India's demonetisation of Rs. 500 and Rs. 1000 notes
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India's demonetisation of Rs. 500 and Rs. 1000 notes
1–10 of 336 posts
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#2This is interesting that is coming off following a tax evasion amnesty.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#3Could 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.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#4This is a great move. Though I only hope that depositing whatever money you have is easy because all I can imagine now is kilometer long lines at every bank
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#5Strange 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.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#6For international readers:
Rs 500 and Rs 1000 are the highest denominations notes in India. Other available denominations are Rs 100, 50, 20, 10.
This is such a major move to curb black money in the history of Indian Politics and Economy
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#7What about people not in India with a few 1000 rupee notes lying around, those are valueless for good? I have 2 notes.
Wont the funds be effectively destroyed and removed from circulation, for those who don't put their cash in the bank by the end of next month. Wont this have deflationary consequences?
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#8Strange 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.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#9Some programmer humour - https://twitter.com/manojlds/status/796012773373161472
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#10I just love Modi Ji's deadlines. Always do it NOW mode. :)