(Discussion) Rs 500 and Rs 1000 notes will no longer be legal tender, says PM Modi
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8:32 pm: A new series of Rs. 500 currency notes and Rs. 2000 currency notes will be brought into circulation.
8:31 pm: Banks will be closed on November 9.
8:30 pm: There is no restrictions on internet banking, cash, demand draft transactions.
8:27 pm: Rs 10,000 daily cash withdrawal and Rs 20,000 weekly cash withdrawal limit
8:25 pm: There are, however, some exemptions. Government hospitals and international airports.
8:22 pm: The ATMs will not function till November 9, and in some places till November 10.
8:21 pm: People who possess Rs.500 or Rs. 1000 currency notes after December 30 can exchange it at Reserve Bank of India by providing a declaration. This is till March 31, 2017.
8:20 pm: These notes should be exchanged in banks and head post offices and sub post office within December 30, 2016, by providing a valid identity proof such as Aadhaar, PAN card or voter ID card.
8:15 pm: From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. “These notes are just papers from tomorrow,” says the prime minister.
8:11 pm: Prime Minister says Rs. 500 and Rs.1000 are notes are mostly used in black money.
8:10 pm: Corruption, black money and terrorism can come in the way of a country’s robust economic growth, says the Prime Minister.
8:07 pm: He moves on from corruption to terrorism. He tells “terrorsists from across the border” are spreading counterfeit currency notes.
8:06 pm: We hear stories of how autorickshaw driver returns gold left by a passenger in his vehicle. These stories tell how common people are honest. It is only a few people engage in corruption for selfish reasons, he says.
8:05 pm: Corruption and black money are the biggest hindrances in the fight against poverty, he says adding that it is everyone’s responsibility to eradicate poverty.
8:04 pm: Mr. Modi lists out the various schemes launched by NDA government in his address to the nation. He mentions the Jan Dhan Yojana.
8:03 pm: This govt is dedicated to the poor, and will continue to do so, says the Prime Minister who completes two-and-a-half years of rule today.
8:02 pm: India has registered itself as a bright spot, and its not that this is a claim made by us, but by IMF and World Bank
8:01 pm: When we were elected in 2014, there was a discussion that among BRICS nations, the ‘I’ was wobbling, says the PM.
8:00 pm: The Prime Minister’s address to the nation has begun.
Official Press Release: http://pib.nic.in/newsite/erelease.aspx?relid=....
Deal Wiki
Share your opinion with Dimers and ask any questions you might have around the Historic Announcement.
Historic announcements on ending corruption and black money by PM; Five hundred and one thousand rupee notes will no longer be legal tender from midnight tonight
Too Serious Discussion for You? Lighten up here: http://www.desidime.com/forums/dost-and-dimes/t...
@aakash dagha wrote:You can deposit even 500 crores or more, if you have paid tax on it or can show the source of income.@syaml302228 wrote:Thanks buddy but I heard that daily limit of 2k per day have been there@aakash dagha wrote:
How much money can a person deposit in the bank on daily basis?As much as you can..but with valid details..
@rajeshkumarpv wrote:
It’s good and bad. Good that fake Currency will be stopped (I don’t remember when I got a fake note). Most of the clever people who got black money won’t be storing in the form of liquid cash. It’s either gold or the property etc. People who are not knowing about how to keep the money only will get into problems.
Now, new tax may be imposed soon towards printing new notes
Good decision as they are bringing plastic notes
People who SELL gold or property will be stuck with the cash/ black money. Black money does not vanish, it stays somewhere at any point in time.
@mr.lonely wrote:
2000 is a big denomination. the bigger the value the better it is for corruption.don’t know what security features are available and if they will b secure in the future.
Kindly first know, then guesstimate
@Lala wrote:
कुछ लोगो को अब ये टेंशन है की मोदी जी सोने को लोहा न घोषित कर दे ।😂😂😂😂😂
Yes, stupid people are there
Vu for govt , for trying to kill corruption, 90℅ black money will be eradicated by this move, Nd Poor’s will b benefitted
@syaml302228 wrote:
@ithehappy wrote:Don’t just say “ashamed”..give a valid point why you’re ashamed..make a meaningful discussion..Do think n comment..
@praveen.hsw wrote:
@ithehappy wrote:
Ashamed to be an Indian.
The kind of unprofessional things go on in this country, just getting tired to take these any more.But we are not ashamed that you are Indian, we are happy you don’t wanna remain Indian.
I give a lot of crap about your thinking.
I work ten hours. I don’t have time or interest in “explaining” basic things.
An announcement comes at 2000 hours, giving four hour to mass people to sort out their problems. Is this some sort of joke? Ask that idiot/muppet to go to Hollywood to pull off shows like this. There are way too many things to mention that how this could be a HUGE problem, when you need “explaining” a basic thing maybe even its explained with a rationale you won’t understand.
Indian people just have so much time and ignorance (loser in other word), that’s why one could go away with a stupid decision like this.
@ithehappy wrote:With this attitude, forget India, Pak or Syria will also not admit you
@praveen.hsw wrote:
@ithehappy wrote:
Ashamed to be an Indian.
The kind of unprofessional things go on in this country, just getting tired to take these any more.But we are not ashamed that you are Indian, we are happy you don’t wanna remain Indian.
I give a lot of crap about your thinking.
@thelion wrote:
…4. Most of the local black money is not permanently kept under the bed but in benami properties and accounts and such people know how to manage it
5. Impact on forthcoming assembly elections is not clear but expect a lesser spending by non BJP parties, as of now
@Archie wrote:
Traffic police will ask 100 rs 10 notes don’t worry 
@DealSeeker wrote:
@hese wrote:
Whole Nation Watching!
Politicians Shocked and Stranded
They will be the ones in the biggest trouble, that is if they are not clued in already.
Big shots will somehow escape. They can convert it to white using binami accounts or quid pro quo with some business men. But it’s the chota motha leaders who will suffer the most.
They might not be even educated enough to understand the consequences.
On a serious note, expect crime to rise steeply now. Bank/Atm heists, snatching, kidnapping will surface more than ever. Lust for new notes will drive people crazy if they are bound to let go of their stash. So, I request you to be on your guard while visting Banks to exchange currency. You are being watched.
Though a very good move, but we should also be ready to see worst unforseen social level outcomes. This is not as rosy as it seems. I hope I am wrong, but mostly I am not. All the best!
I am happy with the announcement.
I am tired of seeing Mr. Gandhi, wish he was removed/replaced by some monument at-least. It might sound crazy, the blast from the past suggests that it’s all politicized!
Hate me, just my 0.2cents.
@Plato wrote:
On a serious note, expect crime to rise steeply now. Bank/Atm heists, snatching, kidnapping will surface more than ever. Lust for new notes will drive people crazy if they are bound to let go of their stash. So, I request you to be on your guard while visting Banks to exchange currency. You are being watched.
Though a very good move, but we should also be ready to see worst unforseen social level outcomes. This is not as rosy as it seems. I hope I am wrong, but mostly I am not. All the best!
True. I was just discussing with somebody that there would have been riots on the streets already were such a drastic measure taken in another country like Britain.
@admin wrote:
@DealSeeker wrote:
UpdateJust received a very interesting SMS from BigBazaar.
“Our stores are open till midnight today. Come soon & enjoy shopping at the nearest Big Bazaar, Central, etc. near you.”
Everybody is looking for opportunities to capitalize on this move. #QuickReaction #Marketing
Box8 has coupon code BLACK for Buy 1 Get 1 FREE…
Late night delivery till 1AM
People who have lots of Black money – Order a lot of food and distribute among poor children…
How much did you order? 
#JK
@hese wrote:
Whole Nation Watching!
Politicians Shocked and Stranded
Even common middle class people have to suffer. Everyone is telling exchanging notes in bank is problem etc. But the actual reason is that most of the money with middle class would be unaccounted. We don’t take bills in kirana shop. Actual value of home and registered value will be different. Even though rents are sky rocketing owners show less rental value to evade tax.
Worst hit would be farmers. Most of their transactions would be paper less. Of they go to banks to exchange money they would definitely be under scanner.
I don’t find wrong with this scheme. It took lots of guts from Modiji to implement this. I saw many memes and posts on FB. It might be funny now but time will only tell the consequences.
I am sure more than 80% of Indians have unaccounted money. But the degree of it varies.
@thelion wrote:
I don’t have the time to go through the entire thread, but here is my take on the issue
1. It’s not seriously going to impact the black money as most of it is stored in foreign banks
2. It may temporarily counter the circulation of counterfeit currency till Pakistan starts printing new counterfeit currency again
3. 500 and 1000 notes constitute 85% of currency in circulation, so expect big inconvenience to common man and petty traders4. Most of the local black money is not permanently kept under the bed but in benami properties and accounts and such people know how to manage it
5. Impact on forthcoming assembly elections is not clear but expect a lesser spending by non BJP parties, as of now
Ah, that’s the lion speaking! What profundity in understanding!
@raven_kira wrote:
The government officials must’ve given it a lot of thought and settled for these guidelines. The secrecy and suddenness of it all indicates that the only way this could’ve been pulled off was to implement it in a quick painful band-aid rip off method…though I highly doubt they’ll uphold the deadlines against popular opposition.
Though there must be reasons for it, I can’t wrap my head around why the ATMs and Banks need to be shut the next few days… This’ll be a nightmare to people in need of money for emergencies in remote places with no availability of cashless PoS devices.
Also the next two days there’ll be a huge influx of people trying to dispose of their black/illegal money by duping normal unaware citizens. Caution to all dimers who might get involved in accepting huge sums of notes of ₹500 and ₹1000 from shady friends/relatives /acquaintances.
+1
@DealSeeker Any idea? 
@VaibhavJain wrote:
Good step by government to stop usage of black money and terrorism obviously!
paki goons can no longer send fake currencies to India. Kashmir issue will also halt as pakis can’t pump money to India anymore.
@Magus wrote:
@raven_kira wrote:
….Though there must be reasons for it, I can’t wrap my head around why the ATMs and Banks need to be shut the next few days… This’ll be a nightmare to people in need of money for emergencies in remote places with no availability of cashless PoS devices.
…
+1@DealSeeker Any idea?
…
Well, my guess is as good as yours. But I strongly feel this was done to avoid #Bandh and #Dharnas from the bank employees.
On a serious note, think about it, they didn’t give any prior notice to the banks so the banks could not be expected to be stocked up with the new notes. This requires a huge mobilization of currency by the RBI and tremendous efforts by the banks. They need some dedicated time to be ready for the influx of people wanting to get their old notes exchanged for the newer ones.
@thelion wrote:
…
1. It’s not seriously going to impact the black money as most of it is stored in foreign banks
2. It may temporarily counter the circulation of counterfeit currency till Pakistan starts printing new counterfeit currency again
3. 500 and 1000 notes constitute 85% of currency in circulation, so expect big inconvenience to common man and petty traders4. Most of the local black money is not permanently kept under the bed but in benami properties and accounts and such people know how to manage it
…
This.
Also, the cash withdrawal limits seem to be only till Nov 24…so its not a push towards cashless transactions…. just a temporary floodgate to regulate the flow of new currency notes. Encouraging a cashless economy would’ve done a lot more in eradicating black money than this…but alas, this just seems to be a stunt for upgrading anti-counterfeiting measures by introducing new currency….at the expense of inconvenience to many.
They better have a good reason to do this with corresponding statistics to support their move and a solid explanation as to why this currency situation won’t happen again and why such a stunt won’t be necessary ever again.
@DealSeeker wrote:
@Plato wrote:
On a serious note, expect crime to rise steeply now. Bank/Atm heists, snatching, kidnapping will surface more than ever. Lust for new notes will drive people crazy if they are bound to let go of their stash. So, I request you to be on your guard while visting Banks to exchange currency. You are being watched.
Though a very good move, but we should also be ready to see worst unforseen social level outcomes. This is not as rosy as it seems. I hope I am wrong, but mostly I am not. All the best!
True. I was just discussing with somebody that there would have been riots on the streets already were such a drastic measure taken in another country like Britain.
I also don’t put all money in bank because putting money in banks might invite trouble. In UP, criminals have easy access to rich bank ledgers and based on that they target victims in various ways. So, apart from saving taxes, this is another issue. Our Police is not capable of handling such bad events. So, I am afraid Modi Ji has opened a Pandora Box. And with Shri Akhilesh Yadav Saab at the helm of UP govt at the moment, I can only think of the worst. 
@Plato wrote:
@DealSeeker wrote:
@Plato wrote:
On a serious note, expect crime to rise steeply now. Bank/Atm heists, snatching, kidnapping will surface more than ever. Lust for new notes will drive people crazy if they are bound to let go of their stash. So, I request you to be on your guard while visting Banks to exchange currency. You are being watched.
Though a very good move, but we should also be ready to see worst unforseen social level outcomes. This is not as rosy as it seems. I hope I am wrong, but mostly I am not. All the best!
True. I was just discussing with somebody that there would have been riots on the streets already were such a drastic measure taken in another country like Britain.
I also don’t put all money in bank because putting money in banks might invite trouble. In UP, criminals have easy access to rich bank ledgers and based on that they target victims in various ways. So, apart from saving taxes, this is another issue. Our Police is not capable of handling such bad events. So, I am afraid Modi Ji has opened a Pandora Box. And with Shri Akhilesh Yadav Saab at the helm of UP govt at the moment, I can only think of the worst.
Yet another practical issue.
@DealSeeker wrote:
@Magus wrote:
@raven_kira wrote:
….Though there must be reasons for it, I can’t wrap my head around why the ATMs and Banks need to be shut the next few days… This’ll be a nightmare to people in need of money for emergencies in remote places with no availability of cashless PoS devices.
…
+1@DealSeeker Any idea?
…
Well, my guess is as good as yours. But I strongly feel this was done to avoid #Bandh and #Dharnas from the bank employees.On a serious note, think about it, they didn’t give any prior notice to the banks so the banks could not be expected to be stocked up with the new notes. This requires a huge mobilization of currency by the RBI and tremendous efforts by the banks. They need some dedicated time to be ready for the influx of people wanting to get their old notes exchanged for the newer ones.
ROFL!
You mean the banks would be internally exchanging all their bigger denomination notes for 100s with the RBI? If so, they are not going to manage it without any hassles even a day after. I don’t mean it has no value but that it is almost negligible compared to the gravity of the situation. I won’t be surprised if some glass doors are broken on 11/11. 
#WeWantMasala
@raven_kira wrote:
@thelion wrote:
…
1. It’s not seriously going to impact the black money as most of it is stored in foreign banks
2. It may temporarily counter the circulation of counterfeit currency till Pakistan starts printing new counterfeit currency again
3. 500 and 1000 notes constitute 85% of currency in circulation, so expect big inconvenience to common man and petty traders4. Most of the local black money is not permanently kept under the bed but in benami properties and accounts and such people know how to manage it
…
This.
Also, the cash withdrawal limits seem to be only till Nov 24…so its not a push towards cashless transactions…. just a temporary floodgate to regulate the flow of new currency notes. Encouraging a cashless economy would’ve done a lot more in eradicating black money than this…but alas, this just seems to be a stunt for upgrading anti-counterfeiting measures by introducing new currency….at the expense of inconvenience to many.
They better have a good reason to do this with corresponding statistics to support their move and a solid explanation as to why this currency situation won’t happen again and why such a stunt won’t be necessary ever again.
Who cares about what happens after five years!
@Magus wrote:
…
#WeWantMasala
#AbKiBaarTrumpSarkaar
@Magus wrote:
Who cares about what happens after five years!
Yeah 
That sadly puts our PM in the league of other opportunistic politicians but with the bonus trait of having a penchant for theatricality.
@raven_kira wrote:
@Magus wrote:
…
#WeWantMasala
#AbKiBaarTrumpSarkaar
Dear homo sapiens, get ready for a global suicide!
CC @DealSeeker
@Stupendous Man Time for action! We know you can’t save us, at least make us laugh.
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Can I open new account of ICICI, AXIS etc and deposit 500/1000 notes ? Min amount they ask for opening account 10k. Somebody tell me.