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

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bssunilreddy

Chosen of the Omnissiah
Many people died as they didn't got the proper healthcare treatment required as many hospitals didn't accepted 500/1000 notes. What do you have to say about that? Don't say that to make a change few people must die. It is a very bad move by government. People didn't earned black money in a day and they have been earning since years which is already invested in different places. The move is majorly only affecting the lives of the normal people. Government also made many technical blunders here. Majority of the ATM doesn't work properly. You can see reports related to it. Another thing is that the attachment to store INR 100 notes is of small capacity. Also, new notes have different size specification. If they wanted to make such a move, they should have first got all the public banks ATM upgraded. We are yet to see the bad effect on the economy which will be seen soon.
Several state governments introduced Health Schemes even to ordinary public.

Every hospital in such states used to provide medical facilities on credit.
Later the respective state goverments used to pay them.

Now why cannot all hospitals do the same by providing medical facilities on credit and later get it reimbursed.

If they think that what Mr.Modi did is good for the country.

Am I right.

PS: When the hospitals were reimbursed later, they used to charge exorbinant sums from the respective goverments.

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icebags

Technomancer
Many people died as they didn't got the proper healthcare treatment required as many hospitals didn't accepted 500/1000 notes. What do you have to say about that? Don't say that to make a change few people must die. It is a very bad move by government. People didn't earned black money in a day and they have been earning since years which is already invested in different places. The move is majorly only affecting the lives of the normal people. Government also made many technical blunders here. Majority of the ATM doesn't work properly. You can see reports related to it. Another thing is that the attachment to store INR 100 notes is of small capacity. Also, new notes have different size specification. If they wanted to make such a move, they should have first got all the public banks ATM upgraded. We are yet to see the bad effect on the economy which will be seen soon.

i have heard 1 such story where doctors did not start treatment for a 500 rupee payment. not aware of many such incident though.

but, when people have 500/1000 cash in hand, why are not they depositing them to bank and gettiing the payment done with cheque / demand draft ??

bank may not have much cash to give people, but they are accepting all the money they can.

if hospital is only accepting cash, & not accepting card / cheque / DD, then some kaala dhanda is sure going on.

if people have 500/1000s and not submitting to bank, then may be there could be some kaala money as well.
 

sling-shot

Wise Old Owl
The rates have to be hiked to compensate for the rejected claims, extremely delayed payments such as one year or more.
 

Inceptionist

Journeyman
ZPY04ax.jpg


Source: Ground reality of demonetization.

 

icebags

Technomancer
few people have died from shock few days ago, when they heard the news that 500 & 1000 notes will be banned. they did not hear those notes could be exchanged at bank for new notes.
 
D

Deleted member 118788

Guest
i have heard 1 such story where doctors did not start treatment for a 500 rupee payment. not aware of many such incident though.

but, when people have 500/1000 cash in hand, why are not they depositing them to bank and gettiing the payment done with cheque / demand draft ??

bank may not have much cash to give people, but they are accepting all the money they can.

if hospital is only accepting cash, & not accepting card / cheque / DD, then some kaala dhanda is sure going on.

if people have 500/1000s and not submitting to bank, then may be there could be some kaala money as well.

Did you even saw the queue at banks? There are many problems going on. How do you expect people to wait at banks in time of emergency? If they wanted to make such an action then they should have planned it properly. Union bank in our area used to have 4 counters open before regularly and now they only have 2 counters. This is we are talking about cities. The situation is much worse in rural areas. Read this. Why ATMS are Struggling Under The Pressures of Demonetisatio
 

icebags

Technomancer
people are doing panic, thats why there is so much crowd. they are lining up at the bank even when they dont need the money at once.

there should not be any problem with cheque, if people have money in account already. they dont need to visit the bank even.

if they have 50,000/- cash at hand for hospital surgery & 10,000/- in bank account, then its just "wt ??" situation.

if they dont have bank account, and want to issue dd, and bank is not organizing it separately from the cash deposit line, then unfortunately, u will have to wake up very early for once in you life, and stand at the line at 3:00am, understanding the urgency of the medical treatment.

however, govt has already cleared, govt hospitals will still be accepting old currencies.

there will be problems, pm said the same himself. we will have to bear with it, and extend out helping hand to people understanding the situation.
 

bssunilreddy

Chosen of the Omnissiah
Let the circulation of money get stabilised. It takes time.

When you need some change, you have to undergo some difficulties.

We humans have the tendency to blame it on others.

When there was oppurtunity we make money, when it stops we cry.

Come on, let the banking system stabilise a bit.



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Inceptionist

Journeyman
There are millions of Indians, mostly poor, daily wage workers who don't have bank account. What should they do? This was a Tughlaqui move. Mudi and his chamchas have lost all connection to reality.
 

icebags

Technomancer
There are millions of Indians, mostly poor, daily wage workers who don't have bank account. What should they do? This was a Tughlaqui move. Mudi and his chamchas have lost all connection to reality.

govt has already gone through mass mission to register the people with their aadhar no. if someone has voter id aadhar card, then there should not be any problem opening a zero balance saving bank account under jan dhan yojana, with a free rupay debit card.







pm modi had been blue printing this for long, he asked so many times to people, to get their bank account opened without any hassle. but people are too stubborn, they just dont want to go to bank. all they want, is, store their money under their bed.
 
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tekiagadi

Broken In
In my opinion, Government Of India has taken a very good decision. The benefit of this will show in the Long-Run in a very very positive way to the Indian Economy as well as for the India Rupee.
 

Vyom

The Power of x480
Staff member
Admin
I got the news of banning of 500 and 1000 notes two days before I had to leave my city to Dalhousie, as a weekend getaway with a group of friends. Let me share some points to get a feel of what's the ground reality and how did we managed with little cash.

> Already had our bus tickets booked through a bus portal (RedBus).
> Already had our rooms booked online.
> So online payments took care of travel and accommodation.
> We didn't have much Rs 100 notes. I was lucky enough that I followed a practice of making sure I get Rs 100 notes whenever I take out money from ATM, using amounts like Rs 1900, Rs 2400 etc. And just before the news broke about of banning notes, I had taken out some money.
> So we had 10 hundred notes, that we thought were not enough but didn't have a choice. Tickets were booked so we had to leave for the weekend.
> The night before I went to a local super market and purchased hoard of eatables (buscuits / chips / cold drinks) by using plastic money. Since we didn't want to spend cash in travel.
> The day we reached Dalhousie, I went to a bank there, to get some Rs 500 exchanged. Needless to say there was a LONG queue. Thankfully it was a queue for depositing money in bank account. Queue for exchanging money was ... well... longer.
> Luckily, queue in female line was short, and we had a female friend who we used to get Rs 4000 exchanged, but even in that short queue it took one hour, since as we found out, counter for male and female were common. So the banker was exchanging money alternating between one male and one female at a time.
> The banker's procedure of depositing money was slow. Counting Rs 100 notes slowly and two times. There was no note-counting machines. But I was relieved that the bank were exchanging money in Rs 100 and Rs 10 notes rather than new Rs 500 note denominations.
> After a couple of hours ordeal, we had Rs 4000 in cash and in Rs 100 notes to ourselves which we were limited to spend since local market were not accepting money in old Rs 500/1k notes.
> Thankfully some big shops did accept Rs 500 notes but they were an exception.
> Very few people accepted PayTM, more like 1 in 20 shops.
> During last day of stay, we found it difficult to find a restaurant to eat which accepted old notes or even card. When we did find one, it was very expensive but we had less choice since we had booked train ticket for return and couldn't afford to become late in finding a place which was cheap as well as accepted cash.

In the end of journey, we found ourselves spending more time/efforts in managing cash than enjoying the travel, and made ourselves shop less due to lack of cash. Also a point to note is that almost no one we met, criticized the move of banning notes, except some shopkeepers who didn't accept plastic money and didn't know/believe in online money portal like PayTM.

Bonus point: Atleast 3 times we encountered shopkeepers who asked for our views on this move by Modi, rather than cribbing and complaining about it like most of city people do. I love how accepting, helping and friendly 'pahari' people are. :D
 

lywyre

Cyborg Agent
This would be just step 1 to eradicate black money. Significantly more needs to be done to completely root out black money. The PM has already warned that there is going to be significant push against "be nominee" persons. I guess one of the steps would be compulsory linking of Aadhar/PAN to properties and investments.
 

Zangetsu

I am the master of my Fate.
The Black money people must have found the loop-holes also in this.

The day PM announced the Ban..Big Bazzaar texted millions of people about working till 12 A.M and accepting cash of 500 & 1000.
(lots of people visited and also with Black Money and bought unnecessary things that day)

Jewelers were all open after 12.

People bought expensive IRCTC tickets from counter (just to convert Black into White) by cancelling them later.
 

whitestar_999

Super Moderator
Staff member
And does rural India defines what is good for India(conservative practices,gender discrimination,girl education,gotra/caste system etc). Remember majority is not always right. India is the only country in the world with such a large scale economy & still transact using much more amount of cash than other nations with similar economies. You talk about poor people suffering but they suffer everyday.Why don't they open bank accounts when PM has even launched Jan Dhan Yojna specifically for this purpose? Surely it won't involve more suffering than they are used to.

It is amusing to see people crying about hardships of poor people after this move when everyday 377 people die in road accidents in India.This is what the problem in India is. People become accustomed to a certain way then they insist on continuing with it even if it is not the most efficient or even right way. People in India just don't believe in their financial institutions & that is the only problem. Do you really believe that all those queues in front of banks & ATMs consist of people in emergency need of cash. Most of them are there because they simply don't believe RBI. These are the same people who would queue up in front of ICICI bank branches/ATMs in midnight in 2008 because of a rumor that ICICI bank is going down & they would lose their deposit forcing RBI to release an official statement that all is well as ICICI branches were facing a cash shortage which is to be expected in such situations.

Almost anybody with a mobile & decent awareness(& I am not talking about formal education) knows about paytm & its wallet so why not use it wherever possible.How much cash people spend every day even in rural India?& if they are spending so much cash everyday then how come almost no body is paying income tax.Sure there are genuine people who requires cash everyday & they would have no problem getting it too if not for the majority of people who would withdraw cash even if not urgently required simply for the sake of having their own peace of mind.
 
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