500 & 1000 rs notes stopped from tonight

[tweaker]

[tweaker]

The Central Board of Direct Taxes (CBDT) has  amended rules in the Income Tax Act and asked banks to furnish a statement of financial transaction in one or more current accounts of a person for cash deposits of Rs 12.5 lakh and above between November 9 and December 30.

[tweaker]

State Bank of India (SBI) on Wednesday said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

In a statement here on Wednesday, SBI said it saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 p.m. 

[dial_100]

So opposition are crying about "poor people".. "poor people" suffering all the time. I freaking want to know how are they poor if they carry 500 and 1000 notes?

 

There is not an iota of doubt in my mind that poor people will really suffer because of crash crunch for month or 2. Middle class will bear pain of day to day hassle. but post 2 months we are going to have a much improved system.

• Corrupt will have lost all their money
• Honest middle class man will feel rich now
• People will use digital way for transactions
• more money will be in banks
• interest rates going down. more fund for business and common people
• lot more tax revenue will lead to more projects for common man
• economy will improve and provide more jobs to common people.
• labor class will be paid honestly as their payments will be documented because cash will be controlled.

there are endless possibilities. There will be issues but we will be better off than where we are. Right now media, politicians and terrorist are the biggest losers along with small traders, real estate business, and government babus and many others. but all the honest people will gain so much more. Politicians are very shamelessly opposing demonetization move. It is kinda fun to watch these creatures crying foul all over the media.

 

Edited November 17, 2016 by dial_100

[tweaker]

Leave it to the gods to make sense of your Rs 500 and Rs 1,000 notes. This is what scores of Mumbaikars have been doing at the Siddhivinayak Temple, ever since PM Narendra Modi announced the demonetisation of the high denomination notes. The temple has seen a rise of nearly 28 per cent in the donation of Rs 500 and Rs 1,000 notes in the last 10 days, authorities revealed after yesterday’s count.

 

The temple usually counts the weekly donations every Monday. But since this Monday was a bank holiday on account of Guru Nanak Jayanti, the counting was done on Wednesday. Authorities avoid counting on Tuesdays as swarms of devotees visit the temple on the day.

[coffee_rules]

Suddenly Congress and all opposition is championing the cause of the poor people. 

[tweaker]

The government on Thursday allowed households to withdraw up to Rs 2.5 lakh for weddings from bank accounts which are KYC compliant, Economic Affairs Secretary Shaktikanta said while addressing gathered members of the press and releasing the rules pertaining to the demonetisation drive. 

[dial_100]

..

Edited November 17, 2016 by dial_100

[Malcolm Merlyn]

To all the Marie Antoinetteish "let them eat cake"middle class supporters of Modi,may I suggest watching anti-national Ravish Kumar's Prime time where he goes to Khoda near Delhi border which has only 1 bank for a population of 12 lakh and only 70-80 applications being processed everyday.

And people dying of heart attacks is not short-term pain and in any civilised country heads would roll for same.

Khoda has population of 1.2mn?My My.Khoda ia twice the size of Kolkata.

And is this the same Rubbish kumar who introduced congress leaders as poor traders on his show?

Propoganda ki bhi hadh hoti hai.

[kabbirann]

3 hours ago, Malcolm Merlyn said:

Khoda has population of 1.2mn?My My.Khoda ia twice the size of Kolkata.

And is this the same Rubbish kumar who introduced congress leaders as poor traders on his show?

Propoganda ki bhi hadh hoti hai.

Everyone is a liar except Modi aur uske dudh ke dhule hua bhakt.

If you aankh ke andhe naam nainsukh bhakts had actually watched the show,he introduced the trader as head of a lot of trading organisations and repeatedly said that these were rich guys .

Anyway this forum is like the online version of a RSS shakha and you guys are welcome to live in your own bubble.Adieu.

[Malcolm Merlyn]

22 minutes ago, kabbirann said:

Everyone is a liar except Modi aur uske dudh ke dhule hua bhakt.

If you aankh ke andhe naam nainsukh bhakts had actually watched the show,he introduced the trader as head of a lot of trading organisations and repeatedly said that these were rich guys .

Anyway this forum is like the online version of a RSS shakha and you guys are welcome to live in your own bubble.Adieu.

 

Anyone who doesnt agree with you is a bhakt and the forum RSS shakha. Keep whining and going to that green forum to cry.

[tweaker]

Demonetisation being the only game in town, though one analysed threadbare, these are my observations a week into the process.

 

The Good

Prime Minister Narendra Modi proved he is nobody’s puppet. The move came as a shock to his core constituency, causing substantial losses to traders across the nation. It was a bold and brave step from a political perspective.

 

Demonetisation is leading to a massive transfer of wealth from the affluent to the less well off. The most efficient way to launder money is to place old 500 and 1,000 rupee notes in the account of low-income earners and withdraw new currency once it becomes freely available, leaving an agreed percentage behind. Arun Jaitley has promised there will be no enquiries made for cash deposits lower than 2.5 lakh, providing a convenient threshold for individual deals.

 

Millions of people will use banking or electronic payments for the first time as a result of demonetisation, creating long-term benefits for themselves and the economy at large.

 

The government might be in for a windfall if a substantial amount of cancelled money fails to make it back to the central bank. Some experts suggest the Reserve Bank of India could transfer an equivalent amount of money to the government as dividend.

 

Those hoarding undeclared cash face some form of punishment for the first time.

The Bad

Demonetisation will not in itself end the reign of black money, or even dent it substantially. As N Chandra Mohan, Prabhat Patnaik and Pronab Sen have pointed out, demonetisation affects the stock but not the flow of black money. Once liquidity is restored, the corruption engine will run on full throttle again, creating massive new quantities of undeclared wealth.

 

Even where the stock of untaxed cash is concerned, most of it is likely to be successfully converted before the deadline. Politicians, in particular, tend to control banks or have close associates who control banks, which provides them an exit route. If the main targets of a strike slip away only mildly injured, while millions of others suffer bruises or serious wounds, the wisdom of the assault must be questioned.

 

The economy could suffer a substantial downswing unless the flow of money is restored quickly, as Ajay Shah has pointed out. Approaching the problem from the opposite end, Gautam Bhan draws our attention to individuals and small firms left vulnerable by this manmade crisis.

 

The anti-terror facet of the notification was, in terms of logic rather than emotive appeal, the weakest link in the demonetisation argument. It was weakened further once we were told that the new Rs 2,000 notes would be as easy to counterfeit as the old Rs 1,000 ones. But Manohar Parrikar is pushing the terror angle hard, even claiming the fall in violent protests in Kashmir is a result of turning the tap off on terror funding. If that’s the case, I hope he will admit the failure of the move should hostilities resume.

 

It always amazes me how elected leaders can take major decisions without considering the fallout. George Bush had no plan for Iraq after the fall of Saddam, David Cameron had no Brexit plan in place when he announced a referendum, and Modi had no clue about the ramifications of demonetisation. Surprise was necessary for the operation to have any chance of success, but focussing on the surprise rendered the administration unprepared for the enormous challenge.

The Ugly

Raising the limit on ATM withdrawals from 2,000 to 2,500 and cash exchange from 4,000 to 4,500 is like rearranging deck chairs on the Titanic.

 

The BJP is slowly but surely losing control of the media narrative. The party under Modi has been masterful in managing both mainstream media and social media, but it’s tough to keep control of a story while making a hundred million people stand in queues repeatedly to gain access to their own hard-earned money.

 

Modi’s self-regard has grown boundless. He refers to himself constantly in the third person and never bothers to share credit with his team. He took it a notch higher in Goa last week when he was moved to tears by what he considered his sacrifices in the national interest.

The BJP wheeled the Prime Minister’s mother out for a photo-op on Tuesday. A fawning reporter wrote, “Prime Minister Narendra Modi’s 97-year-old mother Hiraba today visited a bank at her village in Gandhinagar, just like other citizens, and exchanged her old notes”. But other citizens aren’t being escorted by relatives and officials to a bank branch where all business comes to a halt as the manager ceremoniously hands cash over to the customer. The episode gives the BJP’s troll army an opportunity to shout down dissent with, “If Modiji’s aged mother can do it, why can’t you suffer a little for the greater good of the nation”.

 

Things are on the edge now. They might get worse once people realise their pain didn’t help the nation a whit.

[tweaker]

While demonetisation is making life tough for many, anonymous donors have actually been donating Rs 500 and 1,000 notes in donation boxes set up at public hospitals.

 

According to a report in Mumbai Mirror, 14 fund boxes at Tata Memorial Hospital (TMH) in Parel were opened on Saturday. “We opened our donation boxes on Saturday, we had surprisingly collected Rs 1.5 lakh, mostly in Rs 500 and Rs 1,000 notes,” Humayun Jafri, the public relation officer of TMH told Mumbai Mirror. The report stated that the weekly collection from donation boxes placed across hospital premises ranges from Rs 40,000 to Rs 50,000. “It is not that we have never got Rs 500 or Rs 1,000 notes. But this time, the numbers are much higher,” Jafri told the paper further.

[mishra]

^ Another crap article opposing demonetization and its impact.

1. Impact is already felt by system and employee group. Interest rates on bank loans are coming down.

2. Inflation down.

3. Petrol prices down.

4. There is fear among black money hoarders.

5. For the time being 100% stop on anti national/terror funding

 

Bad:

Only issue is human angle.Specially the cases where people havent got any money to pay for weddings and all.

Heart attack deaths are tragic but it is malice/ignorance to link to cash queues.

 

Immediate Future:

1. Bank Coffers Full i.e. more competitive loans

2.Government Coffers full. i.e More projects and possible reduction in tax

 

Ugly

Only issue is how Modi follows this up since real estate, contractors, Gold traders, CAs, Co-op Banks are leading the way for new note Black money.

Edited November 17, 2016 by mishra

[zen]

 

^ 1000 ka note

[tweaker]

[coffee_rules]

 

Khabardaar, Ek rupiya bhi kharcha mat karna. huh! :laugh:

Edited November 17, 2016 by coffee_rules

[tweaker]

With long queues continuing at banks and ATMs, now petrol pumps will also dispense Rs 2,000 cash per person per day, state-run Doordarshan announced in a tweet on Thursday.

"Cash to be dispensed at 2,500 petrol pumps; Cash to be given by swiping of debit/credit card via POS (Point of Sale) machine," @DDNewsLive tweeted.

"Rs 2,000 per person per day in cash can be dispensed. Facility to be extended to over 20,000 petrol pumps," the tweet said.

The measure comes following the demonetisation of Rs 500 and Rs 1,000 currency notes by the government on November 8, that has triggered long queues at banks and ATMs across the country to deposit or exchange the scrapped notes and withdraw cash.

[Rohit S. Ambani]

Ground reality is different, I went to bank today with cheque of Rs 24,000, they said max I can withdraw is 4000, I stood for 2 hour in long queue for 4000. Currency exchange was restricted to 2000. I am talking about Corporation Bank. Only SBI bank's 2 ATM are in operation in my city. ATM is also restricted to 2000/day. Worst thing is Rs. 2000 note, all people got today was 2000 note, very few people were given 20 rupee notes (20x200), no sign of 50, 100. Nobody has seen newer 500 note. Does it even exist?

 

All you keyboard Modi warriors, there are 500 plus towns in India, Do you think all banks and branches are under scrutiny of media and government? Bank Managers, heck even bank security guards are acting like mafia in such towns, winters have arrived in North India and people were allowed only in groups of 5 inside, there were more employees inside the bank than customers, they simply don't have empathy for people rotting outside bank in harsh weather, they were working at snails pace taking too many breaks, having tea multiple times.

 

Shame on all of you educated lot.

 

 

 

 

.

Edited November 17, 2016 by Rohit S. Ambani

[beetle]

1 hour ago, Rohit S. Ambani said:

Ground reality is different, I went to bank today with cheque of Rs 24,000, they said max I can withdraw is 4000, I stood for 2 hour in long queue for 4000. Currency exchange was restricted to 2000. I am talking about Corporation Bank. Only SBI bank's 2 ATM are in operation in my city. ATM is also restricted to 2000/day. Worst thing is Rs. 2000 note, all people got today was 2000 note, very few people were given 20 rupee notes (20x200), no sign of 50, 100. Nobody has seen newer 500 note. Does it even exist?

 

All you keyboard Modi warriors, there are 500 plus towns in India, Do you think all banks and branches are under scrutiny of media and government? Bank Managers, heck even bank security guards are acting like mafia in such towns, winters have arrived in North India and people were allowed only in groups of 5 inside, there were more employees inside the bank than customers, they simply don't have empathy for people rotting outside bank in harsh weather, they were working at snails pace taking too many breaks, having tea multiple times.

 

Shame on all of you educated lot.

 

 

 

 

.

This situation is because of people who don't pay taxes.Blame the ones who think it is their birth right to live with out paying income tax...living of the ones paying taxes.Shame on the sponges who hide and hoard rather than pay taxes.

Edited November 17, 2016 by radhika