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500 & 1000 rs notes stopped from tonight


tweaker

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6 hours ago, Viper said:

are you sure its not hoax ? proof 

Supposedly the NGC reflects satellite signals. I don't think it's a hoax. If it was a FM initiative, i'd have doubts. This is an ED initiative. ED has been doing its job with regards to bringing back black money.

Edited by jalebi_bhai
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Banks just got detailed circular from RBI

. In order to implement the above decisions of the Government and keeping in view the need to minimise inconvenience to the public, the following operational guidelines have been issued:- (i) (ii) Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016. Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices. (iii) The limit of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary. (iv) There will not be any limit on the quantity or value of Old High Denomination Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000/- of Old High Denomination Bank Notes can be deposited. (v) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity. (vi) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to a third party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of Identity of the person actually tendering.

[11/8, 10:57 PM] Sathish Kumar: (vii) Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016. (viii) There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms. (ix) Withdrawal from ATMs would be restricted to Rs.2,000 per day per card up to November 18, 2016. The limit will be raised to Rs.4,000 per day per card from November 19, 2016 onwards. (x) For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India. (xi) Instruction is also being issued for closure of banks and Government Treasuries, on 9th November, 2016. (xii) In addition, all ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash will remain shut on 9th and 10th November, 2016. (xiii) The bank branches and Government Treasuries will function from 10th November, 2016. (xiv) To avoid inconvenience to the public for the first 72 Hours, Old High Denomination Bank Notes will continue to be accepted at Government Hospitals and pharmacies in these hospitals/Railway ticketing counters/ticket counters of Government/Public Sector Undertaking buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount

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Not a single journo had a whiff of this even though some of the RBI officials underwent some training on the new note series.Even the RBI got the new etchings for the notes 2 days back. Secrecy maintained till the last min . No wonder Lutyens media pissed off 

RBI currency chests got 2000 rupee notes on Friday at the latest .

are you sure its not hoax ? proof 

Looks a hoax. But India today is reporting it .So font know

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9 minutes ago, BeautifulGame said:

RBI currency chests got 2000 rupee notes on Friday at the latest .

New notes will be in circulation from Friday, but the new design/etchings shared with RBI 2 days back according to News18

According to the below link, printing started 6 months back.

http://www.news18.com/news/india/dont-panic-the-printing-of-new-currency-notes-began-months-ago-1309747.html

Edited by diga
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New notes will be in circulation from Friday, but the new design/etchings shared with RBI 2 days back according to NewsX

My friends working in RBI currency chests told me they got Rs2000 notes on Friday .Most likely some other currency chests ( cash holding places for RBI) got 1-2 days earlier

Banning of 500/1000 notes were kept secret .But issuing of Rs.2000 notes were known to work extent .Just no one were allowed to see .

So don't think NewX is accurate .

Also yes they will be in circulation from November 11

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32 minutes ago, BeautifulGame said:

Just go and deposit the cash into ur account day after tomorrow .

Also most essential places are accepting 500& 1000 rs notes .

Sabzi wala ,bread wala,ande walla won't accept CC OR DC.....I have a total of 56 rupees other than the 500 rs notes

.Till 12th...only 56 rupees ki sabzi...:money:

 

 

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The option between deposit and cash exchange, which process will be quicker? I'm more inclined towards the deposit option.

Of course deposit .It will be hassle free because banks won't demand any I'd proof from u.You can deposit any amount in your account just give a withdrawal slip along with that deposit challan and get the cash .Or just withdraw in ATM later that day or next day.

If u go for exchange from counter , they will ask for ur ID proof and will take lot more time .You have to submit a requisition slip along with it. Can only exchange 4000 only as well

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In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016. 

 

The Government has accepted the recommendations of the RBI to issue Two thousand rupee notes and new notes of Five hundred rupees will also be placed in circulation. 

 

Notes of one hundred, fifty, twenty, ten, five, two and one rupee will remain legal tender and will remain unaffected by the decision today. 

 

Prime Minister Narendra Modi made these important announcements during a televised address to the nation on the evening of Tuesday 8th November 2016. He said that these decisions will fully protect the interests of honest and hard-working citizens of India and that those five hundred and one thousand rupee notes hoarded by anti-national and anti-social elements will become worthless pieces of paper. 

 

The Prime Minister said the steps taken by the Government would strengthen the hands of the common citizens in the fight against corruption, black money and counterfeit notes. 

Fully sensitive to some of the difficulties the common citizens may face in the coming days, the Prime Minister has announced a series of steps that will help overcome the potential problems. 

Persons holding old notes of five hundred or one thousand rupees can deposit these notes in bank or post offices from 10th November onwards till 30th December, the Prime Minister announced. There are also some limits placed on the withdrawals from ATMs and bank for the very short run. 

Modi stated that on humanitarian grounds notes of five hundred and one thousand rupees will be accepted at government hospitals, pharmacies in government hospitals (with prescription of a doctor), booking counters for railway tickets, government buses, airline ticket counters, petrol, diesel and gas stations of PSU oil companies, consumer cooperative stores authorized by the state or central government, milk booths authorized by state government and crematoria, burial grounds. 

Modi emphasized that there is no restriction on any kind of non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 

 

In his address the Prime Minister shared the insight into how the magnitude of cash in circulation is linked to inflation and how the inflation situation is worsened due to the cash deployed through corrupt means. The Prime Minister added that it adversely affects the poor and the neo-middle class people. He cited the example of the problems being faced by the honest citizens while buying houses. 

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The realty sector, which thrives on black money transactions to evade taxes, could be one of the worst affected by the government’s move to “demonetize” Rs 500 and Rs 1,000 notes will.


The real estate sector in India contributes about 11 percent of the gross domestic product (GDP). Investment in property is a common means of parking unaccounted money and a large number of transactions in real estate are not reported or are under-reported. This is mainly on account of very high levels of property transaction taxes, commonly in the form of stamp duty.


A government white paper on black money tabled in Parliament in 2012 had noted that “the property market remains one of the most inefficient asset markets in India. Unless the underlying distortions in this market are taken care of by appropriate reforms, it may be difficult to prevent such misuse”.

About a third of India’s black money transactions are believed to be in real estate, followed by manufacturing and shopping for gold and consumer goods.

For instance, X sells a plot of land to Y at Rs 20 crore. Y pays 50 percent (Rs 10 crore ) in cash and the balance in cheque. X deposits the cheque of Rs 10 crore and withdraws part in cash. X Places a request before bank to for a demand draft of a huge amount to purchase gold or bullion for business

Black money arises mainly from incomes not disclosed to the government usually to avoid taxation and sometimes because of its criminal links

 

About two-thirds of India’s GDP run on cash — about Rs 88 lakh crore a year. For instance, grocery is bought and services are paid in cash.

 

The move will also affect money laundering in concealing the source of illegally gotten money. Hawala is a parallel international banking system based on trust where money moves without leaving a trail.

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