since the demonetization announcement -

1. Luckily, we have ICICI ATMs inside our campus which were loaded once or twice per day - but will get emptied within 2 hrs. There were very long queues daily to withdraw, but I wonder what everyone is doing with the withdrawn money since everyone have access to Plastic money and the queue is not getting reduced everyday.

2. From yesterday, they have started loading 2000 denomination in some of the ATMs and know what those ATMs are still dispensing money. Everyone is going for 100 rupee denomination and while interacting with many people seems it everyone is holding the 100 rupee denomination dearly and spending using Plastic money. Everyone has the same answer that they are hoarding the money for any "emergency" that could happen, but by doing this they are declaring undeclared emergency on the economy during this cash crunch situation.

So, if this is the mindset of the IT folks, think what would happen with others. I hope the situation might ease somewhat once the 500 rupee denomination started reaching banks and start flowing to the people.
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Old 22nd November 2016, 12:12   #1154
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Samurai View Post
Not the case in Karnataka. I have stood in queue 3 times, never more than 20 minutes. Got money every time.
Exactly, Infact I withdrawn 22K in less than 20 minutes from ICICI bank by cheque. They gave me 10K in Rs. 50 denomination and rest 2K notes. Enough for me.

Everyone looking for ATM, whereas if you go branch with Self cheque you will get money more easily and upto 24K per week. Same experience with my PNB account as well, where I deposited few 500s I had in almost 20 minutes.

Moral is go to branch then withdraw do not look for ATMs dispensing cash.
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Old 22nd November 2016, 12:23   #1155
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Well, how about this. If there was a horse, this is from his mouth:
This report has any meaning if & only if Arthakranti Pratishthan's suggestions were completely taken in by the Finance Ministry and the PM. I don't think both these people have said that their entire demonetisation drive was based on Arthakranti Pratishthan's ideas (and their ideas only). So just because Mr. Bokil is unhappy with how this drive was carried out, it does not mean that it is a failure. If Mr. Bokil wants to believe it that way, then he can continue to do so.

But the over-all direction of the government seems to be to go for transactions which leaves an audit trail. So yes, cash-less transactions is encouraged. The 2000 notes, as per my understanding is still at a very limited level. There are even rumours that these notes may also vanish from the market but in a very relaxed manner.

The next in line seems to be land deals and land records which are all going to get digitised and ownership documents made to be more meaningful. A much more stringent law to curb benami trades have just got passed last month.

So perhaps we should wait for some time to see the "facts & figures" coming out from the Govt. of India and the RBI themselves.
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