![]() | #781 | |
Senior - BHPian Join Date: Dec 2006 Location: NH209
Posts: 1,742
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This wasn't the scene on day 1/2/3. Tamil news media is repeatedly playing the applying of indelible ink, this must have done the trick. Now they are 'informing' citizens that it is being enforced only in North India and the new system isn't implemented here. | |
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![]() | #782 | |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
Thanked: 1,764 Times
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Because the currency isn't invalid as long as banks accept it for deposit. If the said store is going to pay income tax on the income represented by these deposits, there is no law they can be accused of breaking. | |
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![]() | #783 | |
Senior - BHPian ![]() Join Date: Nov 2011 Location: Bangalore
Posts: 1,043
Thanked: 1,642 Times
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The move to mark with indelible ink is just plain stupid, to put it charitably, the banks are holding on to the money and people can't access their own funds, it's not difficult to see why people keep cash in large quantities. Not having to deal with arrogant counter staff is one such benefit. | |
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![]() | #784 |
BHPian ![]() Join Date: Aug 2014 Location: NCR Delhi
Posts: 52
Thanked: 70 Times
| ![]() Around 22 lakh Bank Branches and ATMs Serving 1.25 billion people Exchanging 14.18 lakh crore (is it 14,18,00,00,00,000) worth Rs. 500 & Rs. 1000 currencies Even after one wildly tapers down the last two figures, eg. not everyone in the family would go to exchange the currency or whatever... Remove last three zeroes, as if all were Rs. 1000 currency... Tone down further to provide for the currencies which would never be declared... With whatever disclaimers. It is a massive operation. To be concluded in 50 days. PS - I have picked up data randomly from Internet Last edited by Piyadassi : 16th November 2016 at 13:01. |
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![]() | #785 |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,923
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| ![]() I somehow get a feeling that there is more politics than reality. I for one am sure that the lines may (almost) vanish by next week. There are some oddballs. Outside the SBI inside iIT Kanpur campus there are three ATMs. While two are not functional one is working dishing out 2000 rupee notes. How come? I heard some stories that Unions are out to sabotage, and this lends credence to this. |
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![]() | #786 | |
Senior - BHPian ![]() Join Date: Feb 2010 Location: DPM and CHN
Posts: 1,495
Thanked: 353 Times
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![]() | #787 | ||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,397
Thanked: 1,000 Times
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Then there were also "poor people" who did have bank accounts in that very same branch. But wanted to bye pass that and just go with this exchange scheme. Quote:
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![]() | #788 |
BHPian Join Date: Jan 2014 Location: New Delhi
Posts: 173
Thanked: 164 Times
| ![]() I have a feeling that in Delhi, political parties have sent their temporary staff to try and clog the banking channel so that the common men and women refrain from visiting the Bank and eventually change their positive opinion into a negative one. This, in their opinion, could form a basis for withdrawal of demonetization scheme. How else would you explain 100 people standing outside each Bank branch since 6 AM in the morning on a daily basis without fail? Yes, indelible ink could check the rush to a certain extent but more needs to be done to ensure banking channel does not crash due to these clogged queues. |
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![]() | #789 | |
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,617
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1. What exactly is a "legal tender"? 2. From 9th Nov, the old 500&1000Rs notes are no longer a legal-tender EXCEPT at a petrol-pump, hospital, railway/airline counter and a few other places. Doesn't that dictate that old 500 & 1000 Re notes should and can NOT be used for transactions at any places other than the listed ones? 3. If old notes are not a legal tender at a white goods shop, wouldn't they accepting old notes in exchange of white goods amount to barter trade? How would this be different from a scenario where I walk into the same white-goods shop and offer a bag full of potatoes in exchange for a memory card and the shop agrees to that trade? 4. Is the bank obligated to accept the same bag full of potatoes if the shop guys go to the bank and try to deposit the potatoes? How is this different than the same shop trying to deposit old notes after 9th Nov...where the source of the notes is "new sales"? Last edited by SDP : 16th November 2016 at 13:40. | |
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![]() | #790 |
BHPian ![]() Join Date: Aug 2014 Location: New Delhi
Posts: 209
Thanked: 286 Times
| ![]() Demonetisation: Withdrawal limit of 'current accounts' raised to Rs 50,000 per week Read more at: http://economictimes.indiatimes.com/...w/55412550.cms ![]() In some relief to businesses, the Finance Ministry has said that limit for weekly withdrawal from current accounts has been increased to Rs 50,000. Department of Economic Affairs Secretary Shaktikanta Das has said that for business current accounts that are at least 3 months old, as much as Rs 50,000 can be withdrawn in a week. This, he said, would help pay wages of workers. http://www.financialexpress.com/econ...r-week/445276/ Last edited by embee : 16th November 2016 at 13:53. |
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![]() | #791 | |||
Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
Posts: 1,683
Thanked: 2,057 Times
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PS: To curb black money menace, they canceled 1000 rupee note & introduced 2000 rupee note? They got be kidding. Cannot fathom why Rs 2000 notes are introduced. Appears like RBI, Govt rushed this scheme without proper thought process. Quote:
The only benefit of demonetization is weeding out fake currency. That is what original RBI press release says. Rest of benefits floating around is just folks day-dreaming. Quote:
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![]() | #792 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
Queues are clogged because of a haphazard decision. People are in line because of their own money. | |
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![]() | #793 | |
Team-BHP Support ![]() ![]() Join Date: Oct 2005 Location: Hyderabad
Posts: 5,886
Thanked: 2,484 Times
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So, if any branded stores are accepting these currency notes in their day to day business they are indulging in patently illegal work. Also, can you please name one or two of these? I would like to tweet and check with the right people on how this is happening. Because it needs a huge collusion between the business, the banks as well as the local enforcement agencies for such things to really happen. | |
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![]() | #794 |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
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| ![]() Long story short - see my post #547 for the last of my many posts on this thread on this subject, on the meaning of the words legal tender, what exactly it means, and what it doesn't mean, in the context of how these notes can still be accepted. I accepted these notes myself, for the sale of my motorcycle, after the demonetisation, so I am not just preaching theory. Saying " just not allowed " is meaningless in a country of laws; the relevant law, down to the section number, or the rule framed under a law, under which something is not allowed, also needs to be quoted, in order to be credible. |
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![]() | #795 | |
BHPian ![]() Join Date: Jan 2016 Location: Guwahati
Posts: 196
Thanked: 381 Times
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Sir, I have been reading your posts in this thread, and I'm sorry to say you're trying to mislead a lot of people, telling them it's okay to use old currency notes for transactions when they are not. It's a request please refrain from doing so. Apart from a few listed avenues, these notes are NOT to be used. PERIOD. Please don't try to find loopholes even if there might be some. Let's be honest citizens first. | |
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