Budget 2023-24

Kumata

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I think in another 10 years, there won't be a need for high value notes unless we head the Zimbabwe way.

Digital transactions should take care of almost everything.
Nope.. People Will still look for hard cash despite digitization.. It might reduce but eliminating 100% was never govt target nor they would wish to...

This already happening in India.
2000 rupee notes are already not being made available for circulation.

Would be interesting when 2024 elections happen.
anyone caught with massive 2000 rupee notes would pretty much be screwed.
Officially 2000 re are still in circulation and available .Per se govt.. they are very much legal tender as we speak.. Yes, we see them less in circulation because govt is not printing them anymore..so what we received intitially is all we have ..
 

prasadr14

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Officially 2000 re are still in circulation and available .Per se govt.. they are very much legal tender as we speak.. Yes, we see them less in circulation because govt is not printing them anymore..so what we received intitially is all we have ..
That is true,
what is also true is that banks are not holding 2000 notes anymore.
Neither are they available in ATM's or in the banks.

In fact, if one goes to a bank and try withdrawing 10L. The experience would be pretty telling.
 

Kumata

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That is true,
what is also true is that banks are not holding 2000 notes anymore.
Neither are they available in ATM's or in the banks.

In fact, if one goes to a bank and try withdrawing 10L. The experience would be pretty telling.
Let me know how much 2 K you need .. I will get you as many from banks... As for withdrawl goes,... Keep the bank manager informed a day before that you need 10 Lakh cash & in which denomination.. he will be very happy to give you that cash... Any particular reason u made the bold statement ???

Below table will tell for each notes and their circulation numbers and percentage...they are reducing due to soilng etc but still constitute 1.6% of currency in circulation..worth 4,28,394 crores and 1.6 % of over all currencly. .. If u scroll down URL.. it clerly shows that 2k is not being minted anymore...


Table VIII.1: Banknotes in Circulation (end-March)​
Denomination (₹)​
Volume (pieces in lakh)​
Value (₹ crore)​
2020​
2021​
2022​
2020​
2021​
2022​
1​
2​
3​
4​
5​
6​
7​
2 and 5
1,12,203​
1,11,728​
1,11,261​
4,331​
4,307​
4,284​
(9.7)​
(9.0)​
(8.5)​
(0.2)​
(0.2)​
(0.1)​
10
3,04,022​
2,93,681​
2,78,046​
30,402​
29,368​
27,805​
(26.2)​
(23.6)​
(21.3)​
(1.3)​
(1.0)​
(0.9)​
20
82,994​
90,579​
1,10,129​
16,599​
18,116​
22,026​
(7.2)​
(7.3)​
(8.4)​
(0.7)​
(0.6)​
(0.7)​
50
86,009​
87,524​
87,141​
43,004​
43,762​
43,571​
(7.4)​
(7.0)​
(6.7)​
(1.8)​
(1.5)​
(1.4)​
100
1,99,021​
1,90,555​
1,81,420​
1,99,021​
1,90,555​
1,81,421​
(17.2)​
(15.3)​
(13.9)​
(8.2)​
(6.7)​
(5.8)​
200
53,646​
58,304​
60,441​
1,07,293​
1,16,608​
1,20,881​
(4.6)​
(4.7)​
(4.6)​
(4.4)​
(4.1)​
(3.9)​
500
2,94,475​
3,86,790​
4,55,468​
14,72,373​
19,33,951​
22,77,340​
(25.4)​
(31.1)​
(34.9)​
(60.8)​
(68.4)​
(73.3)​
2000
27,398​
24,510​
21,420​
5,47,952​
4,90,195​
4,28,394​
(2.4)​
(2.0)​
(1.6)​
(22.6)​
(17.3)​
(13.8)​
Total
11,59,768​
12,43,671​
13,05,326​
24,20,975​
28,26,863​
31,05,721​
Note: 1. Figures in parentheses represent the percentage share in total volume/value.
2. Figures may not add up due to the rounding-off of numbers.
Source: RBI.
 

Kumata

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Below is FICN data..

Table VIII.7: Number of Counterfeit Notes Detected (April to March)​
(Number of pieces)​
Year​
Detection at Reserve Bank​
Detection at Other Banks​
Total​
1​
2​
3​
4​
2019-20
13,530​
2,83,165​
2,96,695​
(4.6)​
(95.4)​
(100.0)​
2020-21
8,107​
2,00,518​
2,08,625​
(3.9)​
(96.1)​
(100.0)​
2021-22
15,878​
2,15,093​
2,30,971​
(6.9)​
(93.1)​
(100.0)​
Note: 1. Figures in parentheses represent the percentage share in total.
2. Does not include counterfeit notes seized by the police and other enforcement agencies.
Source: RBI.​


Table VIII.8: Denomination-wise Counterfeit Notes Detected in the Banking System (April to March)​
(Number of pieces)​
Denomination (₹)​
2019-20​
2020-21​
2021-22​
1​
2​
3​
4​
2 and 5
22​
9​
1​
10
844​
304​
354​
20
510​
267​
311​
50
47,454​
24,802​
17,696​
100
1,68,739​
1,10,736​
92,237​
200
31,969​
24,245​
27,074​
500 (Specified Banknotes)
11​
9​
14​
500
30,054​
39,453​
79,669​
1000 (Specified Banknotes)
72​
2​
11​
2000
17,020​
8,798​
13,604​
Total
2,96,695​
2,08,625​
2,30,971​
Source: RBI.
 

prasadr14

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Let me know how much 2 K you need .. I will get you as many from banks... As for withdrawl goes,... Keep the bank manager informed a day before that you need 10 Lakh cash & in which denomination.. he will be very happy to give you that cash... Any particular reason u made the bold statement ???

Below table will tell for each notes and their circulation numbers and percentage...they are reducing due to soilng etc but still constitute 1.6% of currency in circulation..worth 4,28,394 crores and 1.6 % of over all currencly. .. If u scroll down URL.. it clerly shows that 2k is not being minted anymore...


Table VIII.1: Banknotes in Circulation (end-March)​
Denomination (₹)​
Volume (pieces in lakh)​
Value (₹ crore)​
2020​
2021​
2022​
2020​
2021​
2022​
1​
2​
3​
4​
5​
6​
7​
2 and 5
1,12,203​
1,11,728​
1,11,261​
4,331​
4,307​
4,284​
(9.7)​
(9.0)​
(8.5)​
(0.2)​
(0.2)​
(0.1)​
10
3,04,022​
2,93,681​
2,78,046​
30,402​
29,368​
27,805​
(26.2)​
(23.6)​
(21.3)​
(1.3)​
(1.0)​
(0.9)​
20
82,994​
90,579​
1,10,129​
16,599​
18,116​
22,026​
(7.2)​
(7.3)​
(8.4)​
(0.7)​
(0.6)​
(0.7)​
50
86,009​
87,524​
87,141​
43,004​
43,762​
43,571​
(7.4)​
(7.0)​
(6.7)​
(1.8)​
(1.5)​
(1.4)​
100
1,99,021​
1,90,555​
1,81,420​
1,99,021​
1,90,555​
1,81,421​
(17.2)​
(15.3)​
(13.9)​
(8.2)​
(6.7)​
(5.8)​
200
53,646​
58,304​
60,441​
1,07,293​
1,16,608​
1,20,881​
(4.6)​
(4.7)​
(4.6)​
(4.4)​
(4.1)​
(3.9)​
500
2,94,475​
3,86,790​
4,55,468​
14,72,373​
19,33,951​
22,77,340​
(25.4)​
(31.1)​
(34.9)​
(60.8)​
(68.4)​
(73.3)​
2000
27,398​
24,510​
21,420​
5,47,952​
4,90,195​
4,28,394​
(2.4)​
(2.0)​
(1.6)​
(22.6)​
(17.3)​
(13.8)​
Total
11,59,768​
12,43,671​
13,05,326​
24,20,975​
28,26,863​
31,05,721​
Note: 1. Figures in parentheses represent the percentage share in total volume/value.
2. Figures may not add up due to the rounding-off of numbers.
Source: RBI.
Why not make a short video of withdrawing 2000 rupee notes from ATM and share with us.

You are right about the 10L withdrawal, you need to inform before hand, was not the case few years back.
And I would be surprised if you get 2k notes doing that as well.
 

Kumata

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Why not make a short video of withdrawing 2000 rupee notes from ATM and share with us.

You are right about the 10L withdrawal, you need to inform before hand, was not the case few years back.
And I would be surprised if you get 2k notes doing that as well.
your Old habits...

I said U can still see 2K notes.. they are rare at ATM's these days as banks have removed needed cartridge to accommodate 200 re one's and only few ATM;s disburse 2K...typically at large branches or where withdrawl volumes are way too high ... but that do not mean that they are not available for withdrawl...

And for large withdrawls.. It was always the case to inform branch manager... Nothing extra ordinary there...Apparently Banks are mandated to keep needed cash only for the day...
 

prasadr14

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your Old habits...

I said U can still see 2K notes.. they are rare at ATM's these days as banks have removed needed cartridge to accommodate 200 re one's and only few ATM;s disburse 2K...typically at large branches or where withdrawl volumes are way too high ... but that do not mean that they are not available for withdrawl...

And for large withdrawls.. It was always the case to inform branch manager... Nothing extra ordinary there...Apparently Banks are mandated to keep needed cash only for the day...
Your old habits again.
I did not say you don't see 2k notes.

I was making a point about how they are not being "circulated" actively.
in fact, if you deposit the 2k note you have in a bank, you will never see it again.

Btw, they are NOT rare in ATM's. They just don't dispense them...period.
An average Joe in India would probably never see 2k note in his life.

Why not ask how many of us here have transacted with 2K note in last 1 year?
That would clear any doubts on availability vs circulation.
 

prasadr14

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you are again making chest thumping statements ..
not chest thumping,
It's experiencing it practically.

Was in India in Dec and pretty much did temple run for couple of weeks and loads of shopping in other 2 weeks.
Neither me nor my family came across 2K note.

I am not saying people don't have 2K notes.
what i experienced points to govt decision in making sure normal life India can be run without 2k notes. That is all I am saying.
 

Kumata

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not chest thumping,
It's experiencing it practically.

Was in India in Dec and pretty much did temple run for couple of weeks and loads of shopping in other 2 weeks.
Neither me nor my family came across 2K note.

I am not saying people don't have 2K notes.
what i experienced points to govt decision in making sure normal life India can be run without 2k notes. That is all I am saying.
Chacha.. U were in india in Dec and likes of yours truly live here 24x7x365 days...

1675424793122.png
 

prasadr14

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Chacha.. U were in india in Dec and likes of yours truly live here 24x7x365 days...

View attachment 192360
if in 30 days 6 people did not see a single 2k note, then basic math says, the probability of these six people coming across a 2K note in 365 days is near zero...not absolute zero but near zero.

People's situations are different & I am only talking from pov of normal people doing normal things in their life. Exceptions always are there.
 

prasadr14

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A good take on Old Vs new taxation.
All in all it is really a blessing for middle class. They now have money they can chose to do what they want instead of forced to invest for tax breaks.
 

notaname

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your Old habits...

I said U can still see 2K notes.. they are rare at ATM's these days as banks have removed needed cartridge to accommodate 200 re one's and only few ATM;s disburse 2K...typically at large branches or where withdrawl volumes are way too high ... but that do not mean that they are not available for withdrawl...

And for large withdrawls.. It was always the case to inform branch manager... Nothing extra ordinary there...Apparently Banks are mandated to keep needed cash only for the day...
Your old habits again.
I did not say you don't see 2k notes.

I was making a point about how they are not being "circulated" actively.
in fact, if you deposit the 2k note you have in a bank, you will never see it again.

Btw, they are NOT rare in ATM's. They just don't dispense them...period.
An average Joe in India would probably never see 2k note in his life.

Why not ask how many of us here have transacted with 2K note in last 1 year?
That would clear any doubts on availability vs circulation.
Few months back, I had got 20lakhs of 2k notes without informing, instant cash withdrawal, from Axis bank,

It depends on bank if available they will provide you if asked else default will be of 500 one's.
 

SKC

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Why not make a short video of withdrawing 2000 rupee notes from ATM and share with us.

You are right about the 10L withdrawal, you need to inform before hand, was not the case few years back.
And I would be surprised if you get 2k notes doing that as well.
2K notes are not rare in ATMs in NCR. I get them regularly from ATMs in Gurgaon and Gr Noida.
 

another_armchair

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Let me know how much 2 K you need .. I will get you as many from banks... As for withdrawl goes,... Keep the bank manager informed a day before that you need 10 Lakh cash & in which denomination.. he will be very happy to give you that cash... Any particular reason u made the bold statement ???

Below table will tell for each notes and their circulation numbers and percentage...they are reducing due to soilng etc but still constitute 1.6% of currency in circulation..worth 4,28,394 crores and 1.6 % of over all currencly. .. If u scroll down URL.. it clerly shows that 2k is not being minted anymore...


Table VIII.1: Banknotes in Circulation (end-March)​
Denomination (₹)​
Volume (pieces in lakh)​
Value (₹ crore)​
2020​
2021​
2022​
2020​
2021​
2022​
1​
2​
3​
4​
5​
6​
7​
2 and 5
1,12,203​
1,11,728​
1,11,261​
4,331​
4,307​
4,284​
(9.7)​
(9.0)​
(8.5)​
(0.2)​
(0.2)​
(0.1)​
10
3,04,022​
2,93,681​
2,78,046​
30,402​
29,368​
27,805​
(26.2)​
(23.6)​
(21.3)​
(1.3)​
(1.0)​
(0.9)​
20
82,994​
90,579​
1,10,129​
16,599​
18,116​
22,026​
(7.2)​
(7.3)​
(8.4)​
(0.7)​
(0.6)​
(0.7)​
50
86,009​
87,524​
87,141​
43,004​
43,762​
43,571​
(7.4)​
(7.0)​
(6.7)​
(1.8)​
(1.5)​
(1.4)​
100
1,99,021​
1,90,555​
1,81,420​
1,99,021​
1,90,555​
1,81,421​
(17.2)​
(15.3)​
(13.9)​
(8.2)​
(6.7)​
(5.8)​
200
53,646​
58,304​
60,441​
1,07,293​
1,16,608​
1,20,881​
(4.6)​
(4.7)​
(4.6)​
(4.4)​
(4.1)​
(3.9)​
500
2,94,475​
3,86,790​
4,55,468​
14,72,373​
19,33,951​
22,77,340​
(25.4)​
(31.1)​
(34.9)​
(60.8)​
(68.4)​
(73.3)​
2000
27,398​
24,510​
21,420​
5,47,952​
4,90,195​
4,28,394​
(2.4)​
(2.0)​
(1.6)​
(22.6)​
(17.3)​
(13.8)​
Total
11,59,768​
12,43,671​
13,05,326​
24,20,975​
28,26,863​
31,05,721​
Note: 1. Figures in parentheses represent the percentage share in total volume/value.
2. Figures may not add up due to the rounding-off of numbers.
Source: RBI.
I have not seen a 2k note in more than 2 years in Bangalore.

Heard its mostly with real estate folks who pay part of the transacted value in cash.

My friends dad sold his house in Hyderabad last year... builder said if you want 'X' amount then take 20% cash or no deal. Seems it is the unwritten rule in Hyd for transactions that don't involve a third party - bank(loan).
 

jackprince

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Chacha.. U were in india in Dec and likes of yours truly live here 24x7x365 days...

View attachment 192360
I haven't seen ₹2000 note dispensed by any ATM or being used by anyone in a looong time. Even bank tellers don't push ₹2000 note like before. On the other hand for some reason, it has become difficult to come accross a decent new ₹10 rupee note so much that I don't remember when I got one in last few months.

Although, one thing about high value currency notes is that there are certain group of people who use it for certain transactions as it takes up less space either in a bag or an envelop and therefore, chances are that it gets hoarded.
 

ezsasa

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I haven't seen ₹2000 note dispensed by any ATM or being used by anyone in a looong time. Even bank tellers don't push ₹2000 note like before. On the other hand for some reason, it has become difficult to come accross a decent new ₹10 rupee note so much that I don't remember when I got one in last few months.

Although, one thing about high value currency notes is that there are certain group of people who use it for certain transactions as it takes up less space either in a bag or an envelop and therefore, chances are that it gets hoarded.
yes, 2000 notes in circulation are being reduced YoY

Screenshot 2023-02-03 at 8.10.25 PM.png
 

rock127

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If BJP is removing charity from tax breaks, this is done to break the backs of madrassas and churches and western backed NGOs in an effort to disrupt the BIF elements in India.
Might be true. Being involved in a NGO I have seen how black to white can be done so easily. Can you imagine how many NGO's are in India? Ans is 3 million and roughly 1 lakh alone in Delhi!!! A lot of Madrasa gets finance routing from middle east and about half gets eaten up by middle men. One case I personally know which was from a Madrasa funding in UP mosque. :shock:

What is your problem if people gets tax break? You chose new tax regime because you are just starting out in your life. Come back in a decade where you have a family and worry about their future and your retirement. Old tax regime is also simple. It is just that you never took the time to learn about it. Also, what's your problem with old people and charities? Do you say 'fuck' to your parents' health matters?
Just because you are born with a silver spoon and have a better than average life, don't assume the same for everyone.
Problem is this Elitist attitude which gets hurt if lower or middle strata gets any relief. For so many years they were yelling in 1000 decibles that salaried are being burdned. Now that there is significant relief and old tax regime also an option, these Elitist have problem since they think only they have right on $$$. Same Jamindari mentality! Also... his language is really CRASS and one sign where one loses argument and uses sheer crass words to not acknowledge the truth.

I had a good argument with a one friend of mine who is that ELITIST and earns 5lakhs/m and got top education in finance from the US. Post notebandi he insulted that how can a Chai wala run economy. He followed that Dhruv Rathi so you can imagine! :crazy: This irked me and all his logic fell flat on many terms when I asked few basic questions. He tried ALL his financial mumbo jumbo so he can show how educated he is but he could not answer few basic eco questions about economy specially for a developing country like India. Really such people are NOT in touch with reality and frown upon if middle class gets richer even Rs. 1. Few months ago I told him that Indian digitization is a success and it happened during notebandi and even Raguram Rajan(one of his heros) also acknowledges it. It was fun to see his reaction. :lol:

i was agreeing with u . removing charity makes zero sense . atleast those 3 should be added to new tax regime . thrashing salaried people is what gov does best . looks like they now extended it to charity as well. :dude: i am old too fam . hav u checked whats difference in your taxable income between 2023 and 2022 ? . havent checked mine , or seen what other people are saying . no facts have been laid out . facts need proof . people make up shit on the internet all the time.
Chidambaram giving currency printing machine to Pakistan is laughable . if that was case BJP would be shouting it from roof tops day and night . he would be back in Tihar jail . Modiji tried to do masterstroke and sadly it didnt work out - thats the reality . fyi this is liberando equivalent of claiming Modiji doing Pulwama to gain votes
You are old? Really? :lol:

Arre UNCLE JI..... your crass language is on par with a frustrated teen who doesn't agree with anyone other than some imaginary stuff he decided is true. Being OLD doesn't mean one become "right" just because he spent 70 years taking oxygen on earth.

Moreover you haven't checked either your salary bracket vis a vis new tax regime and neither know others but jumped on. :lol:

On topic... one of the reason notebandi was done to break the backbone of FAKE 500 note which at that time was reportedly ~15-20%! 😲 How can that MASSIVE scam happen without any active/indirect support from some MOLES in a govt? Use LOGIC! :dude:

Notebandi was a success on many scales but the bank manager-businessmen-OppositionPoliticians nexus corruption put a dent on it. No one on this earth could make 430 million Indians make bank accounts and come on digital payment systems. Today even a subji/rehdiwala uses PAYTM which NO ONE HAD IMAGINED! Even KHANGRESSI Chamcha Raguram admitted it how it made digitization a quick success. Lot of shell companies got broke. Sky rocketing Property rates settled to a reasonable limit. Much more reasons. Only someone with little knowledge of economy or a KHANGRESSI or someone with BLACK MONEY would think otherwise. Problem is the CORRUPTION Model of 85-15 is being broken and that has irked the ELITIST! :dude:

Read below and EDUCATE YOURSELF old man!

1675466685766.png


"Giving Currency Printing Machine" does not mean literally giving printing Machine. Heck our notes were being printed outside. What it means that literally giving printing contract to same org where Pakistan printed money and influence - literally enabled Pakistan to go Brrr on Fake note printing. This is something even late Pranab sir recognized and STOPPED. He was shunted out and again same modus operandi was resumed. Already a senior bureaucrat directly working under Chidambram was arrested IIRC. The whole operation was literally giving a printing machine to Pakistan.

Now BJP rarely makes big hullabaloo on opposition SCAMS when in power unlike the opposition. Quite contrast to UPA who are very vicious in their efforts to crush their opposition when they have chance.
Arre na bhai na... he doesn't believe anything and even when the PROOF is on public domain. He say there is no one named Pranav Mukherjee.
:rofl:
If it was KHANGRESS they would have made BJP walla in jail for sure and not just ED investigations. Fascist Indira is a example what that party is capable of.

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Shouldn't govt impose criminal case / anti national case against khangressssss. Its seems they are here to distory out country ! Why they are even allowed to have a party.
Already answered. Since India is a democracy anyone can make a party and even AIMIM type PURE MUSLIM party with JINNA II as leader!

BJP being too soft and already occupied in development but the WHOLE OPPOSITION is busy destroying India. They are hating MODI so much that they have forgot it's now hurting Indian interests. Before each parliament session they make some issue so parliament stalls. It was Pegasus, BBC documentry, Adani and may be Ambani is next.

As a fact a African delegation came to Parliament to see how biggest democracy works. They ended up seeing low STREET class tu-tu-mai-mai and stalling sessions by opposition parties. Apni khud ki hi beizzati karwa di Africa ke samne. They would be like shun this Democrazy and follow Chinise type COMMI/Facist rule! :dude:
 

NutCracker

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Keep the bank manager informed a day before that you need 10 Lakh cash & in which denomination..
Yes , very intelligent thing to do nowadays without getting flagged.
Not something a common man would do considering the widespread of digital transaction.
Once these notes are out they never return to bank and hence the volume in the bank will keep on depleting.
 
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