Demonetisation and its Aftermath

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Seems like the 2000 rupee notes do not fit into the ATM cash boxes because their lengths are longer than 1000 rupee notes. Didn't these highly learned people take into account all these pitfalls and possible points of failure before running such a countrywide operation? Govt people always do things the stupid way. If they were in the know that something like this was to happen, why did they design such long notes? They should have made the length same as 1000 rupee notes or go the faster route and not make any 2000 rupee note in the first place.


when I hear talk like this it seems only the common people like us are stuck earning money like good people. Makes me frustrated thinking how sooner or later everyone who does not pay taxes will be doing such things even more in coming months or years to get back all the money they lost and more.
₹2000 note is not lengthier than ₹1000 but short than that. here's the comparision
2000.jpg


But because it is different than the size of ₹1000 the ATMs will need to reconfigured which may take 2-3 weeks
http://www.hindustantimes.com/busin...o-away-soon/story-zYhtynoEMg8h624Sn6U8UI.html

http://indianexpress.com/article/bu...quire-machine-reconfiguration-report-4371440/

http://economictimes.indiatimes.com...inister-arun-jaitley/articleshow/55387449.cms
 
@paarkhi, thanks for correcting my post. 2-3 weeks seems like a lot of time, since everyone wants to withdraw thousands of rupees right now for paying monthly bills etc.
 
Software needs to be coded, tested, and deployed in that timeframe to millions of ATMs around the country. I don't envy the bank employees right now.
 
Indian Villages interdependency and cooperation between individuals is much realistic, effective than the cities. People help each other, they'll survive much worse conditions than this. My uncle, aunt senior citizens staying in the remote parts alone, everyone in the local medical shop, milkman etc asked them not to bother - pay it when you have it.

I wonder what they would do if its somebody who they are not so acquainted with or somebody they don't particularly like because of personal prejudices (like if the person is from a lower caste.) Will this person still get free milk and medicines with the assurance that they can pay later? How long will they be keep that up if their own livelihood is on the stake?

What about small towns which do not have close knit relationships and most of the business is done in petty cash and even if people have bank accounts and ATM cards, a lot of them won't have debit/credit cards or online services to use in a cashless manner?

What about the hundreds of cycle rickshaw pullers or daily wage laborers in such towns who have not been able to work or earn in last few days? Given that they themselves will not get any immediate benefit out of all this, will they really be happy to be without food for days in return for the glee of imagining that some doctor or lawyer that they never met in their lives would be sweating about loosing his stash of money. My experience on the matter is that such people don't give a damn about who is in power or what they are doing. For them, it is their own immediate benefits and losses that matter. Some of these people voted for BJP not because Modi said that the corruption would be curbed, but because he promised that he would give each of them Rs 15 lac. But instead of getting any money, their existing livelihood is also going away.

To sum up the present situation, its like the govt is claiming that they want to catch the thieves for the sake of the victims, but what they are really doing is that they are locking up the victims and bystanders along with the thieves and trashing them all.

If a robbery happens in your house and the police assures you that if they lockup a bunch of people from your neighborhood and give them the third degree, they will be able to catch the thief quickly, you might agree, but what if the police say that they want to throw you in as well for the trashing and assure you that its a minor inconvenience you need to face in the interest of catching the thief, would you agree to that?
 
Some people are making strange comparison to justify this.
If people can stand in line for Jio SIM, why can't they stand in line to withdraw/deposit money.
Or if people can stand in long queue for MTV Roadies audition then why can't they stand in line in the banks.

What people don't understand or maybe they cannot comprehend is that, getting Jio SIM or Roadies audition is by choice.
But going to banks/ATM's is by compulsion.
 
@paarkhi, thanks for correcting my post. 2-3 weeks seems like a lot of time, since everyone wants to withdraw thousands of rupees right now for paying monthly bills etc.
Perhaps that is why the ATM withdrawal limit is set to 2k till 18th November and 4k even after that.
 
Fake 2000 and 500 notes (new design) are apparently doing the rounds. Do verify any notes that you get outside the bank. These are apparently not from outside the country, but attempts by racketeers in India to take advantage of present chaos.

In any case, my cash problems are gone for the moment since I found some Rs 100 notes after my mom informed me that she has some in her emergency stash. I will go to the bank after the situation improves. ATM's near my place sill have 100+ people queues forming and cash is gone after 25/30 people.
 
Some people are making strange comparison to justify this.
If people can stand in line for Jio SIM, why can't they stand in line to withdraw/deposit money.
Or if people can stand in long queue for MTV Roadies audition then why can't they stand in line in the banks.

What people don't understand or maybe they cannot comprehend is that, getting Jio SIM or Roadies audition is by choice.
But going to banks/ATM's is by compulsion.

Says the folk who only had to stay in a line for a Jio SIM or a roadies audition. They are the kind who would be enraged if somebody takes way the access to their phone, internet or social networks. They don't know what it feel like to not have access to basic necessities like food and despite having the money to afford it.

upload_2016-11-14_21-9-3.png
 
Indians have to queue up for a lot of things. So in conclusion, Indians really love queuing up for things.
 
Ah yes, Indian villages are pinnacle of cooperation and brotherhood. Vendors are telling customers to pay when they have it, wholesalers are telling retailers to pay when they have it, dalals are telling wholesalers to pay when they have it.

What are you smoking man?



It's all a hogwash. No new security features are added to new notes. So counterfeiters only have to change the design and they are back in the game.

In 2014, notes printed before 2005 were invalidated as notes printed after 2005 had security features which old notes lacked. But overall dimensions were unchanged. And people were given 3 months time to do it. AND yet BJP at that time deemed it as anti-poor.
Evidently you haven't stayed in the villages enough to know that, 'Udhaar' is as much ubiquitous as cash in there.
I wonder what they would do if its somebody who they are not so acquainted with or somebody they don't particularly like because of personal prejudices (like if the person is from a lower caste.) Will this person still get free milk and medicines with the assurance that they can pay later? How long will they be keep that up if their own livelihood is on the stake?

What about small towns which do not have close knit relationships and most of the business is done in petty cash and even if people have bank accounts and ATM cards, a lot of them won't have debit/credit cards or online services to use in a cashless manner?

What about the hundreds of cycle rickshaw pullers or daily wage laborers in such towns who have not been able to work or earn in last few days? Given that they themselves will not get any immediate benefit out of all this, will they really be happy to be without food for days in return for the glee of imagining that some doctor or lawyer that they never met in their lives would be sweating about loosing his stash of money. My experience on the matter is that such people don't give a damn about who is in power or what they are doing. For them, it is their own immediate benefits and losses that matter. Some of these people voted for BJP not because Modi said that the corruption would be curbed, but because he promised that he would give each of them Rs 15 lac. But instead of getting any money, their existing livelihood is also going away.

To sum up the present situation, its like the govt is claiming that they want to catch the thieves for the sake of the victims, but what they are really doing is that they are locking up the victims and bystanders along with the thieves and trashing them all.

If a robbery happens in your house and the police assures you that if they lockup a bunch of people from your neighborhood and give them the third degree, they will be able to catch the thief quickly, you might agree, but what if the police say that they want to throw you in as well for the trashing and assure you that its a minor inconvenience you need to face in the interest of catching the thief, would you agree to that?
Don't bring the caste angle to complicate things further, I just meant villages to be much better than cities when it comes to practicing humanitarian values.

BTW, did you actually believe that, we'll vote for Modi & relax in our easy chairs and Recovered black money will be deposited to your account? Nope we'll have to fight for it, The Gold and Benaami properties to be targeted next, so be ready to re-register your properties if I'm not exaggerating. I never thought it'll be a easy job for any government, given the deep roots of corruption in last 70yrs. You are underestimating the deep filth of parallel economy in our system, the people benefitted by it will put forth a equally damaging fight too, there will be collateral damages. The fight is much worse than what it looks & its just started.

The inconvenience of standing in the Qs is nothing compared to the fight which will unveil in future months as the crackdown continues. Currently, The Salt is getting costlier, so will be the other commodities ; the black money hoarders are buying and selling stuff to minimize their losses. (Forgot to mention the unusual increase in commodity prices somehow always occurs when Congress is in the opposition). This will be nothing short of a freedom struggle, if PM sticks to his words. The honest will have a much harder times ahead, because given the versatile socioeconomic characteristics of this country the government cannot easily differentiate the honest from the hoarders. The fact that honest people are having trouble with legitimizing their legitimate money, makes the crackdown pretty effective. It can go to any extent, after all parallel economy is much bigger than legal economy in this country.

If you are expecting that a national level black money cleansing drive will ensue and I will not be troubled because I'm honest with taxes ; it is like expecting the Tiger not to eat me because I'm a vegetarian !

Indians have to queue up for a lot of things. So in conclusion, Indians really love queuing up for things.
Yes we are good at producing more than we can actually take care of (in population sense) so Qs will be there.

Foreign media including the Chinese is hailing it as a great step ; they're rightly recommending much harsher measures than this.

Demonetisation move 'bold' but far from enough: Chinese media - http://timesofindia.indiatimes.com/...enough-Chinese-media/articleshow/55413145.cms

Singapore media compares him one of their own crusaders Lee Kuan

http://m.huffingtonpost.in/2016/11/...i-is-making-headlines-in-singapore-for-his-s/

The Pakistan involvement explained by Tarek

The hoarders and their supporters will highlight common man and his troubles to save themselves from the attack.

e45e73da51e5c1ecbe19791cc2edd62d.jpg
 
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Some Indian on reddit made an app on crowd sourced ATM machines nearby to our homes. It's in /r/Android.
 
Don't bring the caste angle to complicate things further, I just meant villages to be much better than cities when it comes to practicing humanitarian values.

Why not when its such a very important factor when dealing with village folk. Even otherwise, village folk can be very very nasty and cruel towards others while city folk usually just tend to be indifferent and selfish.Granted that there are people with close knit relationships , but when you try to say that village folk are all more humanitarian, its a rather over optimistic and rosy picture you are painting. Maybe you should take a look at one of the villages (one of many) where a girl and her family were boycotted by entire village because she didn't commit suicide as per directions of the village elders after she got raped.

BTW, did you actually believe that, we'll vote for Modi & relax in our easy chairs and Recovered black money will be deposited to your account? Nope we'll have to fight for it, The Gold and Benaami properties to be targeted next, so be ready to re-register your properties if I'm not exaggerating. I never thought it'll be a easy job for any government, given the deep roots of corruption in last 70yrs. You are unnukderestimating the deep filth of parallel economy in our system, the people benefitted by it will put forth a equally damaging fight too, there will be collateral damages. The fight is much worse than what it looks & its just started.

No, I was (and still I am) pretty sure that BJP is no different than congress about corruption and that its laughable that there are people who believe their fairy tales of stopping corruption and its proven to be pretty much right. Any thing they would do will be to line up their own pockets or hit back at their opponents. The audacity of introducing a Rs 2000 note while talking about stopping corruption pretty much shows that. A govt which is even distantly interested in putting an end to corruption will not introduce a new currency note which serves no purpose other than to help hoarders. In fact, any govt which is interested in ending corruption would first attack the political/religious donations which is one of the biggest loop holes in the system for black money. And that wouldn't even require lashing out at the people who have nothing to do with black money. People are delusional if they really think that this govt has any interest in getting rid of corruption.

Some of the things they do might be indirectly beneficial by coincidence while they go about their own personal agenda, but that's about it. Just look at what happened to the Adani investigations and to the people who put so much energy in taking them to task for the corruption. All because they are pretty tight with Modi.


The inconvenience of standing in the Qs is nothing compared to the fight which will unveil in future months as the crackdown continues. Currently, The Salt is getting costlier, so will be the other commodities ; the black money hoarders are buying and selling stuff to minimize their losses. (Forgot to mention the unusual increase in commodity prices somehow always occurs when Congress is in the opposition). This will be nothing short of a freedom struggle, if PM sticks to his words. The honest will have a much harder times ahead, because given the versatile socioeconomic characteristics of this country the government cannot easily differentiate the honest from the hoarders. The fact that honest people are having trouble with legitimizing their legitimate money, makes the crackdown pretty effective. It can go to any extent, after all parallel economy is much bigger than legal economy in this country.

If you are expecting that a national level black money cleansing drive will ensue and I will not be troubled because I'm honest with taxes ; it is like expecting the Tiger not to eat me because I'm a vegetarian !

If somebody says that its necessary for them to hurt/kill the victims and bystanders just so they can get the criminals, that simply shows how incapable, useless, ignorant and lazy they are. Even more pea-brained are the people who think that sort of approach is perfect. What next? What next? Maybe we should get Pak, China or US to nuke our country? After all, that would not only get rid of thousands of black money hoarders for good, but also solve our population problem. After all, you were saying that collateral damage is acceptable.

Even a 10 year old would have a better grip on fundamentals of justice and may be even come up with a better strategy.
 
Some Indian on reddit made an app on crowd sourced ATM machines nearby to our homes. It's in /r/Android.
Unable to get the link for the thread. Quoting the whole post -
So recently in India our Prime Minster announced that notes of denominations 500 and 1000 will not be legal tender. Added to that the only way to get the newly introduced notes or the older legal tender notes was at an ATM or by going to the Bank to exchange your notes. I realised that finding a working ATM was really difficult. India had a huge population and has only so many ATMs. Most would run out of money or were closed due to upgrades. So I decided to make this.

Description : Hate waiting in long lines, only to find out that the ATM has run dry? Tired of driving around to find a working ATM? Use locATM to find ATMs around you that are working, with cash to spare! Make use of crowd sourced data to help yourself, and the next person. Looking for specific change? Easy. Find out what notes ATMs are dispensing too!

So I quickly hacked together an App that makes use of Crowd Sourced Data to do the above. Currently it is Android only, iOS users I'm Sorry. A web App should be live by the 16th. Please note the App is still in Beta, it will have a few bugs here and there and the UI needs work too.

The App works all over the country India and dispalys ATMS that are around your location in a 3000m radius. Download locATM here : https://play.google.com/store/apps/details?id=com.nerdcutlet.atmfinder

Screenshots : http://imgur.com/a/EFwhV

Provide Feedback here : https://goo.gl/forms/ysbcfEHoRlve9Db92

Note : I take no responsibility for the Data shown in the App as it may not always be 100% accurate and from the results that might come from using this App.
dbe2dd8fd0e98c28e1dfd918c5ba7bde.jpg
 
looks like all are exhausted in the process of changing the old currency notes / getting the new notes ;)

Rs 2000 note is reported to lose its color when it is wet
that is the quality of the original note confirmed by the finance secretary !!

where are we leading !?
 
Rs 2000 note is reported to lose its color when it is wet
that is the quality of the original note confirmed by the finance secretary !!

Same is the case with the now defunct Rs. 1000 note as well as probably other denominations.
 
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