500 & 1000 rs notes stopped from tonight

[mishra]

5 hours ago, vvvslaxman said:

On my facebook feed this issue has polarized people.  Both the arguments have some merit, some holes. 

How are you doing under Trump 

[mishra]

1. As per centre over 800 thousand crore has been printed in last 2.5 months.

2. 700 thousand crore fake currency was present in market

3. As per sbi, cash deposit to cash withdrawl ratio have been 6:1

4. Normalcy returns to Kashmir

Edited November 19, 2016 by mishra

[beetle]

Today is dada dadi day at banks....only senior citizens get to exchange notes today.

[beetle]

For people talking about inconvenience.......this is something I read in the comments secton.

Don't blame the surgeon or the surgery for the pain......blame the disease.

[tweaker]

When on 8th November Modi government decided to demonetize INR 1000 & 500 currency note, things changed in the valley. For some odd reason, Kashmir is now peaceful again and the valley seems to be back to normalcy. How did this happen?

Everyone knows that agitations in Kashmir have been promoted and paid for by Pakistan-supported separatists like Syed Geelani. What we also know is that protesters work like mercenaries getting paid daily wage to “show” their anger and frustration. Over the past years, government agencies have tracked thousands of crores which was channeled into Kashmir for such activities, mainly funded by Pakistan.

Modi himself had said that India’s enemies (implying Pakistan) were printing more Indian currency than the country itself and this currency ban is a severe blow on anti-national elements who didn’t see this coming. Now that the currency has lost its value, “protesters” are now jobless and people who are supposed to pay them do not have the cash. 

[tweaker]

It has recommended eight key steps that may cause short-term pain, but result in long-term dividends.

 

1. Mandatory digitisation of all land and property records linked to PAN/Aadhaar numbers.

 

2. Tax on agricultural income based on farm holding, leaving small and marginal farmer untouched and unaffected.

 

3. Small and marginal farmers be provided one-time state assistance to rid their personal debts taken from local money lenders at exorbitant rates. The money so given as assistance must be recorded as interest-free loan from state payable only in case the land is sold by these farmers. This will ensure that while the economic status of farmers will improve, the money will not be misused. The land shall not be allowed to be mortgaged to anyone except banks for crop loan only.

 

4. Plastic money should be encouraged. A charge may be introduced for cash withdrawal beyond a limit. For example, any cash withdrawal beyond Rs 10,000 per month for an individual or business entities according to the class of entity, a certain percentage of the turnover may be allowed to be withdrawn free of cost and thereafter rates should be increased in steps. Provision may be made for small businesses and in their case the charge may be based on net withdrawal.

 

5. Cash transaction fee must be introduced. At present, many business establishments display a sign that credit card payment will be charged extra. SES would suggest that a cash transaction levy must instead be introduced and they must come to the central government to recover the cost of currency management.

 

6. To encourage credit/debit card payments, the settlement cycle must be reduced from monthly to fortnightly on a mandatory basis, otherwise it will give rise to unhealthy competition.

 

7. Capital gains tax on traded security should be calculated by the tax department by linking PAN and demat accounts. The assessee should be required to only file for exemption, if any, from the tax assessed.

 

8. Lastly, the funding to political parties should come under the purview of RTI and income-tax authorities. The political party funding needs to be disclosed to the IT department and matched with the spending in various election campaigns. The ruling party, as well as the Opposition parties should ensure that nobody, including them, is excluded to be put under the scanner. And, eventually the country should move towards state funding of elections.

[Singh bling]

18 hours ago, mishra said:

You question is now switched to methodology, Anyhow, My home town Villages, people have never visited the bank. But they are visiting now. My village (2000+ family) and there are about 30+ such or smaller village served by one bank. There was no very long queue as reported in tele on any day. Yes they ran out of money one day only but people dont mind another day out to shops. My brother brought my dads pension from city and he said there is no queue at local bank. If only he had known, he would have got his money encashed at village one.

 

You should have watched NDTV reporter yesterday. They had 1 hr program. Whole village had gathered. Nearest bank was 40 Km away. And only one person needed some money to be changed. Other one has already done it. Reporter asked to one female, if you have no business, how will you survive, like fruit veg. She responded "chutney aur namak se roti khaa lenge".  So that is village my friend. They havent got no money. Thye arent complaining.

 

 

 

This is just begining , people don't have any idea how much time will take it to become normal . All economists are saying that entire currency exchange will take months

 

Quote

Talking about the 50 days' time Prime Minister Narendra Modi had asked for his anti-black money initiative to show results, Chidambaram said it might ease the liquidity crisis for individual hands, but won't solve many other issues. "The PM's time out for 50 days might ease the liquidity crisis at individual's hands, but it won't solve many other problems. "Take a simple arithmetic...they demonetised 2,200 (total volume) crore Rs 500 and Rs 1,000 notes. The capacity of all printing presses taken together is 300 crore per month. So, even if you print note for note, it will take seven months. If you print smaller denominations notes like Rs 100 for Rs 500, it will take five times more time...Think somebody didn't think through...that's not unusual for government," he said.

Read more at: http://www.moneycontrol.com/news/economy/demonetisation-after-effects-to-last-longer-chidambaram_7989981.html?utm_source=ref_article

 

[Tibarn]

[rkt.india]

36 minutes ago, Singh bling said:

This is just begining , people don't have any idea how much time will take it to become normal . All economists are saying that entire currency exchange will take months

 

 

Process of printing started 5-6 months back, so, they have already printed a lot of currency.

[Singh bling]

35 minutes ago, rkt.india said:

Process of printing started 5-6 months back, so, they have already printed a lot of currency.

the way govt is changing rule on daily basis clearly indicate cash crunch by govt

 

Quote

 

Banks disbursing soiled notes, sprayed with perfume, insecticides 
 

Read more at:
http://economictimes.indiatimes.com/articleshow/55511066.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

 

[tweaker]

the income-tax department has issued hundreds of notices seeking "source" of funds from individuals and firms that have since November 8 deposited huge amounts of cash at banks using the scrapped Rs 500 and Rs 1,000 currency notes.

 

Officials said the taxman had begun a countrywide inquiry in this regard and had issued notices under Section 133 (6) of the Income-Tax Act (power to call for information) in various cities and towns of the country.

 

They said the notices were issued after banks reported to it certain cases of "unusual or suspicious volumes of cash deposits" in their accounts, primarily beyond Rs 2.5 lakh.

 

"The notices are being issued where the department feels the cash deposits made in the demonetised currency is suspect. This is part of the vigil that the taxman has deployed to check instances of tax evasion, money laundering and black money in the wake of the demonetisation of the two high denomination currencies on November 8," they said.

[Singh bling]

[beetle]

1 hour ago, Singh bling said:

the way govt is changing rule on daily basis clearly indicate cash crunch by govt

 

 

Rules are being changed too prevent black money being exchanged. 

You can't expect the govt to know every  way the people behave.They are taking day today decisions according to the ground situation. 

that is the need of the hour. 

[Singh bling]

1 hour ago, radhika said:

Rules are being changed too prevent black money being exchanged. 

You can't expect the govt to know every  way the people behave.They are taking day today decisions according to the ground situation. 

that is the need of the hour. 

Changing rules so frequently create only confusion among people and in system.You can't wake up everday just to read about new rules.

and BTW Corrupt already has got access to new notes.

Quote

In Gujarat, Bribe Of Nearly 3 Lakhs Paid Entirely In New Rs.2,000 Notes

http://www.business-standard.com/article/pti-stories/demonetisation-decision-taken-sans-full-consideration-raj-116111900629_1.html

 

[mishra]

42 minutes ago, Singh bling said:

Changing rules so frequently create only confusion among people and in system.You can't wake up everday just to read about new rules.

and BTW Corrupt already has got access to new notes.

 

People opposing this move still doesn't understand the amount of frustration general population has against black marketing. During war with Pakistan, when Shastriji called for nation to donate their gold, Indian women selflessly came forward and donated their jewellery, why, because they thought there was a threat bigger, and and were ok to take some loss of their wealth and they believed in their leader.

 

In current climate there are parallels. For Indians corruption and black money poses similar threat to that of one, once posed by Pakistan, And across religious lines people have overwhelmingly come to support the move. Everyone iin opposition is saying the implementation could have been better at the same time failing tto give one single constructive suggestion to improve implementation mechanism.

 

PS: Modi has proven to make executive unparalleled decisions. Be it foreign affairs, be it internal matters, be it on the border. This moove has let all political parties know what a national leader can deliver, all that is needed is will and ability

 

[tweaker]

Within a week of the announcement of the move to demonetise Rs. 500 and Rs 1000 notes to curb corruption and black money, two port trust officials from Gujarat have been arrested for accepting a bribe of Rs 2.5 lakh, on Wednesday.

Also an extra of Rs 40,000 was recovered from the house of one of them
What came as a surprise is that the whole amount of Rs 2.9 lakh was found in new Rs 2,000 notes, which were launched on November 11.

[beetle]

16 minutes ago, tweaker said:

Within a week of the announcement of the move to demonetise Rs. 500 and Rs 1000 notes to curb corruption and black money, two port trust officials from Gujarat have been arrested for accepting a bribe of Rs 2.5 lakh, on Wednesday.

Also an extra of Rs 40,000 was recovered from the house of one of them
What came as a surprise is that the whole amount of Rs 2.9 lakh was found in new Rs 2,000 notes, which were launched on November 11.

Should be investigated quickly and the guilty arrested........the bank officials involved should be checked.

It is very important not to lose the goodwill of people.

[Rohit S. Ambani]

What a national shame.

 

Rs 2000 note is a dead weight in hands on aam aadmi.

 

Most poor and middle class have already swapped their hard cash with Rs. 2000 notes. They do not have any more change at home.

 

I have not seen Rs 500 note yet, its only on TV and internet. I wanted to buy Qaddu yesterday and vegetable seller refused my Rs 2000 note.

 

Center wanted to replace notes so that's why they released higher denomination note, but now huge majority of people are left only with higher denomination note, and they can get Rs 500 note only if they withdraw more money from their account when and if Rs 500 note arrives in banks/ATMs, same process rinse and repeated.

 

 

 

 

[Rohit S. Ambani]

There are some very despicable posts made by Modi bhakats online, they often start their posts like - "The real fun will begin in last week of December", they are jubilant. Have no empathy for poors.

 

There is no sincerity in such people, for them it is entertainment at the expense of poor people.

 

I have visited bank 4 times, I felt richest among all rofl. There were no rich or big fish standing in line. Only aam aadmi is bearing the brunt.

[Mariyam]

^^^ /marie anoiette mode

Why eat qaddu when the 2000rs note can get you caviar?  /

 

Anyways, its too soon to call a verdict. Lets see how this spans out.