99% Of Banned 1,000-Rupee Notes Returned, Says RBI

[pothead]

To all DumbAsses, few truths about Demo.

https://twitter.com/x/status/902883428315656192

https://twitter.com/x/status/902881978034335745

https://twitter.com/x/status/902878467875782657

https://twitter.com/x/status/902877456075341824

https://twitter.com/x/status/902877009155506184

Let's start the debate DumbAsses. When facts hit you, as usual you will run away.

 

[Han Patriot]

stupid yindoos...if what you said here is true, then your politics is in much worse shape than your economy: if the justification to demonetise was valid, then the fact that most of the dirty money now went back into the banking system speaks to not only the corruption of your elite but also how they got your entire government and banking system completely in the palm of their hands.

the political culture and distrust would get more poisonous from now on: you guys claimed to have flushed the system, and then basically brought back all the toxin, and with all the dirty money essentially laundered clean through the flush you have given future dirty money the air of legitimacy and cleanness and very much emboldened the corrupt - all at the expense of your disrupted national economy and your abused and tormented poor, both of which suffered horribly during the demonetisation.

and yet BJP got all those internet trolls like you to eulogise the crime against yindoo poor as an economic masterstroke and suave political maneuver. pathetic, pathetic yindoos...

It was essentially an execise by Modi to turn black money white for the rich who supported BJP, which includes all those industrialist and tycoons. So those few hundred people who committed suicide and died of hunger plus the few hundred thousand who lost jobs, sacrificed it for nothing, all based on the belief that Modi is good. Now the effects of that idiotic move is more apparent with a 2% GDP growth drop, a few months back, I actually predicted this and debated with a few Indians, all were too blinded by Modi-mania.

 

[pothead]

It was essentially an execise by Modi to turn black money white for the rich who supported BJP,

Another DumbAss who has no idea how banking works.
Dear Dumbo, if you deposit large amount of cash into your account, it is lodged against your Tax number.

You are probably the first(or Only) dumbo in the world who would convert your black money by depositing it in your bank account.

 

[Vishwabalas]

More than 2 billion $ worth of Fake currency and Black money was wiped out in India due to DeMo.

One can say its not enough, but its a significant amount.

 

[Han Patriot]

Another DumbAss who has no idea how banking works.
Dear Dumbo, if you deposit large amount of cash into your account, it is lodged against your Tax number.

You are probably the first(or Only) dumbo in the world who would convert your black money by depositing it in your bank account.

Money in banks are not lodged against your tax number. It is the tax investigators duty to check those accounts by informing the banks to divulge financial information on suspicious person. So it depends on the judgement of the tax inspectors. It does not mean that the moment you deposit money into the bank, the tax department will know how much money you have.

 

[pothead]

Money in banks are not lodged against your tax number. It is the tax investigators duty to check those accounts by informing the banks to divulge financial information on suspicious person. So it depends on the judgement of the tax inspectors. It does not mean that the moment you deposit money into the bank, the tax department will know how much money you have.

Shows how little you know about Indian banking system.
Try depositing 10 lakh rupees, that is around 20k US Dollars in any Indian account and see what happens

Right now most Indian accounts are linked to your tax number and also your unique identification number.
And all 100% of accounts that have regular transactions are linked to both.

I have no idea where you are getting your facts about Indian banking system but please update them before you make a complete dumbAss of yourself

 

[Han Patriot]

Shows how little you know about Indian banking system.
Try depositing 10 lakh rupees, that is around 20k US Dollars in any Indian account and see what happens

Right now most Indian accounts are linked to your tax number and also your unique identification number.
And all 100% of accounts that have regular transactions are linked to both.

I have no idea where you are getting your facts about Indian banking system but please update them before you make a complete dumbAss of yourself

Sure, I actually understand the system from my Indian colleague, he tells me it is the banks who report large amount and transaction to the tax officers. If someone bribed someone inside like a manager, they will just turn a blind eye. How do you explain a 99% return rate for those money?

 

[Vishwabalas]

Sure, I actually understand the system from my Indian colleague, he tells me it is the banks who report large amount and transaction to the tax officers. If someone bribed someone inside like a manager, they will just turn a blind eye. How do you explain a 99% return rate for those money?

Banks are computerized you moron, any large transaction is automatically tagged and reported to the RBI. Its the computer software that does it.

There is nothing the bank manager can do about it.

 

[Han Patriot]

Banks are computerized you moron, any large transaction is automatically tagged and reported to the RBI. Its the computer software that does it.

There is nothing the bank manager can do about it.

Computerized yes, reporting, I don't think so. RBI may have access but it is the tax dept who investigates. Large transactions are red flagged by the banks system and it is upto the bank to report the transactions. That's y bank officers actually recommend splitting transactions into a few smaller parcels. This is the same all across the world bhai, nothing special.

 

[pothead]

Computerized yes, reporting, I don't think so. RBI may have access but it is the tax dept who investigates. Large transactions are red flagged by the banks system and it is upto the bank to report the transactions. That's y bank officers actually recommend splitting transactions into a few smaller parcels. This is the same all across the world bhai, nothing special.

Deat DumbAss. Stop it please


You have no knowledge. Please don't become a bigger joker than you already made yourself.

 

[Han Patriot]

Deat DumbAss. Stop it please


You have no knowledge. Please don't become a bigger joker than you already made yourself.

Sure, if your answer is laughing, then who seems to be ignorant one.

 

[T-72]

Deat DumbAss. Stop it please


You have no knowledge. Please don't become a bigger joker than you already made yourself.

He's kind of right. A lot of black money was deposited and made white using banking hera pheri and jugaad.

 

[Zibago]

Yes, on the old base year, it would be down by around 2 points if 2013-14 GDP numbers are of any significance. It was 4.7%, but went up to 6.9% overnight. Modi's term so far is either similar to UPA2 or worse (last two Qs after demonetization). Real numbers are somewhere beatween 3.5-4%. BTW they're changing the base year again soon. Maybe that will keep the GDP up on paper for Modi to boast.

Meanwhile BJP IT cell is busy trending #DeMonetisationSuccess on twitter though usual trolls and bots. Oh my what a grand success!

Ah govt party running it cells to sell their manjans its the same here

 

[Vishwabalas]

Computerized yes, reporting, I don't think so. RBI may have access but it is the tax dept who investigates. Large transactions are red flagged by the banks system and it is upto the bank to report the transactions. That's y bank officers actually recommend splitting transactions into a few smaller parcels. This is the same all across the world bhai, nothing special.

Banks do not get to "choose" to report or not report.

The Banking software is figured to automatically report any large transaction to the RBI via the banking network called INFINET and is part of Core Banking system.

All transactions are stored in the RBI servers by default and any suspicious transaction can be investigated by the Enforcement Directorate which has access to these records.

Only thing a Bank manager can do is split a large transaction into smaller transactions.

He's kind of right. A lot of black money was deposited and made white using banking hera pheri and jugaad.

It can happen when the Bank Manager is complicit , but his complicity is recorded and when an audit happens he will get suspended or dismissed from service.

A LOT of SBI managers got suspended or transferred after the DeMo. The bank manager of my local SBI branch was suspended and dismissed from service.

 

[noksss]

99% Of Banned 1,000-Rupee Notes Returned, Says RBI
Prime Minister Narendra Modi last year in a surprise move banned Rs. 500 and Rs. 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8.
NDTV Profit Team | Last Updated: August 30, 2017 18:03 (IST)

COMMENTS

632.6 crore pieces of Rs. 1,000 notes were in circulation in March 2016, the RBI said
HIGHLIGHTS

1. RBI says 8.9 crore units of Rs.1,000 note didn't return as of March 2017
2. 632.6 crore Rs. 1,000 notes were in circulation in March 2016, it adds
3. Value of notes in circulation declined by 20.2% year-on-year

The Reserve Bank of India (RBI) in its annual report today revealed that 8.9 crore pieces of Rs. 1,000 notes (1.4 per cent of total Rs. 1,000 notes), worth Rs. 8,900 crore, did not return as of March 2017. The central bank also said 632.6 crore pieces of Rs. 1,000 notes were in circulation in March 2016.

Prime Minister Narendra Modi last year in a surprise move banned Rs. 500 and Rs. 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8. After the shock note ban decision, the government gave a 50-day window to deposit old notes by December 30, 2016. However, for some other categories of people, like NRIs, the deadline expired on June 30, 2017.

According to a reply given in Rajya Sabha on December 2 by Minister of State for Finance Arjun Ram Meghwal, there were 1,716.5 crore pieces of 500 notes and 685.8 crore pieces of Rs. 1,000 notes in circulation. That amounted to a total of Rs. 15.44 lakh crore in value.

Here are some other highlights from the RBI's annual report:

The value of banknotes in circulation declined by 20.2 per cent over the year to Rs. 13.1 lakh crore as of end-March 2017.

The share of newly-introduced Rs. 2,000 banknotes in total value of banknotes in circulation was 50.2 per cent at end-March 2017.

7.62 lakh pieces of counterfeit currency notes were detected in FY17 as against 6.32 lakh in FY16.

Cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of printing of the new currency.

http://profit.ndtv.com/news/economy...veals-rbi-1744008?fb&pfrom=home-lateststories

@baajey @padamchen @Infinity @ashok321 @ranjeet

Yes all the money came back to the system so the money along with the owner is identified now so if you ask yourself such simple questions you will get the answer whether this whole exercise is failure or not

1) Can the government find out whether the money which is already inside the system is black or not ? - Yes
2) Can the government put tax on those identified black money or freeze the accounts ? - Yes
3) Can this easy identification process of the black money along with the owner possbile without Demo - No