India withdraws 500 and 1000 denomination
- Thread starter GANESH65
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Is it true that people in irreversible coma state
sprang up to life, fit for circulation among
the population, on hearing this shocking news??? :ear:
sprang up to life, fit for circulation among
the population, on hearing this shocking news??? :ear:
prasad1
Active member
NRI's who are rich do not keep their money in Rupee notes. It is usually only the non-sophisticated who carry rupee notes to foreign country (or in short vacations).
prasad1
Active member
Prime Minister Narendra Modi on Tuesday announced that the currency notes of Rs. 500 and Rs. 1000 denominations will not be legal tender beginning November 9. Prime Minister also added that all banks will remain closed for public work tomorrow. ‘Terror strikes at the innocent. Who funds these terrorists’ Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender,’ Prime Minister Modi said while addressing the nation.
Here are some imporant takeaways:
Less bang for your black bucks: Those with large amounts of large-denomination black money in cash will be hit hardest, since offloading this cash will become extremely difficult. Exchanging crores of rupees at banks will likely attract the attention of the taxman.
Less counterfeiting: These denominations were the most easily and widely counterfeited notes. Taking them out of circulation will eliminate a big source of fake notes.
Terrorism funding: A significant amount of terrorism was funded using counterfeit and/or high-denomination notes. This will also be hit badly.
Election funding: It is an open secret that elections in India are largely bankrolled by massive amounts of black money, typically in cash that are often used as direct bribes to voters. This spigot will now be shut off, disrupting the electoral system. The UP and Punjab elections will the first to face the brunt of this move.
Corruption: Most bribes across the system are typically paid in cash. While smaller amounts will not be affected, large amounts of bribes will now be limited, at least until the new denominations of Rs 500 and Rs 2000 are introduced in large numbers. But again, those will already accumulated cash will be hit hard.http://www.dnaindia.com/india/repor...-takeaways-from-pm-modi-s-annoucement-2271459
Here are some imporant takeaways:
Less bang for your black bucks: Those with large amounts of large-denomination black money in cash will be hit hardest, since offloading this cash will become extremely difficult. Exchanging crores of rupees at banks will likely attract the attention of the taxman.
Less counterfeiting: These denominations were the most easily and widely counterfeited notes. Taking them out of circulation will eliminate a big source of fake notes.
Terrorism funding: A significant amount of terrorism was funded using counterfeit and/or high-denomination notes. This will also be hit badly.
Election funding: It is an open secret that elections in India are largely bankrolled by massive amounts of black money, typically in cash that are often used as direct bribes to voters. This spigot will now be shut off, disrupting the electoral system. The UP and Punjab elections will the first to face the brunt of this move.
Corruption: Most bribes across the system are typically paid in cash. While smaller amounts will not be affected, large amounts of bribes will now be limited, at least until the new denominations of Rs 500 and Rs 2000 are introduced in large numbers. But again, those will already accumulated cash will be hit hard.http://www.dnaindia.com/india/repor...-takeaways-from-pm-modi-s-annoucement-2271459
A master stroke by our PM...It will definitely curtail black money!!
[h=1]Banks, ATMs Closed Today: 10 Things To Know[/h]
Abhishek Chakraborty | Updated: November 09, 2016 05:28 IST
New Delhi:
In his government's battle against black money and counterfeit currency, Prime Minister Narendra Modi has announced that 500 Rupee and 1000 rupee notes will cease to be legal from midnight.
[h=1]Banks, ATMs Closed Today: 10 Things To Know[/h]
Abhishek Chakraborty | Updated: November 09, 2016 05:28 IST
New Delhi:
In his government's battle against black money and counterfeit currency, Prime Minister Narendra Modi has announced that 500 Rupee and 1000 rupee notes will cease to be legal from midnight.
- Banks will be closed today for public transactions and ATMs will not function - in some places also on Thursday November 10, said PM Modi - to allow banks to make the transition.
- Deposit old notes of Rs. 500 or Rs. 1000 in banks or post office accounts from November 10 till December 30, 2016 without any limit. There will be a limit on withdrawal of Rs. 10,000 per day and Rs. 20,000 per week. This limit will be increased in the coming days. You must carry your Aadhaar card and PAN Card when you go to exchange notes. The limit you can exchange is Rs. 4000 upto November 24.
- After December 30, these can be changed at the Reserve Bank of India.
- Tourists can change notes at airports.
- For 72 hours or till November 11, government hospitals will accept Rs. 500, 1000 notes. A doctors prescription must be carried with such notes.
- Counters for railway, bus and air tickets too will accept these notes for 72 hours for purchase of tickets.
- This will also be allowed till Nov 11 at petrol stations authorised by public sector oil companies, milk booths and crematoria and burial grounds.
- Notes of Rs. 100 and lower denominations will all continue to be legal tender.
- Coins too will continue to be legal tender. Online transactions and card payments will not be affected.
- The RBI has accepted a proposal for new 500 and 2000 rupee notes, the Prime Minister said. New 500 and 2000 rupee notes will be launched on Thursday, November 10.
http://www.ndtv.com/india-news/rs-500-and-rs-1000-notes-scrapped-10-things-to-know-1622970The ATM right opposite my home had long queue of middle class people trying to take out money in blocks of 400 rs swiping multiple times their ,debit cards or using multiple
cards. This is going to create a lot of hassles for the middle class and poor . Rural people who do not use bank accounts will be maximum hurt. Rural economy is a cash
economy.
Housing projects will be badly hurt.It might lead to a correction in housing prices specially the luxury segment.
Gold shops may close for a few days as cash payments are out. They may not accept bundles of old 500,1000 re notes.So end of festival cheer.
Now how people will buy milk and vegetables ?
Future group kept its shops open till 11.50 pm to facilitate transactions with old notes.
Now we have to order vegetables on line .Probably consume less milk for couple of days.
One cannot go to banks for a week due to rush there .Anyway they are closed for a day atleast.
ATMs will wait for fresh good money as soon as they run out of existing notes of 100rs..
cards. This is going to create a lot of hassles for the middle class and poor . Rural people who do not use bank accounts will be maximum hurt. Rural economy is a cash
economy.
Housing projects will be badly hurt.It might lead to a correction in housing prices specially the luxury segment.
Gold shops may close for a few days as cash payments are out. They may not accept bundles of old 500,1000 re notes.So end of festival cheer.
Now how people will buy milk and vegetables ?
Future group kept its shops open till 11.50 pm to facilitate transactions with old notes.
Now we have to order vegetables on line .Probably consume less milk for couple of days.
One cannot go to banks for a week due to rush there .Anyway they are closed for a day atleast.
ATMs will wait for fresh good money as soon as they run out of existing notes of 100rs..
People visiting from India will have to pay for transportation, wheel chair and luggage assistance etc in Indian currency BOTH while coming to USA and also while going back to home after their short/ long visit.
It is a basic requirement and has NOTHING to do with the so called sophistication of the perverted N.R.Is!
When our children visit India everybody gives them huge cash gift for blowing while in India.
Whatever does not get spent is taken along to USA to be spent during their next visit!
TAX evasions has nothing to do with such honest people!
As the saying goes," One man's loss is another man's gain".
I made my first attempt to use old 5oo rs note at mother dairy milk booth.
He wanted to see Aadhar card original with one photo copy to be handed over.
Taking it up as challenge , put my printer copier to work and made the copy .
So today lot of milk ,butter and curd and balance of couple of hundred notes to see thru the day.
For veg , it has to be big basket or some online site.
Petrol pumps will receive thousand re old notes for fuel .So petrol tank will get fully filled.
Then wait for tomorrow.
As heroine scarlette o hara says in last line of the novel 'gone with the wind', Tomorrow is another day.
He wanted to see Aadhar card original with one photo copy to be handed over.
Taking it up as challenge , put my printer copier to work and made the copy .
So today lot of milk ,butter and curd and balance of couple of hundred notes to see thru the day.
For veg , it has to be big basket or some online site.
Petrol pumps will receive thousand re old notes for fuel .So petrol tank will get fully filled.
Then wait for tomorrow.
As heroine scarlette o hara says in last line of the novel 'gone with the wind', Tomorrow is another day.
Janaki Jambunathan
Active member
War on black money by Spiritual Energy!
On Tuesday, he tweeted his praise of the government’s move to follow his prescription.
“My felicitations to the government for making this move, it will stop black money and corruption,” he said.
He has also advocated death penalty to those found guilty of corruption.
With one piece of advise having fallen to receptive ears, Baba Ramdev seems to have left his mark on monetary policy, not just the yoga mat.
https://www.google.co.in/url?sa=t&r...lDcEH5Kg1vn3UFFzw&sig2=5NHeAsk_zP0-g3AwCxKACQ
On Tuesday, he tweeted his praise of the government’s move to follow his prescription.
“My felicitations to the government for making this move, it will stop black money and corruption,” he said.
He has also advocated death penalty to those found guilty of corruption.
With one piece of advise having fallen to receptive ears, Baba Ramdev seems to have left his mark on monetary policy, not just the yoga mat.
https://www.google.co.in/url?sa=t&r...lDcEH5Kg1vn3UFFzw&sig2=5NHeAsk_zP0-g3AwCxKACQ
Originally Posted by prasad1
NRI's who are rich do not keep their money in Rupee notes. It is usually only the non-sophisticated who carry rupee notes to foreign country (or in short vacations).
Dear Prasad Ji,
Its not entirely true......I carry some USD or Msian Ringgit when I travel to India and get it changed there and also carry good amount of cash Indian Rupees and sometimes when we change the USD and Msian Ringgit to rupees and we are unable to finish it we bring it back home and keep it for next visit.
Not everyone uses credit card during travel.
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Raji Madam,
Pl ask your servant maid to open Bank account without any further delay..She can then deposit the loose money after providing adhaar card identity..These are accepted too March 31, 2017
RRji
If have account in your name in any bank , you can get debit cards which you can use .
If you have account in husbands name which he is not using much ,add your name to it and collect a debit card in your name.If your husband has a debit card, tell him
to surrender it and delete his name in that account after sometime if bank says two debit cards are not possible in one account. Once you have a debit card ,the battle
is over.You can use it like a credit card.
You can clear all your bills on line.
Try getting credit card -visa or master of any nationalised bank.Lots of fellows would happily give you one
No harm in having multiple cards of more than one bank .
It pays to have atleast two working cards at any time.
Tell your servant to open an account in a bank where you have an account.
For getting govt benefits she requires an account.
You can introduce her as an account holder.
She can use withdrawl slip if she maintains minimum balance.
If have account in your name in any bank , you can get debit cards which you can use .
If you have account in husbands name which he is not using much ,add your name to it and collect a debit card in your name.If your husband has a debit card, tell him
to surrender it and delete his name in that account after sometime if bank says two debit cards are not possible in one account. Once you have a debit card ,the battle
is over.You can use it like a credit card.
You can clear all your bills on line.
Try getting credit card -visa or master of any nationalised bank.Lots of fellows would happily give you one
No harm in having multiple cards of more than one bank .
It pays to have atleast two working cards at any time.
Tell your servant to open an account in a bank where you have an account.
For getting govt benefits she requires an account.
You can introduce her as an account holder.
She can use withdrawl slip if she maintains minimum balance.
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