500,1000 Rs Note no longer legal tender!!

[vayuu1]

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.

Did the govt fulfilled it's objective, or do you think hoarders will get away.

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[ezsasa]

Did the govt fulfilled it's objective, or do you think hoarders will get away.

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Three objectives were given on 8th Nov.

1) unaccounted money: partially achieved

2) fake currency: achieved for the time being

3) terror financing: achieved for the time being

 

[raja696]

Three objectives were given on 8th Nov.

1) unaccounted money: partially achieved

2) fake currency: achieved for the time being

3) terror financing: achieved for the time being

Or rbi have low estimation or wrong data about money overall in circulation including counterfeit and money stashed over 70 years in our country.

Is this error could be a significant one and constrain our unaccountable economy which neither can government account in to its treasury?

 

[ezsasa]

Or rbi have low estimation or wrong data about money overall in circulation including counterfeit and money stashed over 70 years in our country.

Is this error could be a significant one and constrain our unaccountable economy which neither can government account in to its treasury?

Yup, I have such a feeling at back of my mind.

Not necessarily that RBI numbers are wrong but that the fake currency is far more than anticipated.

 

[Akshay_Fenix]

Arun Jaitley announces slew of incentives to promote cashless transactions

In bid to promote less-cash economy, the government today announced discount on an array of services from buying petrol to insurance and railway tickets through the digital mode and waived service tax on card transactions of up to Rs 2,000.

A discount of 0.75 per cent will be offered on purchase of petrol and diesel through either credit/debit cards, e-wallets and mobile wallets.

Similarly, 10 per cent and 8 per cent discount will be offered in case of general and life insurance for buying new policy or paying premium online via PSUs websites.

Announcing 11 decisions to promote digital transactions, Finance Minister Arun Jaitley said that monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1.

Online booking of railway tickets will get Rs 10 lakh accident insurance. Those using digital mode to pay for railway catering, accommodation, retiring room will be entitled to discount of 5 per cent.

Jaitley said that public dealings with government departments and PSUs through digital mode will be free of transaction fee and MDR charges.

Also credit/debit card transactions up to Rs 2,000 will be exempt from service tax.

The minister further said 10 per cent discount will be available on use of digital mode for paying for RFID or fast-tags for highway toll.

"We were using excessive amount of cash and very very limited amount of digital transactions till November 8," he said, adding there is cost of transacting in cash which has to be borne by economy.

 

[Akshay_Fenix]

 

[sayareakd]

Three objectives were given on 8th Nov.

1) unaccounted money: partially achieved= 70% of the notes have come back to banks, 20 days left

2) fake currency: achieved for the time being= wait if more than 100% come to banks.

3) terror financing: achieved for the time being

= terror attacks have not stopped, so it also failed.

I dont see any of the three achieving, lets wait for few more days.

 

[ezsasa]

= terror attacks have not stopped, so it also failed.

Bhai saab on a lighter note.
if the expendable stock has been purchased before Nov 8th, toh usme demonetisation ka kya galti.

 

[sayareakd]

Bhai saab on a lighter note.
if the expendable stock has been purchased before Nov 8th, toh usme demonetisation ka kya galti.

lol...................... Bhai sick and tired of not having our own money, we have to think hard to even give Rs.50 note, that i dont have the money, just that i dont have the cash.
About terrorists, they will find ways and means to survive, like printing USD to using gold or drugs.
I wish these terrorists just go way, but the fact is that, they just can't, its too big of industry for both sides, terrorists and those who are fighting it.

 

[sayareakd]

BTW now a days Rs.2000 note is very hard to spot. Just like Economic theory which says, "bad notes take good notes out of circulation", same way it looks like high value notes (Rs.2000), climb up the ladder and out of circulation, into hands of rich.

Poor ones like me are having just small notes.

 

[F-14B]

BTW now a days Rs.2000 note is very hard to spot. Just like Economic theory which says, "bad notes take good notes out of circulation", same way it looks like high value notes (Rs.2000), climb up the ladder and out of circulation, into hands of rich.

Poor ones like me are having just small notes.

I have a few 2000 rs notes with me i just recently saw the new 500

 

[ezsasa]

lol...................... Bhai sick and tired of not having our own money, we have to think hard to even give Rs.50 note, that i dont have the money, just that i dont have the cash.

Frankly i didn't have any problems here in Hyderabad.
if i would have been on a business trip, maybe i would have had problems paying for taxi/auto etc. since i did not have any trips in Nov and Dec, i didn't feel the pinch. Most of my transactions were online/plastic anyways.

 

[sayareakd]

I have a few 2000 rs notes with me i just recently saw the new 500

already used by 2000 and 500 notes...........................

 

[Sakal Gharelu Ustad]

So govt expected some 25-30% black money to not come back. Already 80% + is back according to RBI's yesterday's briefing. All knowing govt-0, dumb SGU- 1!!

 

[mavles ihctep]

Idiotic bureaucrat who gave this stupid idea to modi should be given VRS from service immediately

 

[sukhish]

Frankly i didn't have any problems here in Hyderabad.
if i would have been on a business trip, maybe i would have had problems paying for taxi/auto etc. since i did not have any trips in Nov and Dec, i didn't feel the pinch. Most of my transactions were online/plastic anyways.

but if you live in U.P in less urban area you would lots of issues as there are not enough banks at all. also the business cycle is getting suppressed due to unavailability of cash. ask these people to go to PayTM kind of setup and they never even heard of it before.

 

[sukhish]

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these head lines look good for middle class people working in the computer industry as they can relate these things to the kinds of things offered in foreign countries. ask the people living in rural or suburban UP or bihar see if they even understand the meaning of these ?

 

[sukhish]

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these incentives could have been given without de-monitization so that people would be encouraged to switch over to digital mode of payment, but why after de-monitization ?

 

[sukhish]

this is what is happening every day in the banks
http://www.ndtv.com/karnataka-news/...in-karnataka-1635774?pfrom=home-lateststories

 

[Akshay_Fenix]

these head lines look good for middle class people working in the computer industry as they can relate these things to the kinds of things offered in foreign countries. ask the people living in rural or suburban UP or bihar see if they even understand the meaning of these ?

Kindly update yourself.
250 million bank accounts were opened under Jan Dhan Yogna for economically underprivileged people.
In addition to opening bank accounts, the government also provided insurance schemes at the cost of just 1 Rupee.

Just because they are poor that doesn't mean they are illeterates.

Whether a person belongs to the privileged class or the underprivileged class, a discount is a discount.