500,1000 Rs Note no longer legal tender!!

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Khagesh

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A country that adds an australia to itself every year can throw up strange numbers whenever such numbers are required !!!

Desh agye badh raha hai. Mera Desh,.... Mera Desh..... Dhin!


Call it the cascading effect of demonetisation, around 1.5 million jobs were lost in the first four months of the year (January-April 2017), says a new survey data put out by the Centre for Monitoring Indian Economy (CMIE).

According to the report, while the number of persons employed fell by 1.5 million, the number of people who declared themselves unemployed fell much more - by 9.6 million. As a result, the labour force fell by 11 million. This substantial fall in the denominator is responsible for the fall in the unemployment rate.

The unemployment rate during September-December 2016 stood at 6.8 per cent (29.6 million unemployed out of a labour force of 436 million). In January-April the rate fell to 4.7 per cent (20 million unemployed out of a labour force of 425 million).

The numbers shows that almost the entire new workforce of January-April 2017 did not offer themselves for employment, which is odd undoubtedly.
http://www.timesnow.tv/business-eco...jobs-lost-in-first-4-months-of-the-year/65815
 

sayareakd

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RBI now needs time till Sep 2017 to count all the withdrawn notes, in this age of machine counting they would have recounted 100 times those notes.

RBI looks like taking its own sweet time to physically count each and every note :rofl::rofl:
 

Khagesh

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RBI now needs time till Sep 2017 to count all the withdrawn notes, in this age of machine counting they would have recounted 100 times those notes.

RBI looks like taking its own sweet time to physically count each and every note :rofl::rofl:

Why do you need machines when you have lakhs and lakhs of Agarwal Sweets in every Indian city?
Hand over the job to them and they will catch the counting mistakes committed by the Machines as a bonus.
 

sayareakd

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Why do you need machines when you have lakhs and lakhs of Agarwal Sweets in every Indian city?
Hand over the job to them and they will catch the counting mistakes committed by the Machines as a bonus.
i dont get it, why Agarwal in sweet business, now a days. Agru to Halwai ban gai hai. o_O
 

airtel

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The Rs 2000 question: Where have the pink notes gone?

Pratik Bhakta | ET Bureau | Updated: Jul 20, 2017, 10:18 AM IST

Representative Image

MUMBAI: A shortage of Rs 2,000 notes in recent weeks and months has stumped bankers and ATM operators who are already grappling with cash shortage in some parts of the country due to heavy usage and hoarding.

Bankers and ATM service providers say that there has been a sharp drop in the number of Rs 2,000 notes in circulation. Supply of new notes from the central bank has plummeted in recent weeks leading to speculation that it could be a deliberate strategy to restrict the flow of high-value notes in the economy.

"Presently we are receiving currency notes from the Reserve Bank in the denomination of Rs 500 in high-value currency," said Neeraj Vyas, chief operating officer of State Bank of India. "The 2,000 denomination notes are coming over the counters by way of recirculation."

There are around 58,000 ATMs of SBI out of the 2.2 lakh deployed in the country.

The country's biggest bank has also moved a step ahead of its peers to recalibrate the Rs 2,000 currency cassettes in a few of its ATMs to Rs 500 currency ones so that more cash can be stuffed inside the machines.

An email sent to RBI seeking comments was not answered.




But the central bank continues to pump in Rs 500 currency notes ensuring that there is no overall cash crunch which was seen during demonetisation last year.

Bankers say that this could be part of the strategy of the RBI to keep a leash on the total amount of high-value currency in circulation.


"While there is a definite shortfall in the supply of Rs 2,000 denomination notes, overall supply is fine as banks are giving out sufficient Rs 500 notes which is convenient for the consumer as they can get change easily for smaller currency notes," said Ravi Goyal, managing director of AGS Transact Technologies which manages around 60,000 ATMs in the country on behalf of banks.

The RBI rushed to print Rs 2,000 notes immediately after demonetisation was announced in November last year and that supply may have reached a level that the central bank is not comfortable with now, bankers said. This may be a conscious strategy to curb the new supply of high-value notes and print more low-value notes like Rs 500 or even Rs 200 which may be introduced soon.

"A new phenomenon that is now happening in the market is that Rs 2,000 notes are not coming in for deployment at ATMs and along with this, we see a 12% increase in the average ticket size of ATM cash withdrawals post demonetisation," said Loney Antony, managing director of Hitachi Payment Services which manages more than 50,000 ATMs in the country.

Higher number of Rs 2,000 notes?

Based on RBI data, Hitachi has calculated that notes in circulation with a value of Rs 100 and lower crossed Rs 4 lakh crore in May from around 2.5 lakh crore before demonetisation. The Rs 500 denomination went down to Rs 4.1 lakh crore from Rs 8.1 lakh crore in November. The Rs 2,000 denomination dipped to Rs 5.5 lakh crore in May from the Rs 1,000 denomination notes of Rs 6.4 lakh crore in November.

If this calculation is correct, it clearly shows a higher number of Rs 2,000 notes in circulation compared with Rs 500 notes.

"The relevant currency which has come back to be stuffed into cash dispensing machines is still less by around 25%," said Antony. "There are still problems of cash hoarding in certain regions of the country."

Antony was alluding to the fact that the currency in circulation has still not reached pre-demonetisation levels. Latest RBI data shows that the currency with the public is at Rs 14.5 lakh crore as of June 23, six months after demonetisation.

This is against Rs 17 lakh crore just before the notes were recalled.

Industry executives who manage ATM networks say they can stuff around Rs 25 lakh in 500 notes in a machine and another Rs 2 lakh in 100 denomination notes, which usually lasts for three to four days depending on the location of the machine.

While that would help make up for some of the Rs 2,000 note shortage, it may not help in cases where cash runs out very fast due to high usage or hoarding. Vyas said that they are finding shortage of cash in cities such as Patna, Kolkata and across the Andhra-Telangana region.



http://timesofindia.indiatimes.com/...BIA&utm_medium=COLUMBIA&utm_campaign=COLUMBIA
 

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The Rs 2000 question: Where have the pink notes gone?

Pratik Bhakta | ET Bureau | Updated: Jul 20, 2017, 10:18 AM IST

Representative Image

MUMBAI: A shortage of Rs 2,000 notes in recent weeks and months has stumped bankers and ATM operators who are already grappling with cash shortage in some parts of the country due to heavy usage and hoarding.

Bankers and ATM service providers say that there has been a sharp drop in the number of Rs 2,000 notes in circulation. Supply of new notes from the central bank has plummeted in recent weeks leading to speculation that it could be a deliberate strategy to restrict the flow of high-value notes in the economy.

"Presently we are receiving currency notes from the Reserve Bank in the denomination of Rs 500 in high-value currency," said Neeraj Vyas, chief operating officer of State Bank of India. "The 2,000 denomination notes are coming over the counters by way of recirculation."

There are around 58,000 ATMs of SBI out of the 2.2 lakh deployed in the country.

The country's biggest bank has also moved a step ahead of its peers to recalibrate the Rs 2,000 currency cassettes in a few of its ATMs to Rs 500 currency ones so that more cash can be stuffed inside the machines.

An email sent to RBI seeking comments was not answered.




But the central bank continues to pump in Rs 500 currency notes ensuring that there is no overall cash crunch which was seen during demonetisation last year.

Bankers say that this could be part of the strategy of the RBI to keep a leash on the total amount of high-value currency in circulation.


"While there is a definite shortfall in the supply of Rs 2,000 denomination notes, overall supply is fine as banks are giving out sufficient Rs 500 notes which is convenient for the consumer as they can get change easily for smaller currency notes," said Ravi Goyal, managing director of AGS Transact Technologies which manages around 60,000 ATMs in the country on behalf of banks.

The RBI rushed to print Rs 2,000 notes immediately after demonetisation was announced in November last year and that supply may have reached a level that the central bank is not comfortable with now, bankers said. This may be a conscious strategy to curb the new supply of high-value notes and print more low-value notes like Rs 500 or even Rs 200 which may be introduced soon.

"A new phenomenon that is now happening in the market is that Rs 2,000 notes are not coming in for deployment at ATMs and along with this, we see a 12% increase in the average ticket size of ATM cash withdrawals post demonetisation," said Loney Antony, managing director of Hitachi Payment Services which manages more than 50,000 ATMs in the country.

Higher number of Rs 2,000 notes?

Based on RBI data, Hitachi has calculated that notes in circulation with a value of Rs 100 and lower crossed Rs 4 lakh crore in May from around 2.5 lakh crore before demonetisation. The Rs 500 denomination went down to Rs 4.1 lakh crore from Rs 8.1 lakh crore in November. The Rs 2,000 denomination dipped to Rs 5.5 lakh crore in May from the Rs 1,000 denomination notes of Rs 6.4 lakh crore in November.

If this calculation is correct, it clearly shows a higher number of Rs 2,000 notes in circulation compared with Rs 500 notes.

"The relevant currency which has come back to be stuffed into cash dispensing machines is still less by around 25%," said Antony. "There are still problems of cash hoarding in certain regions of the country."

Antony was alluding to the fact that the currency in circulation has still not reached pre-demonetisation levels. Latest RBI data shows that the currency with the public is at Rs 14.5 lakh crore as of June 23, six months after demonetisation.

This is against Rs 17 lakh crore just before the notes were recalled.

Industry executives who manage ATM networks say they can stuff around Rs 25 lakh in 500 notes in a machine and another Rs 2 lakh in 100 denomination notes, which usually lasts for three to four days depending on the location of the machine.

While that would help make up for some of the Rs 2,000 note shortage, it may not help in cases where cash runs out very fast due to high usage or hoarding. Vyas said that they are finding shortage of cash in cities such as Patna, Kolkata and across the Andhra-Telangana region.



http://timesofindia.indiatimes.com/...BIA&utm_medium=COLUMBIA&utm_campaign=COLUMBIA
2000 rs note might not last long !!
 

Kshatriya87

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http://www.hindustantimes.com/business-news/rbi-stops-printing-rs-2000-notes-focus-turns-to-new-rs-200-notes/story-kijiPYAtTj1i6hsFjhvWaK.html
RBI stops printing Rs 2000 notes, focus turns to new Rs 200 notes
The new batches of 500-rupee notes are expected to ease the shortage of 2,000-rupee notes in circulation that is being reported in certain parts of the country. The RBI’s Mysore press has started printing the new 200-rupee bills, which are likely to come into circulation next month.
BUSINESSUpdated: Jul 26, 2017 08:15 IST
The Reserve Bank of India (RBI) stopped printing 2,000-rupee notes about five months ago, stepping up instead the production of smaller bills, including a new Rs 200, people familiar with the matter said on Tuesday.

The central bank is also unlikely to print more 2000-rupee notes in the current financial year, they said on condition of anonymity.

The government brought in the 2000-rupee note to quickly tide over a cash crunch from demonetisation, but fewer lower-value currency in circulation meant people struggled to change the big denomination bill.

The RBI’s focus now on printing small bills is aimed at bridging that gap.

About 3.7 billion 2,000-rupee notes amounting to Rs 7.4 trillion have been printed, said one of the people cited above. That more than compensates for the 6.3 billion 1,000-rupee bills withdrawn from November 8.

“Most of the printing that’s being done, about 90% is only 500-rupee notes. Nearly 14 billion pieces of new 500-rupee notes have been printed so far,” one of the people cited above said.

That is also close to the 15.7 billion of old 500-rupee notes (amounting to Rs7.85 trillion) withdrawn from circulation after November 8.

Not all the new notes printed so far have been released into circulation by the central bank.

RBI data shows that currency in circulation stood at Rs 15.22 trillion as on 14 July, eight months after demonetisation. This is about 86% of the Rs 17.7 trillion that was in circulation on November 4.

Separately, the RBI’s Mysore press has also started printing the new 200-rupee bills, which are likely to come into circulation next month, according to a second person.

“Initially, around a billion 200-rupee notes are expected to hit the market,” this person added.

The central bank did not respond to an email seeking comment.

The new batches of 500-rupee notes are expected to ease the shortage of 2,000-rupee notes in circulation that is being reported in certain parts of the country.

“The cash crunch which existed till two months ago has now eased with RBI increasing supply of 500-rupee notes over the last 40 days,” said Neeraj Vyas, deputy managing director, State Bank of India (SBI).

“But we have also seen a sharp drop in the supply of 2,000-rupee notes during this period.”

A July 19 report from SBI’s economic research wing showed that cash on hand with banks is high at 5.4% of currency in circulation compared with 3.8% pre-demonetisation. This shows that there is excess cash lying in ATMs or bank branches, most of which could mostly be 2,000-rupee notes, concluded the report.

“Although we haven’t seen any drop in supply of 2,000-rupee notes, we expect it to be moved out of ATMs once 200-rupee notes hit the market,” said Radha Rama Dorai, country head, ATM and allied services, at ATM service provider FIS.
 

Kshatriya87

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This is good news. Rs. 2000 notes were a menace. Nobody had change for them. You could only spend them in malls etc. for big ticket bills.

Rs. 200 notes would be much much more suitable for majority purposes. In fact, India should limit the highest denomination to Rs. 500. That is enough.
 

Suryavanshi

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Are these guys banning coins too, no one is accepting those small one rupee coins now.
 

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Are these guys banning coins too, no one is accepting those small one rupee coins now.
no bannning , its just because they are difficult to carry when in large numbers.....
 

raja696

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As elections are nearing its very important to recall 2k notes from supply for fair democratic elections.

Time to put deadline for banks to exchange 2k notes away from circulation as they receive from depositors.

No need to ban them , but bottleneck the circulation is enough. Highest denomination 500 notes are more than enough, with 100,200notes.
 

Kshatriya87

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More units of lower denomination notes—whether Rs 100 or Rs 200—will make low-value daily transactions that are maximum in number easier and help to bring back the lost momentum on the economic activities. But, the point here is that till the time high value notes stay, cash-based black money generation won’t stop. If the idea is to eliminate future generation of black money and nudge more people move to electronic transactions, the government should gradually kill Rs 500 and Rs 2,000 notes and make Rs 100 and Rs 200 notes the highest available currency denominations in the economy on the lines of developed world.

The benefit of doing this will be the following:

One, illegal cash holders and fake note businesses can damage the economy by a much lesser extent using lower denomination notes unlike high value notes of Rs 500 and Rs 2,000. The illegal cash dealers will find it more difficult to store and transport unaccounted cash in smaller denominations. Imagine a tax cheat wants to transport one crore rupees of illegal cash. It will be a nightmare for him to store 50,000 pieces of Rs 200 notes compared with just 5,000 units of Rs 2,000 notes.

Second, common man will not be too worried about the disappearance of high value notes since 90 percent of his daily transactions—purchase at retail shops, paying cabbies or small vendors—can be carried out with lower denomination notes of Rs 50, Rs 100 and Rs 200 and available coin denominations. For majority of Indians, there is hardly any use of Rs 2,000 notes in his daily life. Most activities get done with lower denomination currencies. The government need not hurry on this. It can be done over a period without sending shock waves to people like in the case of demonetisation episode.

Third, when high value cash transactions based on hard cash come down in the system, naturally tax department will have more record to track benami transactions since dealers will be forced to transfer money electronically leaving evidence in bank records. It isn’t easy for them to do crores of transactions in Rs 200 or Rs 100 notes. Not that entire cash-based illegal transactions will stop, they might still happen but will come down substantially. Any high-value cash transactions will be tracked by intelligence agencies to dig out suspicious activities.

Fourth, global experience shows any aspiring economy will have to bring down the high denomination cash component in the system at some point to become more transparent. Developed countries like US, Australia and UK have their most popular highest currency denominations at 100 or less. Most daily transactions happen there with cards.

Most economists would agree that the evil of cash-based illegal transactions happen mostly using high value currency denominations. The only way to address this problem is to bring down the value of units in circulation and focus on circulating lower denomination notes for public use. But, this exercise shouldn’t be a repeat of the ill-conceived demonetisation programme when Rs 500 and Rs 1,000 notes were invalidated only to replace them with new Rs 2,000 and Rs 500 notes.

Also, then the government was totally unprepared to infuse new currency into the system to support economic activities. Also, it was only a matter of time crooks got familiar with these new bills and resumed their illegal activities. But, if this is done over a period of time, a system with only lower denomination notes can do greater good to the economy.




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Kshatriya87

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'Record rise' in detection of suspicious transactions in 2015-16; Rs 562 crore black money unearthed
PTI | Updated: Jul 30, 2017, 11:27 PM IST
HIGHLIGHTS
  • Detection and reportage of suspicious transactions, fake currency notes and cross-border fund transfers in the country's economic channels doubled in the last fiscal year
  • CBDT detected Rs 154.89 crore, the ED nosed out proceeds of crime of Rs 107.47cr and the DRI came across assets worth Rs 300 crore during 2015-16
NEW DELHI: Detection and reportage of suspicious transactions, fake currency notes+ and cross-border fund transfers in the country's economic channels doubled in the last fiscal year, leading to unearthing of over Rs 560 crore black money, a government report has said.

The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, said the financial year 2015-16 saw a "record increase" in the detection of such instances.

All banks and financial intermediaries apprise the FIU of the detections as part of their obligation to comply with the country's anti-money laundering and counter-terror financing measures.

"The year 2015-16 ... saw a record increase in the number of reports received, processed and disseminated by the FIU," the recent report, accessed by news agency PTI, said.

The number of cash transaction reports (CTRs) doubled from 80 lakh in 2014-15 to over 1.6 crore in 2015-16 and that of suspicious transaction reports (STRs) rose from 58,646 to 1,05,973 during the period, it said.

"A similar growth was registered in counterfeit currency reports (CCRs) -- over 16 per cent, NTRs -- nearly 25 per cent, while there was an 850 per cent growth in the number of cross border wire transfer reports (CBWTRs) during the period," the report said.

The central agency, tasked with analysing suspicious transactions in Indian banking and other financial channels, also issued a "record number" of 21 sanctions against the violating entities (banks and others) under sections of the Prevention of Money Laundering Act (PMLA).

The report attributed the increase in the number of detections and their reportage to the FUI's "proactive outreach" to stakeholders to ensure that they increasingly detect such instances.

However, a senior finance ministry official said it was due to the "increasing penetration" of technology and awareness against suspect fund movements at a time when the fight against black money is actively being pursued in the country and the world.

"An increased awareness and the fight against black money is leading all the stakeholders, including the government and reporting entities such as banks and others, to be pro-active in detecting suspicious activities in their channels," the official said, requesting anonymity.

"A sustained momentum in law enforcement and strict compliance of established norms is required to keep these numbers growing, which is an indicator that the regime against black money, tax evasion and money laundering is strong in India," he said.

The report said that based on the STRs disseminated by the FIU, the CBDT detected unaccounted income of Rs 154.89 crore, the Enforcement Directorate nosed out proceeds of crime of Rs 107.47 crore and the Directorate of Revenue Intelligence(DRI) came across assets worth Rs 300 crore during 2015-16.

The total value of money unearthed stands at Rs 562.36 crore.

It said the black money detection figures in the last fiscal year are for "only 5 per cent of cases" flagged by the FIU to probe agencies.

The FIU obtains reports from banks and other institutions and sends them for action to investigative and enforcement agencies that are mandated under the law to combat economic crimes.

While over 3.53 lakh CCRs were received in 2014-15, their number rose by 16 per cent to over 4.10 lakh in 2015-16.

Similarly, CBWT reports during 2015-16 increased to over 1.1 crore as against 34 lakh in the previous year.

Cross-border wire transfer pertains to any transaction of more than Rs 5,00,000 or its equivalent in foreign currency where either the origin or destination of fund is in India.

Likewise, CCR is defined as the usage of a forged or counterfeit currency note or bank note as genuine or where any forgery of a valuable security or a document has taken place during a cash transaction at a bank.

An STR is a transaction that either indicates that it has been made in circumstances of unusual or unjustified complexity or appears to have no economic rationale or bona fide purpose.
It is also applicable to the transactions that give rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.
An NPO Transaction Report (NTR) pertains to all transactions involving receipts by non-profit organisations of more than Rs 10 lakh or its equivalent in foreign currency.
The FIU, established in 2004, provides financial intelligence to law enforcement agencies for safeguarding the economy from abuses of money laundering, terrorist financing and other offences.

It disseminates this data to probe agencies to check economic crimes, ascertain the extent of fake Indian currency notes (FICN) in banking channels and undertake legal action under criminal laws to check money laundering and black money.
 

YagamiLight

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Even before demonetisation, informal sector jobs barely grew: NSSO data
This suggests some of the informal sector enterprises either cut employment or hardly added jobs to protect margins even before the note ban in November last year accelerated the pace of churning in the informal sector
That's pathetic, so the tone has now changed from Demonetization dint affect informal sector growth to the present claim that growth was slow even before Demonetization?

I suppose the bhakths here eat this BS too? And i am curious, do the bhakths still believe demonetisation was a good u dea or have many grown brains now , now that economic growth has plummeted to 6.5% this year
 
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