![]() | #1996 |
Senior - BHPian ![]() Join Date: Feb 2010 Location: Bardez, Goa
Posts: 1,184
Thanked: 1,030 Times
| ![]() Also, what stops people from using other payment means. We take pride in announcing using the alternate modes at personal level but when the same methods made kind of mandatory by the Govt, we all start complaining. Maybe that's what is called reluctance to change. Odd-Even, Sunfilm ban, etc. etc. Can any movement succeed without active public participation. But in our country even if public chooses to co-operate, we have paid media and opposition parties to create unrest at any cost. Last edited by carwatcher : 10th January 2017 at 20:48. |
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![]() | #1997 | |
BHPian Join Date: Jan 2015 Location: Bangalore
Posts: 105
Thanked: 140 Times
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When I turned up at their doorstep with a self cheque for 24000, they sent me away stating that they dont have cash. This happened at 2 banks for me, one a private bank and another a PSU bank, in the last week of December. The maximum they were willing to disburse was 10000 and I have to either call up 2 days in advance and ask for some cash to be reserved or make daily trips to the bank to withdraw money. A few weeks from now I'm sure I will look back on this and reminisce on how 2016 brought back memories of the ration shop queues of the 80s for those who were around then. | |
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![]() | #1998 | |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,940
Thanked: 4,690 Times
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![]() | #1999 | |
Distinguished - BHPian Join Date: Apr 2013 Location: Beans Town
Posts: 1,848
Thanked: 8,314 Times
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I'm one of those people who believes that cash, whether devalued, revalued, or demonetised, should exist, PERIOD. The original intent of the demonetisation was to bring out massive sums of unaccounted notes which were neither being utilized nor being declared, I'm talking of sums in excess of 8-9 digits, anything lesser is a joke and is of little consequence. They were successful in that because the very notes were made useless, so many of those who had stored them like grains in a warehouse had to have them changed after paying heavy taxes. I'm sure if not 100%, that in 75% of the cases they've recovered such high-value sums that were simply rotting in locations only to change hands when purchases of huge real-estate and/or jewelry are done. Those notes were doing great harm because they were creating inflation to ridiculous levels in certain sectors such as real-estate and luxury shopping. I've no problems with that and in fact it was a much needed purge of the system. Where the government went wrong is in insisting that EVERY payment should be done in digital or card, and that too with an infrastructure that isn't even 1/10th ready for the same. Cashless society is anarchy, pure and simple, it gives the government too much leverage and power over the people not to mention the future scope of charging a transaction fee per transaction which will again result in inflation. Money is holdings of power, no government has the right to throttle withdrawals and insist on cashless dealings. If one has earned it, he/she can withdraw it in the note form. They can, however do endless investigations into sources of funds and take taxes for the same if any mismatch happens. We ALL know which are the largest holders/creators of so called "black", the rule-makers themselves. As usual, my view, no negotiations. | |
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![]() | #2000 |
Team-BHP Support ![]() ![]() | ![]() I have never been to ATM since Nov 8th, and the last time I withdrew cash from Bank was on Dec 8th, that too just 10k. Meanwhile, our cook gave us whole lot change in 100s. My cash usage has gone down to 10% of my earlier usage. At least 9/10 shops I visit accept card. I use cash only for transactions below 200 bucks. I even switched to a much smaller wallet, don't need a wallet that used to hold 20-30 notes before. Now I have less than 10 notes most of the time. Last edited by Samurai : 11th January 2017 at 10:03. |
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![]() | #2001 |
BANNED | ![]() How about foreign exchange at the airport? If i want INR for $1000, would I get it without any problems ? I do not want to use my US issued credit cards as the foreign transaction fee is high. |
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![]() | #2002 |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,206
Thanked: 3,533 Times
| ![]() I had withdrawn around 9K in 500Rs notes a week back. Finding no reason to keep that or place to spend that, deposited 5000 Rs back in bank. In all small shops in our area PayTM is the norm. Also the maid and flowerwala are willing to give change for 2000 in good quantities if I am in need. Last edited by poloman : 11th January 2017 at 11:21. |
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![]() | #2003 | ||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,432
Thanked: 1,042 Times
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![]() Purchases above a limit has to be done using digital payments, cheque or DD. If people are so finnicky about Digital payments let them go back to cheque or demand drafts. In India every excuse (especially the one of "ease of use") is generally given only to byepass some law or make corruption easier. Earlier every traffic violation was a court offence (in many foreign countries it still is). The excuse of "ease of use" was brought in, and police officers were given the rights to collect spot fines. We all know what happened. Now for very many cases we are going back to the old way; mandatory court appearance (as that is becoming the true detterance). | ||
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![]() | #2004 |
Team-BHP Support ![]() ![]() Join Date: Jul 2010 Location: Bangalore
Posts: 4,637
Thanked: 17,665 Times
| ![]() I'm still unable to understand what the 2000 Rupee note is intended to do. It's useless short-term because of lack of lower-denomination notes to transact against - which is impractical to fix because of the kind of logistics required to print/circulate value equivalent to even half the demonetized notes - and long-term it will make hoarding even easier. What gives? |
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![]() | #2005 | |
Senior - BHPian ![]() Join Date: Nov 2011 Location: Chennai
Posts: 1,803
Thanked: 6,552 Times
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The 2000-rupee note should simply go as soon as possible - either through a slow, silent & stealthy process or with a loud, sudden big bang. | |
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![]() | #2006 |
BHPian Join Date: Nov 2009 Location: Bangalore
Posts: 670
Thanked: 413 Times
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I would love to imagine the 2000 note was a honey-bait to get blackies to convert to it en-masse and then do a surgical-strike-ishtyle 8.00PM announcement that from midnight 2000 notes are invalid. Lots of heart aches and attacks guaranteed. |
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![]() | #2007 |
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,432
Thanked: 1,042 Times
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I feel Rs.2000 came in as a kind of "hold all" currency. Which also did not work the expected way. Rs.2000 may go out, but not as a big bang. Once adequate circulation of small notes are in place, RBI can just ask banks to collect what ever Rs.2000 comes in and issue small denomination notes instead (and perhaps also silently note down people who comes up with bundles of Rs.2000 notes at one shot). Govt. may also give a much longer notice period to return such notes. |
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![]() | #2008 |
Team-BHP Support ![]() ![]() Join Date: Jul 2010 Location: Bangalore
Posts: 4,637
Thanked: 17,665 Times
| ![]() Another demonetisation drive anytime soon will be suicidal, hurting confidence in the INR overall and repurcussions will go far beyond local economy. A silent recall seems more prudent. My question anyway wasn't about what happens to it in the future, I wanted to understand the rationale behind its introduction. |
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![]() | #2009 | |||
Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
Posts: 1,732
Thanked: 2,435 Times
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Thanks for your candid views. On Nov 8th, I was one of the folks who got excited about the announcement of note ban. I was hoping the Government would announce further measures and introduce new legislations to nip black economy. But nothing happened. All we got was new formula every day, sometimes every hour on rationing of currency notes by RBI. When they introduced the 2000 rupee note, I knew, they had blown it. The Government had not put much thought into the effort. Demonetization is a bludgeon which missed the target. So what we have now? We are trying to build a cashless economy where the majority don't have debit or credit cards. People have great belief in the prime minister and hence the 50 day period has been mostly peaceful. Otherwise, we might have ended as Venezuela, where the plan was withdrawn after 2 days of unrest & looting. I wish I would be wrong and the prime minister has something worth to show to the people, for the ordeal they had to go through. Quote:
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Would like to hear what Nov 8th demonetization effort has achieved, what a normal recall of 1000s & 500s wouldn't have achieved. PS: Parody - Will reveal the exact benefits from demonetisation only if you re-elect me in 2019 | |||
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![]() | #2010 | |
Team-BHP Support ![]() ![]() Join Date: Jul 2010 Location: Bangalore
Posts: 4,637
Thanked: 17,665 Times
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Personal opinion, this was more carpet bombing than surgical strike, and the proverbial rats and cockroaches have found a way to survive, as they always do. Last edited by Chetan_Rao : 11th January 2017 at 21:55. | |
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