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

[T-72]

use 100 note bill to drink coffee..stop crying...I use 10 rupee bill to drink coffee....

I drink nice coffee, 190 bucks, and I usually pay cash with a 5er bill.

anywho, let's wait a few days and see how it is, I'm not going to rah-rah Modi or the government if it inconveniences my daily life.

yes first two day...limit will increase after that

yes, the limit will slowly increase to 10k after 2 weeks or something ?

this is bs

 

[TimePass]

What then is wrong with black money?

It does not register in the economy and effect the GDP and thus is not liable for tax.

I cannot stop grinning ............. To say I am thrilled is an understatement. I just went online and brought a bunch of groceries for the month

 

[scionoftheindus]

some ATM wont work tomorrow

No ATM works tomorrow

I drink nice coffee, 190 bucks, and I usually pay cash with a 5er bill.

anywho, let's wma a few days and see how it is, I'm not going to rah-rah Modi or the government if it inconveniences my daily life.


yes, the limit will slowly increase to 10k after 2 weeks or something ?

this is bs

Everyone on PDF is going to suffer..tomorrow is my salary day which I get in cash.i am not sure whether they will pay me or not..we have to make some sacrifices for the greater good of india

 

[ranadd]

let me rephrase. What is wrong with people holding such notes? Those notes ain't all black money.

Valid question. Many people do hold money that is paid tax. Like me and my parents for example. But small amounts. For emergency. Reason being Indian stores don't take checks at all. and plastic money is not accepted in every nook and cranny stores.

However, I personally know many people who hold money that are not paid taxes on.

 

[Kal Muah]

 

[nang2]

It does not register in the economy and effect the GDP and thus is not liable for tax.

I cannot stop grinning ............. To say I am thrilled is an understatement. I just went online and brought a bunch of groceries for the month

Sorry. I asked that when I had no idea what black money is.

 

[nair]

This is what happens when you have a leader (PM) who means business..... but then business has a different meaning for some other PM's

 

[Immortan.Joe]

This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.

This is pretty clear. Financial institutions (Bank et al) do not print their own money and they would have to exchange old noted for new ones or of those of lower denomination by truckloads from RBI. RBI exchange limit is mainly for financial institutions, though you too can exchange old notes at RBI, which is something no one with black money would have balls to do. You could fool a normal bank run by clerks, but you could not fool apex regulator itself.

 

[indo]

But why are they gonna reissue new notes again, especially INR 2000. Now after this exercise, again there will be black money collected in these new notes.

 

[Great Sachin]

Congress is already condemning it..watch TV channels

They are the biggest looser ...lost notes and also votes

 

[911]

This is what happens when you have a leader (PM) who means business..... but then business has a different meaning for some other PM's

 

[TimePass]

Then you are not appreciating boldness of this move.

Many Countries ,have derecognized legal tenders before, but no one has fixed such a sharp time limit on their derecognition. These notes have gone out of circulation in just 4 hours and would become completely worthless (even at bank) on 31st December (or is it 8th as you are typing).

This means that hoarders do not have opportunity of using time tested route of converting black money into white using small transactions over a period of time. Since there is a time limit upto which banks would accept these notes ,people could only convert very small proportion of their black money into white using convention laundering methods, and gold dealers also would not accept these notes as they too need to get rid of them as fast as possible.

It is not derecognition that is bold, but narrow time window for exchange that is bold. There is no way in hell that people would rooms filled of black money in high denomination notes could launder all of their money in such a short period of time without getting caught.

I never said they could launder huge amount of money, I just said that they will try to get back as much as possible. This is going to KILL the old gen. black market hoarding and corruption money stuffed in beds and ceilings.

 

[scionoftheindus]

But why are they gonna reissue new notes again, especially INR 2000. Now after this exercise, again there will be black money collected in these new notes.

Not as much as it is being done now..people will think twice to have that much money in those notes as they won't be sure when those notes will be scrapped.

 

[ranadd]

Please. Dont make this a mud slinging thread.

 

[TimePass]

But why are they gonna reissue new notes again, especially INR 2000. Now after this exercise, again there will be black money collected in these new notes.

Aage Aage dekho, hota hai kya.

This is only Phase -I.

There will be a Phase-II in place to ensure the black economy is not profitable anymore. OF that I am sure.