![]() | #721 | |
BHPian ![]() Join Date: Jun 2013 Location: Toronto
Posts: 569
Thanked: 681 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
Media is so much to be blamed for this. Bad reporting, stoking of fears. They will always show you the worst hit banks - never the ones where its rather quiet as it does not quite create an impact. I for one, am all in for this. I hope there are many more measures that are undertaken. All Political parties have far too long, in all of our history really taken decision based on vote bank, it's time we thought as a nation. This to me is the first genuine step where a party has gone against it's voters really. It needs to be supported ![]() | |
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![]() | #722 | ||
Team-BHP Support ![]() ![]() Join Date: Jul 2010 Location: Bangalore
Posts: 5,232
Thanked: 21,499 Times
| Re: Government scraps Rs 500 and Rs 1000 notes!
The omission of 'formal' before education in my comment was intentional ![]() Quote:
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P.S. Comparing the level of debate on other fora and T-BHP, it's heartening to see that we're at least sensible enough to engage in reasoned debate without resorting to heated rhetoric ![]() P.P.S. Just returned from a vacation to Goa and the 'money exchange for a fee' business is rampant. You swipe your credit card for the amount you want plus the fee amount, and get paid in 500 & 1000 rupee notes that are readily accepted anywhere. Most seasonal places (except large permanent establishments) don't provide a bill or receipt for services rendered so I'm wondering how that cash is going to be accounted for/exchanged as legal earning before the deadline. Last edited by Chetan_Rao : 15th November 2016 at 14:32. | ||
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![]() | #723 | ||
BHPian ![]() Join Date: Sep 2007 Location: Pune
Posts: 346
Thanked: 267 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
Let's take an example. A bit exaggerated, but hey, what can stop a human mind from thinking of the possibilities. ![]() 1. All vehicles are RFID tagged in India. All vehicles have a unique identifier linking your mobile phone and your bank account. 2. All vehicles make a mandatory deposit of, say minimum Rs 5000 per year into a special 'Motor owners bank account', which is linked to your RFID tag 3. The bank account pays you an annual interest rate 0.5% more than your regular FD interest, if not used, on a daily accumulation basis paid out monthly 4. There are maximum and minimum limits to the account to ensure that the account is not misused. (E.g. if the maximum limit is Rs. 10,000 then you get interest on only Rs 10,000 even if you keep Rs. 15,000 in the account) 5. For every offense which can be tracked through RFID (e.g. jumping a traffic light, stopping in a no stopping zone, driving above 10% of registered speed limit etc), you get an immediate SMS and the fine is automatically deducted from your account. You get an e-challan on your email ID. 6. You have 60 days to contest the claim at any RTO. If your claim is found to be correct, then you will be refunded the entire amount along with the lost interest Let's go further. 7. Your RFID tag is also linked to your digital license. 8. For every serious offense, anything from 1 to 3 points are added to your license 9. In case you were not driving the car, you have 30 days to transfer the points from your license to the person's license who was driving at that time. This can be done by online transferring from your account to the person's account and he/she accepting from their online account. Remove the people based transactions and corruption levels will drop. Once again - Slightly fictional, but technologically possible. Quote:
But in the long run as the country becomes more technology savvy, this is most likely to happen. Most banks will try and cut costs by reducing their people based transaction channels and getting on more and more digital channels. Things like Jan Dhan bank accounts, UPI and Rupay are tremendous moves by the government. That is the way to go. And trust me, the future is digital, whether one likes it or not. Payment methods are going to change and how. See whats happening in the world. Sweden will probably be the first cashless country in the world. Today cash transactions account for 2% of all transactions, which is seen to be dropping to 0.5% by 2020. Amazing. | ||
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![]() | #724 |
BHPian ![]() Join Date: Aug 2012 Location: Kolkata
Posts: 694
Thanked: 1,248 Times
| Re: Government scraps Rs 500 and Rs 1000 notes!
And this may be an avenue attempted by some to get around the restriction on cash - nothing but simple barter. I have some land which I cannot dispose and need some form of exchange, you have gold coins which I can use in lieu of cash. Problem is, smuggling gold is a crime and very tough. Transferring land in a benami manner to someone with no exchange of cash and stamp duty paid is equally tough |
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![]() | #725 | |
Team-BHP Support ![]() ![]() Join Date: Oct 2005 Location: Hyderabad
Posts: 5,906
Thanked: 2,580 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
Now the thing to note is that none of these should ideally need any hardware change. The same cassettes will be good to work and more often than not will be remotely configured from the server/application that controls these ATMs. The controlling application can tweak minutest of the behavioral parameters for most ATM parts. These can be implemented through bulk job pushes. So then where is the catch? Why after almost a week we are still groping in the dark. There are many unsaid lines in this new story which are throwing the characters in this new play in a tizzy. Most ATMs are managed serviced and even run by 3rd party companies (like Writers, CMS, FSS and more). They have contracts that are almost based on SOPs. They worked fine till date. Now suddenly it does not. Say, I run an ATM for you. My contract with you says that I am responsible for the upkeep, MTBF, cash replenishment, FCI responses etc. Now I know from my experiences what it costs me to maintain this service for the ATM and has signed on a suitable contract. Suddenly you are telling me that there is a one time intervention needed to empty out the cash, deposit it back and file a suitable recon report. This is not accounted for in my contract with you. Multiply it with with the thousands of ATMs and then you suddenly see a sizable one time cost we are talking about. On top of it now you want me to fill the ATMs with 100s and 50s only. That will mean that the ATM that probably needed a replenishment trip every alternate day now empties out every 2-3 hours or so. The cost equation has changed hugely by now. Then of course the long term costs of more frequent break downs etc. are there which though can be baked in when I sign the next contract with you. Finally, in this heady mix throw in the angle of the unions and their political allegiances that makes them tow different lines. You know what I am hinting at, and there are enough who have reasons to ask the unions to slow down the process. I guess that tells you where the real challenges are. ![]() | |
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![]() | #726 | |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,940
Thanked: 4,720 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
I am also all for the attack on Black Money. As I posted (I forget where) the GDP will take off and also taxes will have scope for reduction. With 3 lakh crores in the bag, and likely to swell to 6 lakh crores by 30/12. Even if we assume only 60% is from the 'other' economy just imagine the boost in the economy. Some people say the growth rate may cross 10% on this alone. | |
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![]() | #727 | ||
BHPian ![]() Join Date: Mar 2006 Location: Hyderabad
Posts: 960
Thanked: 798 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
Manager informed that some services were suspended which is forcing them to do even more manual work Quote:
SBI takes 5 days to make an account active for transfers more than a Lakh. Did I put the limit on it? Nope To not inconvenience the bank employees who are already overburdened, I went to various SBI group ATM's searching for the option to activate the beneficiary. It did not work. Went to the bank, it did not work there. Finally gave a form to get the transfer done. My previous post was meant to highlight that business is not as usual. If you choose to read it in a very ignorant manner that is your choice Last edited by indian21r : 15th November 2016 at 15:07. | ||
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![]() | #728 | |
BHPian ![]() Join Date: Feb 2013 Location: Mumbai
Posts: 344
Thanked: 505 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
When everyone does this, imagine the change we are going to bring about in the society for us and our children. | |
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![]() | #729 | ||
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,731
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| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
Source: http://indianexpress.com/article/ind...ation-4372500/ Quote:
it may take up to three weeks for all the 2 lakh ATMs to operate normally. Each one has to be calibrated individually to dispense the new sized notes of Rs 2,000 and Rs 500 besides the lower denomination currency of Rs 100, he said. | ||
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![]() | #730 | |
Team-BHP Support ![]() ![]() Join Date: Oct 2005 Location: Hyderabad
Posts: 5,906
Thanked: 2,580 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
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![]() | #731 | |
BHPian ![]() Join Date: Jan 2016 Location: Guwahati
Posts: 197
Thanked: 390 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
P.S: I added two. One was intra-bank, other was intra-bank. | |
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![]() | #732 | ||||||||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,486
Thanked: 1,266 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
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1. Rs.500 & Rs.1000 notes have the maximum counterfeit notes. Allowing them to operate in the market is only going to mess up things. They had to be pulled out of the market. Now irrespective of fake or original Rs.500 & Rs.1000s have to land up at the bank. And one old woman in KL had a very bad surprise when Rs.37,000 she got through Hawala route was all fake. Money gone, and a police case as bonus! 2. Terrorist funding through Hawala channels. This was becoming a major security problem for Indian. Terorrism being an illegal activity, had to rely on illegal ways to get their money. Hawala was that scheme and the transactions were always through cash. As I write this one transport company in Hyderabad is now literally crying as their large hoard of cash is now lying as trash. There were areas where IT dept. and Sales Tax people were scared to go. Now they don't have to go any where; the black money hoarders are coming to the bank (or crying sitting in thier now useless cash piles). Quote:
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Sir, from Dec 31st every single Rs.500 & Rs.1000 note you see today are nothing but pieces of paper. There are lots of people who have stock piles of cash which has to be kept that way. Because depositing them in a bank is risky, as the amount there would be cross checked with their "sources of income". The friendly land lord who takes large amounts of advance money (10 months rent in BLR) all want it in cash, why? Because he does not want to show it as income. The flat deals, land purchases all have the values under-quoted and a chunk of the money paid in liquid cash. All these folks who have such cash reserves have now no where to go (other than to a bank). Next in line are the counterfeit currency dealers, who find that their game is up. Please see what happened to a woman in KL with Rs.37,000 worth of currency. And then the biggest hit would be to the hawala dealers who were operating with impunity. Let this excercise get over; I feel we can see lots of "business houses of repute" standing exposed. Did read this thread for a couple of (last) pages. Many of us seems to have over looked the factors of counterfeit currency, and hawala money; both which are detrimental to the economy (and quite tough to catch). Last edited by sachinpk : 15th November 2016 at 15:27. | ||||||||
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![]() | #733 |
BHPian ![]() Join Date: May 2014 Location: Rotterdam/Delhi
Posts: 508
Thanked: 693 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Media is to blame primarily for the chaos. Reporting exaggerated accounts and things less then true. E.g. Death of old man while in queue, or salt shortages, etc. But the worst lot is digitally connected people with ample access to plastic creating unnecessary havoc. India is a huge country stretching from Andaman & Nicobar to Kashmir with 1.2 billion people and few of my fellow Indians expect operational challenges to be resolved within hours, talk about living in fools paradise. Or they think we are living in the future where money will just get beamed to all ATMs at speed of light. Last edited by heydj : 15th November 2016 at 15:46. |
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![]() | #734 | |
BHPian ![]() Join Date: Mar 2006 Location: Hyderabad
Posts: 960
Thanked: 798 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
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![]() | #735 | |
BHPian ![]() Join Date: Dec 2009 Location: Bangalore
Posts: 146
Thanked: 354 Times
| Re: Government scraps Rs 500 and Rs 1000 notes! Quote:
If they pump it for development, does it translate to development on ground or it will be trickle in the name of development. I hope the politicians dont sweep this money under their carpet. In that case, GDP and Growth Rate will shoot up only on paper | |
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