![]() | #1 |
BHPian ![]() Join Date: Jan 2006 Location: Bangalore
Posts: 627
Thanked: 193 Times
| ![]() Superb move. Timing is a masterstroke. Feels great for Taxpayers at last ![]() |
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![]() | #2 |
Distinguished - BHPian ![]() ![]() | ![]() Last edited by anjan_c2007 : 8th November 2016 at 21:19. |
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![]() | #3 |
BANNED | ![]() Absolutely fantastic decision, but have a feeling - there will be some sort of rollback, extension. Nevertheless an incredibly brave decision. Will have a massive impact on real estate sector and commodities. |
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![]() | #4 |
Distinguished - BHPian ![]() ![]() | ![]() Specimen notes - as on Rediff: ![]() ![]() |
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![]() | #5 |
Senior - BHPian ![]() Join Date: Feb 2010 Location: Bardez, Goa
Posts: 1,184
Thanked: 1,030 Times
| ![]() ![]() Title should be 'Govt scraps...' as I strongly feel there are many people who don't like him and will object to give credit to him and this thread may 'unnecessary' digress from the real topic. I fully support this really Brave and Historic move and also sure that Raghuram Rajan would be having some big hand in this. I also want some serious control over coins as there are many people are there who have installed factories minting fake coins. I am all for it as I have absolutely 'ZERO' 500 & 1000 Rupee notes and it really makes my blood boil seeing the loads of cash being recovered from Govt. servants. |
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![]() | #6 |
Team-BHP Support ![]() ![]() | ![]() Next two days would be chaos. More than a few days actually. Money controls everything else and the PM has hit it where it hurts, really really hurts. But if the nation can survive that stage, it would be really good. I've never been truly impressed with the current government, but this is one of the biggest and boldest move ever. ![]() Hope they succeed. ![]() |
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![]() | #7 |
BHPian Join Date: Apr 2014 Location: Bengaluru
Posts: 988
Thanked: 1,810 Times
| ![]() Pardon me for my ignorance, but how does scrapping these would help? Most importantly can somebody help me understand why this is being done? |
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![]() | #8 |
Team-BHP Support ![]() ![]() Join Date: Jul 2010 Location: Bangalore
Posts: 4,645
Thanked: 17,689 Times
| ![]() There's no mention of public transport among the exceptions, or did I miss it? Buses, autos and cabs are major 'cash transaction' areas even in this era of mobile wallets and plastic money. The poor folk would be the worst hit by a liquidity crunch, even if temporary. |
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![]() | #9 | |
BHPian Join Date: Oct 2007 Location: Bangalore
Posts: 590
Thanked: 1,112 Times
| ![]() Quote:
1. Most counterfeit notes are 500 and 1000 denomination. 2. Black money. There are a lot of people who have tons of cash stored as notes. | |
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![]() | #10 |
BHPian Join Date: May 2008 Location: Bengaluru
Posts: 388
Thanked: 1,229 Times
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The entire parallel economy of black money running into lakhs of crores is dependent on higher denomination currencies. Corrupt officials, politicians, real estate industry etc all deal in 500 and 1000 rupees currency notes. |
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![]() | #11 | ||
Team-BHP Support ![]() ![]() | ![]() Quote:
Quote:
![]() Last edited by CrAzY dRiVeR : 8th November 2016 at 21:35. | ||
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![]() | #12 |
BHPian Join Date: May 2008 Location: Bengaluru
Posts: 388
Thanked: 1,229 Times
| ![]() I also feel the investments in real estate will take a hit now. What do you all feel? |
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![]() | #13 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
Places like Bangalore - many use monthly pass for buses. Hence these guys will also be un-affected. | |
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![]() | #14 |
Distinguished - BHPian ![]() ![]() | ![]() This is one of the Boldest moves ever in Indian economy. Chaos for the next 50days but wonderful move in the long term. |
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![]() | #15 | |
Senior - BHPian ![]() Join Date: Jan 2010 Location: KATSTN
Posts: 5,749
Thanked: 7,272 Times
| ![]() Quote:
This means, it can be under my bed, inside a cave, well, false ceilings or anywhere in form of any denomination available in India right from Rs 5, 10, 20, 50, 100, 500 or 1000. If the said black economy in this country is said to be in so high value, storing 1 crore amount in currencies then one will need 100000 Rs 100 denomination. But a bundle of any currency is available in form 100s, so one will need 1000 bundles of Rs 100 denomination for Rs 1 Cr while for a Rs 1000 denomination will only need 100 bundles. Now decide which is easy to store, 100 bundles or 1000 bundles? | |
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