500 & 1000 rs notes stopped from tonight

[MechEng]

6 hours ago, Singh bling said:

The biggest deadly impact will be on daily wage labourers. Tomorrow nobody will hire them , work will stop Apart from Hifi cities electronic money is not known , means saara business thup.Good luck to all poor people , because if things don't get back to normal then people will start suffering terribly

The poor will have to compulsorily open bank accounts now with all the bulk 500 and 1000 note cash they have.

[Tibarn]

22 minutes ago, tweaker said:

Why they cant different images on different series .

Or they can put different images on different notes

 

Shastri on 500,Bose on.1000,Patel on 1000

Yep, that's a good idea, the US puts different people on different size bills; We could change the figure yearly for each new set of notes printed. 

[Detonator]

I am happy even though my dad is in big trouble.

Edited November 9, 2016 by Detonator

[beetle]

7 hours ago, Singh bling said:

Oh madam lagta hai aap bahut khadoos hain, apne jaankaar logon se credit pe samaan le lo koyi regular customers ko mana nahi karta  baaki saare malls credit card pe sabzi dete hain

Mein udhar nahi leti.......husband will scold if I do.

Chill man........things are fine. Online sabzi khareedenge.

Fridge is full.Bread nahi to cake bana ke khaenge!!!!

Waisay I found 3 hundred rupee notes in hubby's purse. I am rich

[beetle]

I am pretty impressed with the planning.

It was done close to middle of the month too so most bills would have been payed by regular people.

 

[Texan]

Great move, but need to really consider whether one should be introducing 2000 rupee notes. Since the push is towards moving the country towards a cashless economy, one should really keep cash denominations low to make it incredibly inconvenient for those dealing with cash transactions.

 

Even remove 100 and 50 rupee notes from circulation and if you really wanted to pay cash then 10 rupee notes would be the largest denomination. Let us see how many notes can black marketers really stack up in their backyards!

[Texan]

1 minute ago, radhika said:

I am pretty impressed with the planning.

It was done close to middle of the month too so most bills would have been payed by regular people.

 

Also after Diwali festival season so people are not inconvenienced.

[beetle]

8 hours ago, BeautifulGame said:

Sorry I am not denying it's tough I was just making a suggestion if possible.

Alsohy till 12th ?On Thursday all banks will open .

Imagine the long lines at the bank....

I will only go next week.

[Vilander]

10 hours ago, Viper said:

Everything is good just didn't understand the point of introducing 2k notes...

To  make it worthwhile to put a Nano GPS in it. Economies of scale.

[beetle]

4 minutes ago, Texan said:

Great move, but need to really consider whether one should be introducing 2000 rupee notes. Since the push is towards moving the country towards a cashless economy, one should really keep cash denominations low to make it incredibly inconvenient for those dealing with cash transactions.

 

Even remove 100 and 50 rupee notes from circulation and if you really wanted to pay cash then 10 rupee notes would be the largest denomination. Let us see how many notes can black marketers really stack up in their backyards!

Difficult in a country where a huge population is illiterate .A huge population of of older generation will be left helpless or dependent on children or strangers to help with money issues.A lot of card frauds in the country happen because the older generation is not comfortable  even using ATM cards. They ask for help from strangers. Crooks lurk around ATMs looking for helpless old people.My father hyperventilates every time he had to change his pin.

 

Online  transactions will also have to be made more secure.So do plastic payment.Recent findings of hacking of ATM cards of many banks (numbers were staggering) have made people vary of using cards everywhere.I have stopped using debit card and only using credit card for now.

 

[Texan]

27 minutes ago, radhika said:

Difficult in a country where a huge population is illiterate .A huge population of of older generation will be left helpless or dependent on children or strangers to help with money issues.A lot of card frauds in the country happen because the older generation is not comfortable  even using ATM cards. They ask for help from strangers. Crooks lurk around ATMs looking for helpless old people.My father hyperventilates every time he had to change his pin.

 

Online  transactions will also have to be made more secure.So do plastic payment.Recent findings of hacking of ATM cards of many banks (numbers were staggering) have made people vary of using cards everywhere.I have stopped using debit card and only using credit card for now.

 

True. But the only way you can wipe out black money is by making every transaction electronically tracked. We should still keep small denominations in circulation for those averse to electronic transactions and those who need more liquidity. So for small transactions such as buying fruits, vegetables, generic medicines, etc. these currency notes should suffice. 

 

But for big ticket transactions of 5000 or over it is time we make them as inconvenient as possible to have cash transactions if we cannot eliminate them altogether. I mean how many people are going to carry 500 notes of 10 rupees to pay 5000 rupees. One more thing that is probably in the plan and needs to be implemented is that card transaction fees should be bourne by the government. I think it will really be a very small amount compared to the additional tax they will collect because of transactions being tracked electronically. 

[tweaker]

Indian markets are likely to open sharply in the red with the focus today on the government's decision to discontinue Rs 500 and Rs 1,000 notes.
 

[tweaker]

[tweaker]

Nearly 40 per cent of India's economy is driven by small- and medium-sized enterprises that largely run on cash transactions. Economists said the move could impact these businesses, and in turn have a knock-on effect on economic growth.

 

Market analysts have welcome the move. "If you look at India's economy point of view it's a very good measure," said Saravana Kumar, Chief Investment Officer, LIC Mutual Fund.

 

"Inflation will moderate and it's going to control the fiscal deficit. Black money will come down drastically."

 

But some analysts have said that there could be short-term disruption in the economy. "There would be disruption - Short term pain for long term gain," tweet market analyst Ambareesh Baliga.

Demonetization will slow down economy in short run but lead to surge in bank deposits and that could reduce interest rates, said market analyst Sandip Sabharwal in a tweet.

 

Analysts say real estate stocks could be hit in today's market action. Property market could be adversely impacted following the government's decision to demonetise Rs 1,000 and Rs 500 notes, say analysts.

[tweaker]

The Sensex sank over 1,600 points as it opened on Wednesday morning, but it pared some losses and traded at 26,976, down over 600 points, at 10 am. The Nifty opened at near 8,000 levels and then recovered to 8,341, still down 200 points. 

[tweaker]

Hours after Prime Minister Narendra Modi on Tuesday announced the demonetisation of high value notes, the Reserve Bank of India (RBI) on Tuesday issued new series of notes for the Rs 500 and Rs 2,000 denomination with improved features and newer sizes.

 

The Rs 2,000 note, which is a first under the denomination, will be called the 'Mahatma Gandhi (New) Series' and has the motif of the low-cost mission to Mars, the Mangalayan, on the reverse, the RBI said.

 

The base colour of the note will be magenta and the size of the note will be 66 mm by 166 mm, it said.

 

The new design in the Rs 500 denomination will be in a different colour, size, theme, design and location of security features, it said.

 

The note, measuring 63 mm by 150 mm will be in a new colour --- stone grey and the predominant theme will be Delhi's Red Fort, it said.

 

Both the new designs, Rs 500 and Rs 2,000, will be very friendly towards the visually-impaired by having features which make it accessible for all sections.

 

Earlier, Governor Urjit Patel said that the central bank has ramped up production of the new series of notes under the newer series.

 

The RBI has also started a helpline number for the citizens who may face any difficulties, economic affairs secretary Shaktikanta Das said.

Citizens can reach out to the RBI on 022-22602201 022-22602944 starting on Wednesday for any doubts and clarifications, he said.

[tweaker]

[Tibarn]

Good move

[rkt.india]

3 hours ago, MechEng said:

The poor will have to compulsorily open bank accounts now with all the bulk 500 and 1000 note cash they have.

22 crore bank accounts were already opened during Jan Dhan Yojna. This is all done systematically.

[tweaker]

Opposition parties including Congress and Trinamool Congress on Tuesday attacked the government's sudden decision to abolish Rs 500 and Rs 1,000 notes as it will cause problems to common man while BJP chief Amit Shah termed it a move which will immensely help in tackling corruption.

 

West Bengal Chief Minister Mamata Banerjee lashed out at Prime Minister Narendra Modi following his announcement that Rs 500 and Rs 1,000 currency notes will cease to be legal tender, dubbing it "drama" to divert attention from his failure in getting back black money from abroad.

 

She said the decision is "financial chaos" and "disaster" let loose on the common man.

 

"The PM could not get back the promised black money from abroad from the rich so a drama to divert his failure. "While I`m strongly against black money, corruption, deeply concerned about common people, small traders. How they will buy essentials from Wednesday? 

 

"Want to know from PM how my poorest brothers, sisters,who`ve received their week`s hard earned wage in one 500 rupee note will buy ata, chal, tomorrow," she said in a series of tweets.

 

"Heartless and ill-conceived blow on the common people and the middle class in the fake name of anti-corruption," she added. 

 

Congress spokesperson Randeep Surjewala told reporters that the government`s move to introduce Rs 2,000 note defeats its own argument on black money. 

 

"Congress has always supported any step against black money. But paddy has already been cut and wheat and Rabi crops being sown. What happens to those who are going to buy necessary articles for marriages including jewellery, clothes, etc? Are you not putting a huge burden on them by putting a limit on how much money can be withdrawn?" 

 

"Is the banking system in our country ready to tackle such a situation? Government has to answer many questions," he said. 

 

Congress spokesperson Manish Tewari said the move of government to abolish Rs 500 and Rs 1,000 notes was a "nuclear trident at poor people of India" and described Prime Minister Narendra Modi as a "modern day Tughlak".

Tewari said in a series of tweets that large sections of the population were cash dependent and had no access to banking facilities. 

 

"LOL - Mohd Bin Tughlak scraps 500/1000 Rupees notes. Next capital of India will be shifted from Delhi to Daulatabad. Tughlak`s spirit resurrects," Tewari said. 

 

"Modern day Tughlak has thrown a nuclear trident at poor people of India. Rs 1,000 of today is what Rs 100 was 20 years back. Insanity!"

 

Janata Dal-United leader K C Tyagi hoped the government has taken all steps so that there is no inconvenience to people. 

 

Communist Party of India-Marxist Rajya Sabha member from West Bengal Ritabrata Banerjee tweeted, "Gimmicks are not the solution to real menaces facing the suffering millions. The commoners will be the ones to be harassed most."

 

"Most of the #BlackMoney are in the foreign banks. Why the PM failed to bring it back in the last two-and-half-years. The commoners will suffer in the coming days," he added. 

Andhra Pradesh Chief Minister N Chandrababu Naidu welcomed the decision. "I welcome @narendramodi Govt`s historic decision to ban Rs 500 and Rs 1,000 notes. This is bold step towards eliminating corruption," he said.

Amit Shah said that Modi has yet again demonstrated his unwavering commitment to promises he made to people of India.

"Announcements made by PM @narendramodi are exactly what is needed to uproot corruption, black money, hawala & fake" currency rackets," he said, complimenting Modi for taking "tough but timely and path-breaking measures".