Team-BHP - Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by arunphilip (Post 4153813)

...this instance is one of play money, since the note never states itself to be legal tender (it talks about owing the bearer 2000 coupons, not 2000 rupees), although it is visually styled similar to the newly introduced notes...
Illegal - not sure if the design's similarity itself is illegal, that's for the RBI to define. Definitely illegal on the part of the chap who loaded an ATM with it, though.

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Originally Posted by mayankk (Post 4153966)

If a play note can infiltrate an ATM, counterfeits may already be on their 10th transaction now, undetected.

TOI reports that a major attempt to infiltrate the banking system by depositing the Children Bank of India notes has been foiled in Hyderabad. Not sure what to make of this. Have a look.

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The arrest on Tuesday of a stationery shop owner when he tried to deposit Rs 9.91 lakh in obviously fake notes of the new, post demonetisation variety at an Allahabad Bank branch here has resulted in the largest haul of counterfeit currency that does not have even the standard “Reserve Bank of India“ embossed on it.

The accused said during interrogation that he had tried to deposit the notes because he had been told to do so by the “archangel Jibreel“, police said. When they investigated the source they found wholesale stationery shops regularly give out such notes, with the word “specimen“ stamped on them, to grab the attention of children whenever a purchase is made. They also sell stacks of such notes police said.

The accused, Shaik Yousuf (37), tried to deposit the notes at Allahabad Bank's Gayathri Nagar branch on Tuesday morning. Of them, 400 notes were in 2000-rupee and 382 in 500-rupee denominations. All the notes had “Childern (sic) Bank of In dia' written on them instead of “Reserve Bank of India“.

There have been several instances, for over a month, of ATMs giving out such glaringly fake banknotes -without regular features like “Reserve Bank of India“, the RBI seal and the Ashoka Pillar lions on them. The notes seized in the past had “Children Bank of India“ in place of “Reserve Bank of India“, a logo that said “PK“ in place of the RBI seal and “Churan Lable (sic)“ written where the Ashoka Pillar lions should have been.

However, the counterfeit notes seized on Tuesday differ from the fake ones seized earlier in that Tuesday's notes had both the RBI seal and the Ashoka lions on them.They also had the rupee sign, missing in the earlier notes.

Source: http://epaperbeta.timesofindia.com/A...15032017011042

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Originally Posted by dailydriver (Post 4163937)

"he had been told to do so by the “archangel Jibreel“, "

I'd like to have whatever he's been imbibing! :uncontrol

To think he could walk up to a bank counter and attempt depositing it, and that too in such quantities.

When I first read the news about this, I thought it was some attempt at discrediting a bank, or shaking confidence in our financial institutions. But seeing the detail and sheer amateurishness of the play notes and the person himself, Hanlon's razor removed my worries: "Never attribute to malice that which is adequately explained by stupidity"

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Originally Posted by Sawyer (Post 4156368)

Excellent poem...Things fall apart was also the title of an excellent book - Akebe?

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Originally Posted by dailydriver (Post 4156385)

Yes, Chinua Achebe. A writer I have a lot of respect for.

Completely OT. I wish I could quote you both and the post appeared in the book thread.

Picked up Things Fall Apart after you both talked about it, and, now almost nearing the end, it has come to take its place in my list of favourite books.

Mods: Please bear with me. please:

Figured a way out but now can't delete it.

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Originally Posted by sachinpk (Post 4162358)

A minor comment. Looks like the recent elections do not seem to prove that "demonetisation" was a foolish move. Either it served its intended purpose, or the voters were not affected by the drive (as reported by the media - who we all know are NOT "biased" at all).

So the verdict is out finally!! Demonetization did not pinch people as much as it was brought out by the media. People seemed to have noticed that due to demonetization certain privileged people (read politicians) did indeed suffer.
People stood in long queues for changing notes as well as for changing Govt. It is interesting times ahead. ATB.

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Originally Posted by sachinpk (Post 4162358)

As on March 3, sum of 12 lakh crores had been surrendered and changed. Now the Govt has started probing the Petrol Pumps for the sales during the demonetization period, and correlating with the bank deposits.

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Originally Posted by sgiitk (Post 4181117)

Remember the deadline was 31 March, so data is still being compiled. Also, how money must surfaces in forensic audit is to be seen.

The deadline is not over yet. NRI's can still deposit old notes till June 30. An article dated 02/01/2017 published in ET has this to say:

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The Reserve Bank of India has allowed non-resident Indians to exchange scrapped Rs 500 and Rs 1,000 notes till June 30. This facility will be available through RBI offices in Mumbai, Delhi, Chennai, Kolkata and Nagpur.

In a notification issued late night on Saturday the banking regulator said that resident Indian citizens who failed to deposit old notes and were abroad between November 9 and December 30, 2016 can avail themselves of this facility up to March 31, 2017, and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017.

"While there is no monetary limit for exchange for the eligible resident Indians, the limit for NRIs will be as per the relevant FEMA (Foreign Exchange Management Act) regulations (Rs 25,000 per person)," RBI said.

So, the final tally could still be a few months away from being compiled.

Full article at: http://economictimes.indiatimes.com/...w/56282220.cms