Demonetisation and its Aftermath


k_m_Arya

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Wonder if the government has enough stock of 100 rupee notes to meet the demand of the exchange....
 

swatkats

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Here's what you need to do with your Rs 500 and Rs 1000 notes.

  1. Change them at the bank or post office from November 10 to December 30
  2. Take Aadhaar card and Pan Card when you go to exchange these notes
  3. After December 30, these can be changed at the Reserve Bank with a declaration
  4. Tourists can change the notes at airports

    • Exchange Rs 500, Rs 1000 notes at banks, post offices till Dec 30
    • Citizens must present Aadhar card and PAN card to exchange old notes
    • After Dec 30, old notes can be exchanged at RBI with a declaration


 
Last edited:

Lord Nemesis

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http://www.news18.com/news/india/pm-scraps-existing-rs-500-and-rs-1000-currency-notes-50-day-notice-to-deposit-old-notes-1309739.html

Wow, Pretty Good move...
Curtail Black money , corruption will automatically be controlled...
Finally, we have a PM who has a Spine !!**
But, obviously lacks the brain to realize the severity of problems that is going to be caused for the common people for next few days, weeks or even more. They say that all Rs 500 currency is paper from tomorrow without giving time to people to exchange the currency they have, the ATM's will not be operational tomorrow and day after (and god knows till when). Banks will not be operational to public till they sort out the things. Even after they become operational, can you imagine the kind of rush that's going to be there?

If a person has only Rs 2000 in his wallet in 500 notes (mind you this is the only denomination that many ATM's dispense cash in or at least that is what most of the ATM's near my place do), how is he going to manage without any valid currency for next few days?There are lots of people who rely on outside eateries which don't have credit card machines. Even the bigger restaurants which do accept cards will have a lower limit on the bill which can be from Rs 300 to 500. What are these people going to do till they can get legal tender. Is that legal tender going to be accessible to most people after the ATM's open? I can imagine ATM's running dry pretty quickly and not getting filled up fast enough.

Even after the ATM's open, there is going to be a limit of Rs Rs 20000/week on withdrawals. What does a person do if he doesn't have a credit card or debit card (many nationalized banks still give ATM cards for savings accounts) and has to deposit Rs 50,000 at a hospital after the 72 hour window is over?

Can anyone imagine the kind of killing that some people are going to make by selling legal tender in exchange for those Rs 500 notes by taking advantage of the immediate need of the people while the banks are fumbling about to get themselves sorted?
 
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psyph3r

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But, obviously lacks the brain to realize the severity of problems that is going to be caused for the common people for next few days, weeks or even more. They say that all Rs 500 currency is paper from tomorrow without giving time to people to exchange the currency they have, the ATM's will not be operational tomorrow and day after (and god knows till when). Banks will not be operational to public till they sort out the things. Even after they become operational, can you imagine the kind of rush that's going to be there?

If a person has only Rs 2000 in his wallet in 500 notes (mind you this is the only denomination that many ATM's dispense cash in or at least that is what most of the ATM's near my place do), how is he going to manage without any valid currency for next few days?There are lots of people who rely on outside eateries which don't have credit card machines. Even the bigger restaurants which do accept cards will have a lower limit on the bill which can be from Rs 300 to 500. What are these people going to do till they can get legal tender. Is that legal tender going to be accessible to most people after the ATM's open? I can imagine ATM's running dry pretty quickly and not getting filled up fast enough.

Can anyone imagine the kind of killing that some people are going to make by selling legal tender in exchange for those Rs 500 notes by taking advantage of the immediate need of the people while the banks are fumbling about to get themselves sorted?
It's still a small inconvenience compared to the dilemma of thousands of people with mattresses filled with money who just shat themselves 2 hours ago.
Let's not start criticizing before things have actually gone down, why do you have to always assume the worst ?
 

drkrack

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Dec 30, 2007
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But, obviously lacks the brain to realize the severity of problems that is going to be caused for the common people for next few days, weeks or even more. They say that all Rs 500 currency is paper from tomorrow without giving time to people to exchange the currency they have, the ATM's will not be operational tomorrow and day after (and god knows till when). Banks will not be operational to public till they sort out the things. Even after they become operational, can you imagine the kind of rush that's going to be there?

If a person has only Rs 2000 in his wallet in 500 notes (mind you this is the only denomination that many ATM's dispense cash in or at least that is what most of the ATM's near my place do), how is he going to manage without any valid currency for next few days?There are lots of people who rely on outside eateries which don't have credit card machines. Even the bigger restaurants which do accept cards will have a lower limit on the bill which can be from Rs 300 to 500. What are these people going to do till they can get legal tender. Is that legal tender going to be accessible to most people after the ATM's open? I can imagine ATM's running dry pretty quickly and not getting filled up fast enough.

Can anyone imagine the kind of killing that some people are going to make by selling legal tender in exchange for those Rs 500 notes by taking advantage of the immediate need of the people while the banks are fumbling about to get themselves sorted?
By The Way What did the people with Brains did , we had two Economists in Last Govt ! A simple and strong & decisive move by less educated PM .
There will be issues, those issues are adequately taken care , Please read it thoroughly.
I'm OK with some inconvenience, (remember Odd , Even rule) else you can't bring reforms in this country. We needed something like this.

Give credit when its due, ( I Kept two ** in previous reply , indicating **Conditions Apply) But, realized HE HAS DONE IT !! FULL MARKS...
Happy to have Voted for him.
 

swatkats

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Jul 16, 2011
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But, obviously lacks the brain to realize the severity of problems that is going to be caused for the common people for next few days, weeks or even more. They say that all Rs 500 currency is paper from tomorrow without giving time to people to exchange the currency they have, the ATM's will not be operational tomorrow and day after (and god knows till when.
If a person has only Rs 2000 in his wallet in 500 notes (mind you this is the only denomination that many ATM's dispense cash in or at least that is what most of the ATM's near my place do), how is he going to manage without any valid currency for next few days?There are lots of people who rely on outside eateries which don't have credit card machines. Even the bigger restaurants which do accept cards will have a lower limit on the bill which can be from Rs 300 to 500. What are these people going to do till they can get legal tender. Is that legal tender going to be accessible to most people after the ATM's open? I can imagine ATM's running dry pretty quickly and not getting filled up fast enough.

Even after the ATM's open, there is going to be a limit of Rs Rs 20000/week on withdrawals. What does a person do if he doesn't have a credit card or debit card (many nationalized banks still give ATM cards for savings accounts) and has to deposit Rs 50,000 at a hospital after the 72 hour window is over?

Can anyone imagine the kind of killing that some people are going to make by selling legal tender in exchange for those Rs 500 notes by taking advantage of the immediate need of the people while the banks are fumbling about to get themselves sorted?
Its pita up to some extent but you're exaggerating unnecessarily.
 

Lord Nemesis

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Jun 3, 2005
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It's still a small inconvenience compared to the dilemma of thousands of people with mattresses filled with money who just shat themselves 2 hours ago.
Let's not start criticizing before things have actually gone down, why do you have to always assume the worst ?
You will not think its a small inconvenience when somebody in your family stands to lose their life because you could not deposit Rs Rs 50,000 in legal tender even though you have that amount in Rs 500 or 1000 notes already. Easy to talk when you are not affected.

I am not criticizing the move to remove these notes from circulation, but that its being done in such an haphazard manner. The fact that ATM's are going to be closed for 2 days and banks are also going to be closed to public shows that this is done in a hurry without any prior preparation for it. Putting such a small cap on the withdrawals is even more proof of that. Can you imagine the kind of panic situation that will ensue when the banks cannot circulate enough legal tender in coming days.

Lastly, I am not assuming the worst either. I am pretty sure that a bunch of lawyers will initiate a PIL and get this stupidity (of making legal tender invalid in such short notice) squashed by tomorrow. Let the banks and ATM's be ready to cope the situation because they pull something like this.
 

cellar_door

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May 14, 2007
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Godfrickingdamnit. I just took out 40k from ATM yesterday for home use. All of it 500Rs notes.

But then again, it could be worse. I can easily afford to wait till the rush dies down and get more money from the ATM in the meanwhile. On the other hand, the cleaner, canteen worker etc guys from my work got paid yesterday in cash in 500 Rs denominations. Those poor guys now gotta queue up for hours at whatever bank they can find in the daytime to try to make that money usable since its more urgent for them. Then come in the night shift and do their job. Really sucks for them.

I just know from my gut the queues at the banks are about to be insane. My commiserations to anyone who has to go through this.

I imagine the only people who think this is a "good, well planned move" are the ones that dont have to queue up urgently in the next few days and lack any empathy.
 

Faraz

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Never thought i would see something like this happen in our country. Good move. However as someone who recently spent 2 weeks in the hospital, i see how this could be a serious problem for a lot of people.
 
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