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Old 23rd November 2016, 13:59   #1216
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by tilt View Post
I just noticed that all notes are issued by RBI except for the one Rupee note. That has been issued by the Government of india.

I went back and checked through the history of currency notes in India - all of them have the One Rupee issued by the govt. and not by the RBI.

Interesting tidbit. Need to use my google-fu to see why this is.

Cheers
You can find answers here.

https://www.quora.com/Why-is-the-one...nations-by-RBI

A unique thing to note is that a 1 rupees note is actually considered as a coin That is why there is a coin printed on it!
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Old 23rd November 2016, 14:08   #1217
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If you are talking about the same video which was all over on TV then you would have noticed that the laṭhi with which the cop was hitting was a weak one which was broken at the end, so it was just to put a fear rather than to break bones. snip...

All in all the purpose of the video is served, that is to create sensationalism.
Everyone should see the video again carefully. If you notice that the guard was trying to let people in the queue in an orderly manner into the bank. Then suddenly a few people started getting in ahead of people in the queue. That's when he started hitting people with his stick. He then comes down and hits a guy in blue shirt who was trying to get into the queue out of turn. Now, explain that to people who are sensationalizing this.

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Originally Posted by drmohitg View Post
So after creating a havoc for more than two weeks, the honorable minister realized the inconvenience when it was dished out to him.
And why was he not aware that private hospitals do not accept old notes?
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Old 23rd November 2016, 14:16   #1218
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Talking Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by drmohitg View Post
So after creating a havoc for more than two weeks, the honorable minister realized the inconvenience when it was dished out to him.
Thanks for sharing, Doctor.

Now after the minister himself had to face the fire; I am sure that hospital owners will have to face the blaze. Mr. Jaitley denied the claim of hospital authorities after all.

This demonetization exercise IMO has now become a classic example of, "the government is good at big visions, but the devil lies in details and implementation where it often falls short." I guess I narrated a similar incident a couple of pages back where a laborer had to face a similar situation, now govt. should understand what the common man is going through. I am not disagreeing that at some places people are facing no issues, but I can't agree that most of the people are facing no issues, either.
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Old 23rd November 2016, 14:19   #1219
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Everyone should see the video again carefully. If you notice that the guard was trying to let people in the queue in an orderly manner into the bank.
Yes I noticed the frayed ends of the stick and am sure many others did too but you wouldnt notice it when it is swinging your way with force and especially if you are 70+ years old. It is total BS that you get beaten like a donkey for your own money. It is high time we stop being sheeple (Trademarked to my friend) and come out of this servile mentality and keep praising the government for all the trouble that this has caused. I am taxed at source and have nothing to lose other than the inconvenience like many others on this page..
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Old 23rd November 2016, 15:02   #1220
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Sawyer View Post
I stand by what I read between his lines; anyone else is free to make whatever inference they choose to from his words. Sometimes, silence speaks louder than words, to me at any rate.
Good to see that, "So his point is, ..." has changed to, "I stand by what I read between his lines..."

And continue enlightening lesser mortals about 1000 things wrong with Demonetisation of Rs.500 and Rs.1000 Currency Notes; Tax; Economics etc.Makes great reading.
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Old 23rd November 2016, 15:10   #1221
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Yes I noticed the frayed ends of the stick and am sure many others did too but you wouldnt notice it when it is swinging your way with force and especially if you are 70+ years old. It is total BS that you get beaten like a donkey for your own money. It is high time we stop being sheeple (Trademarked to my friend) and come out of this servile mentality and keep praising the government for all the trouble that this has caused. I am taxed at source and have nothing to lose other than the inconvenience like many others on this page..
Come out of your bubble man. Unlike many liberals think the poor or rural guys don't need your sympathy.They want respect and parity. Every survey done after this move, has more than 70% people supporting it. Even in a socialist state like Kerala. You ridiculed that people are simply tolerating this since they don't have any option, hope you remember lakhs of ordinary Indians came out on street during Anna's agitation. These kind of austerity steps in other countries like Greece led to major riots on the streets. So please appreciate the tolerance and political awareness of the poor and rural folks. In the survey below please pay special attention to the opinion of rural and low income group. You may call the poll rigged, but this is not the only one.
http://economictimes.indiatimes.com/...w/55578228.cms

Still in doubt, just observe the kind of politicians and their language when protesting on the national capital and parliament, you will understand the move was the best one.

Last edited by poloman : 23rd November 2016 at 15:22.
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Old 23rd November 2016, 15:10   #1222
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Can ignorance be used as an excuse, I guess not and it applies to everyone including the ministers.

The reason for this ban can be seen at the previous few posts where Hospitals demand 1,00,000/- in cash even if you wish to pay by cheque.

I for once believe that of all the places, private hospitals are the easiest and quickest place to get the black money laundered even easier than educational institutions. Most of them are owned by politicians. Most of them also have card-swiping machines if one opts to use.

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Originally Posted by drmohitg View Post
So after creating a havoc for more than two weeks, the honorable minister realized the inconvenience when it was dished out to him.]
What is people's opinion on Yamuna Expressway not being made toll-free by the so called Socialist Party.

Also it seems there may be call for Bandh by opposition parties who are now openly and SHAMELESSLY asking for the rollback, can someone guarantee that there shall be NO SINGLE DEATH due to that.

Last edited by carwatcher : 23rd November 2016 at 15:11.
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Old 23rd November 2016, 15:14   #1223
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

A friend shared this on FB some time back:

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Quote:
For those who value data over prejudiced and self serving narrative, here is what India thinks about demonetisation. A rather small sample set of ~1200 people, but widely distributed across geography, age groups, income groups and the urban rural divide. Pertinent and non leading questions as well.
I believe he summarized it REALLY well. I don't have anything further to add.

Here's the link:
https://www.thequint.com/currency-ba...ral-urban-poor

Last edited by SDP : 23rd November 2016 at 15:28.
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Old 23rd November 2016, 15:15   #1224
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Originally Posted by carwatcher View Post
Can ignorance be used as an excuse, I guess not and it applies to everyone including the ministers.

I for once believe that of all the places, private hospitals are the easiest and quickest place to get the black money laundered even easier than educational institutions. Most of them are owned by politicians. Most of them also have card-swiping machines if one opts to use.
I was merely sharing the article as I was amused at the swiftness that they call this whole exercise wrong at the slightest inconvenience faced.

I support the government in this regard, even though I don't agree with the whole policy as such. They did a good thing in letting very few places accept cash. Private hospitals could have very easily converted large sums of money. Also the marriage issue is being handled well. The problem is genuine people will suffer to an extent but if they allow this freely then everyone will start misusing it.
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Old 23rd November 2016, 15:25   #1225
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by carwatcher View Post
1. I for once believe that of all the places, private hospitals are the easiest and quickest place to get the black money laundered even easier than educational institutions. Most of them are owned by politicians. Most of them also have card-swiping machines if one opts to use.

2. What is people's opinion on Yamuna Expressway not being made toll-free by the so called Socialist Party.

3. Also it seems there may be call for Bandh by opposition parties who are now openly and SHAMELESSLY asking for the rollback, can someone guarantee that there shall be NO SINGLE DEATH due to that.
1. Agree 100%. My son is a consultant in one of the big 4 in the NCR. He inquired from his finance chaps around the 10th, as to the payment mix and it was 50% cash and 50% card/draft. When I needed heart surgery in Apollo in 2003, I took a draft for 2L, which was accepted with no questions asked.

2. The YE is a private enterprise, and I think the govt may have been obliged to reimburse them 100% of the losses. and remember the YE was the baby of their arch-rival.

3. It is sheer cussedness and politics. I am just watching the fun and games from a distance. The issue is that ATM/Bank queues are shrinking fast, and so is the value of the dharna. Today at IITK - SBI I found one ATM working (2000 notes only) and barely 8-10 people there. The other two ATMs were out.

I came across this link to youtube of an interview by DD of S Gurumurthy. He may be right wing, but his analysis is solid. The data is useful to draw your own conclusions. It is a long (30 min plus) piece:


Last edited by GTO : 23rd November 2016 at 22:43. Reason: As requested :)
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Old 23rd November 2016, 15:25   #1226
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I think arguing for or against demonetization is currently a moot point. It is just going to be an academic debate. I doubt there will be any roll back so we have to live with this move, whether we like or or not. This action is done. For better or worse, time will tell.

Last edited by DriverR : 23rd November 2016 at 15:26. Reason: Additional lines
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Old 23rd November 2016, 15:34   #1227
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by DriverR View Post
I think arguing for or against demonetization is currently a moot point. It is just going to be an academic debate. I doubt there will be any roll back so we have to live with this move, whether we like or or not. This action is done. For better or worse, time will tell.
Agreed. It is a done thing. Was watching the TV (CNBC-TV18) and came across a contradiction. According to Munjal and Honda footfalls are now up to 85% or so after being zero for a couple of days, while the dealers federation claims near zero demand. Both cannot be right!
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Old 23rd November 2016, 15:49   #1228
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by diyguy View Post
Yes I noticed the frayed ends of the stick and am sure many others did too but you wouldnt notice it when it is swinging your way with force and especially if you are 70+ years old. It is total BS that you get beaten like a donkey for your own money. It is high time we stop being sheeple (Trademarked to my friend) and come out of this servile mentality and keep praising the government for all the trouble that this has caused. I am taxed at source and have nothing to lose other than the inconvenience like many others on this page..
I normally do not quote media reports as I do not believe most of them. But here is a report in TOI which will give you a perspective.

http://timesofindia.indiatimes.com/i...w/55578767.cms

Quote:
Highlights
  • A bribe is not a taboo in a government job, said an engineer in UP.
  • Taking this extra money as commission is a necessity, he said.
  • He said bribes he accepts are most often already written into price estimates for projects.
You can clearly see that so many corporators/politicians and govt. employees own high end cars like Audi, Volvo, Mercedes etc. Where do they get the income to buy such expensive stuff? How do they manage to build houses in prime locations? How can their children study abroad or in B-schools without even the necessary qualifications? How can they afford expensive foreign vacations?

They all were able to afford this because of the rot in the system. Demonetization has in one shot cleared this rot, at least for a while. Today, if I go to a Govt. official for some task, he will think twice before asking me for a bribe. In fact, I am in a very good position today to expose such official given the mood of the public in the country.

For me, I have to save/plan for several years for a foreign trip, to buy a good car, to buy jewellery for my daughter's marriage, plan my children's education. And there are millions of others too who have this same approach. I am also inconvenienced but to a very limited extent. To me, this demonetization exercise has been a great leveler. Today, that engineer cited in the above article is in the same level or even below me in status.

Over the last week or so millions of people stood in queues in an orderly peaceful manner to exchange or retrieve cash. That shows the grit and determination of people to fight such corruption at various levels. A few people died in the queues largely due to medical conditions and not because of any rioting or stone throwing. I am also sad for such people and their families. It should not have happened.

However, the opposition, instead of providing a solution has been shooting the Govt. over these dead people. If opposition is so concerned about people standing in queues, why can't they help banks to open cash distribution kiosks at many places? Why can't they allow their party offices to exchange cash? Why can't their people volunteer to help bank employees?
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Old 23rd November 2016, 15:55   #1229
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Nice thoughts !!!

IMHO the current 500 Rupee Note take the crown easily for the best looking note currently in circulation. The colour they have chosen is similar to Pounds and Dollars as pointed by many. To me the Indian tri-colour in its original shade takes the cake and catches attention.

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Quote:
Originally Posted by poloman View Post
Any ideas on the best looking note now in circulation? I think the new 500 Rs note is high on aesthetics along with the evergreen 100 and one.
With regard to all-time favourites, in my books the old 100 Rupee notes posted below are the best looking ones as far as I am concerned.

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This one comes second...

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I also liked the colour combination of the First series of 500 Rupee note.

Government scraps Rs 500 and Rs 1000 notes!-rs500001.2rnmalhotranoinset.jpg

Well said .

Even the security guard belong to the same poor class.

If the crowd would have reacted and killed the same security guard, the headline would have read, "Bank Guard killed by agitated crowd opposing demonetisation" justifying the killing and held the Govt responsible for the same. Tales I win, Heads you lose.

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Come out of your bubble man. Unlike many liberals think the poor or rural guys don't need your sympathy.They want respect and parity.

Last edited by SDP : 24th November 2016 at 15:12. Reason: merging back to back posts
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Old 23rd November 2016, 16:08   #1230
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Originally Posted by sukhoi30 View Post
To me, this demonetization exercise has been a great leveler. Today, that engineer cited in the above article is in the same level or even below me in status.
I beg to differ. Demonetisation has only levelled the buying power between classes of people with the same economic parity. At the present time. As far as 'status' is concerned, there is no doubt that "that engineer" was always below you in status. Status, in my books, has nothing to do with the amount of money one has, or his capacity to spend his black money, or his largesse in donating a fraction of his ill gotten wealth to charitable and religious institutions. It is a sad commentary that the same institutions in fact laud such people, with the result that the honest man accepts such social parasites as a cut above himself.
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