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

[ranadd]

any reason for scrapping these two notes,? is they are being replaced with other notes?

I don't get it. Why are some legal notes black money? What if people just exchanges these notes with other notes? What is the difference?

500 and 1000 notes being the largest denominations.. people hoard them. Money off the books or accounts. Money that is not shown as a valid income. sort of like your grey markets. Money that you don't pay tax on.

This is a huge setback for land mafia in India. They are a bunch of Asshole. They will put 60% of the land price they ask in agreements and will only pay tax on that. Rest 40 % is a cash to cash transaction.

Land Mafia is just one example.

Also, this is what money laundering is involved in. Making this money legal again. Or "wash" it clean or white.

 

[Ea Returns]

I don't get it. Why are some legal notes black money? What if people just exchanges these notes with other notes? What is the difference?

A large amount of black money in India is in the form of cash at homes, people don't deposit them in banks for fear of being caught. This cash has to be in the form of biggest currency notes to occupy minimum space and easy to hide. A sudden invalidation of these notes would leave such people stranded, they can't deposit in bank nor it will be accepted outside.

 

[Rajaraja Chola]

any reason for scrapping these two notes,? is they are being replaced with other notes?

Scrapping Black Money. Those who have accumulated notes in 500/1000 only. So from midnight these notes are just papers. If they need to exchange they need to furnish their id.

 

[jaiind]

Then

now

 

[Crixus]

Atleast they will not condem this action publicly ....they will curse Modi .... even Congress cant condem this action

Lots of politicians, realtors, business people, actors will loose crores of rupees in money. Many will get heart attack tonight.

This guy is BJP asset , when even he opens mouth Congress loses 10000 votes

https://twitter.com/x/status/796018204992684032

 

[Kal Muah]

At the stroke of the midnight hour, when the world sleeps, India will awake and count Rs 500 and Rs 1000 Notes

 

[Mitro]

You can change the money after deadline with ease

 

[Soumitra]

Arnab just tore Atul Kumar Anjan a new one when he tried to ask about his resignation instead of discussing black money

 

[SrNair]

any reason for scrapping these two notes,? is they are being replaced with other notes?

Look at the time .8 pm
All banks are closed and after midnight .Noone can used 500Rs and 1000Rs notes .
Means all those blackmoney would wipe out .

Counterfeit,Black money all will become a garbage heap after today midnight.

 

[PRC]

I think this guy is even more important then Modi

Nope, he might have a better idea or a plan but unless it is executed, it is of no use. Without Modi , even this man is powerless. Modi is the executioner and hence irrespective of who comes up with the idea or plan, the person who shows the will power should get the actual credit. Same was the case with PV Narsimha Rao and Man Mohan singh but unfortunately, the Delhi sultanate and the media associated with it, discredited the great man . Unfortunately no social media at that time but make no mistake , he too was a great PM. If you ask me, these two are India's greatest PM.

 

[manishmaithani]

At the stroke of the midnight hour, when the world sleeps, India will awake and count Rs 500 and Rs 1000 Notes

To deadline...seems war nearby

 

[SrNair]

I don't get it. Why are some legal notes black money? What if people just exchanges these notes with other notes? What is the difference?

Not possible .
Banks are already closed and noone accept this notes not anymore .

 

[Soumitra]

You can change the money after deadline with ease

No it is not easy to change the notes. You will have to submit your id proof. Also there is a limit of how much you can change per day

 

[Fireurimagination]

Summary of the important announcement :

1. Black money issue, 500 rupees and 1000 rupees banned from Midnight.
2. ATM's wouldn't wouldn't work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only.
3. All Residents have option till 30th December 2016, to deposit their existing cash balance of 500 and 1000 rupees in their bank accounts.
4. ATM withdrawal is limited post 11th Nov to 10000 per day, but initial few days it would be 2000 Rs. Only.
5. Emergency periods like hospitals and chemist, train ticket booking and airline ticket booking, petrol pumps may accept the old notes to 11th November.
6. No changes in online, card, cheque or any other plastic money transactions.
7. 9th November, banks wouldn't be available for public banking services.
8. New notes of 500 rupees and 2000 rupees would bring in circulation, mostly from 31st March 2017.
9. This one is not clear, but old notes can be exchanged with rbi till 31st March 2017. I guess post 30th December.

 

[Great Sachin]

ATMs will only disperse 2000 a day to begin with, right ?

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