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Old 29th November 2016, 14:09   #1396
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by hemanth.anand View Post
*SNIP* Also different sizes are needed for machines. Otherwisethe machine cannot recognise if a it is filled with a lower denomination and it couts it as a higher denomination. *SNIP*
Not a valid argument. US currency is all the same size for all denominations.. Their ATMs and counting machines don't seem to have any issues counting.

Cheers
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Old 29th November 2016, 14:51   #1397
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by tilt View Post
Not a valid argument. US currency is all the same size for all denominations.. Their ATMs and counting machines don't seem to have any issues counting.
ATMs do not depend on note sizes for dispensing currency. They depend on cassettes built into the ATM vault. Every cassette is different for different types of denominations. The built in software will send signals to appropriate cassettes to fetch the notes.

HTH.
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Old 29th November 2016, 16:08   #1398
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I really envy the guys who have posted about finding less crowded bank branches at their respective cities.

Today, I visited an ICICI bank branch (Sector 12, NOIDA) for the first time since demonetization with an intent to deposit the old currency in hand and withdraw some new notes. Found around 70-90 people already ahead of me in the queue at the branch opening time (9:30 am). Branch started letting in customers in batches of 5-7 persons around 9:45am and they ran out of cash by 12:30pm after which half of the queue vanished! Anyway, had to deposit the old notes so kept waiting in the line and was finally out of the bank by 1:45pm. Also, the on site ATM was non-functional all along. Met some regulars while waiting in the queue who told me that this is the daily scene out there since Nov. 8th (I rarely visit my bank branch since I do most of my banking online).

TLDR: Had to wait around 4 hours in the queue to deposit old notes and even then could not withdraw any new ones as the branch had run out of cash well before I could enter. So much for being a 'Privilege' account holder! /rant

Last edited by Puneet.S : 29th November 2016 at 16:22.
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Old 29th November 2016, 16:10   #1399
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by msdivy View Post
S
Great initiative. Instead of claiming black money as cause for demonetization, if the Govt had focussed on building cash-less infrastructure, then it would be more beneficial to the country. But that won't create the sensation, isn't it
.
Do you think if Govt would have proposed going cash less (of course with added infrastructure) under normal circumstances (prior to demonetisation), people would have even paid any attention to it ?

We have to accept the fact that good or bad but we Indians in general just love cash over anything else as a mode of payment. I have even seen in decent sized hospitals that they prefer cash for a bill of around 25K- 30K over cheque or credit card !!

The mental block which most of us have against cash less is very hard to go unless we are forced to do so.

Of course the mentality is changing now, but it will still take some time before we realise the benefits of going cashless and start practicing it more and more.
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Old 29th November 2016, 17:32   #1400
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

So, RBI is going to give some relaxation on withdrawals from tomorrow.

https://rbi.org.in/Scripts/Notificat...d=10752&Mode=0

Quote:
Withdrawal of cash from bank deposit accounts - Relaxation
It has been reported that certain depositors are hesitating to deposit their monies into bank accounts in view of the current limits on cash withdrawals from accounts.
2. As it is impeding active circulation of currency notes, it has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals.
If I read correctly, the caveat here is that the deposits should be done using new currency notes before such withdrawal can be done.

Maybe this will help some businesses like traders, small shop owners, transport owners who deal in cash mostly.
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Old 29th November 2016, 18:11   #1401
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sukhoi30 View Post
So, RBI is going to give some relaxation on withdrawals from tomorrow.

https://rbi.org.in/Scripts/Notificat...d=10752&Mode=0



If I read correctly, the caveat here is that the deposits should be done using new currency notes before such withdrawal can be done.

Maybe this will help some businesses like traders, small shop owners, transport owners who deal in cash mostly.
Well, how would they differentiate between old and new money? If I had deposited 50K via old notes and recently deposited 50K via new notes, do the banks keep two balances from now on? This govt never ceases to amaze me with such stupid moves.
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Old 29th November 2016, 18:17   #1402
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Puneet.S View Post
I really envy the guys who have posted about finding less crowded bank branches at their respective cities.
In Chennai, i was able to withdraw money from ICICI bank (24K weekly limit) without standing in the queue (last week Monday). When i went to the bank, there were less than 10 people waiting in the seats inside bank, and it took around 20 min for me to get the cash. It is a small branch, opened less than a year ago, and that should be the reason for less crowd.

However, in Hyderabad, i found the ATMs / Bank are still having large queue. I am not able to use ATM till now.
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Old 29th November 2016, 18:31   #1403
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by r_devakumar View Post
In Chennai, i was able to withdraw money from ICICI bank (24K weekly limit) without standing in the queue (last week Monday). When i went to the bank, there were less than 10 people waiting in the seats inside bank, and it took around 20 min for me to get the cash. It is a small branch, opened less than a year ago, and that should be the reason for less crowd.
Please share the branch details. It will help.

Last edited by petrolhead_chn : 29th November 2016 at 18:50.
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Old 29th November 2016, 18:31   #1404
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I am on vacation in Mysore . Had ₹2000 in 100s. I ran out of it today and had to find an ATM near srirangapatna which is when I realised that I ran out of 100s. I was able to withdraw ₹2000 in the new note near a bus stand axis bank ATM and was able to get change for it in the ranganathittu bird sanctuary also.
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Old 29th November 2016, 18:47   #1405
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Prafful_Rathod View Post
Of course the mentality is changing now, but it will still take some time before we realise the benefits of going cashless and start practicing it more and more.
Well said! We have been conditioned to withdraw and use cash everywhere, even though many of these places accept cards too.
Though I have been using cards in many places, I have made it a point to do so only when I didn't withdraw enough cash, and for payments more than a thousand rupees, typically for full tank petrol, restaurants and shopping.
Nowadays with the landscape changing, and the merchants are exempt from service charges, these machines are going to appear everywhere. Recently, I was surprised to see a vendor accepting debit card for Rs.50 in a restaurant, and I hope this will be the case going forward for micro payments with the mobile wallets and the newer UPI platform.
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Old 29th November 2016, 19:39   #1406
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by drmohitg View Post
So very true. I didn't think of that. But still the government will benefit more than they are now as at least a few more people will opt for the scheme. That is of course my opinion.
http://www.firstpost.com/politics/no...s-3130054.html

Looks like government heard your plea.

Yet another amnesty scheme.

All in line with the 10 month preparation, I believe.

Don't worry, everything is under control, no need to panic.

All is well, all is well.
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Old 30th November 2016, 12:07   #1407
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

@hybridpetrol; One problem in making all payments by debit cards is that there are myriad entries in the statement, which all have to be put into Tally if you must have closed accounting, followed by statutory audit. I am thinking of switching to credit cards, since then there is only one entry in the books.
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Old 30th November 2016, 12:54   #1408
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Interesting article - PM Modi, Demonetisation ‘Brahmastra’ Could’ve Avoided Hurting Poor

Quote:
Originally Posted by Prafful_Rathod View Post
Do you think if Govt would have proposed going cash less (of course with added infrastructure) under normal circumstances (prior to demonetisation), people would have even paid any attention to it ?
The original objective was "This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.". Now the objective seems to have shifted to 'unintended consequences' like 'cashless economy'. Do original objectives still are valid?
Quote:
Originally Posted by Thad E Ginathom View Post
All this cashless society stuff means that every transaction has to go through some bank or financial institution.

I'm sure that that's good for them.
If I give my friend Rs 10,000 in cash, the bank gets nothing. But if I do a NEFT, IMPS, I have to pay Rs 2.5 to bank

Quote:
Originally Posted by ecenandu View Post
Yet another amnesty scheme.
Then what is the use of this whole demonetization saga? Black money hoarders are not punished. Now, Govt plans to give a certain percentage of their loot back?
Quote:
Originally Posted by blacksport View Post
This govt never ceases to amaze me with such stupid moves.
And the monitoring deposits more than 2.5L? Isn't only income above 2.5L for a financial year taxed? Or even savings of over 2.5L?
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Originally Posted by carwatcher View Post
What is the experts opinion on these points :

a) How the Demonetization process should have been carried out by the Govt. ?
There are many ways. Here is one, from the article quoted above, to achieve the same objective without people being subject to misery:
Quote:
Couldn't we have just said that:

* Effective the midnight of 31 December 2016, Rs 500 and Rs 1,000 notes will cease to be legal tender.

* Beginning today, banks/ATMs will stop issuing these notes, although you will be free to deposit them in a bank account with full supporting documentation.

* You can continue to do normal transactions with these Rs 500/1,000 notes until the last day. On 1 January 2017, new notes in several other denominations will be issued by banks/ATMs.

That’s it. Simple. All objectives achieved. No wretched, destitute people created by a government firman.
Before somebody tells me hoarders would convert their loot to white in these 50 days, they are already doing that. The quoted article has more information.
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Old 30th November 2016, 13:10   #1409
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Just coming back from ICICI bank after depositing whatever 500s I had. There was hardly any queue in the bank, 2 counters for depositing money - 5 people in one Queue and 1 person in front of me in the other. Out of the bank in 10 minutes flat! So far so good for depositing. Asked about withdrawal and the bank was out of cash!!! (Maybe that explains why there were hardly any queues in the bank). But I have been managing with cards without any problem, at least in this part of the world. Since 8th I have only spent 80 rupess in cash!! The neighborhood shops, esp the vegetable/fruits vendors have machines now. Few days back the vegetable vendor gave me 20 rupees off on a bill of 510 for paying by card!!
All in all I am ambivalent about this whole exercise.
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Old 30th November 2016, 15:12   #1410
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by joslicx View Post
.......
But I have been managing with cards without any problem, at least in this part of the world. Since 8th I have only spent 80 rupess in cash!!
...
Wait, what? Besides the obvious question as to how its even possible, just want to know which class you are in now

That kind of a scenario is impossible up north. I've realized this gap on my visits to Pune as well, people in our office there use card for even tiny transactions. And in Chd the usage is miniscule. So yes that huge push for electronic transactions will bear fruit.

Except for a small hitch; that was never the intended purpose in the first place! Everyone around me with large or small amount of money is now sitting pretty having 'managed' it all. In fact many people have slowly accumulated new currency now and are willing to exchange old notes, but unable to find anyone left behind.

Would be very surprised if GOI manages to catch any black money, and would be elated if proved wrong.
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