India withdraws 500 and 1000 denomination

[vgane]

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What will the politicians do now...Note for Vote, how will it sustain?

 

[vgane]

We can drop the 500 Rs note in temple hundials...It will directly reach God!!

 

[vgane]

How much money needs to trashed now? 9% of our GDP!!

CASH TO BE TRASHED

Rs 6,70,000,0000000 in 1000 Rupee Notes (i.e 6 lac70k Cr) Rs 8,25,000,0000000 in 500 Rupee Notes (i.e 8 lac 25k Cr)



Source: Shankkar Aiyar (Twitter)

 

[mkrishna100]

My dad just came back from India last month and he changed so much money in India and now what can he do?

Pity him..money lenders are not taking back the money.

Actually what to do about those abroad who have a lot of Rs 500 and Rs 1000 notes?

Any idea?

Luckily my cousin from Malaysia ( but right now resides in France ) who was leaving Chennai yesterday night to the Airport ( after this News Came ) asked me what to be done about the Rs.500 and Rs.1000 notes that are with her and I told her to leaved the notes in her Apartments and just take the Rs.100, Rs.50 notes with her and since I have the Apartment Keys ,I told I will take the same next week , get it exchanged and give her back the new notes the next time she visits . Luckily the amount of 500 ,1000 notes with her is not too much so it will not be a big headache for me to conver the same to new notes .

 

[vgane]

One positive fallout is that tolls on National Highways will not be collected after scrapping the 500 & 1000 Rs notes!!

 

[krish44]

My dad just came back from India last month and he changed so much money in India and now what can he do?

Pity him..money lenders are not taking back the money.

Actually what to do about those abroad who have a lot of Rs 500 and Rs 1000 notes?

Any idea?

Some ideas
1. Take a overnight train to singapore. Buy gold ornament at little india,and anything else such as consumer durable or electronics[expos are best for it] and convert

the balance to singapore dollar and return to kuala lampur. Singapore dollar is a strong

currency better than indian re.

2. As a tamil , someone with tamil background can take indian dual citizenship by just visiting indian high commission and filling some forms. As PI/o one can start an account in any

indian bank in kualalampur[I think Icici has branches there]. Deposit the rupees there provided it is less than the permitted amount to be taken out of india.

3. It is best to convert into singapore dollar. It is a strong currency .Whenever it is encashed, it will fetch a value much better than original indian rupee holding plus

interest it would have earned

 

[GANESH65]

There seems to be an astrological prediction of things happened yesterday...LOL
annual panjangam for Durmukhi varsham.

 

[Raji Ram]

Raji Madam,

Pl ask your servant maid to open Bank account without any further delay.,,,,,,,

Thanks Ganesh. I already told her to do that.

 

[Raji Ram]

I did not have credit or debit cards so far because it was not necessary till now!

Now, NaMo ji forces me to become more sophisticated ( according to Prasad Sir )

BTW, will Singapore accept invalid Indian rupee notes??

 

[Raji Ram]

Those who conducted weddings yesterday were the most affected families. They could not settle the accounts since the money

in OHD were invalid overnight! The best part is that many relatives gave 'moy paNam' as a 5oo rupee note and asked 400 back!! :wacko:

 

[Raji Ram]

... There seems to be an astrological prediction of things happened yesterday...LOL
annual panjangam for Durmukhi varsham.

:clap2: ​Wow!!

 

[GANESH65]

How much money needs to trashed now? 9% of our GDP!!

CASH TO BE TRASHED

Rs 6,70,000,0000000 in 1000 Rupee Notes (i.e 6 lac70k Cr) Rs 8,25,000,0000000 in 500 Rupee Notes (i.e 8 lac 25k Cr)



Source: Shankkar Aiyar (Twitter)

two of my friends working in different banks told that till yesterday only 500000 worth currency per branch is distributed till yesterday. It is going to be chaos to day.

 

[vgane]

I did not have credit or debit cards so far because it was not necessary till now!

Now, NaMo ji forces me to become more sophisticated ( according to Prasad Sir )

BTW, will Singapore accept invalid Indian rupee notes??

No Madam...All Banks have stopped taking the old notes in Singapore too! The NRI's have to do that only in India

 

[vgane]

[h=1]Banks to work on weekend to exchange old currency notes[/h]November 09, 2016 18:09

---

Banks will remain open for public on Saturday, November 12 and Sunday, November 13, 2016, the Reserve Bank of India has said.

A huge rush is expected at banks when they open tomorrow of people wanting to exchange their old Rs 500, 1000 notes.


http://news.rediff.com/commentary/2...rrency-notes/26539f9c5d4b868250ce28f4ebbe9613

 

[vgane]

A good decision indeed!


200 pc penalty on deposit mismatch over Rs 2.5 lakh

November 09, 2016 21:43

---

Further dangling the stick, government tonight warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.


"We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.


"The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow," Revenue Secretary Hashmukh Adhia said on Wednesday night.


Any mismatch with income declared by the account holder will be treated as a case of tax evasion.


"This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act," he said.


The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000 denominations, which had been declared invalid in the nation's biggest crackdown on blackmoney, corruption and counterfeit notes, between November 10 and December 30.

http://news.rediff.com/commentary/2...-rs-2.5-lakh/3955234765a84855145c2af7f36b9a76

 

[vgane]

I received this message in whatsapp! Agree with this in toto!!

Connect the dots.....
The currency ban was well thought of.... Decision was not sudden... It merely started with bank account for all. Then linked bank accounts with aadhar... Then brought disclosure of bank account passport and aadhar no. in income tax return... Add to it the various data mining and collection tools in the hands of the income tax department... Then the income disclosure scheme... And this masterstroke... Truly a systematic change in the last 2 years!!!
Timing is also key - 8 pm announcement means no possibility to make last moment transaction at jewellers shop or any impact on share market
Guys, just look at the timing! He's totally screwed the satta bazaar who are betting thousands of crores on the US elections results today. The results will be out by 1 am, whereas the currency notes will be worthless from 12 am tonight...: That's okay, Be at home. Don't worry, Eat wat u have, Travel as u can, Ask for lift if u don't have change
Don't worry
This is a drastic change, It's for good ..We can support this
Don't complain or frustrate ...it's our chance to raise India back to what it was... Sone ki chidiya
It's our chance to support Our leader
Indeed why only army has to support the fight
Let's all come to geather and fight back Let us do for us n our coming generations, Let's do for our country.
Let's support the prime minister.
Drastic change does not come slowly.. it hits like a hammer and breaks all that is ...

It can be chaos in the moment, it will be revolutionary transforming for our coming generations.
I dont mind bearing this inconvenience now, for a better future.

 

[biswa]

I did not have credit or debit cards so far because it was not necessary till now!

Now, NaMo ji forces me to become more sophisticated ( according to Prasad Sir )

BTW, will Singapore accept invalid Indian rupee notes??

RRji, even a pious, law-abiding lady like you also caught in the NaMo trap?

 

[krish44]

Thew queues in all banks to change 500 ,1000 notes is very long.

It is mostly those from poorer section and middle class who are not IT savvy.

The photo copy machines in nearby shops are over working taking copies of aadhar cards to cater to this population.

After making a survey of five and more banks nearby decided to reserve another day for changing my 500,1000 notes.

The milk booth of mother dairy is the best option.

I can buy more milk products to enable easy changing of notes

Let me see tomorrow or evening again.

Namo is making me take more milk products. Jai Namo.

 

[Raji Ram]

RRji, even a pious, law-abiding lady like you also caught in the NaMo trap?

Dear Biswa Sir,

Ram and I lead a simple life and hence I don't buy stuff just because my friends or relatives buy it!

So, credit card was not necessary for me so far! Now I guess it is necessary because OHD notes become invalid overnight!! :becky:

 

[mssg]

No Madam...All Banks have stopped taking the old notes in Singapore too! The NRI's have to do that only in India

Stopped? Please do not post wrong information.

Indian banks operating overseas never took notes in Indian currency ever. For example: banking in Singapore with SBI and ICICI is done in Singapore Dollars only.

Many Indians exchanged Singapore Dollars for Indian Rupees with money exchange shops, for future use, when Singapore Dollar touched crescendo high, few months back. At that time, 1 SGD fetched 52 INR. But now, no money exchange is willing to convert those notes back to SGD. Same way, before Brexit, owing to uncertainty, many Indians exchanged EUR into INR and kept for future use. Now it is considered trash paper.

The move has affected several Indians overseas, ranging from workers to professionals; who convert into INR for savings, to use when back in India. Workers who converted into INR for big spending like house construction are worst affected. Many workers from villages do not have bank accounts.

Now, all are told the money is invalid. There is no way to convert 500 and 1000 notes into 100 notes, or back into EUR / SGD / Dirham / GBP, etc. No money exchanger anywhere is willing to touch 500 and 1000 INR notes.

The move is good but is very badly managed. Far too many have lost hard-earned money. Indians in Dubai, Saudi Arabia, Bahrain, Singapore, Manchester, Birmingham, and Leicester are facing the same issue. Similarly, the frustration of foreigners / tourists visiting India is understandable.

The move helps nab black money hoarders only temporarily. Without nano chip or anti-counterfeiting security measures, it is useless. Eventually, fake currency will be printed. Eventually, 2000 will become the new black money. It is only a matter of time.

Overseas Indians, esp those without bank account in India, if you want to convert your hard-earned money into valid Indian currency, you have to visit India. There is no other choice. You can request relatives or friends, who have little / nothing of their own to convert, to help you deposit your currency in banks, withdraw legal tender and hand it to you. If above certain amount, nothing can be done.

 

[Raji Ram]

Veg prices have gone up! The nearby shopkeepers could buy only small quantities from Koyambedu market, because

OHD notes are not accepted. My maid told me that she had to shell out Rs. 25 to get quarter kilo of veNdakkAi!! :faint2:

 

[auh]

My dad just came back from India last month and he changed so much money in India and now what can he do?

Pity him..money lenders are not taking back the money.

Actually what to do about those abroad who have a lot of Rs 500 and Rs 1000 notes?

Any idea?

An article in the paper here has quoted rbi on this:

option 1 - go to the branch of the bank in your nearest place and deposit in your NRO account. If you do not have one, you can open it.

option 2 - you can travel to india and get it converted in banks until dec 30th

option 3 - if you are unable to do 1 or 2, then whenever you go to india next year, you can convert it at any of the branches of the rbi

 

[auh]

We can drop the 500 Rs note in temple hundials...It will directly reach God!!

Actually this is a loophole that the govt failed to address.

In a conversation with a colleague, I came to know that temples and other religious and charitable trusts are the main sources of black money exchanges. He gave me the example of a famous south india temple that is known for its donations.

Let us say 500s and 100s amounting to 1 crore is available with a businessman and he goes to the agent in the temple and strikes a deal. He gets 90 lakhs in legal tender (100s & 50s) and the balance 10 L is the commission of the team. The 10% is just assumed and it could be any %. The 500s & 1000s so deposited go back again to the government, and here, two things can happen:

1) the government can either exchange valild notes to the temple, or
2) destroy it.

This is nobody's loss.

--The "agent" is an insider and has a team from the hierarchy without whose abetment this cannot pass scrutiny of all the internal checks.

 

[krish44]

Due to lack of business , many are accepting old notes for supply of goods and services.

They are taking the responsibility of exchanging the notes later .

Some are doing their business by deferring payments by a week or so.

Otherwise business will be at standstill.

How long can people wait for exchanging 500,1000 re notes in queues.?

To day it meant waiting for 3 to 4 hours.

Mostly it is the poor who are in these lines.

even beyond 5pm queues were there in some nationalised banks.

some have gone to supreme court.

let us see what happens there tomorrow.

 

[vgane]

This is just a joke doing the rounds in whatsapp!!