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

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Zangetsu

I am the master of my Fate.
I just have one question. Them people who have illegal/black money, how will this decision affect them in any way? I mean do they keep cash of 500 and 1000 rupee notes? I never did get this at first place!

Have u seen Shivaji, Special 26 or other similar movies ?
 

kg11sgbg

Indian Railways - The Vibrant and Moving INDIA
Yes that's a very good thing so that no other parties will have any black money except for BJP & they will continue with their monopoly & stupid propaganda to make modi a god. Youtube is filled with such crap.

Apple is from USA & india is not even near to that country thus comparisons should be fair. I think BJP (powered by reliance) took this step mainly to recover the money they had spent for advertising the pm & his party.

There is no suitable jobs or shortage of jobs, Rupee value falling so low, food prices going high, property prices are so high, dalal (mad*%*ots) saying lakhs & crores as if its just 100-200 rs. wtf is this? is this acche din?
Sitting at your own home having income more than 7L/annum & making comments is very easy. Go to streets see.

Most of the real black money people will seldom get affected by this move. Many major black money people already got informed about this a week before & removed it to some safe location. Also almost everyone of us knows they put most of their monies invested in somewhere else or at foreign banks.

Independence ka mazzak bana ke rakha hai.
Pity!!!!!
On!!!!
You!!
As if before this govt. came to power,EVERY THING was smooth like butter for ALL OF US in India.

YOU ARE A BIASED KID!!!
 

dashing.sujay

Moving
Staff member
I think BJP (powered by reliance) took this step mainly to recover the money they had spent for advertising the pm & his party.

I know a person who has so much money and power that he was offered lok sabha ticket from BJP in last election (when modi won). But he didn't want to go to politics. Anyway, when the decision came, he had 3 crore cash with him (which I came to know, the real amount can be much more). All his cash went chhoo mantar.

See, it is very obvious that a couple of person in the whole decision making must have leaked the info to his known or saved their own ass. But you can't blame the whole govt for a handful of corrupt people. Miniature scale corruption will exist there irrespective of whatever you do. There is no ideal world.
 

kg11sgbg

Indian Railways - The Vibrant and Moving INDIA
And thinking of living in an ideal/utopian world is as same as living in "FOOL'S PARADISE"...especially when we exist and deal with a SYSTEM as ours.
True enough SYSTEM in India has glitches/issues,but is changing for the betterment for sure.A long road to tread still.
Previously it was just stuck or sluggish or chalte hai attitude.
 

lywyre

Cyborg Agent
I am still contemplating whether this is a good, bad or sinister move.
I don't know if the BJP party's high people got a head start.
I know it has become very difficult and intolerable for a lot of people all over India.

I now realise that we still have awfully less number of banks to cater the public.

Some Pointers :
* Money is indeed coming out atleast as commissions. In the process, maybe about 20% of the black money may get into circulation. Most of the remaining 80% will be reconverted to higher denomination again and the rest will be left to decay/burn.

* Violence in J&K has almost stopped since Nov 8. Even a stone that is pelted would need a Rs. 500/- note, but now that it is invalid peace has got a chance.
* I am not sure if this is a result of demonetisation: Public examination attendance in the value has topped 90%

* Maoists in Central India and the Deccan are largely hampered as their stockpile is now just garbage. They may try to change by forcing locals, but that would make them lose very little support that they have.

* Bogus Financial firms and money lenders who lend for high interest will certainly be caught off guard.

* Though a hardship, this has forced lot of people to go digital (net banking/ mobile banking). These were people who did not go digital not because to avoid taxes, but because they were lazy or were not comfortable with technology.

* Hopefully, this will increase cash flow through taxes by a good margin.

These are all my opinions and I may be wrong. I am right now having 2 hundred rupee notes in hand for expenses. Don't know how long it will last. But I am surviving because I know how to use digital money. Not all people have the understanding of the tech or even the capacity to understand the same. I have enough in my account to pay digitally till my next salary (trying hard not to use credit card).

I still have a large sum in old denomination to be deposited to my account and waiting for the queues to shorten. I can wait and don't want to stand in the way of others who are in immediate need. Hopefully in a weeks time, I can deposit in time before my next EMI (pre-closing my running personal loan).

I feel there is one small, but significant step that could have taken by the government, which would have made life a lot easier. That would be ensuring that there is enough Rs. 100 notes available beforehand atleast with the RBI.

In the meantime, please visit the ATM/Bank only if you have the need for. You and I know how to live with digital money. But a lot of people live their life only with hard currency. Let people who live by cash spend less time at the banks. This would also lessen the burden of the bank employees.
 

kg11sgbg

Indian Railways - The Vibrant and Moving INDIA
^Your opinion based on valid facts and info shows,that you are a logical,sound knowledge based person.
Whatever points you've given are reasonable enough to be true.
 

lywyre

Cyborg Agent
About people who live by cash:

1) Tea shops/ tiny hotels/ petty shops/ mobile snack shops (pani puri etc)
2) Auto /rickshaw drivers
3) Local vendors (vegetables/ general provisions)
4) Iron/ bottled water/ delivery persons (couriers/paper)
5) Watchmen/ house maids/ other domestic servants (house keeping/plumbing/electricians etc)
6) Cab drivers not dependent on mobile apps (ola/uber/fast track etc)
7) Office attendants/ low level employees in all organisations (govt/private)

All these people are caught in the cross fire.

I guess the weapon of choice is wrong. Like a shot-gun where a sniper is needed. Like a carpet bomb where a laser guided missle is needed.
Spray wide and hope to hit the target by luck.

Or may be the decision was hastened and announced in a hurry well before they actually planned for.

I again request people to keep away from ATMs and banks unless necessary.
 

bssunilreddy

Chosen of the Omnissiah
Modi Govt is going to introduce Electronic Property PassBook(EPPB)
where it comes into effect from March,2017.

According to it only 8% of black money is in actual circulation or hidden in private vaults in India.
The remaining 92% is either in Real Estate or Gold ornaments.

Solution: By implementing EPPB, where everybody who has any property/ties has to register/enroll their properties from March,2017 to March,2018.

Within this year, if anybody does not enroll their property in the EPPB, after which anybody's unrenrolled property deems to become Govt of India property.

Likewise, all gold assets needs to be registered which will be implemented by enforcing another rule/act later in 2017.

After Jan,2017 the withdrawal limit for anybody is only 1lakh until the govt thinks it is necessary to withdraw such a limit.

But any amount can be deposited.

Sent from my ASUS_T00K using Tapatalk
 

Zangetsu

I am the master of my Fate.
Last edited:

topgear

Super Moderator
Staff member
Modi Govt is going to introduce Electronic Property PassBook(EPPB)
where it comes into effect from March,2017.

According to it only 8% of black money is in actual circulation or hidden in private vaults in India.
The remaining 92% is either in Real Estate or Gold ornaments.

Solution: By implementing EPPB, where everybody who has any property/ties has to register/enroll their properties from March,2017 to March,2018.

Within this year, if anybody does not enroll their property in the EPPB, after which anybody's unrenrolled property deems to become Govt of India property.

Likewise, all gold assets needs to be registered which will be implemented by enforcing another rule/act later in 2017.

After Jan,2017 the withdrawal limit for anybody is only 1lakh until the govt thinks it is necessary to withdraw such a limit.

But any amount can be deposited.

Sent from my ASUS_T00K using Tapatalk

Sounds reasonable to me. But there's only one BiG problem ... do people everywhere are educated enough. There are still areas where using a cell phone is a fantasy and getting job daily is another one. Hope govt. will reach out to such people with it's helping hand to educate them enough about technology.

BTW, you forgot to mention the source of your news ;)
 

bssunilreddy

Chosen of the Omnissiah
Sounds reasonable to me. But there's only one BiG problem ... do people everywhere are educated enough. There are still areas where using a cell phone is a fantasy and getting job daily is another one. Hope govt. will reach out to such people with it's helping hand to educate them enough about technology.

BTW, you forgot to mention the source of your news ;)
Source of the news is my wifey.

Sent from my ASUS_T00K using Tapatalk
 
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