500,1000 Rs Note no longer legal tender!!

[Indx TechStyle]

RBI to issue new Rs. 20, 50 notes

SPECIAL CORRESPONDENT
MUMBAI DECEMBER 04, 2016 18:52 IST
UPDATED: DECEMBER 04, 2016 19:56 IST

The Reserve Bank of India on Sunday said it will shortly issue new Rs. 20 and Rs. 50 banknotes in the Mahatma Gandhi Series-2005, without an inset letter in both the number panels. The new notes will bear the signature of Urjit R. Patel, the incumbent RBI Governor, and the year of printing '2016' printed on the reverse of the banknote.

The central bank clarified that all the banknotes in the denomination of Rs. 50 and Rs. 20 issued in the past will continue to be legal tender.

In November, the government decided to ban Rs 500 and Rs 1000 denomination bank notes, in a move to curb black money. Subsequently a new Rs 500 banknote was issued and a new Rs 2000 was also issued. However, Rs 1000 notes have not been issued yet.

Following the note ban, Secretary, economic affairs, Shaktikanta Das, had said all the existing notes will be phased out, with new notes with enhanced security features being issued.

 

[jackprince]

RBI to issue new Rs. 20, 50 notes

SPECIAL CORRESPONDENT
MUMBAI DECEMBER 04, 2016 18:52 IST
UPDATED: DECEMBER 04, 2016 19:56 IST

They are issuing in their media releases only. Poor management is trying even the patience of the hardcore supporters. The suburbian ATMs and Banks in Kolkata all have notices 'No Cash' running last 3-4 days. The few PSU banks that received cash supply, drying up faster than the word spreads. Rs.2000/- note has just become a point of ridicule and nuisance. Yesterday again saw a long queue before a closed SBI ATM having rumour that it will be filled soon.

It is about a month and still no sign of the situation becoming normal.

And, most hilariously PayTM which cashed in most in the demonetization move, has a major shareholder Alibaba - the chinese company who are looking into expanding ownership from 40% to 70% in PayTM. Now, a chinese company will have access to the financial profile - a highly important data - of a huge chunk of the urban India. As if China wasn't breaking through the Hack door into our systems enough that we are forced to give it our data. We should go and become cashless economy I say!!!!!

 

[vayuu1]

They are issuing in their media releases only. Poor management is trying even the patience of the hardcore supporters. The suburbian ATMs and Banks in Kolkata all have notices 'No Cash' running last 3-4 days. The few PSU banks that received cash supply, drying up faster than the word spreads. Rs.2000/- note has just become a point of ridicule and nuisance. Yesterday again saw a long queue before a closed SBI ATM having rumour that it will be filled soon.

It is about a month and still no sign of the situation becoming normal.

And, most hilariously PayTM which cashed in most in the demonetization move, has a major shareholder Alibaba - the chinese company who are looking into expanding ownership from 40% to 70% in PayTM. Now, a chinese company will have access to the financial profile - a highly important data - of a huge chunk of the urban India. [emoji38] As if China wasn't breaking through the Hack door into our systems enough that we are forced to give it our data. We should go and become cashless economy I say!!!!!

The thing is with so much population, it was bound to have poor management,and it's not that only paytm is getting benifit their are other means too , govt is trying every bit to normalise situation as quickly as possible, but it's not only his job to take care of people, people also have to take the initiative and help others .

Sent from my SM-N900 using Tapatalk

 

[Spindrift]

This whole fiasco with the demonetization can be summed up with a quote from Groucho Marx which goes like this:
“Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.”

 

[sayareakd]

Today i went to two banks and in both cases cash was finished in one or two hours. People were shouting, bank staff to stressed out.

 

[Nicky G]

Strange that people are still facing such issues now that even the anti-Modi media has given up. My personal experience was hardly unpleasant, in and out in about an hour via privilege banking. My father faced even fewer challenges.

Anyway, some retarded Congis getting their due:


Common people who have always had it tough don't seem to be complaining.

 

[alphacentury]

Sonar Bangla.........:biggrin2:
Check the dates.

-----------------------------------------------------------------------------------
@Razor

No cash for a decent dinner: Russian envoy

NEW DELHI: With so little cash, you can't even have a decent dinner, forget running regular diplomatic business, the Russian ambassador to India told New Delhi in a strongly-worded letter as the country, a major global player and a key defence supplier for India, officially critiqued demonetisation-induced cash shortage for its diplomatic staff.

Diplomatic missions of Ukraine, Kazakhstan, Ethiopia and Sudan have also sent protest letters on cash withdrawal restrictions. ET reported on December 3 (`Demonetisation Dollar Spat Between India, Pak') that the Pakistan High Commission staff had refused to take salaries protesting new rules on withdrawing dollars.

Russian ambassador Alexander Kadakin, an old India hand, wrote to the ministry of external affairs (MEA) on December 2: "Please just imagine if we in Moscow mirror this order of SBI (State Bank of India) when 50,000 roubles will not be enough to pay for a decent dinner in a restaurant, not to mention functioning of such a big embassy as ours in New Delhi or India's in Moscow."

"SBI informed the Embassy that the cash withdrawal limit available to the Embassy is now . 50,000 per week under the government of India directives with no exceptions unless otherwise advised by the RBI," he wrote. "Such an amount is totally inadequate as regards the embassy's salary and operational expenditure requirements."

Officials in the Russian embassy, who spoke off record, told ET that its New Delhi mission has a staff strength of 200 (excluding family members) and with the new withdrawal limit the cash at hand for one person comes to 250 a week. Kadakin in his letter urged MEA to intervene so that the withdrawal restrictions for diplomatic staff is lifted.

A senior diplomat in Delhi told ET that a number of missions have taken their case to MEA and many more may follow. Some diplomats said Indian diplomats abroad may have to face similar restrictions if the situation does not improve.
They also said the restrictions may be against the spirit of the Vienna convention.

Kazakhstan celebrated its National Day recently amid "some difficulty" due to limits on cash withdrawal, diplomats told ET. Some other embassies are apprehensive that organising big diplomatic events may become problematic.

A task force of MEA and finance ministry was set up after demonetisation was announced on November 8. Some bank branches have been kept aside for transactions by diplomats so that mission staff can avoid long queues.But foreign diplomats in India say there has to be a solution to the fundamental problem - ceiling on cash withdrawal.
MEA has said it is working to find solution to the problem

http://timesofindia.indiatimes.com/...dinner-Russian-envoy/articleshow/55838962.cms

 

[sayareakd]

Strange that people are still facing such issues now that even the anti-Modi media has given up. My personal experience was hardly unpleasant, in and out in about an hour via privilege banking. My father faced even fewer challenges.

Anyway, some retarded Congis getting their due:


Common people who have always had it tough don't seem to be complaining.

Hardly pleasent either. I saw people complaining bank incharge in two different top privates banks two days ago that too in New Delhi. Yeah privilage people are getting privilege banking.

 

[tharun]

Sonar Bangla.........:biggrin2:
Check the dates.

-----------------------------------------------------------------------------------

Where did you find this document...And
Do these russians don't know how to use cards.....

 

[Peter]

I personally support the demonetization move by Modi and oppose our CM`s views on this matter. However Bengal`s ATMs are not being properly supplied with cash. A few day ago another person died while waiting at the ATM queue.

http://www.anandabazar.com/state/go...-in-atm-queue-mamata-criticized-modi-1.525936

‘‘উনি অসুস্থ বোধ করছেন বুঝতে পেরে আমরা কয়েক জন ঘা়ড়ে-মাথায় জলের ছিটে দিই। ওঁকে শুইয়ে দেওয়া হয়।’’ কিন্তু, ওই পর্যন্তই! অভিযোগ, অসুস্থ কল্লোলবাবুর দিকে সাহায্যের হাত বাড়িয়ে এগিয়ে আসেননি কেউ।

http://www.ndtv.com/india-news/45-y...e-dies-of-heart-attack-in-west-bengal-1633657

45-year-old man died in West Bengal on Saturday morning while standing in a queue at a State Bank of India ATM. According to witnesses, the man suddenly collapsed and was declared dead at a nearby hospital.

But according to some reports, there was a delay in providing help despite several others being there at the queue to withdraw money.



Sad to learn that people of Bengal were so heartless they did not leave the queue to help an unconscious man.

 

[tarunraju]

Interesting to see that most of the ATM queue deaths are happening in non-BJP ruled states.

 

[Alok Arya]

Is it true that total 11 lack 55 thousand carors has been come to banking system after demonetisation ?

 

[ghost]

Reddy Laundered Rs 100 Crore Money For His Daughter's Wedding, Claims His Driver's Suicide Note

The letter claims that Rs 25 crore was converted into white at the Taj Hotel after the demonetisation move was announced and that two cars were used to transport Rs 100 crore in black and converted into white in Rs 50 and Rs 100 denomination notes.

http://www.indiatimes.com/news/indi...-of-karnataka-bureaucrat-s-driver-266946.html

Only the poor,middle class and small fish suffer ; for the big sharks ,it's business as usual.

 

[vayuu1]

Is it true that total 11 lack 55 thousand carors has been come to banking system after demonetisation ?

Yup

Sent from my SM-N900 using Tapatalk

 

[sayareakd]

Is it true that total 11 lack 55 thousand carors has been come to banking system after demonetisation ?

No, RBI Governor, Urjit said 12 lacs crores have come into the system, where as the total money supply is 17 lacs croes, which means more than 70% of old notes have been deposited.

 

[Sakal Gharelu Ustad]

They are issuing in their media releases only. Poor management is trying even the patience of the hardcore supporters. The suburbian ATMs and Banks in Kolkata all have notices 'No Cash' running last 3-4 days. The few PSU banks that received cash supply, drying up faster than the word spreads. Rs.2000/- note has just become a point of ridicule and nuisance. Yesterday again saw a long queue before a closed SBI ATM having rumour that it will be filled soon.

It is about a month and still no sign of the situation becoming normal.

And, most hilariously PayTM which cashed in most in the demonetization move, has a major shareholder Alibaba - the chinese company who are looking into expanding ownership from 40% to 70% in PayTM. Now, a chinese company will have access to the financial profile - a highly important data - of a huge chunk of the urban India. As if China wasn't breaking through the Hack door into our systems enough that we are forced to give it our data. We should go and become cashless economy I say!!!!!

Definitely moving towards cashless economy as a barter economy!!

Poor exchanging goods for small stuff.

 

[vayuu1]

I have one question since 70% of money has been deposited, does it not indicate that hoarders are finding ways to deposit money, say if the the whole amount of money is deposit, as govt was expecting 3-5 lakh crore not returning back, but if it returns into banking system, what will govt do then.

Sent from my SM-N900 using Tapatalk

 

[ezsasa]

I have one question since 70% of money has been deposited, does it not indicate that hoarders are finding ways to deposit money, say if the the whole amount of money is deposit, as govt was expecting 3-5 lakh crore not returning back, but if it returns into banking system, what will govt do then.

Sent from my SM-N900 using Tapatalk

The assumption that part of the money will not come back, was publicised by the media not Govt. Even if full money come back, the primary objective of all currency to touching banking system will be met. Digital economy is secondary objective.

RBI said about 4 lakh crore new currency is in circulation, and ATMs are not fully functional. May be hoarding has already happened.

 

[vayuu1]

The assumption that part of the money will not come back, was publicised by the media not Govt. Even if full money come back, the primary objective of all currency to touching banking system will be met. Digital economy is secondary objective.

RBI said about 4 lakh crore new currency is in circulation, and ATMs are not fully functional. May be hoarding has already happened.

If hoarding has already happened, any way to get culprit.

Sent from my SM-N900 using Tapatalk

 

[ezsasa]

If hoarding has already happened, any way to get culprit.

Sent from my SM-N900 using Tapatalk

Very difficult. Income tax dept can seize them effectively when the cash is in the account. But in this case most cash seems to have been laundered via Jan dhan accounts, IT dept cannot possibly go after millions of people.

Atleast Govt was proactive to recognise the ground reality and brought those indelible ink and advertisements into play. Which brought down the misuse to a large extent.