Indian banks gear up for pre-2005 note exchange rush

[Superbad]

this move wont keep a check on black money.

the customer just has to flash the old notes and he will get new notes in return. (black or white= no inquiries). i dont think he even needs to be a customer at that bank

the logical step would be to insist people to deposit that money in their saving accounts.

this way all the stuffed money would come out in the open.

 

[red-devil]

this move wont keep a check on black money.

the customer just has to flash the old notes and he will get new notes in return. (black or white= no inquiries). i dont think he even needs to be a customer at that bank

the logical step would be to insist people to deposit that money in their saving accounts.

this way all the stuffed money would come out in the open.

I don't think anyone ever said that this measure was to "check black money".

This is an effort to curb fake currency (which is not "black money")

 

[asingh]

It'll be such a chore to go to ones branch and get this done. I never walk into a bank. And merchants (shop owners) are not accepting them all ready. Indian reactionary system kicks in. By the way, why are 50 paise coins not accepted..?

 

[Sanav3]

All OP talks about is removing fake circulation. They want to remove everything pre-2005. Now is a good time. That's it.

Removing bigger notes from circulation needs better justifications than what's been offered here ie it will curb black money. Without seeing those reasons who is going to agree with it. Rs.1k notes are a recent introduction. Does anybody know why they were brought out. Will those now advocating their withdrawal charge the RBI with promoting corruption with their introduction ?

Of course not. This is symptomatic of so many ideas that stem from a quick fix mentality. They are not serious ideas.

Then give us a serious idea?

 

[Superbad]

I don't think anyone ever said that this measure was to "check black money".

This is an effort to curb fake currency (which is not "black money")

The Reserve Bank on January 22 decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

do read up in the quote above.

 

[blr_p]

Then give us a serious idea?

What aim ?[DOUBLEPOST=1391576541][/DOUBLEPOST]

I don't think anyone ever said that this measure was to "check black money".

This is an effort to curb fake currency (which is not "black money")

RBI never stated it, its speculation. With some grounds.