Here's whats happened to scrapped currency notes!

bssunilreddy

Chosen of the Omnissiah
Hai,

What's happened to old currency notes?

The Quint: Wonder What’s Happening to Demonetised Notes? Watch to Find Out - YouTube

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whitestar_999

Super Moderator
Staff member
Antiques only have significant value if they are rare(not possible as in this case there are millions of notes) or if they are very very old(talking about centuries here).In case of indian notes one can not expect to get even their original value(future inflation adjusted) within next 10-20 years.
 

Vyom

The Power of x480
Staff member
Admin
Antiques only have significant value if they are rare(not possible as in this case there are millions of notes) or if they are very very old(talking about centuries here).In case of indian notes one can not expect to get even their original value(future inflation adjusted) within next 10-20 years.
I wouldn't mind sticking the note somewhere, to be found by future generations hundreds of years later. :p
 

billubakra

Conversation Architect
Few people were caught in my city few days back they were going to change the old currency to new @80% they had 50 lacs+ I guess. Apparently they knew a guy in RBI.
 

TigerKing

Wise Old Owl
In future, with improved security, new government will again release new currencies, wasting our hard earned money (TAX)..
I expected plastic notes.. old notes were better in quality..
 
OP
bssunilreddy

bssunilreddy

Chosen of the Omnissiah
Few people were caught in my city few days back they were going to change the old currency to new @80% they had 50 lacs+ I guess. Apparently they knew a guy in RBI.
Some people I know exchanged 500+ crores in our Home Town for new notes. The cash came directly from various banks, some say.

Some others collected percentage for the exchange because they have several bank accounts listed on their name.

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billubakra

Conversation Architect
Some people I know exchanged 500+ crores in our Home Town for new notes. The cash came directly from various banks, some say.

Some others collected percentage for the exchange because they have several bank accounts listed on their name.

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That was done before 31st December. People are still doing it nowadays.
 

whitestar_999

Super Moderator
Staff member
That's because banks are not using your money in an efficient manner.Deposit your money in a pvt bank & then invest in some of their FD/RD/MF scheme.
 

whitestar_999

Super Moderator
Staff member
I was talking about how standard 4% interest rate on saving account deposit will reduce your deposit value over time with inflation rate of ~4% per year increase.To even maintain your money's present value 10 years from now,you need to get at least 6-7% interest.
 

billubakra

Conversation Architect
I was talking about how standard 4% interest rate on saving account deposit will reduce your deposit value over time with inflation rate of ~4% per year increase.To even maintain your money's present value 10 years from now,you need to get at least 6-7% interest.

True. But one cannot make a fd of all the money he/she has. Liquid money is also needed. The deposit/withdrawal and atm charges just suck. The tax rate is going to be 18% from 1st July.
 

billubakra

Conversation Architect
That's because banks are not using your money in an efficient manner.Deposit your money in a pvt bank & then invest in some of their FD/RD/MF scheme.

Private banks charge even more. Moreover they will never tell you to invest in FD etc. They will always lure you into their investment schemes which are insurance schemes btw with a lock in period of atleast 10 years which is crap btw.
 

whitestar_999

Super Moderator
Staff member
Everyone charges for cash transaction now-a-days.As for insurance schemes,they are same everywhere whether sbi,lic or icici.If you want to make money,you have to use your own brain.No bank agent,whether govt or pvt,will give you the option most beneficial to you but the one that is most beneficial to bank/agent.I suggested pvt bank FD/RD/MF schemes because their fund managers have to perform else they will lose their position unlike govt banks where it is all politics/connections(blame every failure on economy & every success on their "talent").
 

billubakra

Conversation Architect
Everyone charges for cash transaction now-a-days.As for insurance schemes,they are same everywhere whether sbi,lic or icici.If you want to make money,you have to use your own brain.No bank agent,whether govt or pvt,will give you the option most beneficial to you but the one that is most beneficial to bank/agent.I suggested pvt bank FD/RD/MF schemes because their fund managers have to perform else they will lose their position unlike govt banks where it is all politics/connections(blame every failure on economy & every success on their "talent").
There is no accountability in private banks. I have worked in one. No one will lose their position until and unless they can't achieve targets. All that matters in private banks is the insurance policy that they are selling. Moreover their FD rates are always lower than the public banks.
 

whitestar_999

Super Moderator
Staff member
In the same way no one will lose their positions in public sector banks after giving thousands of crores(of your/public money) loans which gets defaulted until & unless High court/Supreme Court/Govt orders an inquiry.There is a reason why no pvt sector bank is in the list of high NPAs banks put on watch-list by RBI.FDs are not that good investment option now-a-days anyway but at least you know that your money in pvt sector banks is being used for some productive work instead of being given away to some corporate house with political connections which will most likely default on payment.
 
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