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

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I have made two trips using 2 cards to atm and got money without standing in a queue. Just that you have to look for an open atm in Pune. Not got 500 rs though. Withdrew around 16 k as I have to pay for a table. No lines or queues anymore but it is still a hot topic for the opposition. On the other hand there are lot of reports that have actually praised the move even after there are indications that only 75k crore havent retuned. Maybe the benefit is banks have a lot of capital for short term and half of the retuned currency is expected to remain in banks. Plus tax collections will go up in short term.

 

Guess this is going to be an Invlountary income declaration scheme. Hope that people are not targeted for the sake of it around 3 to 4 lac crore money is reported to be suspicious. And a report that over 60lac people have deposited more than 2 lac.

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On the other hand there are lot of reports that have actually praised the move even after there are indications that only 75k crore havent retuned. Maybe the benefit is banks have a lot of capital for short term and half of the retuned currency is expected to remain in banks.

 

 

Actually it is a bad thing that all the money was returned. You see, one of the aims of this exercise was that only part of the money would be returned. The rest of the money would be assumed to be black money. Now if the entire money comes back, then the assumption is that there was no or very little black money.

 

Now they need to look at the deposits and see if there are any discrepancies. It is possible to figure out which are the fake accounts but it will take time. And this is another reason why they need to limit the withdrawals - because if they remove the limit, then all the money that was in the fake accounts can be withdrawn immediately and the whole exercise is futile.

 

That said one benefit is that the banks have a lot of cash and this is ideal for them because they were sitting on a lot of NPAs. This also makes the government job of having recapitalize the banks easier. So in all there are benefits but it remains to be seen how the government are going to spin this.

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God damn the morons running our country. Every f**king atm only dispenses 2000 Rs notes. I needed to spend 100rs. :ranting:

And what about the moron that can't accept the Rs100 payment on a simple mobile app ? 🤔

 

It's the people that can't adapt to a rapidly changing world that are destroying this country.

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And what about the moron that can't accept the Rs100 payment on a simple mobile app ? 🤔

 

It's the people that can't adapt to a rapidly changing world that are destroying this country.

To accept payment via simple mobile app, one needs to spend 5000 on a smartphone and 250/pm for data connection.

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To accept payment via simple mobile app, one needs to spend 5000 on a smartphone and 250/pm for data connection.

https://blog.paytm.com/now-every-indian-can-go-cashless-without-internet-d7c4a8db32fd#.veiv7znv4

 

If one can't even learn how to use services like these then he deserves to remain in poverty for life.

Edited by Anshul
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https://blog.paytm.com/now-every-indian-can-go-cashless-without-internet-d7c4a8db32fd#.veiv7znv4

 

If one can't even learn how to use services like these then he deserves to remain in poverty for life.

 

Need to be an existing user. If you do not have a PayTM account, it is useless.

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https://blog.paytm.com/now-every-indian-can-go-cashless-without-internet-d7c4a8db32fd#.veiv7znv4

 

If one can't even learn how to use services like these then he deserves to remain in poverty for life.

You need to register ur no. first on paytm via a smartphone or a PC. Lets assume u managed to do that. Then did all that typing numbers and sh*t (instead of just paying with cash) to get the money in ur paytm. What will u do when the next person doesnt use paytm? Its not universal like cash.

 

Also some people cringe at the name of xiaomi and oneplus (coz of sending data to china and stuff) but dont really care that Alibaba owns Paytm. 🤦🏻‍♂️

Edited by Mizanurification

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You need to register ur no. first on paytm via a smartphone or a PC. Lets assume u managed to do that. Then did all that typing numbers and sh*t (instead of just paying with cash) to get the money in ur paytm. What will u do when the next person doesnt use paytm? Its not universal like cash.

 

Also some people cringe at the name of xiaomi and oneplus (coz of sending data to china and stuff) but dont really care that Alibaba owns Paytm. ‍♂️

http://economictimes.indiatimes.com/wealth/spend/demonetisation-ussd-technology-to-pay-digitally-without-internet/articleshow/55574701.cms

 

The whole point of demonetization was to get people to start using digital payments. So if small businesses can't adapt and accept them, it's their fault.

Edited by Anshul

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Guys, Is there a chance I could still exchange old 1000 note now (RBI)?? I just found 2x1000 notes in my hidden stash :/

 

Better have a reason to explain this. Although the value is too small to rustle any feathers.

The whole point of demonetization was to get people to start using digital payments. So if small businesses can't adapt and accept them, it's their fault.

 

Wait, what? There was no mention of digital payments in the November 8 speeches, it was all harping about how this will bring an end to corruption and anti-national activities.

The whole point of demonetization was to get people to start using digital payments. So if small businesses can't adapt and accept them, it's their fault.

 

Wait, what? There was no mention of digital payments in the November 8 speeches, it was all harping about how this will bring an end to corruption and anti-national activities.

Edited by ALPHA17

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Better have a reason to explain this. Although the value is too small to rustle any feathers.

 

Wait, what? There was no mention of digital payments in the November 8 speeches, it was all harping about how this will bring an end to corruption and anti-national activities.

 

Wait, what? There was no mention of digital payments in the November 8 speeches, it was all harping about how this will bring an end to corruption and anti-national activities.

OK now this is going to lead to a whole argument about the Indian economy and I don't have time for it.

 

My point still stands though. People that can't learn how to accept digital payments are just lazy and a waste of space to be perfectly honest.

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My point still stands though. People that can't learn how to accept digital payments are just lazy and a waste of space to be perfectly honest.

 

What rubbish. Just because you like them doesnt mean everyone should be forced to use them. I am not very interested in them.

 

I could say the same the other way round. People who can't pay in cash (and with the correct change) are just lazy and stupid and a waste of space to be honest.

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What rubbish. Just because you like them doesnt mean everyone should be forced to use them. I am not very interested in them.

 

I could say the same the other way round. People who can't pay in cash (and with the correct change) are just lazy and stupid and a waste of space to be honest.

But with the limit on cash withdrawals(and rightfully so) it isn't lazy. Businesses have to adapt if they want to succeed. It's like talking to a 5 year old lol. Edited by Anshul
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