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

[Water Car Engineer]

If his next term goes even better than this one, this guy is going to go down as one of India's greats. Came from a tea kid to crushing a dynasty as well. My dad lost a little, but he was rolling at the thought of all the serious criminals holding a shit load of paper.

 

[Rank]

This is how you challenge status quo... Modi means business.

lol @ your silly post. Many Indians on social media bashing Modi. One of my friend said "B***** ye jo mainay aaj ATM say nikalay hain unko Modi ke........ may doon ?" LOL

 

[SrNair]

Preperations started pretty much from day 1 of Modi's govt, this move is the culmination of a lot of efforts and seperate but linked strategies over the past 2.5 years; SIT on black money, numerous black money disclosure agreements with key nations (US, Switzerland, Mauritius etc), bank account roll out to 300+ million Indians who had not been part of the digital banking sector, voluntary depositiing of black money last month (said to have raised $10-15BN for the GoI).

God damn, I have been a critic of Modi at times but this is devestatingly cunning, hatsoff to the PM. Not many nations in the world can boast of having a leader as visionary as this that puts their nation's interests first.

He can do his best because he dont have any such strings to control him .
And for this nation he will do anything .
Really ,now we have the best PM.
Of Course ,I also have to go to bank for change a few 1000 RS and 500 Rs notes.
But at the end this is greater good of the nation.

 

[Crixus]

Many Indians dint voted for him too

lol @ your silly post. Many Indians on social media bashing Modi. One of my friend said "B***** ye jo mainay aaj ATM say nikalay hain unko Modi ke........ may doon ?" LOL

 

[Ea Returns]

lol @ your silly post. Many Indians on social media bashing Modi. One of my friend said "B***** ye jo mainay aaj ATM say nikalay hain unko Modi ke........ may doon ?" LOL

You need to read the news in detail instead of just searching on social media where Modi is bashed for xyz reasons. There is no effect on white-money as people can get them replaced by Dec 31st. Yes they have to be in the queue at banks but if they can't take such inconvenience, they have no right to speak against corruption. People who have stored black money as cash are doomed.

 

[abc123xyx]

lots going to change....
scraping old currency notes..
thrump winning US election...

things happing too fast , and more will be expected with stronger leaders taking decisions....

 

[Hulk]

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.

100 Australian Dollar = 5140.36 INR.

 

[Water Car Engineer]

Preperations started pretty much from day 1 of Modi's govt, this move is the culmination of a lot of efforts and seperate but linked strategies over the past 2.5 years; SIT on black money, numerous black money disclosure agreements with key nations (US, Switzerland, Mauritius etc), bank account roll out to 300+ million Indians who had not been part of the digital banking sector, voluntary depositiing of black money last month (said to have raised $10-15BN for the GoI).

God damn, I have been a critic of Modi at times but this is devestatingly cunning, hatsoff to the PM. Not many nations in the world can boast of having a leader as visionary as this that puts their nation's interests first.

Yeah, totally epic... Take notes up and coming administrators....

 

[Imad.Khan]

100 Australian Dollar = 5140.36 INR.

thanks for the conversion, but not sure what message you were trying to portray

 

[AMCA]

lol @ your silly post. Many Indians on social media bashing Modi. One of my friend said "B***** ye jo mainay aaj ATM say nikalay hain unko Modi ke........ may doon ?" LOL

May be your friend has Black Money and he is sad that its just a piece paper now. Those who have earned it and have paid taxes need not worry.. Its not that the country has gone into a total chaos, there is extended time at Hospitals, Airports, Railways stations, Crematoriums etc.

Good citizens are ready to adjust such sudden moves for a better India.

This move by Mr. PM will definitely bring down the effect on Economy brought in by dead black money.

 

[lonelyman]

Wow, bold move, got give it to Modi. In India, only he can do this. Give him 20 years, it would be a different India

 

[Butchcassidy]

America counting votes
India counting notes

 

[Nilgiri]

Wow, bold move, got give it to Modi. In India, only he can do this. Give him 20 years, it would be a different India

Thanks bro!

 

[Crixus]

The reaction of people on streets :

 

[soundHound]

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.

Well I got the gist and was hoping for this measures since long, like direct account to tax and lower denomination currency, am applauding big and bold move by government, this will certainly flush out black money for now, but with regard to introduction of higher currency again, I don't see hoarding not happening again in future, after all just swapping of currency with newer notes doesn't helps in chaging mind set of Indian in carrying our there business .

They are leaving the same loop hole, and am seeing it getting exploited again, when they have taken such drastic measure they could have gone complete Robinhood, with JDY pm has already issued million of accounts with debit card, Internet is improving withing country, with drastic measure such as completely shunning 500 and above would have lead toward more drastic reforms, such are more acceptance of digitized trackable payments.

Nevertheless, am not an economic expert, and sure PM would have consulted top notch economic experts on this, am just hoping and praying for the intention for which this started shall continue.