I presume this will not be the right forum to ask. But I'm a foreigner and I exchanged euros to INR for about 50K INR (cash to cash). I didn't keep the receipt for this. How could I get my money exchanged or transferred back to my (Irish) bank account.
India's demonetisation of Rs. 500 and Rs. 1000 notes
321–330 of 336 posts
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#322Maybe not the right forum to ask, but given the expertise on India here it's worth a shot. I exchanged euro to INR (cash to cash) about 50K INR. I did not keep the receipt. What would be the easiest way to get the money exchanged or transferred to my (Irish) bank account?
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#323Earlier quoted context omitted.
If you're spending 30k, paying an extra 20 for a banker's draft is insignificant. And it's not like you buy a car every week. (I also can't imagine feeling safe carrying anything like that much cash around. What if you lost it?)
Banker's drafts can be an even bigger pain in the ass in the EU, with some banks charging percentages for them... And losing one of those tends to be a Bad Thing too. Anyway, my point was that despite being rare the 200 and 500 euro notes are far from "absolutely useless".
I really struggle to see how it's useful to an ordinary person. You maybe save a little money, sure, but for a non-1%er the risk just seems completely disproportionate. I mean any dealer/business would accept a bank transfer, right? So it only makes sense in the first place for buying a car person-to-person (and for friends/family a bank transfer would work too). Carrying 30k to meet a more-or-less stranger who knows you're going to be carrying 30k? Sheesh.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#324Earlier quoted context omitted.
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.
I think since India only has notes in {5,10,50,100,500,1000} denominations there might not be enough legal tender with just {5,10,50,100} to convert all {500,1000} notes, thus by introducing a new notes (bills) which look completely different than older 500 Rs, and 2000 Rs which are completely new, they can ensure that enough notes/bills are available.
there is 20
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#325Earlier quoted context omitted.
This is totally unrelated to capitalism as a structure and paradigm for an economy. Let's momentarily set aside the issue of whether the US owed Iran 1.7B dollars. There are arguments on both sides but I want to point something out: The cash payment was made at the same time as the release of four Americans by Iran's regime. The Obama administration has admitted that the cash was used as leverage in negotiating their…
as you said it was used as a LEVERAGE not a ransom. US had to pay this money anyway, by timing it right they had more LEVERAGE in the negotiations and 4 innocent people got out of prison. What is wrong with that? painting this payments as ransom is wrong.
Ransom IS leverage. The payer is manipulating the captor's desire for money, in order to get an immediate release of prisoners that would otherwise not happen.
Equally true, taking hostages is a way to gain leverage by manipulating the payer's desire to protect the captives. Why do you think bank robbers and hijackers do it? Iran was unable to get that money for almost forty years, but by dangling four Americans in front of the Obama administration, they were able to collect a ten-figure cash payment out of America's coffers.
And you think there's nothing wrong with that?
The Americans are guilty of caving on their principles and giving tons of (borrowed btw) cash to hostage takers, and the Iranians are guilt of taking hostages in the first place.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#326Earlier quoted context omitted.
> about the absolute uselessness Yeah, no. Even a relatively small amount like 30k is a major pain in the ass to carry around in 100 euro notes. 30k is what one might pay for a car, for example.
If you're spending 30k, paying an extra 20 for a banker's draft is insignificant. And it's not like you buy a car every week. (I also can't imagine feeling safe carrying anything like that much cash around. What if you lost it?)
Are banker's drafts the same thing as money orders? That's how I paid my cars; they are worthless if stolen (though if you lose them, the money's gone) because only the recipient can convert them back. Banks give them out for the same cost as withdrawing cash, which is a few euros.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#327Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#328It 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…
Not really. Conversion to cash is limited to Rs.4000. Rest goes into your account. If you convert more than 2 Lakhs, that is notified to the IT authorities. You can't withdraw more than Rs.20000 per week or some such limit. Trickling down will take a long time, and even then most of it will be watched. If someone is withdrawing more cash than they ever did before, the govt., will probably question them beyond certain limits.
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#329India gave no warning on Rs. 500 and Rs. 1000 notes. How are we suppose to cash in the ones we have?
Re: India's demonetisation of Rs. 500 and Rs. 1000 notes
#33080% India's economy is running on black money; Without black money people will kill each other; Futile attempt; http://www.dailymail.co.uk/indiahome/indianews/article-39179...