Indian 1000Rs and 500Rs notes banned from 08-Nov-2016

[turkish]

I think its an excellent move, but it would even be better if they hadn't replaced it with the bigger rs2000 note. If there are no paper money people will be forced to do electronic transaction, which is impossible to hide. Here in Australia the largest currency note is $100 note and they are also in limited numbers, majority notes used are $50 notes. So people have to use either their credit/debit cards, bank cheques or online banking for bigger transactions . So its almost impossible to hide your income or wealth from the the tax office.

why RBI is issuing ₹2000 Rupees Notes *

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)*

*How the embeded NGC Technology Works?*
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

*How will this help eradicate black money menace?*
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation

 

[Papa Dragon]

Use some logic. GPS tells the receiver where it's location is, by measuring the difference in time from signals received from satellite. How could it work underground? It would have to have some upload capacity send its position to a command centre. How would that be powered? Don't forward obvious lies, people with lesser knowledge will further spread it causing confusion and disruption.

I never said that is true and obviously there are a lot of fake news out there and I am aware that there is no way a GPS device could send signals if it is located underground. There maybe some kind of tracker which may give out the location if possible and people who spread such fake news may call that a GPS tracking device. My question was is there a possibility that such devices where govt is able to track the currency could be installed. And btw do you know why the 500rs note was replaced with a new note but the 1000rs note for eliminated in favor of the 2000rs note?

 

[my2cents]

I think its an excellent move, but it would even be better if they hadn't replaced it with the bigger rs2000 note. If there are no paper money people will be forced to do electronic transaction, which is impossible to hide. Here in Australia the largest currency note is $100 note and they are also in limited numbers, majority notes used are $50 notes. So people have to use either their credit/debit cards, bank cheques or online banking for bigger transactions . So its almost impossible to hide your income or wealth from the the tax office.

Indians generally prefer cash for their daily transactions. Not everyone has debit/credit cards and infrastructure is not setup for cashless society yet.

 

[ranadd]

Nop new notes are nearly impossible to counterfit and even if they to establish this network and fake currency for these new notes will take a decade as it took for them for current notes
another image to explain you what this move has acheived apart from black money stop

I said they will be back. Not tmrw.

 

[jha]

Still not able to understand, how newer 500 and bigger 2000rs notes will not lead toward same situation after some time.Idea would have made more sense if all tenders above 100rs would have been scraped as its not econominally viable to fake any currency below 100rs, can someone throw some light into it .

Let me try.

Its not practical nowadays to have a cap at Rs. 100. Higher denomination will be needed, as otherwise, people will have to carry too many notes and will be inconvenient to them.

This single step has been taken to punish black money hoarders. They will feel the pinch as their stash of notes, just became worthless. This will also stop people from dealing in cash in future.

 

[hanuman]

why RBI is issuing ₹2000 Rupees Notes *

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a *NGC (Nano GPS Chip)*

*How the embeded NGC Technology Works?*
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

*How will this help eradicate black money menace?*
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation

bhai ye sab kaha padh liya ?

koi gapp maar gya internet me
aur aap copy kar rhe ho

practical baat kro yaar
hum america ni hai ab tak

bnege future me, ye baat bhi sach hai

 

[Imad.Khan]

Indians generally prefer cash for their daily transactions. Not everyone has debit/credit cards and infrastructure is not setup for cashless society yet.

I understand that, but steps towards a cashless society would reap massive rewards like better tax collection, decrease in corruption, reduced fake currency and decreased black economy.

Infrastructure for going cashless is not that hard but will require assistance from the financial institutions, for example the banks will need to supply mobile pos/ transaction machines that work on 3G/4G, like the picture below which are being used here in Australia

Its alot easier than people think. As part of my university assignment back in 2003, i had to show how mobile services can be used for other than making calls and texts, this is even before mobile internet was as widespread. And in that assignment i had come up with how mobile services can replace all financial transactions. I had got a high distinction in that subject

 

[hanuman]

The new currency notes are being introduced on 10th of Nov.

The banks and post office will be able to replace the old one.

For essential items, I do not see much problem, but for big ticket items there would be some impact which the common man needs to absorb.

bhai kaise karloge replace ?

talk sense yaar

black money to circulation me ni tha , to uska jyada fark ni padega

but white money chus jayega poora

kul mila kr reverse repo bht jyada badhane type ka kaam kiya hai

 

[Kashmiri Pandit]

bhai ye sab kaha padh liya ?

koi gapp maar gya internet me
aur aap copy kar rhe ho

practical baat kro yaar
hum america ni hai ab tak

bnege future me, ye baat bhi sach hai

I think same stuff was told by some news channels like ZZzzz

 

[hanuman]

I understand that, but steps towards a cashless society would reap massive rewards like better tax collection, decrease in corruption, reduced fake currency and decreased black economy.

Infrastructure for going cashless is not that hard but will require assistance from the financial institutions, for example the banks will need to supply mobile pos/ transaction machines that work on 3G/4G, like the picture below which are being used here in Australia

View attachment 350377

yaar this will take time in India

we have some very interior places

cashless will atleast take 5-10 years

 

[turkish]

bhai ye sab kaha padh liya ?

koi gapp maar gya internet me
aur aap copy kar rhe ho

practical baat kro yaar
hum america ni hai ab tak

bnege future me, ye baat bhi sach hai

http://zeenews.india.com/personal-f...act-location-of-currency-reports_1947650.html

 

[Imad.Khan]

yaar this will take time in India

we have some very interior places

cashless will atleast take 5-10 years

I agree it will take time, but the rewards of this system are worth it, don't you agree that this would be a good route to take, not just for India but all the countries that have wide spread black economy.

 

[hanuman]

govt shuld have not brought out the 2000 and 500 notes

rather, if they give some tax rebates on net banking
all people will move over to
net banking,credit,debit these type of systems

the liquidity gap will be filled

just make internet type payments some tax breaks like 80c and all

but bringing 2000 and 500 is again bringing the same situation back again

http://zeenews.india.com/personal-f...act-location-of-currency-reports_1947650.html

bhai apki baat sahi ho sakti hai
mai mna ni krta
but shaktikanta das ne kuch btaya ni is sab ke bare me

isme to log aur dar jate, to btana better hai
secret se kya hoga

zee news yaar kuch jyada hi pro govt ho gya hai
itna jyada b acha ni


lekin fir bhi 500 wale note ke liye to kuch ni hai chip wagahrah

chalo jo bhi hai bht acha step hai
SP, BSP ki to bht pareshaaniya badhegi

 

[Nilgiri]

Excellent move.

Taken the crooks completely by surprise too.

Also one of those moves that will de-fund many anti-national movements and terror cells ....and also leave the opposition reeling as to whether support or not support (and they lose face either way).

Very well played Modi....totally did not see this coming!

Looking forward to more such measures in future (same stealth + intensity).

 

[hanuman]

I agree it will take time, but the rewards of this system are worth it, don't you agree that this would be a good route to take, not just for India but all the countries that have wide spread black economy.

yaar baat sahi hai
but we do nt have a culture of this type transaction

dont know why

we have tried many things like
credit cards
payment banks
paytm type wallets

but things have not clicked as much as we wud have thot

maybe because 130 crore is too big a population
and providing efficient service to each and every person has not happened