500,1000 Rs Note no longer legal tender!!

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Bornubus

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SP, who unearthed BJP minister’s Rs 500 crore hawala racket, transferred





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Industrial town of Katni in Madhya Pradesh on Tuesday witnessed mass protests in support of a police officer who was transferred after he unearthed a Rs 500 crore hawala scam involving ruling BJP minister Sanjay Pathak.


Katni district Superintendent of Police, Gourav Tiwari, was transferred to Chhindwara district two days after he summoned a coal merchant for inquiry into the hawala scam having links to the small-scale industry minister.









http://indiatoday.intoday.in/story/...protests-bandh-call-ips-officer/1/854468.html
 

Bornubus

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DELHI

More than 70 percent of ATMs in Delhi were found to be running dry, the survey revealed. Of the 100 cashpoints India Today reporters visited in the city, only 25 had people queuing up outside them - simply because the rest were parched

Delhi's north-east district was the driest of all, with 90 percent of its ATMs unable to dispense cash, the survey found. In the posh southern parts of the city, more than 70 percent of the machines had no money. In east Delhi, half of ATMs were found to be useless for customers. Around 40 percent didn't have cash in the city's west district.

PUNJAB

India Today reporters examined 100 ATMs across Punjab, which will vote to elect a new state government next month. They discovered only 22 machines were able to dispense the maximum quota of Rs 4,500. Worse, just eleven of 100 ATMs had the new 2,000 bills to dispense.

As many as 67 cashpoints were found to be totally dry. The state's key Malwa region, the survey noted, suffers the most from the cash crunch. As high as 80 percent of Malwa's ATMs were found to be empty. Punjab's Doaba belt had 70 percent and Majha more than 66 percent of their machines running dry. In capital Chandigarh, only 9 of the 23 ATMS surveyed could disburse Rs 4,500. Only seven of them were filled with 2,000-rupee bills.

In all, more than 30 percent of ATMs in The City Beautiful didn't have cash. India Today reporters found citizens were acutely upset with scarcity of low-denomination notes. Customers were seen moving from one ATM to another to get their daily quota of money. In many locations, people had to cover several kilometres in search of a working cash machine


UTTAR PRADESH

In poll-bound Uttar Pradesh, India Today reporters observed that more than 45 percent of ATMs were deficient of cash. The UP sample size was made up of 105 machines across the western, eastern and central parts of the state.

In rural Uttar Pradesh, the crisis appeared to be acute, with around 53 percent of ATMs running dry there. Region-wise, the relatively prosperous parts of western Uttar Pradesh were found to most affected.



More than 90 percent of ATMs in this zone were unable to deliver cash, the survey discovered. The situation was much better in central UP, with 60 percent machines functioning. Out of 305 ATMs assessed in three states, only 20 percent were able to dispense Rs 4,500.

http://www.businesstoday.in/current...modis-advice-to-go-cashless/story/243933.html
 

Nicky G

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DELHI

More than 70 percent of ATMs in Delhi were found to be running dry, the survey revealed. Of the 100 cashpoints India Today reporters visited in the city, only 25 had people queuing up outside them - simply because the rest were parched

Delhi's north-east district was the driest of all, with 90 percent of its ATMs unable to dispense cash, the survey found. In the posh southern parts of the city, more than 70 percent of the machines had no money. In east Delhi, half of ATMs were found to be useless for customers. Around 40 percent didn't have cash in the city's west district.

PUNJAB

India Today reporters examined 100 ATMs across Punjab, which will vote to elect a new state government next month. They discovered only 22 machines were able to dispense the maximum quota of Rs 4,500. Worse, just eleven of 100 ATMs had the new 2,000 bills to dispense.

As many as 67 cashpoints were found to be totally dry. The state's key Malwa region, the survey noted, suffers the most from the cash crunch. As high as 80 percent of Malwa's ATMs were found to be empty. Punjab's Doaba belt had 70 percent and Majha more than 66 percent of their machines running dry. In capital Chandigarh, only 9 of the 23 ATMS surveyed could disburse Rs 4,500. Only seven of them were filled with 2,000-rupee bills.

In all, more than 30 percent of ATMs in The City Beautiful didn't have cash. India Today reporters found citizens were acutely upset with scarcity of low-denomination notes. Customers were seen moving from one ATM to another to get their daily quota of money. In many locations, people had to cover several kilometres in search of a working cash machine


UTTAR PRADESH

In poll-bound Uttar Pradesh, India Today reporters observed that more than 45 percent of ATMs were deficient of cash. The UP sample size was made up of 105 machines across the western, eastern and central parts of the state.

In rural Uttar Pradesh, the crisis appeared to be acute, with around 53 percent of ATMs running dry there. Region-wise, the relatively prosperous parts of western Uttar Pradesh were found to most affected.



More than 90 percent of ATMs in this zone were unable to deliver cash, the survey discovered. The situation was much better in central UP, with 60 percent machines functioning. Out of 305 ATMs assessed in three states, only 20 percent were able to dispense Rs 4,500.

http://www.businesstoday.in/current...modis-advice-to-go-cashless/story/243933.html
I am sure they weren't looking for the ones not working. A counter:

At present, more than 110,000 ATMs are getting cash every day compared to only 30-40,000 a month ago. Typically, around 130,000 ATMs are loaded daily.​

http://www.hindustantimes.com/india...by-february/story-vC7klz8UWADgvF1zi79EYP.html

Not all ATM are loaded daily even in a typical scenario. Also, there is more pressure now as compared to usual.

Compared to 125 daily transactions before November 8, an ATM was now recording 300 footfalls a day, sources said. But, it was an improvement on 800 a day in the months of November and December.​
 

Bornubus

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Nicky G

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Good. Now come back when people start getting their own cash especially who needs it urgently.
Most are that I am aware of, both by repots and anecdotal evidence.

The trouble seems mostly in the North, particularly NCR. Even in the article you cited, it's all north, no Maharashtra or Karnataka or MP.
 

pmaitra

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ATMs getting cash everyday is not the same thing as ATMs getting sufficient cash everyday.

Frequency and quantity are two factors here.
 

Nicky G

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ATMs getting cash everyday is not the same thing as ATMs getting sufficient cash everyday.

Frequency and quantity are two factors here.
Whats sufficient cash? If footfalls increase by 2.4 times to 6.4 times, shortage is inevitable.

That's not an excuse, merely the reality.
 
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Several yeas back I used to go to NEPZ Noida. Yesterday I had to go from Noida City Centre to Dadri in the morning and come back the same way after about 5 hours. Both ways I had to hit Bhangel, a congested part of Old Noida. Both side on the same 2 ATMs saw queues of 30-40 people.

RBI had on 03.01.2016 given instructions that at least 40% of the currency should reach rural areas, which have 70% of the population. It implies that it was lower than 40% in the period preceding 03.01.2017. I am trying to trace information of currency distribution to rural areas but found nothing.

But this is what I found instead :p

.......On why Rs 2000 note was not introduced in a phased manner, the RBI said the new design will 'catch the fancy of the public'.
http://indiatoday.intoday.in/story/...elations-rbi-note-to-parliament/1/856551.html

“To a question seeking details on the number of demonetised notes already at banks on the evening of PM Modi’s speech, the RBI claimed an exemption, citing danger to the life or physical safety of anyone who disclosed this information to the public,” Bloomberg said.
http://www.hindustantimes.com/india...eat-to-life/story-TgKll6ode6I69MZDArbGdJ.html
 

ezsasa

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they are low, but not 16 year low ?

http://indianexpress.com/article/bu...lunges-in-key-infra-sectors-rbi-data-4470054/
also credit growth is plugging. the promise of building the 11 km roads per day is no where close to reality. they are building less roads than UPA has built on a daily basis. also exports are down by 30% on a monthly basis. so on which parameters this GOI is better than the previous one again ? with drop in exports there is massive un-employment. now they have launched lot APPs and advertisements. I think someone should really check the advertisement budget of the current government.
Export data has come for Dec .

@ptinews

#Indianexports rise by 5.72 pc to USD 23.9 bn in December; #imports marginally up at USD 34.25 bn in the month.
 

prasadr14

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Good. Now come back when people start getting their own cash especially who needs it urgently.
Ask them to come to Hyderabad...ATM's are flush and are desperately in need for some one to come and take out cash.

Most ATM's here are walk and take out. Not even a queue at any point in the day.

Let me know the emergency where u need cash?
During day, you can walk into any bank and take out cash. What is the emergency at night that you need pay in cash?
 

Akshay_Fenix

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Export data has come for Dec .

@ptinews

#Indianexports rise by 5.72 pc to USD 23.9 bn in December; #imports marginally up at USD 34.25 bn in the month.
China's export just ranked 6.1% Trump effect I think.
 

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Exports rise for fourth month in December; up 5.72% at 23.9 billion

NEW DELHI: India's exports continued to grow for the fourth straight month in December 2016, expanding by 5.72 per cent to $ 23.9 billion compared to $ 22.6 billion in the same month of previous year.

Imports too rose by 0.46 per cent to $ 34.25 billion during the month under review, leaving a trade deficit of $ 10.36 billion.

Oil imports were valued at $ 7.645 billion during December 2016 which was 14.61 per cent higher than oil imports valued at $ 6.670 billion in December 2015, the trade data released by Commerce and Industry Ministry showed.

Non-oil imports were estimated at $ 26.608 billion in December, down by 2.98 per cent than that of $ 27.425 billion in December, 2015.

During April-December period, exports grew marginally by 0.75 per cent $ 198.8 billion. However, Imports dipped 7.42 per cent to $ 275.3 billion.

Trade deficit during the nine-month period stood at $ 76.54 billion as against $ 100 billion in the same period last year.

http://economictimes.indiatimes.com...-billion-in-december/articleshow/56520773.cms
 

DingDong

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SP, who unearthed BJP minister’s Rs 500 crore hawala racket, transferred





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Industrial town of Katni in Madhya Pradesh on Tuesday witnessed mass protests in support of a police officer who was transferred after he unearthed a Rs 500 crore hawala scam involving ruling BJP minister Sanjay Pathak.


Katni district Superintendent of Police, Gourav Tiwari, was transferred to Chhindwara district two days after he summoned a coal merchant for inquiry into the hawala scam having links to the small-scale industry minister.









http://indiatoday.intoday.in/story/...protests-bandh-call-ips-officer/1/854468.html
MP government is extremely corrupt. Truth to be told, majority of RW is sticking with BJP because of TINA factor, and not because BJP/Modi can be trusted.

Alternative to BJP is a Congress government which sounds scary. BJP is still the best bet for MP.

Irrational and aristocratic attitude of the opposition contributes immensely to the TINA factor.

Demonetization might not have hurt BJP, but it is not going to benefit it either, major reason being that it lacks follow-up actions.

My best guess is that Modi buckled under internal pressure
.
 

hit&run

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After failing to demonise Demonetization now all other sundry items will be dumped in this thread. I like when one member after getting counter shifts the goalpost and says 'But'.
 

Bornubus

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Demonetization might not have hurt BJP, but it is not going to benefit it either, major reason being that it lacks follow-up actions.
People are not against demonetization but implementation and continuous inconvenience such as hauling ass 4 days in week for just rs 20,000 ~
 

pmaitra

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Whats sufficient cash? If footfalls increase by 2.4 times to 6.4 times, shortage is inevitable.

That's not an excuse, merely the reality.
I don't know how much is sufficient. It looks like people are withdrawing as much as they can and ATMs are running out of cash, so yes, you are most likely correct. There are different estimates as to how long it would take to print and replenish all the discontinued notes. I think the government is trying to make sure cash reaches all ATMs, even if in limited amounts.
 

prasadr14

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People are not against demonetization but implementation and continuous inconvenience such as hauling ass 4 days in week for just rs 20,000 ~
Err...Why would anyone need 20000 rupees in a week?
That's a monthly expense of a middle class family. The poor and lower middle class gets by with much less...

24k a week comes to a lakh per month. I would bet there would be a limited families n our country that would need this much money for their expenses in a month.
This kind of fallacy is pretty blatant in certain sections of people with certain political and social inclinations..
 

Bornubus

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Err...Why would anyone need 20000 rupees in a week?


Try building a two story house then come back.



And why do you care how much money we want? It's our money and we want at a time our choosing.
 
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prasadr14

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Try building a two story house then come back.



And why do you care how much money we want? It's our money and we want at a time our choosing.
You are going to build a house by doing cash payments??
Question is, have YOU ever built a house?

You have completely exposed yourself with this single post.

If you are buying an apartment, you don't need any cash.
If you are "building" your own, it's not YOU who would oversee day to day activities. In traditional middle/upper middle class own house building scenario, there is a maesthree, who would over see this day to day activities and you end up paying this single day a lump sum. This is done either in cash or check or now a days in cash transfer.

After demonetization, I have visited few of the construction sites and the norm now is that most of the workers have bank accounts. YES...strangely, these workers have moved on. Yet, few "educated" people who have been using cash less economy for better part of a decade, suddenly find themselves in NEED of hard cash.
 
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