(Discussion) Rs 500 and Rs 1000 notes will no longer be legal tender, says PM Modi

@sbdtrial wrote:

@bk08 wrote:

Can someone answer my queries -

1. Have the RBI / banks demolished transaction limits on banks / ATMs ? like 3/5 transactions , 40 transactions per month ?
2. Any overage withdrawals (because of 2K) limit will chargeable i.e 18/20 Rs per txn & latter banks will also charge DFS charges , etc .

If these cases still apply , then its big shame on govt / RBI . They have created havoc in common people lives without even caring a bit .. forget standing in endless lines running pillar / post .. begging people to accept digital currency .

Check with your bank. ICICI has removed some charges up till 30th Nov & others up till 31st December
Ditto for Axis. Don’t know about others

SBI has not removed any charges. For 60k deposit they have charged me 20+ cash deposit charges.

SBI is in big trouble I guess and are making loads of money through such charges now.

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

@ranjithsai01 wrote:

@sbdtrial wrote:

@bk08 wrote:

Can someone answer my queries -

1. Have the RBI / banks demolished transaction limits on banks / ATMs ? like 3/5 transactions , 40 transactions per month ?
2. Any overage withdrawals (because of 2K) limit will chargeable i.e 18/20 Rs per txn & latter banks will also charge DFS charges , etc .

If these cases still apply , then its big shame on govt / RBI . They have created havoc in common people lives without even caring a bit .. forget standing in endless lines running pillar / post .. begging people to accept digital currency .

Check with your bank. ICICI has removed some charges up till 30th Nov & others up till 31st December
Ditto for Axis. Don’t know about others

SBI has not removed any charges. For 60k deposit they have charged me 20+ cash deposit charges.

SBI is in big trouble I guess and making loads of money through such charges now.

Mallya effect! How do people still think that these banks are here to help common man? Bullshit!

@Magus wrote:

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

the 20+ people before me are like 40+ only
And 2 women among them too 55+ (The first one in the queue who was waiting since 8:30am was also a woman (55+)
Its not that tough either. I have seen people standing in the queue with their kids too
A wait time of 1.5hr is not a big deal at all.

@cybertechie wrote:

@RichSoul wrote:

I have a feeling that India is going through a recession stage and govt just doing it for getting more deposit at banks. I don’t know I’m speculating too much or not.

During recession, you wan’t consumers to spend more not to deposit more money in bank. If people start holding on to money without spending( current scenario), it will only worsen the economic situation.

90% People who depositing money average 2 lakh will have to spend soon they cant keep money in bank for long time only Keeping bcuz they have no choice

since no money in market means – no demand no production no job so sooner you will see that 2 lakh will come out from bank bcuz ppl have to buy necessaries thing but they arent able to generate regular monthly income

It will hit more for business person and ppl depend on business cuz mostly all are unaccounted

getting permanent salary ppl will not get effected

@getready wrote:

@Magus wrote:

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

the 20+ people before me are like 40+ only
And 2 women among them too 55+ (The first one in the queue who was waiting since 8:30am was also a woman (55+)
Its not that tough either. I have seen people standing in the queue with their kids too
A wait time of 1.5hr is not a big deal at all.

Yes @Patel I was also shocked

@blue wine wrote:

@cybertechie wrote:

Lot of interesting views on this thread. I’m currently holidaying in a small town in Kerala. I was able to exchange 1000 rs notes with 100 rs notes without much difficulty here . Kerala is one of those states where BJP doesn’t have much presence but in-spite of that, people around here are still happy with the fact that PM has taken a decision that will benefit the nation . I do see some crowd in front of banks and ATM’s but people are not much fussy about it. Most of the stores here are not accepting 500 and 1000 rs notes.

Kerala is the one of the Fantastic state in india

I heard

Very clean and

Aap apna bag station per chor de din bhar kaam kar aaye aur sham aapka bag vahi milega nobody will touch

Never generalise anyone/anywhere http://www.indiatimes.com/news/india/politician...

@Magus wrote:

@ranjithsai01 wrote:

@sbdtrial wrote:

@bk08 wrote:

Can someone answer my queries -

1. Have the RBI / banks demolished transaction limits on banks / ATMs ? like 3/5 transactions , 40 transactions per month ?
2. Any overage withdrawals (because of 2K) limit will chargeable i.e 18/20 Rs per txn & latter banks will also charge DFS charges , etc .

If these cases still apply , then its big shame on govt / RBI . They have created havoc in common people lives without even caring a bit .. forget standing in endless lines running pillar / post .. begging people to accept digital currency .

Check with your bank. ICICI has removed some charges up till 30th Nov & others up till 31st December
Ditto for Axis. Don’t know about others

SBI has not removed any charges. For 60k deposit they have charged me 20+ cash deposit charges.

SBI is in big trouble I guess and making loads of money through such charges now.

Mallya effect! How do people still think that these banks are here to help common man? Bullshit!

I thought first few transactions are free or there are no such charges for 30K+ balance. Now I am definitely not going to use SBI ever even though HDFC is a little farther. At least they would fleece telling they are going to fleece money

@Magus wrote:

@getready wrote:

@Magus wrote:

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

the 20+ people before me are like 40+ only
And 2 women among them too 55+ (The first one in the queue who was waiting since 8:30am was also a woman (55+)
Its not that tough either. I have seen people standing in the queue with their kids too
A wait time of 1.5hr is not a big deal at all.

Did they really tell you that?

That’s so called tough situation applies to people who arrives at branch locations after opening hours or just before that. They have to wait in the queue under sun for more than 2 or 3 hours easily

@blue wine wrote:

@cybertechie wrote:

@RichSoul wrote:

I have a feeling that India is going through a recession stage and govt just doing it for getting more deposit at banks. I don’t know I’m speculating too much or not.

During recession, you wan’t consumers to spend more not to deposit more money in bank. If people start holding on to money without spending( current scenario), it will only worsen the economic situation.

90% People who depositing money average 2 lakh will have to spend soon they cant keep money in bank for long time only Keeping bcuz they have no choice

since no money in market means – no demand no production no job so sooner you will see that 2 lakh will come out from bank bcuz ppl have to buy necessaries thing but they arent able to generate regular monthly income

It will hit more for business person and ppl depend on business cuz mostly all are unaccounted

getting permanent salary ppl will not get effected

Actually people who used to save that kind of money at home now would think, anyway they have deposited it in the bank they can better go with a FD for the rainy days as it gives interest too?

Actually there are many dimensions to this topic and each one has their own argument which would be true to some extent.

PS- Economy 101 is for basic understanding and considers many variables as static

Edit- By the way how was that 90% arrived at?

@getready wrote:

@Magus wrote:

@getready wrote:

@Magus wrote:

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

the 20+ people before me are like 40+ only
And 2 women among them too 55+ (The first one in the queue who was waiting since 8:30am was also a woman (55+)
Its not that tough either. I have seen people standing in the queue with their kids too
A wait time of 1.5hr is not a big deal at all.

Did they really tell you that?

I can read people’s minds
Considering the worse, this is a lot lot better
And everyone looked pleasant

That’s so called tough situation applies to people who arrives at branch locations after opening hours or just before that. They have to wait in the queue under sun for more than 2 or 3 hours easily

What if all of them rushed to the bank before 8? You are just isolating a single event to arrive at a conclusion. Things are not as easy all over the country.

But I’m not surprised at this move at all. The life of a common man has no value in this country. He is just another raw material used in the fabrication of a luxurious lifestyle of a few rich asses. Exploitation is exploitation by whatever nice name you call it.

CC @DealSeeker @ranjithsai01

@Stupendous Man wrote:

@Magus
Pakistani chutiyas and Dawud’s will loose their influence(atleast for a year)*

……
The middle-class who have small savings in their homes 5-10 lakhs for emergencies/marriages etc., saved over years are now being harassed. All middle-class women save and hide a little amount every month for rainy day, that’s not black money but showing the source as savings over years will be difficult for them. 2.5 lakhs deposit amount is too less, the amount should have been 5 lakhs

Economy will have more money for circulation. Fake currency will be gone. No affect on black money

+1 So true.

I really appreciated the announcement by ModiJi and ardent follower of BJP but the way he is mocking us everywhere is making me dislike him. 5 lakh toh kar hi dete limit. Everybody keeps aside around 5 lakh for their urgencies and saving such amount will also require space. So, 1000 and 500 denomination is kept aside by people. This amount is not the KAALA DHAN . It takes a long time to save this much amount. He is saying jo bank mein 25 paise jama nahin karte they aaj woh line mein khade hein That to some extent displays his childhood hate towards riches. He should actually visit banks in some villages. What a mismanagement! So much confusion. Fake rumors are spreading. CAs are giving so different answers to same queries. No idea whom to follow. Its like all hell broke loose at this time. And, on top of it, instead of creating reassurances, Modi Ji saying – Jo log mujhe jaante hein ki mein kya kar sakta hun, woh log Ganga mein notes bahaa rahe hein. He is just adding panic in public. Kaun karega bank mein paisa jamaa? Bank treasury is already full of fake notes by their own mistake because all bank branches do not have working Scanners. And now they don’t want public to deposit their own money out of confusion and panic. So, that is why there is long queues outside banks and post offices just to exchange money. Same thing, old stash will get replaced. Focus should be on depositing cash too. Nonsense is happening and people are tolerating that something good will happen. Only good thing that I can think of in this situation is that India should attack Pakistan after 30 Dec for all the nuisanse it unleashed and then people of India will be happy as they will have atleast 2.5 L in their bank and small currency for their everyday exchange during war-time. To that, now that they are only giving 2000 rs note so this will add to chaos. You cannot buy anything with a 2000 note because people are so much in love with 100 Rs note. So, it is more likely to be added to some hiding place. I consider that Idea was nice but they failed at executing. And Modi Ji should stop rubbing public with tongue-in-cheek remarks. He dresses good, look smart, does nice things but sometimes comes to Mayawati level during public-speeches. It doesn’t appease anyone. Some people were saying it appears like he is taking some revenge of his poor childhood. Let us all just deposit money and wait for some good outcome but I really don’t see that will happen. This will only lead to building unrest.
Another opinion/rumor going around is that RBI se koi badaa mistake hua hai pehle kabhi jisko chipaane ke liye yeh sab kiya gaya hai. This like recalling these two notes because of some mistake and trying to give a rosy picture surrounding it. Too many theories. Hope everything is back to normal soon.

@Magus wrote:

@getready wrote:

@Magus wrote:

@getready wrote:

@Magus wrote:

@getready wrote:

@bk08

Very easy if you plan it well
Ref : https://www.desidime.com/forums/dost-and-dimes/t...

My token number was around 20 started to wait outside the branch entrance from 8:45am, and by the time i was leaving the bank @ 10:15am, the current token number thats being issued was 300+

PS: The bank is situated in a very busy area, 1km from tech parks in bangalore

That’s because you are a young man living alone. Don’t think it’s as easy for everyone else.

the 20+ people before me are like 40+ only
And 2 women among them too 55+ (The first one in the queue who was waiting since 8:30am was also a woman (55+)
Its not that tough either. I have seen people standing in the queue with their kids too
A wait time of 1.5hr is not a big deal at all.

Did they really tell you that?

I can read people’s minds
Considering the worse, this is a lot lot better
And everyone looked pleasant

That’s so called tough situation applies to people who arrives at branch locations after opening hours or just before that. They have to wait in the queue under sun for more than 2 or 3 hours easily

What if all of them rushed to the bank before 8? You are just isolating a single event to arrive at a conclusion. Things are not as easy all over the country.

But I’m not surprised at this move at all. The life of a common man has no value in this country. He is just another raw material used in the fabrication of a luxurious lifestyle of a few rich asses. Exploitation is exploitation by whatever nice name you call it.

CC @DealSeeker @ranjithsai01

What if* is a very complicated thing, nothing lasts forever but they should be the same at start
Its common n usual like people following the easy path, for that it takes some time

For Example : Many people made 400 withdrawal transactions on November 8th itself just to make sure that they dont have to visit concerned bank branches for exchange or deposit or withdrawal whatever

On the first day (10th i guess), i was very surprised to know that its very easy to get the old notes exchanged (ICICI was doing it via their wealth branches n there were like only 20 people in branch n no queues at all for exchange). This was at around 3pm November 10th or 11th
Around 6pm, i was at ICICI bank branch, here the count is more like 20 people in queue? still waiting in the queue in an air conditioned room is not that troublesome 9mostly you will be out in an hour). Withdrawal via cheque + deposit + exchange transactions were being made that day

Things changed a lot from next day. Many were assuming that they could get 2k cash easily (new 2000 + 500 notes) via ATMs from 10th but only 100rs notes were available and that too 9 out of 10 ATMs were closed.
This is when people started rushing to banks when they realized that ATMs are of no use now.

As i am having 12k in hand with 8k (100 and 50 notes), i dont even see the need to visit any bank branch anytime soon as mostly for above 100rs transaction i use my card(s)

PS: i am not exactly in favor of Mr.modi’s decision but if thats an emergency decision because of fake currency then there’s no other option. I dont see this move helping much to curb the black money issue

@Plato wrote:

…

…Its like all hell broke loose at this time. And, on top of it, instead of creating reassurances, Modi Ji saying – Jo log mujhe jaante hein ki mein kya kar sakta hun, woh log Ganga mein notes bahaa rahe hein. He is just adding panic in public. Kaun karega bank mein paisa jamaa? Bank treasury is already full of fake notes by their own mistake because all bank branches do not have working Scanners. And now they don’t want public to deposit their own money out of confusion and panic. So, that is why there is long queues outside banks and post offices just to exchange money. Same thing, old stash will get replaced. Focus should be on depositing cash too. Nonsense is happening and people are tolerating that something good will happen. Only good thing that I can think of in this situation is that India should attack Pakistan after 30 Dec for all the nuisanse it unleashed and then people of India will be happy as they will have atleast 2.5 L in their bank and small currency for their everyday exchange during war-time. To that, now that they are only giving 2000 rs note so this will add to chaos. You cannot buy anything with a 2000 note because people are so much in love with 100 Rs note. So, it is more likely to be added to some hiding place. I consider that Idea was nice but they failed at executing. And Modi Ji should stop rubbing public with tongue-in-cheek remarks. He dresses good, look smart, does nice things but sometimes comes to Mayawati level during public-speeches. It doesn’t appease anyone. Some people were saying it appears like he is taking some revenge of his poor childhood. Let us all just deposit money and wait for some good outcome but I really don’t see that will happen. This will only lead to building unrest.
Another opinion/rumor going around is that RBI se koi badaa mistake hua hai pehle kabhi jisko chipaane ke liye yeh sab kiya gaya hai. This like recalling these two notes because of some mistake and trying to give a rosy picture surrounding it. Too many theories. Hope everything is back to normal soon.

Because that’s his real face behind all those well orchestrated movements/appearances. From the very first day, I’ve been seeing only a magician with a lot of tricks up his sleeves. Wonder how you guys missed it for so long! The power of hypnotism! #SMH

Believe it or not! His thirst for mass adulation will not be easily quenched. He will go to war!

CC @DealSeeker @Stupendous Man @raven_kira @ranjithsai01

@Plato
Come December and those stashing Rs.100 will be in queue to exchange them…

I don’t think there was any mistake on RBI’s part because the Rs.1000 and rs.500 notes are very old now…Pakistanis had mastered duplicating the current currency notes. Now it will take them more than a year to come up with anything that looks even close to the new notes. So, don’t believe all those faux theories.

After 30th Dec IT Dep will hit hard on the common man who deposited the money their accounts.

@cybertechie wrote:

@enapster wrote:
Stockholm Syndrome everywhere in India! Benefit the nation? Can you explain how? This one time cleanup activity will not bring any long term benefits. The system of corruption and black money will get re-established with the new notes! One of the prime targets for this act were the opposition parties in Punjab and UP. BJP knew about this beforehand, so they are prepared.

Seriously i don’t have the time to explain how demonetization will benefit the nation. This topic has been discussed to death in various forums and media. More than black money, it’s fake currency that hurts the country most in terms of hawala funding, terrorist activities, drug trafficking etc. At-least the government is trying something to curb FICN menace that has plagued this nation for decades.

If you got better ideas than the government, why not stop being a keyboard warrior and step outside your cozy home and start fighting elections. my vote will be for you.

@Stupendous Man wrote:

@Plato
….
After 30th Dec IT Dep will hit hard on the common man who deposited the money their accounts.

Yes, every govt. rule is meant to fill coffers of existing dept. or to create a new one. Sab kuch chhod ke gar aap sanyansi ban jaao toh aapke rehne ke tareeke ko dikha ke tourism promote karte hein. Mein toh sach mein satak gaya is politics se.

@enapster wrote:

Facts on the left AND conjectures on the right.

Feeling sorry for not contributing in this thread. As I m not a political guy and havent bothered that much about currency demonetization, totally noob, Forgive me !

I would like to ask something, I got a call from one of my friend, one of his friend is Branch manager in a Nationalized Bank. He asked him if any of his account is not Linked to PAN card, he was supposed to deposit a sum of amount around 2 Lakhs and he was saying to keep 50% and return rest whenever things will be normal.

My friend asked me For the same (If I have any account without PAN Linking) and explained me everything.(Obviously….I denied.)
he even said that accd to his Banker friend, only deposits more than 2.5L will be monitored.

I cant understand even Branch managers are involved in these things. How these plans from Govt going to be successful ?

What is the Max limit to deposit in savings account for non source of income..

and can we deposit in 1 shot or have to do in installment?

bhakton, masterstroke to nawaz miyan ko shapath grahan mein bulana, uski maa ko shawl dena, achanak pakistan pahunch jana bhi tha…..

@VaibhavJain wrote:

@parthponkiya8 no need to reply AAPTARDS as they are highly frustrated that there all black money is vanished and they can’t use it for punjab, Goa and other elections. even their Aaplogic states that Modi went to Japan just made his black money white.

@sherlock wrote:

Feeling sorry for not contributing in this thread. As I m not a political guy and havent bothered that much about currency demonetization, totally noob, Forgive me !

I would like to ask something, I got a call from one of my friend, one of his friend is Branch manager in a Nationalized Bank. He asked him if any of his account is not Linked to PAN card, he was supposed to deposit a sum of amount around 2 Lakhs and he was saying to keep 50% and return rest whenever things will be normal.

My friend asked me For the same (If I have any account without PAN Linking) and explained me everything.(Obviously….I denied.)
he even said that accd to his Banker friend, only deposits more than 2.5L will be monitored.

I cant understand even Branch managers are involved in these things. How these plans from Govt going to be successful ?

50% Commission is 2 much ?

30% rate goin on afik right now

The new Rs.500 notes

jpg images

Exchange amount upto Rs 4000 / Id proof (Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff)

@blue wine He was damn sure about that.

@sherlock wrote:

@blue wine He was damn sure about that.

Tab to Possible h in December
I can get 2 lakh @ 100% Discount

@goss8877 wrote:

Exchange amount upto Rs 4000 / Id proof (Aadhaar card, driving license, voter ID card, passport, NREGA card, PAN card, identity card issued by the government, public sector unit to its staff)