(Discussion) Rs 500 and Rs 1000 notes will no longer be legal tender, says PM Modi
- 48575
- 831
-
- Last Comment
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...
Short answer – stop being lazy when something historic and brilliant is being done for the greater good. This is a brilliant move to curb black money now and in future.
Long answer.
1. First of all, invalidating all current Rs. 500 and Rs. 1000 notes is a brilliance in itself as it eliminates all illegal/unaccounted/black/fake money. People having black money should now either convert it into white and declare it or just forget about it.
2. The other advantage is that the new notes being issues are only in a very limited amounts so people cant get notes easily now.
3. This will encourage people to move to either plastic money/dd/cheque/digital currency. Everything will be accounted for and everything will be white money now!
4. Withdrawals. The very point of the whole move is to reduce circulation of paper currency. Image how big a move this is. If anyone has to do a large transaction then they have to do a white transaction only!! Imagine people buying cards, lands and what not!! Most large transactions happen with black money and this is all curbed now as paper cash is no longer in circulation in large amounts.
5. NGC – Nano GPS Chip. Each and every Rs. 2000 note being pushed out will have a NGC that needs no power. They can emit their location when the satellite pings for it so each and every note can be tracked globally. A simple use case, imagine someone trying to stash in 1000 or more of Rs. 2000 notes, the government seems to have implemented a system where if a bunch of location signals are pushed out from a single place for a long period they assume that something is fishy and a notification is sent to IT department about it to go on a raid. (Source: http://indiatoday.intoday.in/story/new-rs-500-r...)
End of the day it’s all about reducing usage of paper money so that more accountability is ensured.
@hese wrote:
@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.
Was the information a Top Secret?
Many Already Prepared?
yes it was , otherwise why modi need to be come for this announcement . same like budget day .
Ok this is now easy!
Relax guys, take rest now….!
Get up early…and plan your WHITE FUTURE!
Election ke samay hi modi ji ko faltu idea aata hain 
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.
Sixer by Veeru paji.
https://twitter.com/virendersehwag/status/79602...
NEW notes are coming
All banks will be closed tomorrow. Today grand rush at ATM.
आज रात जिस घर की लाइट जलती हुइ दिखे समझलो नोटो की गिनति चल रही हे💰💶🤑good night
Sh#t… I need to pay my Credit Card bill & now have to face mad rush on 10th when Banks open when people come in droves to banks… 
@desidude2013 wrote:
Did you need 6 months so that yuo could buy a land with that money…. LOL
Such steps are to be taken all of a sudden 
If they start giving timeline, then it wont be effective like now
@raghupro I have already shared my views and the reasons behind it and it’s definitely not about being active/Lazy and I don’t want to repeat/stretch the same.
If its Historic for you I have no problem with that but It’s Crap acc to me , Period ! 
Will Mobikwik Cash pickup accept 1k notes tomorrow 
?
@Beinghuman wrote:
@Ezio Auditore wrote:
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
Crap and Useless step by Govt, Pathetic. Why troubling common man… Go and bring black money from Swiss bank
Why, common man doesn’t keeps tons of cash afaik.
But a common man is having atleast 10-12 Rs500 notes in wallet, Right ?
Tomorrow no one will accept these notes and we have to go to Banks/Post offices to swap them, who has that time ?
Haha no time to swap even 10-12 500₹ notes? Seems you are busier even than Modi himself.
I don’t have that **** time buddy
Dont worry let them rot then, keep them with you as souvenirs. Will ripen you huge money later.
@anilenggworks77964 wrote:
@Beinghuman wrote:
@Ezio Auditore wrote:
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
Crap and Useless step by Govt, Pathetic. Why troubling common man… Go and bring black money from Swiss bank
Why, common man doesn’t keeps tons of cash afaik.
But a common man is having atleast 10-12 Rs500 notes in wallet, Right ?
Tomorrow no one will accept these notes and we have to go to Banks/Post offices to swap them, who has that time ?
Haha no time to swap even 10-12 500₹ notes? Seems you are busier even than Modi himself.
I don’t have that **** time buddy
Dont worry let them rot then, keep them with you as souvenirs. Will ripen you huge money later.
Rs12 Per KG ?
@raghupro wrote:
5. NGC – Nano GPS Chip. Each and every Rs. 2000 note being pushed out will have a NGC that needs no power. They can emit their location when the satellite pings for it so each and every note can be tracked globally. A simple use case, imagine someone trying to stash in 1000 or more of Rs. 2000 notes, the government seems to have implemented a system where if a bunch of location signals are pushed out from a single place for a long period they assume that something is fishy and a notification is sent to IT department about it to go on a raid. (Source: http://indiatoday.intoday.in/story/new-rs-500-r...)
End of the day it’s all about reducing usage of paper money so that more accountability is ensured.
Still skeptical about NGC thing 
@MovieSeeker wrote:
@Beinghuman wrote:
Crap and Useless step by Govt, Pathetic. Why troubling common man… Go and bring black money from Swiss bank
you are wrong bro
i am not a Modi supporter but i saw alot of black money circulation during the Tn election 3months ago in that time.500rs and 1000rs.
Main thing to understand is people who store back money in cash instead of Land or property etc are gonna be * for sure so to a certain extent it will be definitely worth..Why haven’t they did this all of a sudden if they informed it before the tax evaders would have made all the necessary stuff evade this too..
Having said that it won’t bring all the black money out since most culprits keep their money in Banks abroad ,Land properties,stock market iphone etc so.
So its a Gutsy move hope it sends the tax evaders a message.
PS its not a earth shattering move as Arnab is saying,if Donald Trump becomes President of USA than it will be for sure
This move definitely shatters wholesale dealer here who trade not in lakhs but crores in cash without any tax disclosures.
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
@Ezio Auditore wrote:
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
Crap and Useless step by Govt, Pathetic. Why troubling common man… Go and bring black money from Swiss bank
Why, common man doesn’t keeps tons of cash afaik.
But a common man is having atleast 10-12 Rs500 notes in wallet, Right ?
Tomorrow no one will accept these notes and we have to go to Banks/Post offices to swap them, who has that time ?
Haha no time to swap even 10-12 500₹ notes? Seems you are busier even than Modi himself.
I don’t have that **** time buddy
Dont worry let them rot then, keep them with you as souvenirs. Will ripen you huge money later.
Rs12 Per KG ?
Buyer here
Are banks equipped to replace 1,874 crore pieces of Rs 500 and Rs 1,000 notes?
wase ek baat to manni padegi , jokes and troll community ko i salute , never miss a chance to keep mood light . 
T – troll community deserves hats off for keeping mood light in any and every moment . 
(english me is smiley ka translation sayad yhi h na)
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
@Ezio Auditore wrote:
@Beinghuman wrote:
@anilenggworks77964 wrote:
@Beinghuman wrote:
Crap and Useless step by Govt, Pathetic. Why troubling common man… Go and bring black money from Swiss bank
Why, common man doesn’t keeps tons of cash afaik.
But a common man is having atleast 10-12 Rs500 notes in wallet, Right ?
Tomorrow no one will accept these notes and we have to go to Banks/Post offices to swap them, who has that time ?
Haha no time to swap even 10-12 500₹ notes? Seems you are busier even than Modi himself.
I don’t have that **** time buddy
Dont worry let them rot then, keep them with you as souvenirs. Will ripen you huge money later.
Rs12 Per KG ?
Much better than IT guys evading and the black money declaration scheme is over.
Previous line is for those who have the black money and not for you.
up ka kya hoga, election bhi hai, bjp ka ho gya kand ab
2 mins of silence for people who placed COD order from @amazonIN @Flipkart @snapdeal and others.
https://twitter.com/Paytm/status/796025521695...64
Brilliant advertising by paytm!
@DealSeeker wrote:
@vijkap201 wrote:
Samaa kuchh aisa bandha hai ki guzre gi raat kuchh chinta karne mein aur kuchh note ginnne mein…
Khoob jamega rang…jab mil baithenge 3 yaar…Aap, Main aur Bagpiper!CC @Bagpiper
Bigpiper dene se manaa kat diya jo 500/1000 ka note dekh kar… Soch kar hi sara nasha hiran ho gaya…
Superb move from gov.
This is same as short term pain long term gain.
@jy9585 wrote:
https://twitter.com/Paytm/status/796025521695...64
Brilliant advertising by paytm!
This move will push the fledgling UPI into the mainstream. And wallets like Paytm will be the biggest beneficiaries.
Just a drama.. nothing will happen if he gives time to ban these currencies
@gambits wrote:
2 mins of silence for people who placed COD order from @amazonIN @Flipkart @snapdeal and others.
Interesting perspective.
 Rs 500 and Rs 1000 notes will no longer be legal tender, says PM Modi for Rs. at Government of India){kind=link}
it shows they want to keep money in bank for extra period so that black money holders will be afraid of action , otherwise they could exchange all notes at once (with their friends and relatives)