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Old 10th September 2018, 07:13   #2686
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by extreme_torque View Post
And RBI hasn't said 99.3% of the "black wealth" has come back. Ofcourse this is context of hard money in circulation and I find it hard to believe that only .7% of the money hasn't come back which includes counterfeit currency, cash lost due to damage or whatever, cash with NRI's and other countries etc etc.
These figures give credence to the theory that there was some currency printed 'off the record' or some very high quality fakes in circulation. I will personally be inclined for the former. During the halcyon days of Indira and UPA this was increasingly 'not unlikely'.
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Old 10th September 2018, 07:20   #2687
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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These figures give credence to the theory that there was some currency printed 'off the record' or some very high quality fakes in circulation. I will personally be inclined for the former. During the halcyon days of Indira and UPA this was increasingly 'not unlikely'.
Fake currency is entirely unlikely. As I said, the security features - even in the new notes - are the same as the old notes. And the old notes security hasn't been revised in over a decade, and even for that period weren't state of the art
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Old 10th September 2018, 07:51   #2688
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

So @hserus; you seem to be going in favor of the 'off the record' cash. Remember figures of 64L being drawn following a 'phone call'. Anything was possible. Also, the theory have never been debunked.
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Old 10th September 2018, 08:47   #2689
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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So @hserus; you seem to be going in favor of the 'off the record' cash. Remember figures of 64L being drawn following a 'phone call'. Anything was possible. Also, the theory have never been debunked.
I should have said fake currency is entirely likely, in my previous post. Right now my estimate is there is more cash back in the system than ever existed in the first place.
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Old 10th September 2018, 18:49   #2690
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Expecting someone to justify this, the verbal gymnastics would be interesting.
Seriously? I wasn't aware of the new ruling. Can you point to the circulars please?

Now all our media and Whatsapp groups will scream why it is good for the nation.

Last edited by fordday : 10th September 2018 at 18:50. Reason: Add info
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Old 10th September 2018, 18:57   #2691
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Huh. Are we in 1980s Deewar? Who keeps money under matteresses anyways. If most of the money in circulation was black money under ma's bed, why did over 99% come back?
Not unknown. https://www.ndtv.com/india-news/12-c...as-room-458778
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Old 10th September 2018, 20:58   #2692
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Seriously? I wasn't aware of the new ruling. Can you point to the circulars please?

Now all our media and Whatsapp groups will scream why it is good for the nation.
Here's a link to the article, the gazette notification must be out by now.

https://www.indiatoday.in/india/stor...352-2018-09-08
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Old 10th September 2018, 21:19   #2693
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I think people getting excited at the prospect of moral policing and punishing evil black money holders are ignorant of how black money gets created and used. The worst form of black money is not local traders underpaying taxes, but how public funds are stolen for private gain. Its popularly hidden under corruption, which public thinks is bribes, but its far far more than a few thousand crores a year, not to mention the poor quality infrastructure that we in Team BHP complain about regularly.



Also far worse than the guess based calculus of profits and loss is what demonetization means for individual freedom of citizens and businesses. Well captured in this 2016 article.. https://indianexpress.com/article/op...arned-4379388/


Please read and reflect, before donning the sword for your favorite politician.
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Old 12th September 2018, 10:32   #2694
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Also far worse than the guess based calculus of profits and loss is what demonetization means for individual freedom of citizens and businesses. Well captured in this 2016 article.. https://indianexpress.com/article/op...arned-4379388/
Please read and reflect, before donning the sword for your favorite politician.
When we hold a point of view rather passionately every piece of information or literature seems to be supporting our cause whatever it might be. I went through this article. It reads like a piece of literature lamenting DeMo rather than adding one piece of data or insight. I am not talking here about DeMo either for or against - my views are already stated in earlier posts. Just enquiring why an article has been put here positioned as a new insight when it is only a bit of literature.

DeMo was a mis-guided though sincere initiative of NaMo implemented without the support of his bureaucracy or ministers most of whom stood to suffer from it! Sincere, well intentioned but an over-ambitious programme. But hell it is done and dusted. This thread, two years out has morphed into a beat the current Govt up and vent against the current PM rather than a thread on DeMo. Maybe a new thread is needed for that with the correct title. Don't mistake my political leanings just because I don't vent against the current PM and am willing to give him time. In my time I have voted 8 or 9 times in Lok Sabha elections starting 1984 and voted approximately equally for both the sides. Despite his tendency to polarize people I would give NaMo time to get stuff done. Being PM of India, a functioning anarchy, is most likely the toughest job in the world.
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Old 12th September 2018, 12:51   #2695
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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DeMo was a mis-guided though sincere initiative of NaMo implemented without the support of his bureaucracy or ministers most of whom stood to suffer from it! Sincere, well intentioned but an over-ambitious programme. But hell it is done and dusted. This thread, two years out has morphed into a beat the current Govt up and vent against the current PM rather than a thread on DeMo. Maybe a new thread is needed for that with the correct title. Don't mistake my political leanings just because I don't vent against the current PM and am willing to give him time. In my time I have voted 8 or 9 times in Lok Sabha elections starting 1984 and voted approximately equally for both the sides. Despite his tendency to polarize people I would give NaMo time to get stuff done. Being PM of India, a functioning anarchy, is most likely the toughest job in the world.
Dear sir, I am an ardent supporter of Demonetisation, by intention. There are 13 banks and about 20 ATMs at a walkable distance from my workplace/home and my transactions were predominantly digital at the time of demonetisation. Even then, the difficulties I had to undergo to pay my servants during those days, I endured them with happiness for the greater good.

But for the repeated flip-flops and silence from the man who was tormenting his predecessor as a Mouni Baba. He requires some disciplining, if not thrashing, at least from the citizens when the opposition is next to nil. He can take his time but with humility not with arrogance.
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Old 12th September 2018, 14:18   #2696
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by avira_tk View Post
Here's a link to the article, the gazette notification must be out by now.

https://www.indiatoday.in/india/stor...352-2018-09-08
Unless the media covers this, the opposition wouldn't act, unless the opposition acts on it, the ruling party will not be bothered to do any amendments to this notification. We will eventually turn into a banana republic for sure. What posses them to come up with such funky ideas

Pramod
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Old 12th September 2018, 15:30   #2697
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Unless the media covers this, the opposition wouldn't act, unless the opposition acts on it, the ruling party will not be bothered to do any amendments to this notification. We will eventually turn into a banana republic for sure. What posses them to come up with such funky ideas
What is the remedy if you get a torn or mutilated note from the ATM? Have the powers that be thought about this, or do they think the bankers are sages who will never pass on a mutilated note if they collected one by mistake. The very idea itself shows that we are on our way to becoming a dictatorship if we don't make amends in 2019.
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Old 12th September 2018, 15:47   #2698
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by avira_tk View Post
The gift that keeps on giving, new guidelines on currency replacement means that you'll lose your money when you have damaged currency notes.
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Originally Posted by Thad E Ginathom View Post
Seriously? That actually sounds like something from a stand-up comedy routine!
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Originally Posted by fordday View Post
Seriously? I wasn't aware of the new ruling. Can you point to the circulars please?
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Originally Posted by pramodkumar View Post
We will eventually turn into a banana republic for sure. What posses them to come up with such funky ideas
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Originally Posted by longhorn View Post
The very idea itself shows that we are on our way to becoming a dictatorship if we don't make amends in 2019.
The amendment in question is nothing different from previous norm. The only reason for bringing in an amendment must have been because of new denominations. Quoting from the 2009 Note Refund Rules (link: https://rbidocs.rbi.org.in/rdocs/Pub...RE140909.pdf):

Quote:
Full value of the mutilated notes of the above denominations shall be payable if the area of the single largest undivided piece of the note presented is more than 65 percent of the area
Quote:
if the undivided area of the single largest undivided piece of the note presented is equal to or more than 40 percent and less than or equal to 65 percent of the area of the respective denomination rounded off to the next complete square centimeter, half the value of the note is payable.
Quote:
If the area of the single largest undivided piece of the note is less than 40 percent, no value shall be payable, and the claim shall be rejected
While the rules may sound funny to few, in absence of such rules, what stops someone from turning up with half portion of the note to claim full value refund? That would sure be the fastest way to become Scrooge McDuck.
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Old 12th September 2018, 15:48   #2699
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by longhorn View Post
What is the remedy if you get a torn or mutilated note from the ATM? Have the powers that be thought about this, or do they think the bankers are sages who will never pass on a mutilated note if they collected one by mistake. The very idea itself shows that we are on our way to becoming a dictatorship if we don't make amends in 2019.
The easiest way to get rid of a torn note would be to deposit it in a cash deposit money. Only straightforward honest people are going to be affected by this move, just like Demonetisation.

Pramod
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Old 12th September 2018, 16:34   #2700
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by pramodkumar View Post
The easiest way to get rid of a torn note would be to deposit it in a cash deposit money. Only straightforward honest people are going to be affected by this move, just like Demonetisation.

Pramod
CDM or Cash Deposit Machines does not accept dirty, damaged or mutilated notes. Exchanging at RBI branches is the better bet.
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