61–70 of 336 posts
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?
What if people just keep accepting it, just not through formal banks? Paper money is worth what people think it's worth. If some money/object moves outside the banks anyway, perhaps it won't be completely worthless.
I am originally from India, living in NYC for last 10 years. Black money is a major problem in India, it's directly fueling This is an ingenious way to handle the problem at its root. I don't know how Government is going to handle this transition in a country as big and diverse as India. Personally, I prefer the rip-off-the-band-aid approach. The only thing I disagree with is the ATM daily/weekly withdrawal limit (10…
If they can't, then well boy, they were already defaulters.
This is the boldest and probably most brilliant move by any Indian politician since liberalization of economy in 1990s. Having said that, another way of understanding this is that as of today both old 500 Rs and 1000 Rs notes have been "probabilistically devalued". For anyone in middle class and below the value essentially remains the same (other than a small devaluation due to effort required to get them exchanged),…
This is a strategy copied from China. They did same in 1970-80's. Funny part is this is trying to get money from within Indian economy and wasting on govt and pet projects. The promise to re-patriate black money stashed outside India nowhere in sight. China bring in fugitives and money back even from official who took US citizenship. Modi can just dream of it and take money from hardworking Indians living in India. P…
Citation needed.
Could someone fix the title, please? The notes aren't being made illegal, they are just ceasing to be legal tender. There's a big difference! Right now, the title is clickbait.
I thought the same too. But in layman's terms, both are same.
Earlier quoted context omitted.
Just to add to your comment, the highest denomination note in India is worth just $1.5USD. According to the Global Findex by the World Bank [1] 47% of the Indian population doesn't have a bank account. And only 22% of the population have debit cards. I don't know, this seems too extreme to me. Certainly 500 euro notes or 100 dollar bills are very useful in dark markets, but the Rs 1000 note was just worth $15USD. Thi…
The highest denomination note of INR 1,000 is worth about USD 15.
This is the boldest and probably most brilliant move by any Indian politician since liberalization of economy in 1990s. Having said that, another way of understanding this is that as of today both old 500 Rs and 1000 Rs notes have been "probabilistically devalued". For anyone in middle class and below the value essentially remains the same (other than a small devaluation due to effort required to get them exchanged),…
Changing $100 notes to $200 notes will open a new black market for converting 2 x $100 notes to $200. I think just removing the $100 note is safer.
What if people just keep accepting it, just not through formal banks? Paper money is worth what people think it's worth. If some money/object moves outside the banks anyway, perhaps it won't be completely worthless.
Earlier quoted context omitted.
Just to add to your comment, the highest denomination note in India is worth just $1.5USD. According to the Global Findex by the World Bank [1] 47% of the Indian population doesn't have a bank account. And only 22% of the population have debit cards. I don't know, this seems too extreme to me. Certainly 500 euro notes or 100 dollar bills are very useful in dark markets, but the Rs 1000 note was just worth $15USD. Thi…
The highest denomination note of INR 1,000 is worth about USD 15.
So, I think he agrees with you and is just pointing out without the 500 or 1000 note's the 100 is only worth $1.5USD.