![]() | #466 | ||||||
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,705
Thanked: 11,133 Times
| ![]() Quote:
Quote:
Quote:
Quote:
Quote:
Quote:
![]() 1. The system is in place. Its not 'make an entry into a register and submit a faded zerox copy'. The exchange transactions have to be done through a new window/page/UI in the system where the ID is recorded. Without a valid Govt ID, the exchange transaction can not be done at all. 2. The system is online and real-time. So same person trying to exchange 4000Rs more than once in a day ... even from different banks, is getting stopped right at the second attempt. 3. The EconomicTImes news item quoted in the first post seems to be incorrect. It is allowed to exchange 4000Rs per day for 50 days till 31st Dec. Since there is an electronic record for each exchange and it is tagged to the ID, such 'gaming the system' would get flagged and acted upon eventually. 4. Most govt recognized IDs are linked to each other. eg. PAN card is linked to Aadhar Card. So providing different IDs is also not possible most of the time. System changes ACROSS all banks is not a joke. If Govt pulled this off, that only indicates how well the whole thing is planned, prepared, coordinated and being executed. Last edited by SDP : 11th November 2016 at 22:24. | ||||||
![]() |
|
![]() | #467 | |
Senior - BHPian Join Date: Dec 2008 Location: Bangalore
Posts: 3,041
Thanked: 3,710 Times
| ![]()
Sorry, was going entirely by what I had read today. That ATMs were supposed to open in the morning but couldn't till late afternoon at least; many ran out of notes quickly. That several deaths have been reported across country of people who couldn't exchange notes. That fuel retailers are threatening a strike since they cannot provide sufficient return money. That the actual ATM machines need reconfiguration which will take about a week to complete across India. And so on. Quote:
In my view the single biggest qualification for a career politician is empathy - and a university degree is certainly not a proxy for that particular virtue. | |
![]() |
![]() | #468 | |
BHPian ![]() | ![]() Quote:
| |
![]() |
![]() | #469 |
BHPian ![]() Join Date: Feb 2016 Location: Bangalore
Posts: 804
Thanked: 985 Times
| ![]()
There is only One time 4K exchange as of now. Why you need a daily exchange of 4K. One can deposit the entire old 500 / 1000 currency into account and then withdraw. If one has huge pile of cash, then it's problem. May have to face the music if proper proof / justification cannot be given. Last edited by Sree73 : 11th November 2016 at 22:38. |
![]() |
![]() | #470 |
Distinguished - BHPian ![]() ![]() Join Date: Sep 2010 Location: Liverpool/Delhi
Posts: 5,424
Thanked: 7,311 Times
| ![]() There is a very strong rumor doing the rounds today that after this initial shock, the government will bring back the Amnesty scheme and give people one last chance to declare and pay taxes accordingly. I personally feel they should do this too. This way they earn a lot in taxes as almost all people I know are losing almost 40-50% on their undeclared money. Under the scheme they will lose 45% but atleast will be stress free from then onwards whereas the government will gain a huge amount of tax, the same amount which is being still continued as black money otherwise and is only going from one hand to another. |
![]() |
![]() | #471 | ||
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,206
Thanked: 3,533 Times
| ![]() Quote:
This move has been a great leveller. There is a story of a billionaire collecting 90K from beggars to pay off some urgent payment. http://www.news18.com/news/india/how...u-1310970.html Quote:
Last edited by poloman : 11th November 2016 at 22:54. | ||
![]() |
![]() | #472 | |
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,705
Thanked: 11,133 Times
| ![]()
Sorry, not true. Its once per day. Please check my detailed post just 2 posts above. Quote:
1. Deposit and Withdraw are 2 transactions .. so 2 queues. Exchange is a single transaction, single queue... so one would save time. 2. ATM withdrawal limit is 2000 Rs currently. So irrespective of how much you deposit (or have in account), you can withdraw only 2000Rs (per day) from ATM. With exchange, one can manage 4000 in one shot without standing in withdrawal queue inside the bank. Last edited by SDP : 11th November 2016 at 22:54. | |
![]() |
![]() | #473 | |
BHPian ![]() Join Date: Nov 2009 Location: Ahmedabad
Posts: 147
Thanked: 139 Times
| ![]()
No issues, I welcome your views. Quote:
I also believe some basic qualification is required, and I am also equally pained when illiterates and criminals rule the states with their raw muscle power. However - please look at the other side - leadership does not require qualification and a domain knowledge, rather it requires set of other qualities like - will power, a sense to judge right from wrong, capability to judge situation and act decisively, have courage to stand by the decision, lead set of people - to list a few. The domain experts and degree holders will be available to support. Do we need a ex-army person to be a PM, others can not take defense related decisions? Do we need a PM with agriculture background - others can not take decisions related to irrigation and agriculture? Then why do we need a PM with a doctorate in economics to take economy related decisions? I am irritated when people do not question dynastic rule or criminal rule or even actors - who remain inactive through out their tenure and worry only about their coffers and their families - while this one is taking initiatives, we say he is not a doctorate in economics and hence his decisions and actions will result in chaos. Hope you get my point. Regards, JLS Last edited by JLS : 11th November 2016 at 22:59. | |
![]() |
![]() | #474 | |
BHPian ![]() | ![]() Quote:
| |
![]() |
![]() | #475 |
BHPian ![]() Join Date: Jan 2016 Location: Guwahati
Posts: 197
Thanked: 390 Times
| ![]() Demonization throwing up surprises ![]() We too received a few "Need some help" calls ![]() |
![]() |
![]() | #476 |
Senior - BHPian ![]() Join Date: Jan 2016 Location: Bengaluru
Posts: 1,059
Thanked: 2,446 Times
| ![]()
My friend, who is a branch manager in a private bank posted this on Facebook: |
![]() |
|
![]() | #477 | |
BHPian ![]() Join Date: Jun 2016 Location: Bombay/Belgaum
Posts: 605
Thanked: 4,831 Times
| ![]() Quote:
![]() And here am I, with Rs. 5 in wallet and surviving on Diwali sweets sent by mom and food coupons of our canteen since last 2 days. No complaints though as I fully support this initiative. Last edited by vivek95 : 11th November 2016 at 23:35. | |
![]() |
![]() | #478 | |
BHPian ![]() Join Date: Nov 2015 Location: Pune
Posts: 145
Thanked: 249 Times
| ![]() Quote:
| |
![]() |
![]() | #479 |
BHPian Join Date: Dec 2014 Location: Hyderabad
Posts: 160
Thanked: 158 Times
| ![]() I have also confirmed from friends in banks that the 4k limit is NOT daily. Seems to be some misunderstanding and some banks may have accepted multiple payments which exceeds 4k in total, but as per RBI , it is the total limit for 15 days or so after which they will review. |
![]() |
![]() | #480 |
Team-BHP Support ![]() ![]() Join Date: Apr 2013 Location: Madras
Posts: 6,845
Thanked: 18,852 Times
| ![]() Tolls have been waived off until 14th. Extended from the previous 11th date. That's a welcome news. ![]() |
![]() |
![]() |