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

[kadamba-warrior]

You cannot do business with just Rs100 notes. And how are you going to replace five trillion notes of 500 and 1000 in circulation. You need higher denomination like 500, 1000 and 2000 notes.

I know it will be difficult to use the smaller denominations. But that is exactly what we need now; make it difficult to use cash.

The poor can still use 100's since their daily needs are usually met with smaller denominations. Only those that deal in hundreds of thousands or millions in cash on a daily basis will be hit hard - as they should be.

Or perhaps, we should 500 as the highest denomination, but having denominations like 2000 is crazy and undoes a lot of good.

 

[Soumitra]

I know it will be difficult to use the smaller denominations. But that is exactly what we need now; make it difficult to use cash.

The poor can still use 100's since their daily needs are usually met with smaller denominations. Only those that deal in hundreds of thousands or millions in cash on a daily basis will be hit hard - as they should be.

Or perhaps, we should 500 as the highest denomination, but having denominations like 2000 is crazy and undoes a lot of good.

There is a plan to strictly limit the flow of 2000 notes. Previously the notes in circulation were seeing a massive increase year by year. Now it will be curbed

With a Rs. 2000 note it will be difficult to do medium value transactions So they will be used by common public for more high value transaction. As such there demand will be low and govt will be able to print less of it

For example if you have to purchase something worth 700 previously you pay with 1000 rupee note and get 300 back. now you will need to get 1300 back - two 500 rupee notes and three 100 rupee notes. The shopkeepers will be little more inconvenienced and will insist on card payment or payment using 500 and 100 rupee notes

BTW enjoy this clip of having no change of 1000 note

 

[Soumitra]

Donald Trump's unexpected victory, curbs on notes trigger crisis for desi bookies
By Sachin Dave, ET Bureau | Nov 12, 2016, 07.23 AM IST
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READ MORE ON » US presidential election | Trump | President | Narendra Modi | Hillary Clinton | Donald Trump | d ..


MUMBAI: As the world watched the US presidential election results unfolding through Tuesday night and Wednesday morning on their television screens, one man in a Mumbai suburb almost wailed in despair as Donald Trump pulled off an unexpected victory. He’d been hoping and praying that Hillary Clinton would win, especially after Prime Minister Narendra Modi had already spoiled the party for him by scrapping Rs 500 and Rs 1,000 notes on Tuesday night.

It wasn’t that he cared over much about a man described as a misogynist, racist and xenophobe had won the election, the Mumbai bookmaker had just lost Rs 6 crore taking bets on Trump losing. The US presidential elections and demonetisation have together driven many Indian bookies underground— many may never return to the illegal gambling business.

Trump defeating Clinton to become the 45th president of the US and Modi banning currency notes may be completely unrelated developments at opposite ends of the earth but not if you’re a bookie in India.

Many bookies who accepted bets on the US elections now face an existential issue. Not only have they suffered massive losses as they had favoured Clinton to win, they now have to return money to people who bet on the other guy but the notes they hold aren’t legal tender.

“All transactions are done in Rs 500 and Rs 1,000 currency notes,” said the Mumbai-based bookie from an undisclosed location.

“Now I have to return the money to those who placed bets on Trump, but I just have Rs 500 and 1,000 notes, and they (clients) won’t accept that.”

India’s bookies are caught between a rock and hard place—they can’t collect nor can they pay out. Until Tuesday, November 8, Indian bookies were offering odds of 0.38 for Clinton and 2.7 for Trump. Anyone placing a Rs 1 lakh bet on Clinton winning would have got Rs 1.38 lakh. A Trump better on the other hand nets a windfall of Rs 3.7 lakh.

Bets worth Rs 500-800 crore were estimated to have been placed on the outcome with about 80% of this riding on Clinton winning the race. That means those who put money on Trump made a killing.

“Many bookies have gone underground as they don’t know how to deal with the situation. Most of them will go out of business,” said an Ahmedabad-based bookie. Making a return will be difficult because betting, like many other black market businesses, is based on trust—an irony if there ever was one. Defaulting on a bet is the kiss of death for a bookmaker.

Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst

 

[Moon]

I didn't quite understand the point. Seriously. A significant portion of the notes circulating in India are forged, and it is known where they are printed, how they are shipped out, where they are finally shipped to, and how they are circulated. It is impossible to catch the very large numbers involved and impossible to guard the very large extent of territory used for smuggling.

We would be eternally grateful if you stayed out of this.

Well reread my post, you'll understand the point.
Evening.

This move is to flush out those people who stuff these notes in there matteress. All that is the black economy. Etiher you reveal it and pay tax and penalty or it becomes noting but plain paper

And how does a farmer or odd job worker reveal where he got the money from?. Street side beggars and hawkers?. What if they cashed in all their savings into 1000 rupee notes and now it's all useless?

 

[Bitter Melon]

And how does a farmer or odd job worker reveal where he got the money from?. Street side beggars and hawkers?. What if they cashed in all their savings into 1000 rupee notes and now it's all useless?

They can still deposit their money in the bank. Deposits up to 2.5 lakhs do not come under the scanner of the income tax dept. Anything beyond that they have to provide source of their income and tax paid history.

 

[indiatester]

Withdrawal limits increased slightly. Now you can withdraw Rs 2500/- in ATM's per day and Rs4500/- exchanged at banks.

 

[Soumitra]

And how does a farmer or odd job worker reveal where he got the money from?. Street side beggars and hawkers?. What if they cashed in all their savings into 1000 rupee notes and now it's all useless?

Odd Job workers, Beggars, Hawkers dont have crores of Rupees in cash

Some farmers may have it but in India agricultural income is free from income tax. The Farmers will have to show proof that they are involved in agriculture and then deposit the money

 

[Joe Shearer]

Well reread my post, you'll understand the point.
Evening.


And how does a farmer or odd job worker reveal where he got the money from?. Street side beggars and hawkers?. What if they cashed in all their savings into 1000 rupee notes and now it's all useless?

If they have up to Rs. 250,000, they can bank it safely with no fear of persecution.

 

[Soumitra]

Neeraj Pandey announces film on 500/1000 ban: “A Wednesday Re-MODIfied”
November 13, 2016 by Citizen Satirist in General, Latest


Neeraj Pandey is all set to release the sequel to his 2008 thriller drama A Wedenesday. The movie is titled A Wednesday: Re-Modified, and is centered on PM Modi’s masterstroke to abolish Rs 500 and Rs 1000 notes.

The protagonist is an old chai wallah who is frustrated after serving chais from morning to evening to affluent people. The poor chai wallah is highly irritated when people emerge from luxurious cars offer notes of 500 and 1000 to him and ask “Chacha Chuttey kar do”. He sees it as a mockery to his honest profession at the hands of people who have no worth of Gandhi’s ideals or his currency notes.

Tired of large currency notes and the people who flaunt them he climbs to the roof top of an under construction building and calls the RBI Governor to share his ‘Man ki Baat’. He asks the governor to ban 500 and 1000 currency notes from Wednesday onwards. If not, he would detonate bombs kept in Chaipatti dabbas delivered as a Diwali gift by him to all banks in the city. The conversation that ensues is as below:

(Disclaimer: This conversation is in Hindi)

Chai Wallah (CW): Aapke ghar me cockroach aata hai to aap kya karte hai Governor saab.Aap unko paalte nahi maartey hain. Ye dono note kaala dhan ban kar mere ghar ko ganda kar rhae the aur aaj main apna ghar saaf karna chahta hoon.

Gov: Tum ho kaun?

CW: Main wo hu jo apne pocket me itna chiller le kar rakhta hai ki kbhi usse koi 500 ka kbhi 1000 ka chutta karwa leta hai. Main wo hun jo month end hone pe ye sochta hai ki is baar savings account me minimum balance maintain hoga ya nahi, ya is baar IT walo ne kitna tax kaata hoga. Main wo hoon jo mahiney ki aakhri taarikh pe office jata hai to uski biwi har do ghante baad phone kar k puchti hai ki chai pee ki nahi, khana khaya ki nahi. Dar asal wo ye jaan na chahti hai ki salary mili ki nahi.

Main wo bhi hu jo kabhi Credit Card k line me fasta hai, kbhi Aadhar card k. Main wo bhi hoon jo saal me do baar SALE season ka wait krta hai. .Main wo hu jo jab shaan se apne imaandari k two wheeler pe nikalta hai to kbhi Mercedes ko side deta hai, kbhi Fortuner ko. Gaadi koi bhi brand ki ho bewajah side hota mai hi hoon. Bheed to dekhi hogi na aapne. Bheed me se koi bhi working class ko dekh lijiye main wo hoon. I am just a stupid Chai Wallah, sorry common man wanting to equalise everyone’s debts.

Gov: Aaj Achanak Ye Stupid Comman Man Kaise Jag Gaya, wo Bhi 100 kilo chai patti k saath.

CW: Kyun, Jag gaya to taklif ho rahi hai ?? Jindgi bhar ghut – ghut ke marte rahna chahiye tha mujhe…Dusro ko apne saamne amir hote dekhte rehna chahiye tha mujhe .. aur ye achanak nahi hua hai Governor sahab, Yu kahiye ki time nahi mila , fijul k media k uljhano me aur Videsh se kala dhan laane k chakkar me ye kaam jara neglect ho gaya, Lekin der aaye durast aaye.. Wo dono notes aaj hi ban honge…

Gov: Lekin ye do hi kyun? Aur bhi to hain 100 aur 50 k notes?

CW: Bas 100 aur 50 hi to hai humare paas saab inko ban kiya to khayega kya common man.

Gov: Tumhara koi apna kareebi kya tumse jyada rich hai ya jyada badi gaadi hai uske paas jisne tumahre Chai wala hone ka majak udaya?

CW: Kyun..mujhe us din ka wait krna chahiye jab koi apna, mere se jyada paise kama kar mujhe beijjat kar k chala jaaye. Jaan na hi hai to suniye. Ek marwadi tha jo roj mere dukaan pe aata aur 7 rupaye ki ek cutting chai pi k chal jaata. Naam nahi jaanta tha uska bas Udhaar khaatey me uska phone number rakha tha maine aur naam rakha tha Udhaari. Ek din wo ek kaali mercedes me aya aur 1000 ke dus note de kar bola “Chacha udhaar utaar dena aur KEEP THE CHANGE”.

Gov: To tum ye us last k english sentence k badle me kar rhe ho?

CW: Nahi nahi nahi…English me itna weak bhi nahi hoon. I always knew what CHANGE is. After all we brought the CHANGE in 2014. par ye acceptable nahi hai saab..ki koi bhi meri chai dukaan k saamne apne kaale dhan ki kaali gaadi me, kaale suit me aakar, apne kaale dhan k 1000 k note ko futkar kara le. Unhe fakra hai apne badi gaadiyon pe, 1000 aur 500 ki gaddiyon pe, Hawala transactions pe…mujhe fakra hai khud pe..ki main aise logon k 1000 aur 500 ke notes ko ban karwa raha hoon.

Gov: Tum saabit kya karna chahte ho?

CW: Main saabit kuch nahi krna chahta . Governor saab main bas aapko yaad dilana chahta hoon ki people live in poverty by force and not by choice. Aapko kya lagta hai ki jo log kaala dhan rakhte hain wo system se jyada inteligent hai? Arey internet pe ‘how to hide money in India’ search kar k dekhiye, teen sau baawan sites milengi ki kaala dhan kaise chupaye.

Gov: Tumhari ye home made add salt to toothpaste wali philosophy galat hai ..ye sahi tarika nahi hai. ? logon ko time to do.

CW: Haan..lekin aaj main tarikey k baarey me nahi! Natijey k baarey me soch raha hoon. Aap log saksham hai aise logon se niptaara paaney k liye. Par nahi..Why are you not nipping them in the bud. Mujhe yakin hai ki jo us din wo Udhaari apne black money ka note de kar Keep the change bola tha..wo ek bahut bada sawaal tha. Ki hum to aise hi black money hoard kar k amir ban jaayenge…ki tumse1000 aur 500 k futkar maangenge..Tum kya kar loge. Yes! They asked us this question… on a Monday, mocked us on a Tuesday… I am just replying on A Wednesday!

 

[Bitter Melon]

http://postcard.news/breaking-businessman-surrendered-rs-6000-crore-cash-know/

 

[padamchen]

1.5 lakh Crores and counting.

Two note-worthy developments:

Kashmir silent. All "stones" seem to have suddenly magically disappeared.

In my city, newspapers reporting police sources confirming not a single case of housebreak in the past 5 days. Across a city of 8 million. Something unheard of.

 

[Soumitra]

http://postcard.news/breaking-businessman-surrendered-rs-6000-crore-cash-know/

good money is being unearthed

 

[Bitter Melon]

https://twitter.com/x/status/798094981978292225

 

[indiatester]

Very nice.
I would love to see news of suffering from corrupt in judiciary, police, bureaucracy and politics. Waiting for those stories.

 

[Soumitra]

Very nice.
I would love to see news of suffering from corrupt in judiciary, police, bureaucracy and politics. Waiting for those stories.

MSM will not show these stories as it is against their narative