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

[Vishwabalas]

This is a storm in a tea cup.

We have more urgent matters to attend to and discuss. DeMo is the past, is pointless to discuss it.

 

[noksss]

i am a staunch supporter of reducing paper money for many various reasons and i thought that it was an excellent decision to remove the 1000 rupee note.

But i am not getting the argument here. Were some people against this move by the govt. If someone can summarize it for me, it would be appreciated.

Never thought i would explain this to a Pakistani but here we go dude below are the advantages of this whole exercise . Can you imagine these leftist (they usually call others dumb) in India are calling the whole exercise a failure just because all the money comeback to the system but look at the below advantage of the money which is back in our system

 

[pothead]

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

Wrong.
they did it for few days when there was direct cash to cash transfer and many of them are caught and the offenders are on the radar.
After that every deposit/exchange was tied to account.

 

[noksss]

If a PM can play with the economy just for political gains, he's a scum who would lead us to hell for further gains.

Modi - 1, India - 0

Also your assumption that only opposition had black money is quite hilarious, you mean Modi made provisions for BJP's cash to be washed clean?



This essentially means most black money hoarders managed to convert their cash from black to white. Demo was a blessing in disguise for them. Or maybe that was the plan all along, perhaps the biggest scam we've ever seen in India? That too while wearing a mask of a black money crusader?

We kept hearing about how black money holders would be prosecuted from the likes of @Soumitra @Tridibans etc, what's the progress fellas? @Soumitra in particular was going to use advanced data analytics to catch offenders.

How so ? Just because the money is back into the system it cant become white overnight ? there are more than 18L accounts which are under scrutiny for more deposits and the amount to the tune of 2.8L crore is under suspicions of black money . If all are converted to white why is this enquiry being done

 

[T-72]

Wrong.
they did it for few days when there was direct cash to cash transfer and many of them are caught and the offenders are on the radar.
After that every deposit/exchange was tied to account.

What about the millions of new accounts that sprung up ? A virtual overnight new economy with everyone's domestic help taking a small cut and helping convert money to white, and those were just the small time regular middle/upper-middle class folk. Petrol pumps were also taking old notes for a bit there, a LOT of big black money was converted to white with that, and other banking jugaads. The whole thing was a disaster imo.

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.

And a hell of a lot many more got away with it. C'mon man, be honest, you know how things work in India.

 

[pothead]

What about the millions of new accounts that sprung up ? A virtual overnight new economy with everyone's domestic help taking a small cut and helping convert money to white, and those were just the small time regular middle/upper-middle class folk. Petrol pumps were also taking old notes for a bit there, a LOT of big black money was converted to white with that, and other banking jugaads. The whole thing was a disaster imo.

Sure, poor people earned a lot of money. Let them.

First opponents of Demo were crying poor lost money. Now that it is being proven they didn't, they are looking for new excuses.

Yes, there are slippages but there is also a huge number of people who are under scanner.

 

[T-72]

Sure, poor people earned a lot of money. Let them.

First opponents of Demo were crying poor lost money. Now that it is being proven they didn't, they are looking for new excuses.

Yes, there are slippages but there is also a huge number of people who are under scanner.

I'm all for the poor earning money and nothing against the domestic help who profited a little bit but a lot of the black money also did end up as white because of that. So in that sense the govt failed to achieve their objectives.

A lot of big leage black money also went in through banking channels and other schemes, a few suspensions and jailings means little compared to the flood of money that was reabsorbed into the system, 99% of them got away scott free and will not be caught. A lot of poor also got shafted horribly, some died, others lost it all, the whole economy hit a speed bump.

It was a mess, im just glad it's over.

 

[pothead]

I'm all for the poor earning money and nothing against the domestic help who profited a little bit but a lot of the black money also did end up as white because of that. So in that sense the govt failed to achieve their objectives.

A lot of big leage black money also went in through banking channels and other schemes, a few suspensions and jailings means little compared to the flood of money that was reabsorbed into the system, 99% of them got away scott free and will not be caught. A lot of poor also got shafted horribly, some died, others lost it all, the whole economy hit a speed bump.

It was a mess, im just glad it's over.

99%? Please let me know how u came up with this number when govt has said 18lakh accounts are under scrutiny and 2 lakh companies are as well.

Please explain how a lot of poor got shafted and how they died?

 

[T-72]

99%? Please let me know how u came up with this number when govt has said 18lakh accounts are under scrutiny and 2 lakh companies are as well.

Please explain how a lot of poor got shafted and how they died?

Pulled it out of my as$ to use as a figure of speech.

The point is that it didn't do any good and inconvenienced everyone, there were news stories about some deaths, farmers left out in the cold unable to buy essential supplies etc.. a lot of bad stuff that people had to endure for no fault of theirs.

What good came off it ?

 

[pothead]

Pulled it out of my as$ to use as a figure of speech.

The point is that it didn't do any good and inconvenienced everyone, there were news stories about some deaths, farmers left out in the cold unable to buy essential supplies etc.. a lot of bad stuff that people had to endure for no fault of theirs.

What good came off it ?

Sure, do show these stories?
Do you even know how many people die each day in India and how stories are twisted? A thief hung self in a bank after cornered, media said he killed self due to Demo

Anyway, how were poor affected? I thought they earned money by converting rich people's cash for percentage?! So, how did the poor get affected? Please stop playing both sides.

 

[T-72]

Sure, do show these stories?
Do you even know how many people die each day in India and how stories are twisted? A thief hung self in a bank after cornered, media said he killed self due to Demo

Anyway, how were poor affected? I thought they earned money by converting rich people's cash for percentage?! So, how did the poor get affected? Please stop playing both sides.

Look, I'm just glad it's over. Had a pretty damn inconvenient time of it for a while there, that is all.

The poor were affected just like all the rest of us. Unlike the rest of us, however, they probably didn't have credit/debit cards and access to other digital payment modes.

A lot of domestic help in the urban centres did profit though, good for them.

 

[pothead]

Look, I'm just glad it's over. Had a pretty damn inconvenient time of it for a while there, that is all.

The poor were affected just like all the rest of us. Unlike the rest of us, however, they probably didn't have credit/debit cards and access to other digital payment modes.

A lot of domestic help in the urban centres did profit though, good for them.

You talk as if it was a bad thing, hence the debate.
You claimed something & I disagreed. I provided my side showing your logic is false.

Look, it's ok if you want the debate to end but I request you to not sway by the stupid articles in media and use the knowledge you earned

 

[AnnoyingOrange]

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

After you guys are done with ranting over 1000 Rupee notes.. do spend some time over other numbers... for example look at 500 rupee notes and the total currency in circulation... looks like Demonetization saved good 3300 Billion rupees...

Look at the regions highlighted in Blue and Green....in attached image...

 

[friendly_troll96]

Pathetic.

Cheets, Doc

Hi,



Cheers, Doc

 

[ashok321]

3% drop in growth rate resulted in Rs. 4 lakh cr loss: Kapil Sibal :