Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 1st December 2016, 14:02   #1426
Senior - BHPian
 
srishiva's Avatar
 
Join Date: Nov 2006
Location: Bengaluru
Posts: 3,494
Thanked: 714 Times
Infractions: 0/1 (5)
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by RGK View Post
I spoke to my friend who owns a petrol pump. He said, all the oil corporations have asked to submit their daily sales report from Nov 8th night along with the daily cash deposits done in their respective bank accounts.

So it is difficult for them to deposit extra black cash if collected from other sources as the daily sales vs daily cash deposit may not tally.

The pump owners have been instructed to have their CCTV setup in pucca condition and maintain the recordings from 8th Nov.
Its not the extra cash.

What they (and others who can accept old cash) are doing is that at the end of day, they give away the new currency (whatever is collected on that day) or 100s and get the old demonetised currency.

Last edited by srishiva : 1st December 2016 at 14:03.
srishiva is offline   Reply With Quote
Old 1st December 2016, 16:21   #1427
Senior - BHPian
 
msdivy's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 1,434
Thanked: 781 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Puneet.S View Post
The way they are haphazardly and arbitrarily changing their own decisions - i'd not be surprised if they refuse to stick to the promised date of Dec. 30th for depositing old notes at bank counters - it could be pre-poned at any moment.
Don't tell that . My friend paid the money he owes in old notes. I didn't have much choice - accept old notes or forget about the money due for few more years.
Quote:
Rs. 500 notes to be accepted at Petrol pumps only till tomorrow midnight and all toll booths to start collecting toll from tomorrow - as opposed to the govt's earlier date of Dec. 15th.
I have been getting this message from Airtel. I was planning to reload mobiles, instead of waiting in queue to deposit. Looks like I have drop that plan.
Quote:
As per Govt. directive, you can use old Rs500 notes towards prepaid mobile recharge of Rs500 till 15-Dec-2016.For exciting recharges,visit your nearest retailer
One more problem I have ended up with 2 pre-2005 500 notes which nobody is accepting. I am told that I have to visit SBI JC Road Bangalore for exchanging this. Is there any other place where I can get it converted?
msdivy is offline   Reply With Quote
Old 2nd December 2016, 14:34   #1428
Team-BHP Support
 
Zappo's Avatar
 
Join Date: Oct 2005
Location: Hyderabad
Posts: 5,632
Thanked: 1,977 Times
Default

Quote:
Originally Posted by r_devakumar View Post
I am working in one such company where we have 5 ATM machines within campus. But the bank is not able to supply enough cash, so mostly one or two ATM works part of the day. From day 1 to today, i am seeing not less than 50 people in the queue any given time. And y'day and today after the salary credit, it is 100+
Yes of course. It is not to say that you can walk in and out with the cash. Situation today is not so easy irrespective of where the ATM is. However, if you work in a tech park where there are multiple of companies then things will be tougher. Its a little easier for dedicated campuses. Yesterday my campus ATM was stashed with 8.5 lakhs and it dispensed till around 10 pm in the night (solid 7 hours). The queue was there continuously but I am given to understand that people were able to reach the ATM within 30 to 40 minutes. That's a lot easier in my opinion than taking a half day leave and going to some far away branch and then standing in long queues with total uncertainty on whether you will finally get some cash!

Quote:
Originally Posted by msdivy View Post
One more problem I have ended up with 2 pre-2005 500 notes which nobody is accepting. I am told that I have to visit SBI JC Road Bangalore for exchanging this. Is there any other place where I can get it converted?
Why not deposit in your account?

By the way, look closely. If the signature is of a gentleman name Raghuram G Rajan then you may wish to hold on to the note. 10 years down the road it may hopefully fetch you over a lakh.

Last edited by Zappo : 2nd December 2016 at 14:36.
Zappo is offline   Reply With Quote
Old 2nd December 2016, 15:26   #1429
Senior - BHPian
 
Join Date: Dec 2006
Location: Bangalore
Posts: 1,226
Thanked: 408 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Zappo View Post
By the way, look closely. If the signature is of a gentleman name Raghuram G Rajan then you may wish to hold on to the note. 10 years down the road it may hopefully fetch you over a lakh.
Rajan's signature on a pre-2005! note You're surely pulling his/her legs here
joslicx is offline   Reply With Quote
Old 2nd December 2016, 18:25   #1430
BHPian
 
sukhoi30's Avatar
 
Join Date: Feb 2013
Location: Mumbai
Posts: 326
Thanked: 384 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Looks like skeletons are coming out of the closet finally.

http://timesofindia.indiatimes.com/city/bengaluru/Karnataka-govt-suspends-2-officials-raided-by-I-T-dept/articleshow/55751120.cms

Quote:
BENGALURU: Karnataka government on Friday suspended two senior officials close to chief minister Siddaramaiah following Income Tax raids at their official residence that allegedly unearthed Rs 6 crore in cash disproportionate to their known sources of income, including Rs 4.7 crore cash in new denominations of Rs 2000.
What is shocking is that they got 4.7 Cr in Rs. 2000 denomination. How did they manage to exchange such a huge amount in such short time? If these people could do it, imagine how many more such people exists. No wonder there is shortage of cash despite all the measures taken by Govt.
sukhoi30 is offline   Reply With Quote
Old 2nd December 2016, 18:33   #1431
BHPian
 
Join Date: Apr 2009
Location: Bangalore
Posts: 442
Thanked: 33 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sukhoi30 View Post
Looks like skeletons are coming out of the closet finally.

http://timesofindia.indiatimes.com/city/bengaluru/Karnataka-govt-suspends-2-officials-raided-by-I-T-dept/articleshow/55751120.cms

What is shocking is that they got 4.7 Cr in Rs. 2000 denomination. How did they manage to exchange such a huge amount in such short time? If these people could do it, imagine how many more such people exists. No wonder there is shortage of cash despite all the measures taken by Govt.
Today's Deccan Herald provides more details:

Quote:
Bengaluru, DHNS: Two government officials and two contractors in the city were caught during raids with Rs 4.7 crore in new Rs 2,000 notes.

The Income Tax Department said on Thursday it has unearthed Rs 6 crore from them besides bullion and gold jewellery together weighing 14 kg. The announcement came a day after raids began.

Sources said the taxmen also found super luxury cars, including a Lamborghini, during the raids. The department has not revealed the identity of those raided.

Sources named them: T N Chikkarayappa, Managing Director of Cauvery Neeravari Nigama, and S C Jayachandra, Chief Project Officer of the State Highway Development Project.

A release from the I-T Department on Thursday said, "...of the cash found, Rs 4.7 crore is in new currency of Rs 2,000 denomination. In addition, several property documents were also found and seized."

Wednesday's searches and raids were conducted by the Bengaluru centre of the Investigation Directorate in Bengaluru, Chennai and Erode.

An official said the sleuths had also unearthed Rs 30 lakh in old Rs 500 notes.

Taxmen suspect the new notes and the bullion were obtained in lieu of demonetised currency.

Several identity and PAN cards were found, and could have been used to exchange old currency, sleuths said.

Searches are continuing at 10 premises. The investigation will focus on how the officials and contractors managed to exchange so much cash, an official said. Bank officials in Karnataka and Tamil Nadu are also under the scanner, as sleuths believe they connived in converting the stash.

|||||||||||||||||||||||||||||||||||||||||||||||

Biggest haul since note ban

Wednesday's crackdown was the biggest since Prime Minister Narendra Modi's surprise demonetisation announcement on November 8.
nowwhat? is offline   Reply With Quote
Old 2nd December 2016, 19:02   #1432
BHPian
 
Join Date: Aug 2014
Location: Delhi-NCR
Posts: 802
Thanked: 3,812 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Puneet.S View Post
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.
Suggestion - go to the bank at 3PM or so. You will find it empty or almost so. Then deposit your old notes. If you are a privileged customer talk to the relation ship manager he will help you out. During this period I have cheerfully used ATMs at the airports. With some left handed thinking it is easy to solve this problem without breaking the law or jumping the queue. Hope your inconvenience comes down.
V.Narayan is online now   Reply With Quote
Old 2nd December 2016, 20:13   #1433
BHPian
 
heavenlybull's Avatar
 
Join Date: Aug 2014
Location: Delhi
Posts: 118
Thanked: 105 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Seems like some corrupt bank officials are hand in glove in the illegal exchange scheme for 'privileged' customers http://timesofindia.indiatimes.com/i...w/55753967.cms
heavenlybull is offline   Reply With Quote
Old 2nd December 2016, 21:47   #1434
Senior - BHPian
 
srishiva's Avatar
 
Join Date: Nov 2006
Location: Bengaluru
Posts: 3,494
Thanked: 714 Times
Infractions: 0/1 (5)
Default Re: Government scraps Rs 500 and Rs 1000 notes!

One of the modus operandi of the banks were to exchange the list of people who exchanged notes before the indelible ink came into effect.

While the people in the list exchanged notes only in one bank, they were shown in multiple banks.

Privileged customers always get good treatment since they help banks with deposits. Banks may have helped them exchange money.
srishiva is offline   Reply With Quote
Old 3rd December 2016, 10:45   #1435
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 7,086
Thanked: 3,644 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by heavenlybull View Post
Seems like some corrupt bank officials are hand in glove in the illegal exchange scheme for 'privileged' customers http://timesofindia.indiatimes.com/i...w/55753967.cms
Very sad. If the guardian starts stealing then what can we say. A colleague from the NCR area was saying that the 'conversion rate' was down to 10%! Shocking. Remember Axis Bank was the UTI Bank not so long ago, a sarkari animal.

One big question?

With 1 million crores in against a total circulation of about 1.3 million crores, we have 75% or so of the amount already in. Who goofed, and are our 'operators' so smart as the outwit everybody? Remember we have another three weeks plus to go. Only gain will be the money in the No.1 economy and huge tax revenue.

Last edited by sgiitk : 3rd December 2016 at 10:46.
sgiitk is offline   Reply With Quote
Old 3rd December 2016, 11:46   #1436
RSR
Distinguished - BHPian
 
RSR's Avatar
 
Join Date: Nov 2011
Location: Chennai
Posts: 1,621
Thanked: 4,532 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by sgiitk View Post

One big question?

With 1 million crores in against a total circulation of about 1.3 million crores, we have 75% or so of the amount already in. Who goofed, and are our 'operators' so smart as the outwit everybody? Remember we have another three weeks plus to go.
The value of demonetised notes was reported to be ~ 14.18 lakh crores or 1.418 million crores. Less than one month after the announcement, we already have ~ 1 million crores in. Even if deposits taper off sharply from now on, it looks like at least ~ 1.3 million crores will be accounted for.

In total, I guess only less than ~ 10 lakh crore or 1 million crore of black money would have been turned worthless. This is way below all estimates. It does look like the notorious hawala operators have had a field day in laundering old rupees for new ones, instead of their usual rupees to foreign notes (& back) business.

Again, maybe the RBI has under-estimated the sheer volume of high quality fake Indian currency notes that so graciously made our people "wealthier" (courtesy - our "friendly" neighbour).

I guess a lot of the high quality FICNs (not the cheap local low quality fakes) might have got deposited through legal means (some even converted into new notes). So this might have to be taken into account as well.

Quote:
Originally Posted by sgiitk View Post
Only gain will be the money in the No.1 economy and huge tax revenue.
The tax revenue part is also true for local body taxes! Hitherto cash-strapped local bodies have seen funds pouring in, causing their coffers to overflow.

I only hope this tax windfall at all levels of government leads to better infrastructure, instead of getting wasted through corruption, inefficiency & sloth.

Last edited by RSR : 3rd December 2016 at 11:51.
RSR is offline   Reply With Quote
Old 3rd December 2016, 13:43   #1437
BHPian
 
gmhossain's Avatar
 
Join Date: Jun 2012
Location: Kalyani, WB
Posts: 250
Thanked: 963 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by RSR View Post
The value of demonetised notes was reported to be ~ 14.18 lakh crores or 1.418 million crores. Less than one month after the announcement, we already have ~ 1 million crores in.
As per CNBC-TV18 report [1], it is already 1.1 million crores back into the banking system as on November 30, 2016. If your guess regarding fake currency turned out to be correct then total deposits of SBN into the banks by December 30, 2016 might exceeds the total amount of currency issued by RBI If so happens, then RBI's liability will go up rather than going down!

[1] http://www.moneycontrol.com/news/eco...s_8049961.html

Last edited by gmhossain : 3rd December 2016 at 13:47.
gmhossain is online now   Reply With Quote
Old 3rd December 2016, 14:11   #1438
BHPian
 
Join Date: Apr 2009
Location: Bangalore
Posts: 442
Thanked: 33 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by RSR View Post
The value of demonetised notes was reported to be ~ 14.18 lakh crores or 1.418 million crores. Less than one month after the announcement, we already have ~ 1 million crores in. Even if deposits taper off sharply from now on, it looks like at least ~ 1.3 million crores will be accounted for.

In total, I guess only less than ~ 10 lakh crore or 1 million crore of black money would have been turned worthless. This is way below all estimates. It does look like the notorious hawala operators have had a field day in laundering old rupees for new ones, instead of their usual rupees to foreign notes (& back) business.
http://profit.ndtv.com/news/your-mon...ome-topstories

As per SBI, 1.418 million crores was as on March 2016, it had gone up to 1.544 million crores by November 8. They estimate 1.3 million crores to return, so around 0.25 million crores will not return which includes the fake notes. This 0.25 million crores is supposed to be a conservative estimate by SBI.

I guess for some of the money that returns there may be transaction costs to convert black money into white and subsequently the IT department will also have a field day going after those who made unsubstantiated deposits.
nowwhat? is offline   Reply With Quote
Old 3rd December 2016, 14:47   #1439
Senior - BHPian
 
Join Date: Apr 2010
Location: EU - Nordic
Posts: 1,545
Thanked: 919 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by gmhossain View Post
As per CNBC-TV18 report [1], it is already 1.1 million crores back into the banking system as on November 30, 2016.
What does "brought back into banking system" mean?

According to RBI data, the total amount deposited/exchanged in old 500/1000 notes from Nov 10-27 (17 days) is Rs.8.45 lakh crores. So, does the report mean that in another 3 days from Nov 28-30, an additional 2.55 lakh crores have been deposited? Something doesn't add up.
StarrySky is offline   Reply With Quote
Old 3rd December 2016, 15:31   #1440
BHPian
 
gmhossain's Avatar
 
Join Date: Jun 2012
Location: Kalyani, WB
Posts: 250
Thanked: 963 Times
Default Re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by StarrySky View Post
What does "brought back into banking system" mean?
Presumably, it is SBN currency deposited into the banks by the people/utility etc.

Quote:
Originally Posted by StarrySky View Post
According to RBI data, the total amount deposited/exchanged in old 500/1000 notes from Nov 10-27 (17 days) is Rs.8.45 lakh crores. So, does the report mean that in another 3 days from Nov 28-30, an additional 2.55 lakh crores have been deposited? Something doesn't add up.
Between Nov 10-27: (there were only 13 full banking days)

Deposit per day: 8.45/13 = 0.65 lakh crores per day

Between Nov 28-30:

Deposit per day: 2.55/3 = 0.85 lakh crores per day

Are they much different statistically? If you discount first few days when people queued up in banks mostly to exchange or withdraw, then average deposits per day would be similar in amounts as in later period. Secondly, many utilities may have done their month-end deposits in the later period.

Last edited by gmhossain : 3rd December 2016 at 15:34.
gmhossain is online now   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Government likely to award 21 highway projects for Rs. 28,000 crore & 1,500 kms S2!!! Street Experiences 1 22nd December 2015 20:05
Fake Currency Notes - How do you tell the difference? kedarwalke Shifting gears 24 11th July 2012 17:22
Know your pace notes Tom Indian Motorsport 15 14th June 2004 20:09
Journey Notes - Bangalore- Cochin in a Vtec ajmat The Indian Car Scene 13 16th April 2004 20:29


All times are GMT +5.5. The time now is 19:15.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks