Rs 500 and Rs 1,000 notes pulled out of circulation immediately

[AflyingKiwi]

Only mr. Kejriwal is seeing all the afra tafri in Delhi. He is the perfect example of waste of space on earth

 

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[AflyingKiwi]

Borrowed 2k cash from local shopkeeper [emoji38]

What ever get you through this but still better than swearing and cribbing though.

 

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[Star Lord]

[RegeneratorMantis]

 

 

[Cash]

This has hit the common man harder than any black money hoarder. The daily wage labourers, The local grocery shop etc has their income come to a complete null. This should have been planned much better than what is going on. Banks have no cash, 10,000 rs is the maximum whereas maximum banks are only giving upto 3000 rs to accommodate other customers.

 

Worst part is people trying to do this is those who has earned their money whitely (can't find a better word). Was in bangalore for the past week and thought the situation was good and modi's plan was effective. But landed back in Kerala and the situation here is so much worse. People have no clue what is happening or what to do, Its like all of their money is frozen for no apparent reason.

 

Also there are rumours going on about people buying 1000 rs note for 600 rs. Don't know what the *bleep* they are upto.

 

http://indianexpress.com/article/india/india-news-india/pm-narendra-modi-breaks-down-into-tears-says-given-everything-to-the-country-4372915/

 

Then saw this, Absolutely sure now the situation has gone out of hand. Suffer for 50 more days? I personally won't have a problem since i have an account, debit, credit card etc but for the common people, this has been harsh.

 

 

Edit - Absolutely appreciate the guts of Modi and willingness to eradicate black money but don't feel this was planned properly.

[Banz]

The worst part is that some of the problems could have been offset by some prior planning. All they had to do was to print and stock up banks with a lot of 100s (and new 500s) before hand. The 2000 right now is as good as useless unless you are buying something of that exact worth or higher. A bit of prior planning could have prevented this situation where banks are rationing out cash and people have to line up every other day to get their share. It feels like we are in the middle of a war.

[PS Fan]

 

[PS Fan]

 

 

 

 

 

 

[LeonardoInventions]

The queues outside all the SBI's branches are the absolute worst. Man I don't envy those people at all.

[SpearHea:D]

 

 

 

Wow that girl next to aamir khan is gorgeous.

[Aftrunner]

This has hit the common man harder than any black money hoarder. The daily wage labourers, The local grocery shop etc has their income come to a complete null. This should have been planned much better than what is going on. Banks have no cash, 10,000 rs is the maximum whereas maximum banks are only giving upto 3000 rs to accommodate other customers.

 

Worst part is people trying to do this is those who has earned their money whitely (can't find a better word). Was in bangalore for the past week and thought the situation was good and modi's plan was effective. But landed back in Kerala and the situation here is so much worse. People have no clue what is happening or what to do, Its like all of their money is frozen for no apparent reason.

 

Also there are rumours going on about people buying 1000 rs note for 600 rs. Don't know what the *bleep* they are upto.

 

http://indianexpress.com/article/india/india-news-india/pm-narendra-modi-breaks-down-into-tears-says-given-everything-to-the-country-4372915/

 

Then saw this, Absolutely sure now the situation has gone out of hand. Suffer for 50 more days? I personally won't have a problem since i have an account, debit, credit card etc but for the common people, this has been harsh.

 

 

Edit - Absolutely appreciate the guts of Modi and willingness to eradicate black money but don't feel this was planned properly.

 

Dead on.

 

Saw this on twitter and its super appropriate.

 

 

Sangita Nambiar ‏@Sanginamby 15h15 hours ago

If credit card systems crash and the privileged class too have to get in queues to collect cash, their no pain no gain talk will disappear.

 

 

Its so easy for us to sit behind a PC or an expensive phone and laud this and then go and order Dominos for dinner. Situation is really messed up for a lot of people who were barely making by.

[AtheK]

I agree, the intention is right, execution not so much. What he could have done is that discontinued 1000 First, and then everyone would have hoarded 500. That point(6 months probably?), made 500 invalid with enough 2000 in the market. Just a thought.

[Big Boss]

Today it was pretty normal here. Hardly 10 odd people in queue. Should get resolved in a week I guess. Mostly people are withdrawing/exchanging to the limit. 2k/4K amount should be more than enough for people to buy groceries for 2 weeks or more. Most poor people have a monthly hisaab with their local grocery guy who maintains a book, and pay off at the end of month (been there, done that) so luckily they weren't affected. Gas and petrol can be bought using old notes so that's covered. Almost all poor people goto government hospitals who are also accepting old notes. Daily public transportation has monthly passes which are also accepting old notes, and again this is mid month.

 

The people who didn't have any cash or very less cash than needed with them are screwed for sure. Also those who are travelling, must be a nightmare for them. And those who were having marriages etc.

 

I hope this teaches everyone to say no to black money. Just remember the hours you stood in queue to get your own cash when someone asks you for a bribe or you try to dodge taxes next time. Nothing good comes out of it. Many might not do it, but their parents might be doing it. Discourage them. Don't take pussies way out by saying politicians or babus do it, so it's fine for us. Pehle khud sudharo.

[dante77]

 

Dead on.

 

Saw this on twitter and its super appropriate.

 

Its so easy for us to sit behind a PC or an expensive phone and laud this and then go and order Dominos for dinner. Situation is really messed up for a lot of people who were barely making by.

Agree. Spot on. We are not the ones in queue. Even then, we are facing inconveniences. I could only imagine pain of those who are actually in the queue. There are huge queues outside any Bank/atm at this moment.

[Aftrunner]

And here is the messed up part. The amount of black money stored in cash could be as low as 5-6%. Which mean there is a strong probablity that this will (at best) barely make a dent in the black money market.

 

Ill-gotten wealth mostly enters the formal economic system through real estate and shell companies, a finance ministry source said.

........................

HT reported on Thursday the currency switch could result in hardship for low-income groups as only 28%-32% of Indians have access to financial institutions, including post offices and banks. Further, 33% of the 138,626 bank branches are in 60 Tier-1 and Tier-2 cities, leaving rural India at a huge disadvantage.

 

 

http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html

[Bhpian Bali]

Why 500 and 1000 rs notes needed to be discontinued and instead 2000 was introduced.

 

http://blogs.timesofindia.indiatimes.com/voices/demonetisation-issue-an-open-letter-to-delhi-cm-arvind-kejriwal/?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI

[CarbonCore]

And here is the messed up part. The amount of black money stored in cash could be as low as 5-6%. Which mean there is a strong probablity that this will (at best) barely make a dent in the black money market.

 

 

http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html

 

It says the recovery has been less than 6% of total undisclosed amount. If 2,000,000,000,000rs is less than 6% of undisclosed amount (with 45 days still to go) then by God India's parallel economy could rival China

[Banz]

According to this article India's black economy is somewhere around 25% of the GDP, lower than the Asian average. (Figures are for 1999-2003 but they barely change for most)

http://ftp.iza.org/dp2315.pdf

 

For Russia it is nearly half their econonmy, In Latin America it is almost 2/3rds in most places. For rich Western countries, the numbers are between 10 and 20 %

 

 

 

 

It says the recovery has been less than 6% of total undisclosed amount. If 2,000,000,000,000rs is less than 6% of undisclosed amount (with 45 days still to go) then by God India's parallel economy could rival China

 

India's GDP in 2015 was 1.15 crore crores, so black economy would have been somewhere around 25 lakh crores. 6% of that is somewhere about 1.5 lakh crores.

[CarbonCore]

India's GDP in 2015 was 1.15 crore crores, so black economy would have been somewhere around 25 lakh crores. 6% of that is somewhere about 1.5 lakh crores.

 

Dayum

[shekdown]

There is absolutely no way this could have been planned better. Because planning automatically entails involving more people - For logistics, bank managers, employees etc. This automatically would spread the news to people. Even a day or 2 is adequate for people to convert their ill-gotten wealth. The surprise was absolutely necessary. I do feel however, administration after announcement should be better:

 

a) Supply of currency and establishment of mobile banks and vehicles should have been done to ease the pressure across the country (RBI have repeatedly communicated currency is there)

Request public sector banks to be open 24/7 and have 3 shifts for employees. This would make life easier for working classes as opposed to the regular 9 AM to 6 PM timing.