![]() | #601 | ||
Senior - BHPian ![]() | ![]() Quote:
Right now we are in second time window directly without passing through first window. Problem - is that it gives an opportunity to hoarders to exchange them easily compared to it is now, and try to hoard in notes of 100s or in other assets like gold or real estate. But it's important to note here - what's the total value of such hoarded cash? If we go with the number that 85% of circulated currency is in 500s and 1000s, it's impossible to convert all those value into notes of 100s without using new notes 100s which is being regulated with limits on withdrawals. So even if people try to hoard as much as possible, it's impossible to convert all the hoarded to cash in denomination of 100s, and the excess value has to get deposited into banks or get converted to assets like gold and real estate. Which approach is better - or is there a single solution which works - i don't think anyone can answer - without benefit of hindsight, so we will know only after the fact. Quote:
Last edited by SilentEngine : 13th November 2016 at 17:22. | ||
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![]() | #602 | |
Newbie Join Date: Nov 2012 Location: Navi Mumbai
Posts: 14
Thanked: 7 Times
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Does the impact make it worthwhile? I think so. | |
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![]() | #603 | |
Distinguished - BHPian ![]() ![]() Join Date: Jun 2007 Location: Chennai
Posts: 10,210
Thanked: 20,535 Times
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This is included in one of the posters that is circulating since the beginning. | |
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![]() | #604 |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,204
Thanked: 3,505 Times
| ![]() Finally went to office ATM withdrew 2000 each all in 100Rs notes from two cards (Did this purposefully since this is a restricted entry ATM which only company employees can use). Gave change to some friendly push cart vendors for 500 notes who were very happy. Went to Phoenix mall which was unusually crowded. No signs of a cash crunch anywhere. Surely there is some stress in the rural and street economy. But not to the extent highlighted in some TV channels. Last edited by poloman : 13th November 2016 at 18:36. |
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![]() | #605 |
Senior - BHPian Join Date: Dec 2006 Location: NH209
Posts: 1,773
Thanked: 1,433 Times
| ![]() I have switched off television news and only refreshing PTI news website on a hourly basis. Too much of democratic noise, the sort of noise which you wouldn't hear from our northern neighbor where they even dared to impose 1 child per couple norm. |
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![]() | #606 |
BHPian Join Date: May 2008 Location: Bangalore
Posts: 133
Thanked: 75 Times
| ![]() Kind of funny and ironical situation with my mom, She had around 55k home. So after 8th all the traders stopped taking now old 500, 1k notes. She deposited her sum at bank and got not so shiny 2k notes. Now traders are refusing those citing lack of change ![]() |
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![]() | #607 |
BHPian Join Date: Apr 2014 Location: Bengaluru
Posts: 980
Thanked: 1,774 Times
| ![]() Update on the withdrawal limit. Finance ministry has provided these updates to the banks. 1. Weekly limit of Rs.20,000 for withdrawal from bank accounts increased to Rs.24,000. Limit of Rs 10,000 per day removed. 2. Banks advised to increase cash withdrawal limit at ATMs from Rs 2,000 to Rs 2,500 per day in the recalibrated ATMs. 3. Banks have been advised to increase exchange limit over the counter from existing Rs 4000/- to Rs 4500/- 4. Banks advised to increase the Business Correspondents limit to Rs 2500/- for withdrawal from bank accounts. Source : http://timesofindia.indiatimes.com/i...g/55315325.cms Last edited by TorqueyTechie : 13th November 2016 at 21:30. Reason: Added source |
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![]() | #608 | |
Senior - BHPian ![]() Join Date: Oct 2008 Location: Stockholm
Posts: 1,290
Thanked: 2,338 Times
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Even I have used very little plastic money in last three years, here. | |
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![]() | #609 |
BHPian ![]() Join Date: Aug 2015 Location: Gurgaon
Posts: 381
Thanked: 517 Times
| ![]() Some people at the ATMs are creating their own kangaroo rules. They are not letting people punch out 2000. Are forcing them to key in 1000, only. Else they forcibly press 'cancel'. |
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![]() | #610 |
BHPian ![]() Join Date: Jan 2006 Location: Bangalore
Posts: 627
Thanked: 193 Times
| ![]() Things seemed better yesterday night. Just 10-12 people at the ATM. One must thank the bank staff. Most people are impatient after waiting in line. The staff are dealing with them continuously for last 4-5 days. Really warrants an appreciation. |
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![]() | #611 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
Why do you let anyone even come as close as that to you when you are withdrawing money? Is there no security guy there? | |
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![]() | #612 | |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,939
Thanked: 4,689 Times
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I can see the dilemma, they could not have sent out the 500 notes in advance, since then somewhere they would have been loaded before 8/11. An embargo would have just warned the public that something is amiss. However, something has hit home. The premium in the NCR on the 'conversion' which had dropped to 15% is now up to 40%. | |
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![]() | #613 |
Distinguished - BHPian ![]() ![]() Join Date: Oct 2009 Location: Namma Bengaluru
Posts: 6,800
Thanked: 8,802 Times
| ![]() Meantime, few things in the news: How people with black money are trying to escape the radar Source:Indian Express, 13 Nov 2016 *This one is important - when you submit a photocopy of any photo id proof at banks/post offices do remember to write the purpose, self attest and mention the date. Also, be careful at photocopier/"xerox" shops, some are even selling copies of these ID's to others Source:Misuse of ID proofs comes as a shocker, banks helpless |
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![]() | #614 |
BHPian ![]() Join Date: Aug 2015 Location: Gurgaon
Posts: 381
Thanked: 517 Times
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It somehow happens in India. The law of the jungle prevails. Not happening at all ATMs, but some people have encountered this. It is weird and bad. |
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![]() | #615 |
BHPian ![]() | ![]() The old notes are now going to be permitted till the 24th of Nov in the same places after the demonetization was announced http://www.ndtv.com/india-news/old-notes-valid-for-10-more-days-amid-dash-for-cash-10-developments-1625070 Last edited by diyguy : 14th November 2016 at 10:48. |
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