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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?
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.
500 rupees = $7.52, 1000 rupees = $15.05 These are not large denomination bills.
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.
500 rupees = $7.52, 1000 rupees = $15.05 These are not large denomination bills.
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.
500 rupees = $7.52, 1000 rupees = $15.05 These are not large denomination bills.
PS: Denomination is face value and 500 and 1000 are the largest in Indian currency, so you are also wrong from use of the word.
Earlier quoted context omitted.
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.
I wonder how long till the new format is duplicated?
The idea is if you have very large sums of money stashed away in cash, you're now forced to deposit it into a bank and reveal it. If you're not comfortable doing that, you're basically going to lose your money.
i) Indian Banks are being setup for a collapse.
ii) India is being setup as a prototype cashless big-brother-esque society (what with UIDAI and all).
Paranoia, yes, but well-worth it to keep in the back of the head.
It is hardly going to fix the black money problem. Rich people have so many employees to do the bank run for them. Within the next month, you will see a huge spike in real estate market. People with black money will dump it in the real estate market. (If you are not an Indian, this is how it works. You buy an apartment/home/building for the amount X. But you declare it to the government that you bought it for X/10. T…