India's demonetisation of Rs. 500 and Rs. 1000 notes

Post by hypothesist » Tue, Nov 08, 2016, 3:53 PM UTC

hyperion2010 wrote: post #5

Strange part about this is that they are going to issue new 500 and 2000 notes as per > 8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation. Pulling current notes I can understand, but the problem is that the denomination allows people to move lots of money in a minimal amount of space, so replacing them isn't really solving the problem.

Post by puddintane » Tue, Nov 08, 2016, 3:55 PM UTC

h43k3r wrote: post #8

hyperion2010 wrote: post #5

Strange part about this is that they are going to issue new 500 and 2000 notes as per > 8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation. Pulling current notes I can understand, but the problem is that the denomination allows people to move lots of money in a minimal amount of space, so replacing them isn't really solving the problem.

It is. To get new notes, you will have to submit the old notes to the bank. In that case, you will have to declare the money to the Income Tax department. And if the sum is huge, a criminal enquiry will be started by IT department. Also this will at once curb all the fake note issues.

Post by sidcool » Tue, Nov 08, 2016, 3:58 PM UTC

Post by ncallaway » Tue, Nov 08, 2016, 3:58 PM UTC

callahad wrote: post #12

Doh! I was in India earlier this year and forgot to change currencies on the way out. Any ideas for a US national holding 9 of the Rs500 notes?

Post by ramshanker » Tue, Nov 08, 2016, 4:02 PM UTC