RBI scales down printing of Rs 2,000 note to mi...

RBI scales down printing of Rs 2,000 note to minimum: Govt sources

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RBI scales down printing of Rs 2,000 note to minimum: Govt sources

https://timesofindia.indiatimes.com/business/in...

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12 Comments  |  
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Tech Guru
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Nothing happened.. 99.9% of old notes were redeemed.. They estimated that maybe 50-60% would be.. But under estimated the levels of corruption..

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Entertainer
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High value 500//1000 rupee note was used for terror funding , corruption. We need solutions.
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Answer is in OP’s post😂😂😂
Thoda wo 100 wale note ko bhi change krdo. 2000 500 wale naye note chote he usse. Bar bar dekhna pdta sala khi gir to ni gya

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Deal Lieutenant
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one fine day….mitron

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Reduction of 2000rs note was stated clear at the time of demo itself if I am not wrong. I dont see what’s the fuss about. Less number of high value notes means we dont have to run around asking for change. Most of us use wallets and cards these days in city’s and in villages not many use the high value notes anyway atleast 70% of them in my guess.

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Critic
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2000 notes and over the counter exchange defeated the whole purpose of demonetisation.

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Deal Lieutenant
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panchabhut wrote:

2000 notes and over the counter exchange defeated the whole purpose of demonetisation.

I have deep respect for you, so don’t take it otherwise.

I read many accounts of impact of demonetisation, net-net I believe it had a good impact. I broadly divide its impact into 2 parts, actual achievements and messaging for future.

Actual achievwments are based on data, which is open to interpretation. Different economista/analysts had different way of looking at it and I choose one of their versions.

The part which I could reason out was
1.the total cash available, which was growing at an alarming pace, and demonetisation, helped contain it, had it not been done, the current levels wpuld be mjch higher.
2.Parallel Economy destabilised, it may not have been 100% removed, but containing it is also a positive.
3. Digital payments really took off after this. Today almost all Micro shops, pan wala, fruits, meals accepts Paytm,UPI. I pay in cash only in bus and auto, which I believe would soon change, because getting exact change is difficult, so the roadside shops increasingly accept digital for convenience.
4. Property Prices fell in many areas. This is not my experience, I collected this from the debates and tweets I read.
5. Messaging, Govt. gave the signal, it would act strong whem needed. People had this “Kuch Nahi Hoga” attitude. Govt. has made a dent on it.

Net-net it is the supreme incompetence and servile nature of our Indian News Media, that is issue.

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Critic
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I could never stand that cheap looking and feeling 2000 rupee note (along with the new 500, 20 etc. ones as well), damn cheap looking slippery shite, other than the fact that it’s so much more impractical and inconvenient for us, the middle-class people to shop with, especially in regards to stationery and grocery purchase. Is there any hope these new notes will be banned? Please, I pray to you imaginary God.

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Nice election strategy.. stuck_out_tongue_winking_eye

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saymyname wrote:

I have deep respect for you, so don’t take it otherwise.

I read many accounts of impact of demonetisation, net-net I believe it had a good impact. I broadly divide its impact into 2 parts, actual achievements and messaging for future.

Actual achievwments are based on data, which is open to interpretation. Different economista/analysts had different way of looking at it and I choose one of their versions.

The part which I could reason out was
1.the total cash available, which was growing at an alarming pace, and demonetisation, helped contain it, had it not been done, the current levels wpuld be mjch higher.
2.Parallel Economy destabilised, it may not have been 100% removed, but containing it is also a positive.
3. Digital payments really took off after this. Today almost all Micro shops, pan wala, fruits, meals accepts Paytm,UPI. I pay in cash only in bus and auto, which I believe would soon change, because getting exact change is difficult, so the roadside shops increasingly accept digital for convenience.
4. Property Prices fell in many areas. This is not my experience, I collected this from the debates and tweets I read.
5. Messaging, Govt. gave the signal, it would act strong whem needed. People had this “Kuch Nahi Hoga” attitude. Govt. has made a dent on it.

Net-net it is the supreme incompetence and servile nature of our Indian News Media, that is issue.

+1

Overall Demon helped alot in many ways. I feel now govt should remove 2000 notes slowly from market. Maximum 500 can be market. Release more 100, 200, 300, 400, 500 notes. That’s enough. It needs lot of brain to understand the game behind Cash-Transactions. Govt should ban cash transaction above 25,000 or 30,000 in future. Any amount above that should be in Electronic Mode ONLY.

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Critic
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saymyname wrote:

I have deep respect for you, so don’t take it otherwise.

I read many accounts of impact of demonetisation, net-net I believe it had a good impact. I broadly divide its impact into 2 parts, actual achievements and messaging for future.

Actual achievwments are based on data, which is open to interpretation. Different economista/analysts had different way of looking at it and I choose one of their versions.

The part which I could reason out was
1.the total cash available, which was growing at an alarming pace, and demonetisation, helped contain it, had it not been done, the current levels wpuld be mjch higher.
2.Parallel Economy destabilised, it may not have been 100% removed, but containing it is also a positive.
3. Digital payments really took off after this. Today almost all Micro shops, pan wala, fruits, meals accepts Paytm,UPI. I pay in cash only in bus and auto, which I believe would soon change, because getting exact change is difficult, so the roadside shops increasingly accept digital for convenience.
4. Property Prices fell in many areas. This is not my experience, I collected this from the debates and tweets I read.
5. Messaging, Govt. gave the signal, it would act strong whem needed. People had this “Kuch Nahi Hoga” attitude. Govt. has made a dent on it.

Net-net it is the supreme incompetence and servile nature of our Indian News Media, that is issue.

1.the total cash available, which was growing at an alarming pace, and demonetization, helped contain it, had it not been done, the current levels would be mjch higher.
Demonetization hit the economic grown more than the cash supply. As subsequent data proved, more than 99% cash was exchanged and got back into the system.

2.Parallel Economy destabilised, it may not have been 100% removed, but containing it is also a positive.
Due to allowing of over the counter exchange, there was zero impact on the parallel economy. It thrives as before. Yes, parallel economy could have been hit, if it was made mandatory to deposit all old cash into bank accounts only. Whatever impact we see on parallel economy is due to subsequent event of introduction of GST, not due to demonetization.

3. Digital payments really took off after this. Today almost all Micro shops, pan wala, fruits, meals accepts Paytm,UPI. I pay in cash only in bus and auto, which I believe would soon change, because getting exact change is difficult, so the roadside shops increasingly accept digital for convenience.
Yes, that is the only positive takeaway. Although, now again cash transactions have picked up.

4. Property Prices fell in many areas. This is not my experience, I collected this from the debates and tweets I read.
Again, this is mainly due to introduction of GST

5. Messaging, Govt. gave the signal, it would act strong whem needed. People had this “Kuch Nahi Hoga” attitude. Govt. has made a dent on it.
The opposite. Govt kept changing the goal post and objectives of demonetisation. In the end, giving the message that it did something on the whim without proper analysis and preparedness.

If govt really wanted to hit parallel economy and reduce unaccounted cash, it should never have allowed over the counter exchange and made it mandatory to deposit into account only and also should have only introduced new 200 notes as the maximum currency value. Those not having bank accounts could have been helped to open a new Jan dhan Account on the spot. By reintroducing 500 and also introducing 2000 notes, Govt made it easier to hoard cash. By allowing over the counter exchange, Govt allowed easy conversion of old unaccounted cash to new unaccounted cash.
Keeping the maximum currency value at 200 would have made carrying out high value cash transactions extremely voluminous and difficult.

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Deal Lieutenant
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panchabhut wrote:

1.the total cash available, which was growing at an alarming pace, and demonetization, helped contain it, had it not been done, the current levels would be mjch higher.
Demonetization hit the economic grown more than the cash supply. As subsequent data proved, more than 99% cash was exchanged and got back into the system.

2.Parallel Economy destabilised, it may not have been 100% removed, but containing it is also a positive.
Due to allowing of over the counter exchange, there was zero impact on the parallel economy. It thrives as before. Yes, parallel economy could have been hit, if it was made mandatory to deposit all old cash into bank accounts only. Whatever impact we see on parallel economy is due to subsequent event of introduction of GST, not due to demonetization.

3. Digital payments really took off after this. Today almost all Micro shops, pan wala, fruits, meals accepts Paytm,UPI. I pay in cash only in bus and auto, which I believe would soon change, because getting exact change is difficult, so the roadside shops increasingly accept digital for convenience.
Yes, that is the only positive takeaway. Although, now again cash transactions have picked up.

4. Property Prices fell in many areas. This is not my experience, I collected this from the debates and tweets I read.
Again, this is mainly due to introduction of GST

5. Messaging, Govt. gave the signal, it would act strong whem needed. People had this “Kuch Nahi Hoga” attitude. Govt. has made a dent on it.
The opposite. Govt kept changing the goal post and objectives of demonetisation. In the end, giving the message that it did something on the whim without proper analysis and preparedness.

If govt really wanted to hit parallel economy and reduce unaccounted cash, it should never have allowed over the counter exchange and made it mandatory to deposit into account only and also should have only introduced new 200 notes as the maximum currency value. Those not having bank accounts could have been helped to open a new Jan dhan Account on the spot. By reintroducing 500 and also introducing 2000 notes, Govt made it easier to hoard cash. By allowing over the counter exchange, Govt allowed easy conversion of old unaccounted cash to new unaccounted cash.
Keeping the maximum currency value at 200 would have made carrying out high value cash transactions extremely voluminous and difficult.

Yes, I haven’t really found any satisfactory answer as to why 2000/- was introduced. But I do have a point on this, which I will mention with context next.

99% money came back along with their sources, and as I have gathered from articles, many came through dubious channels, inflated figures and govt. is monitoring them and this has helped them to identify and shut shell companies.

This is where I get my previous point, maybe govt. intends to find other bad elements who tries to hoard cash, and based on the feedback regulate the supply gradually, like they are doing with GST slabs, with most of the products coming below 18% and further plans to merge 12% and 18% slabs.

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