500,1000 Rs Note no longer legal tender!!

[aditya10r]

Bro

I have 12000 and i am in Dubai


How can I get these notes changed???????????

 

[angeldude13]

There is no such "right time" for such measures. Can't do before Diwali and Christmas it's festival season. Even May to July is marriage season. Feb to April are exam times for University-colleges-schools.
What you can do is withdraw 10k cash, plus 2k from ATM and 4k from exchange if you are really desperate for money. Now this is just one person, you can do this with say your father's and sisters account which is total 48k for 3 person. Now because it is marriage time means you can easily ask for your relatives too and since it's Indian family you have a huge list of people Willing to do that for you.
Now even if we consider 48k for a day, it's almost 1.5 lakh in 3 day.

Hope you get my point.

Sent from my XT1068 using Tapatalk

Although I don't have to prove anything to anybody but I guess I will post the photograph of those long queues outside the banks tomorrow. When I say long it means very very long queues. I guess most of you NRI people are from posh areas and therefore don't know the ground realities.
Let me share my experience with you.

1. Most of the time bank get run out of money at around 1 pm or 2 pm.
2. Long a&& queue in which you have to stand for atleast 2 hours.
3. You can get 10k from cheque but only from your own branch. I'll post the photos of long a&& queue outside my bank.
4. Like the movie the Island some people are saying banks in CP and gurgaon don't have these long a&& queues. I am gonna try CP tomorrow.

Are you people aware of the latest scam??
The reason for these long a&& queue is that there are mafias who are making white money out of black money. How?
They hire the rickshaw walas or other poor people with loads of time for hundred or two hundred bucks a day and make them stand in line. These people exchange money from 3 to 4 banks. 4 times 4 =16 so one guy make 16k white money a day and they hire 10 to 20 of these guy. So in a day they can easily make 16×20 = 320000 and 50 days they will have 320000 × 50 = 16000000.
It means they can easily make 1.6 crore of white money in this time. What's the cut for these people? It's around 25 to 30 percent.

I agree with your timing point bro but they should have atleast made money available in abundance. I can't withdraw money from my account when I need it the most. It's frustrating to stand in long queues......

 

[angeldude13]

There is no such "right time" for such measures. Can't do before Diwali and Christmas it's festival season. Even May to July is marriage season. Feb to April are exam times for University-colleges-schools.
What you can do is withdraw 10k cash, plus 2k from ATM and 4k from exchange if you are really desperate for money. Now this is just one person, you can do this with say your father's and sisters account which is total 48k for 3 person. Now because it is marriage time means you can easily ask for your relatives too and since it's Indian family you have a huge list of people Willing to do that for you.
Now even if we consider 48k for a day, it's almost 1.5 lakh in 3 day.

Hope you get my point.

Sent from my XT1068 using Tapatalk

Cousins are saying they'll do the kanya daan with paytm

 

[angeldude13]

Banks are not accepting cheques is it?

They are accepting cheques but there are other difficulties like-
-I can only withdraw from my own branch.
- Most of the time they get run out of money.

 

[hit&run]

Bro

I have 12000 and i am in Dubai


How can I get these notes changed???????????

Go to State Bank of India or Other Indian banks as they have branches in Dubai.

709-710, Level 7, Gate Precinct Buildings 3، Dubai International Financial Centre - Dubai - United Arab Emirates

Call them before going and ask if they have already got new Currency.

Regards.

 

[Bharat Ek Khoj]

They hire the rickshaw walas or other poor people with loads of time for hundred or two hundred bucks a day and make them stand in line. These people exchange money from 3 to 4 banks. 4 times 4 =16 so one guy make 16k white money a day and they hire 10 to 20 of these guy. So in a day they can easily make 16×20 = 320000 and 50 days they will have 320000 × 50 = 16000000.
It means they can easily make 1.6 crore of white money in this time. What's the cut for these people? It's around 25 to 30 percent.

Still better than our jawan getting injured or worse dying in kashmir by distributed fake money.
Modi calculated everything, risk must be too high with all these fake money coming from pakistan.

From my experience I can tell that nobody knew about this. My friend had three food stalls at different places recently where rush is high and mostly rich ppl visit. We were being paid in 500s and 1000s heavily, so we have to bring bundle of notes of 10, 20, 50 and 100 every two days, and it was easily available.

 

[angeldude13]

Still better than our jawan getting injured or worse dying in kashmir by distributed fake money.
Modi calculated everything, risk must be too high with all these fake money coming from pakistan.

From my experience I can tell that nobody knew about this. My friend had three food stalls at different places recently where rush is high and mostly rich ppl visit. We were being paid in 500s and 1000s heavily, so we have to bring bundle of notes of 10, 20, 50 and 100 every two days, and it was easily available.

Help me out then..............

 

[aditya10r]

Go to State Bank of India or Other Indian banks as they have branches in Dubai.

709-710, Level 7, Gate Precinct Buildings 3، Dubai International Financial Centre - Dubai - United Arab Emirates

Call them before going and ask if they have already got new Currency.

Regards.

I have an account in sbi

Will deposit 8k and get 4k exchanged.

Thanks

And one more thing

Can one exchange 4000 per day or for once only

 

[hit&run]

I have an account in sbi

Will deposit 8k and get 4k exchanged.

Thanks

And one more thing

Can one exchange 4000 per day or for once only

I just read overseas Indian banks are not able to swap the new currency.

http://www.bbc.com/news/business-37938925

Read the link may be this can help. I hope overseas Indian banks will get new currency.

 

[Navnit Kundu]

Bro

Can one exchange 4000 per day or for once only

It's 4k per bank outlet and post office (even banks where you don't have an account). In your home branch, there is no 4k limit.

I agree with your timing point bro but they should have atleast made money available in abundance. I can't withdraw money from my account when I need it the most. It's frustrating to stand in long queues......

I think we can accept both the mutually exclusive facts that this is a stellar move with a lot of positive benefits AND that it is causing us inconvenience in the short term. It's not an "either this or that" thing. I am seeing people on social media trying to portray it as either all good or all bad. It's positive, though it might not feel pleasant, at the current moment.

RE : It means they can easily make 1.6 crore of white money in this time. What's the cut for these people? It's around 25 to 30 percent.

Wrong.

Just exchanging old currency for new currency is not the same as converting black money into white money. It's still black since it is not declared to the tax authorities and they are still susceptible to the same IT raids which were susceptible to, when they had the old cash. It's just that, instead of letting 100% of their money go to waste, they are using this trick to save at least 70% of their black money, it's still black and risky for them to store. They still face the IT axe of disproportionate assets inquiry.

 

[aditya10r]

I just read overseas Indian banks are not able to swap the new currency.

http://www.bbc.com/news/business-37938925

Read the link may be this can help. I hope overseas Indian banks will get new currency.

Well it's not much of a problem
I will return next Sunday

 

[Razor]

Well it's not much of a problem
I will return next Sunday

Sure you can come back and exchange it here.

But I have a qweshun. Would it be legal to carry the old 500s and 1000s considering that they are no longer legal tender??

Is it now just considered as just piece of paper (not exactly true, considering you can exchange it) or as counterfeit/illegal notes being smuggled in?

How long is the amnesty wrt to old 500s and 1000s for air travel? I think till Nov 11th???

 

[angeldude13]

It's 4k per bank outlet and post office (even banks where you don't have an account). In your home branch, there is no 4k limit.




I think we can accept both the mutually exclusive facts that this is a stellar move with a lot of positive benefits AND that it is causing us inconvenience in the short term. It's not an either or thing. I am seeing people on social media trying to portray it as either all good or all bad. It's positive, though it might not feel pleasant, at the current moment.

RE : It means they can easily make 1.6 crore of white money in this time. What's the cut for these people? It's around 25 to 30 percent.

Wrong.

Just exchanging old currency for new currency is not the same as converting black money into white money. It's still black since it is not declared to the tax authorities and they are still susceptible to the same IT raids which were susceptible to, when they had the old cash. It's just that, instead of letting 100% of their money go to waste, they are using this trick to save at least 70% of their black money, it's still black and risky for them to store. They still face the IT axe of disproportionate assets inquiry.

I don't know man but people have again started the committee or camatey in desi.
For all I know committee is black money.
Fun news- All the Baniya community in my area will protest against this decision of demonetisation

 

[Navnit Kundu]

I don't know man but people have again started the committee or camatey in desi.
For all I know committee is black money.
Fun news- All the Baniya community in my area will protest against this decision of demonetisation

Not surprising, Indians are known for such drama. I've seen people protest even when the government makes free polio drives, people also protested 'computerization' in the 2000s claiming that automation will take away human jobs (now the same aunties and uncles proudly say "humra bitwa computer engineering karat hai babuva").

Whenever the government takes steps for the betterment, instead of taking a calm and calculated look at it, people think "baithe baithe kya karein, karna hai kuch kaam, shuru karo dharna-baazi, lele Kejriwal ka naam". That's what these baniyas are doing. They are the biggest black money hoarders, so excuse me if I do not seem enthusiastic about clubbing them in the category of 'innocent victims'. They are the vested interest groups against whom the move is intended in the first place, they are meant to feel the heat.

 

[aditya10r]

Sure you can come back and exchange it here.

But I have a qweshun. Would it be legal to carry the old 500s and 1000s considering that they are no longer legal tender??

Is it now just considered as just piece of paper (not exactly true, considering you can exchange it) or as counterfeit/illegal notes being smuggled in?

How long is the amnesty wrt to old 500s and 1000s for air travel? I think till Nov 11th???

Yeah that's what I am thinking

I will simply deposit the amount and then I will withdraw once I get there.

Don't know if overseas Indian banks will remain open or not as government has ordered to keep the banks running on 12th and 13th.

 

[aditya10r]

I don't know man but people have again started the committee or camatey in desi.
For all I know committee is black money.
Fun news- All the Baniya community in my area will protest against this decision of demonetisation

Bomb the baniyas it department raids......................................

 

[Bharat Ek Khoj]

Here local news channel showing, ppl not just happy but celebrating with family after withdrawing some 4K money.

 

[angeldude13]

Bomb the baniyas it department raids......................................

Shops already raided by IT
Yesterday at 8 pm I heard some noise so I went outside and asked the kids what was happening. They told me it's like apocalypse. Everybody was closing there shop to escape the IT raid. At around 9 pm main market of our area looked like a ghost market.

 

[angeldude13]

Here local news channel showing, ppl not just happy but celebrating with family after withdrawing some 4K money.

This is actually funny mate. Even I am confused. In queues people are fighting, some of them support the decision and some of them are opposing it. All in all it's a mixed review but all I see in the news are positive reviews mostly.

 

[alphacentury]

From what I observed, people in villages are more or less happy about this step. And inconvenience for couple of days is not a problem for them. Only cities are facing more problem, there too people are not that unhappy. But, shortage in liquidity is a problem and could turn in to a issue in coming days. But in villages brawls are breaking in rich families while most poor people are laughing silly about it. And on the economic front, people have pointed pros and cons in this thread. We will have to wait to see how it unfolds.