Indian 1000Rs and 500Rs notes banned from 08-Nov-2016

[ThinkLogically]

Still not able to understand, how newer 500 and bigger 2000rs notes will not lead toward same situation after some time.Idea would have made more sense if all tenders above 100rs would have been scraped as its not econominally viable to fake any currency below 100rs, can someone throw some light into it .

As far as I know the new Rs. 500 and 1000 notes will have RFID chips in them. They do not need any power as they will only reflect waves.

The RFIDs can be activated from greater distances. So if a person is stocking a lot new currencies the notes can be spotted with tracker devices without having to enter the homes of hoarders. Hopefully this acts as a deterrent to hoard cash in the new currencies.

 

[Margarita]

https://twitter.com/x/status/796004629767036929

https://twitter.com/x/status/796004344617320448

Among the new features the Rs 2000 note has are:

• It has a picture of the Mangalyaan - the ISRO's Mars Mission on it
  
• It has the currency value written in Hindi as well
  
• The number is written in green colour which also turns blue in light
  
• It has the Swacch Bharat logo on it
  
• It has raised letters on it so that the visually challenged can feel Rs 2000 written on Braille

Among the new features on the new Rs 500 note are:

• It has a picture of the Red Fort on it
  
• It has the currency value written in Hindi as well
  
• The number is written in green colour which also turns blue in light
  
• It has the Swacch Bharat logo on it
  
• It has raised letters on it so that the visually challenged can feel Rs 500 written on Braille

 

[911]

Unless *cough* *cough*

He seems clean ahahah

 

[PRC]

As far as I know the new Rs. 500 and 1000 notes will have RFID chips in them. They do not need any power as they will only reflect waves.

The RFIDs can be activated from greater distances. So if a person is stocking a lot new currencies the notes can be spotted with tracker devices without having to enter the homes of hoarders. Hopefully this acts as a deterrent to hoard cash in the new currencies.

Do you have any quote or link which supports RFID theory? I am not able to find anything which says so. I am happy that the government has withdrawn the higher currency note but the introduction of 2000 and new 500 rs denomination seems to defeat the original purpose.

 

[Dragon4]

Do you have any quote or link which supports RFID theory? I am not able to find anything which says so. I am happy that the government has withdrawn the higher currency note but the introduction of 2000 and new 500 rs denomination seems to defeat the original purpose.

No it does not. There's a lot of black money stacked up with people, this move will force it to come out, assimilate and circulate within the economy. It will take time to accumulate black money with new denomination notes and by then they may change something again. It's actually a very good way to distribute money within people.

 

[Kashmiri Pandit]

For past 1 week I am hearing rumors about 200 and 5000 INR notes .........Any truth ?

 

[proud_indian]

 

[proud_indian]

 

[PRC]

No it does not. There's a lot of black money stacked up with people, this move will force it to come out, assimilate and circulate within the economy. It will take time to accumulate black money with new denomination notes and by then they may change something again. It's actually a very good way to distribute money within people.

If over a period of time, the feasibility of accumulating black money exist because of the higher denomination of currency then that needs to be addressed, i.e my argument. There is no doubt that what the Govt. did is good but why to reintroduce the same loophole again?

 

[mirage]

Im under pressure now. I supposed to buy( registration) a home in 2days.. drawn money from banks yesterday.

you can go to the bank when it opens and deposit the money back into the bank , no questions asked assuming it is legal money . one can deposit any amount in the banks without any problems , but if they can prove the source of the same and need to provide the personal details too ( pan card will be must ) .

 

[Kashmiri Pandit]

what is with the guys in Delhi ! They were shouting Modi Hai Hai and they were so vulgar runts

 

[danger007]

you can go to the bank when it opens and deposit the money back into the bank , no questions asked assuming it is legal money . one can deposit any amount in the banks without any problems , but if they can prove the source of the same and need to provide the personal details too ( pan card will be must ) .

Banks are closed for 2days.

I don't see any problem, you can deposit them in bank again.

Pay them by cheque or a simple account transfer !
I would never pay anything more than 50K in cash.

They asked for 50% liquid cash.. grrh.. im expecting long queue..

 

[Margarita]

what is with the guys in Delhi ! They were shouting Modi Hai Hai and they were so vulgar runts

paid aaptards probably

 

[Dragon4]

If over a period of time, the feasibility of accumulating black money exist because of the higher denomination of currency then that needs to be addressed, i.e my argument. There is no doubt that what the Govt. did is good but why to reintroduce the same loophole again?

What do you suggest? 500 INR max? Keep in mind majority of Indians don't use plastic money.

 

[asad71]

Only a serious monetary crisis can riv a govt to resort to demonetization.