500 & 1000 rs notes stopped from tonight

[CG]

http://www.livemint.com/Politics/p9VrQTy6jY4Cs4H6CqpbZO/Note-ban-breaks-the-backbone-of-Rs20-trillion-trafficking-in.html

[Singh bling]

Quote

Now, get interest on exchange of old notes 
 

Read more at:
http://economictimes.indiatimes.com/articleshow/55949867.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Quote

Lay-Offs on the anvil?: HT Media asks employees to “prepare for the worst” after note-ban

http://www.indiaresists.com/lay-offs-anvil-ht-media-asks-employees-prepare-worst-note-ban/

 

[Rohit S. Ambani]

A 45-year-old Man Attacked For Blaming PM Modi For Queue Outside ATM

 

Lallan Singh Kushwaha was on his way to buy a television set on December 15 when he passed an ATM and noticed the long queue.

 

He said 'Modiji ki wajah se line lagi hai' (queue is because of Modi), following which a man named Atik came out of the crowd and started beating him.

link

Edited December 19, 2016 by Rohit S. Ambani

[kosingh]

Now 5000 rupee limit on people depositing old notes. Desperate attempt to stop all people, even honest people, from depositing their notes so that all notes don't come back. 

[Malcolm Merlyn]

Now 5000 rupee limit on people depositing old notes. Desperate attempt to stop all people, even honest people, from depositing their notes so that all notes don't come back. 

This is poor poor stuff from the govt.How can you stop honest people from depositing their money?

[tweaker]

Modi ' s move  has created a mad scramble in that most elaborate, money-drenched, boisterous of traditions: the Indian wedding season. Most weddings in India are held on days considered auspicious in the Hindu calendar – nearly a quarter of them fell this year between Nov. 8 and the end of December, the epicenter of the cash crunch that followed Modi's announcement.

 

 The list of businesses affected was long: wedding planners, bands, ceremonial horse suppliers, tent providers and caterers interviewed across the capital reported facing a drop of up to 30 percent in business.

[tweaker]

Deposits of old notes exceeding Rs 5,000  can be made only once per account until December 30 2016, the RBI and the government clarified on Monday. The  new set of limits is to check laundering of unaccounted cash.

If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.

The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.

[kosingh]

1 minute ago, tweaker said:

Deposits of old notes exceeding Rs 5,000  can be made only once per account until December 30 2016, the RBI and the government clarified on Monday. The  new set of limits is to check laundering of unaccounted cash.

If someone has more than Rs 5,000 in old notes, a deposit will only be allowed after the depositor satisfactorily answers why they couldn't put the money into their account earlier.

The questioning of depositor will be made on record and an audit trail will be created for a 'later stage'. A satisfactory explanation on the deposit made would be 'needed'.

 

Saying that "I didn't deposit money earlier because YOU told me that I had until December 31st" is not a satisfactory answer?

 

This is getting worse every day.

[tweaker]

As per the RBI guidelines, deposits (using old currency notes of Rs 500 and Rs 1,000s) in excess of ? 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

 

What procedure will be followed while making these deposits?

 

RBI: “The credit in such cases shall be afforded only after questioning tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation. The explanation should be kept on record to facilitate an audit trail at a later stage.”

 

What if I deposit less than Rs 5,000 multiple times?

If your cumulative deposits cross Rs 5,000 then the same procedure, as explained previously, will be applied by the bank.

 

Is there any limit to what amount can be deposited?

As per RBI, there is no limit to the amount that can be deposited in bank accounts that are KYC-compliant. So, if your account is KYC-compliant, you can deposit any amount (only once if exceeds Rs 5,000) into your account using old currency notes. However, in case of non-KYC-compliant accounts, a maximum of Rs 50,000 can be deposited in the accounts till 30 December, 2016.

 

Are there any exceptions?

Yes, as per RBI, these “restrictions shall not apply to tenders of SBNs (old currency notes of Rs 500 & Rs 1,000) for the purpose of deposits under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.”

 

Can someone else deposit in my account?

Yes, RBI specifies that third party deposits are permitted. This can be done only if specific authorisation is presented at the bank along with valid identity proof. A valid identity proof is required even if on

[Malcolm Merlyn]

This last directive is a massive massive blunder by Modi govt.This is India ffs people just wait till the last date.This is just how we are.

[kosingh]

Government desperately doing whatever it can to minimize the 500 and 1000s rupee notes they receive, so that the non received money can be deemed "black", and demonetization a success. Even if it means screwing honest people and poor people of their own money.

[Rohit S. Ambani]

Roflindian ‏@Roflindian  1h1 hour ago

Next the government will say you can DM only 4 girls on Twitter.

 

[jusarrived]

2 hours ago, Malcolm Merlyn said:

This last directive is a massive massive blunder by Modi govt.This is India ffs people just wait till the last date.This is just how we are.

Not in case when we have money to lose . We are always first in line .

There are hardly people lining up to deposit cash , pretty much every one did that in Nov itself . I can only think of NRI's who have a vaild reason to have not deposited uptill now .

[BeautifulGame]

Not in case when we have money to lose . We are always first in line .

There are hardly people lining up to deposit cash , pretty much every one did that in Nov itself . I can only think of NRI's who have a vaild reason to have not deposited uptill now .

Lot of small business man particularly in rural areas still accepting payments in 500s and 1000s because they still have time to deposit till 30th for starters .

Now they are completely screwed .It's a completely stupid decision.

When Govt itself has said u have till 30th December to exchange the money , what other justification do I need to give for depositing the money tomorrow.

[kosingh]

36 minutes ago, jusarrived said:

Not in case when we have money to lose . We are always first in line .

There are hardly people lining up to deposit cash , pretty much every one did that in Nov itself . I can only think of NRI's who have a vaild reason to have not deposited uptill now .

So still not depositing the 500s and 1000s by December 19th because Modi told me I had until Dec 30th is not a valid reason?

[mishra]

52 minutes ago, jusarrived said:

Not in case when we have money to lose . We are always first in line .

There are hardly people lining up to deposit cash , pretty much every one did that in Nov itself . I can only think of NRI's who have a vaild reason to have not deposited uptill now .

It is a move which may free up some bankers time.

What it will also do is stop bankers adding entries of deposits less than Rs 50,000 every day in 200 different illegal unused accounts and go undetected because only more than Rs 50,000 is what requires scrutiny.

 

 

Edited December 19, 2016 by mishra

[jusarrived]

37 minutes ago, BeautifulGame said:

Lot of small business man particularly in rural areas still accepting payments in 500s and 1000s because they still have time to deposit till 30th for starters .

Now they are completely screwed .It's a completely stupid decision.

When Govt itself has said u have till 30th December to exchange the money , what other justification do I need to give for depositing the money tomorrow.

Govt also said , those currency notes are not to be used , so if some one is still doing it , its illegal ? Whos mistake is that ?

Edited December 19, 2016 by jusarrived
typ

[jusarrived]

34 minutes ago, kosingh said:

So still not depositing the 500s and 1000s by December 19th because Modi told me I had until Dec 30th is not a valid reason?

it may be a vaild reason , but I dont think there are any honest people who have waited till now to deposit 

[kosingh]

Just now, jusarrived said:

it may be a vaild reason , but I dont think there are any honest people who have waited till now to deposit 

Why? I have 10-15k lying around in the house, and I haven't bothered to go to the bank yet, because I planned to go when my  vacation starts next week. The government had said that was perfectly fine.  If the government had told me that December 19th would be the deadline, I would have gone before December 19th. 

 

 

[BeautifulGame]

Govt also said no should be using those currency notes are not to be used , so if some one is still doing it , its illegal ? Whos mistake is that ?

Government's mistake .

Lot of places particularly in rural areas there is virtually no 100s or even new 500s even in the banks .So the only option is to accept these old currencies or stop doing business.

What u want to them to do ? Lose their business and let their stocks rot and go bankrupt ?

What do u want a fisherman to do ? Accept old currency or let his fishes rot and his family starve .These are practical realities .

What most people were doing is what is logical to survive and by trusting the government on its word .Now it is screwing them by going back on its word.

If Government suspects black money then they can audit their accounts .

But government is doing is punishing honest people to cover their own incompetent mistakes.