Rs 500 and Rs 1,000 notes pulled out of circulation immediately: PM Narendra Modi

[DFC]

Currency notes of Rs 500 and Rs 1000 denominations will not be legal tender beginning November 9. This was announced by Prime Minister Narendra Modi in a special address to the nation on Tuesday evening. He said the move was aimed at curbing the negative impact of fake currency, black money, corruption and terrorism on the nation's economy. New notes of Rs 500 and Rs 2,000 would be released and circulated soon.


Anyone here has any large amount of black money?


Demonitisation of Rs. 500, Rs. 1000 notes: What you need to know - The Hindu

 

[Desmond]

Where is the source?

I know that this is in the news, but the rules of the forum dictate that you also cite your sources when you post any news.

 

[ashis_lakra]

Its' everywhere in news. Black money holders, beware lol.

 

[whitestar_999]

A very good decision.Black money is one of the root cause of all problems in India today & this step will help in tackling it.Next step should be to promote online/chq/IMPS transactions as much as possible.

 

[icebags]

all on a sudden they doing this, it may be a little problem for people.but its a good initiative to wipe out black money.

now what is the problem is, same thing will happen again with new notes. govt should suspend using any notes of more than Rs100/- value.

we should use electronic transactions for big transactions, for gods sake. and govt should take banking system to all people, whoever has a valid govt id.

Spoiler

[YOUTUBE]mAPmJPhhzxk[/YOUTUBE]

 

[Zangetsu]

Whatsapp is flooded with this news and jokes on the same.

Indeed its an excellent move by Modi.

 

[Desmond]

I think govt. should do this more frequently. With a constant state of flux, people will find it hard to hoard money in general, let alone black money.

 

[SaiyanGoku]

I think govt. should do this more frequently. With a constant state of flux, people will find it hard to hoard money in general, let alone black money.

Making the entire payment/transaction system cashless would be a much better system than that.

 

[Desmond]

No better way to motivate people to use cashless payments.

Sent from my A0001 using Tapatalk

 

[Desmond]

I think black money hoarders might turn to bitcoin now.

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[Cyberghost]

I think black money hoarders might turn to bitcoin now.

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Its happening

zebpay on Twitter: "Interest in bitcoin shoots in India post cash ban!

#bitcoin #cashfree #India *t.co/oJaFQcC7wh&quot

 

[Desmond]

Its happening

zebpay on Twitter: "Interest in bitcoin shoots in India post cash ban!

#bitcoin #cashfree #India *t.co/oJaFQcC7wh"

Foreign bitcoin exchanges might still accept 500 and 1000 denominations.

 

[whitestar_999]

No foreign exchange worth its salt accepts any cash currency other than euro & dollar.

 

[thetechfreak]

Got my couple of bigger denominations swapped as news as initially spreading. I can only imagine scenes at bank this weekend.

 

[kg11sgbg]

all on a sudden they doing this, it may be a little problem for people.but its a good initiative to wipe out black money.

now what is the problem is, same thing will happen again with new notes. govt should suspend using any notes of more than Rs100/- value.

we should use electronic transactions for big transactions, for gods sake. and govt should take banking system to all people, whoever has a valid govt id.

Spoiler

[YOUTUBE]mAPmJPhhzxk[/YOUTUBE]

This is the valid point,and rules must be enforced to be adhered by all regarding this aspect.
Then only the true digital India will reach to the mass where accountability and responsibility should be fixed up with e-governance and all sorts of e-transactions.

 

[sling-shot]

Got my couple of bigger denominations swapped as news as initially spreading. I can only imagine scenes at bank this weekend.

To smaller?

 

[icebags]

may be we can expect food and land prices come down a bit in coming months/years. they have been skyrocketing for last few years.

 

[quicky008]

they say there's a limit of Rs 4000 to the amount one can exchange per day for now-so i was wondering,would it be ok(ie legal)if someone were to exchange >rs 4000 in a day(say rs 6000) by exchanging Rs 4000 from one bank and the remaining Rs 2000 from any other bank by showing the required documents?

 

[thetechfreak]

To smaller?

Nothing major, around 2k. No bank nearby hence..

 

[icebags]

Do you guys really think black money hoarders are so stupid that they will get affected? Reliance ka black money kidhar jayega? Everything is a setup. all big black money people already might have converted theirs into white. only the public is getting harassed by this.

this this is probably not intended for reliance.

this is for professionals (doctors / advocates / private tutors / self employed ) & middle/ lower tier businessmen, who serve their clients without registering official transactions & dont bother paying the income / service taxes. Also for all the jaali notes, as , when bank will retrieve the notes, they will check for all sort of jaali notes.

i heard only 2% of indian working population pays income tax. but it's hard to believe only that small percentage of people actually have enough income to reach tax slabs.

anyways, whoever stored raw black money in their secret trunks & under their beds will either loose the money now, will have to make them white by paying fines.

but this is hardly the permanent solution. after 2 years market will be flooded by black cash money again.