What's new

Modi takes out ₹500 and ₹1000 rupee notes from circulation tonight!

Varun

Varun

Senior Test Player
Joined
Dec 25, 2012
Runs
26,112
Post of the Week
1
Live on Doordarshan right now.

I'm calling this as a masterstroke.
 
Flash: India takes out 500 and 1000 rupee notes starting midnight

PM Modi has just addressed the nation few moments back.
 
What an excellent Move.. That is why I wish BJP comes to power in most states in India.. Modi Ji is a strong leader and I am pretty sure a lot of his own party members would have been ****** at this decision but he did not care about keeping others happy but actually thought about the nation..

Wish others in his party can be half as good as him..
 
Looks a revolutionary move.

Lol I should have changed my 500 notes for change earlier.:sree
 
They are shutting down all banks tomorrow. Imagine the plight of people who would have stacked up lots of black money in their houses, I call this a real surgical strike on people who were evading taxes and piling up illegal cash :yk
 
This is awesome. I can already see some people around me in panic mode. :))
 
I have a colleague sitting next to me who is furious. All the illegal money his family had piled up is now useless. Doesn't think that they will be able to exchage all the money without questions from the tax man.

However, its India. People will find a way. There will be value in the notes, but less than face. People will emerge offering to convert the money for a fee. Will convert over a spread of several accounts, and slowly transfer back.
 
Tonight if you have black money stashed somewhere, your game is over.

Builders and Jewellery shop owners, etc. are under fire.
 
Business magnets, thousands of engineering and medical college owners, corporates and above all, the utmost honest politicians of our country will welcome this move with both hands.:yk
 
big_gamer007 said:
What an excellent Move.. That is why I wish BJP comes to power in most states in India.. Modi Ji is a strong leader and I am pretty sure a lot of his own party members would have been ****** at this decision but he did not care about keeping others happy but actually thought about the nation..

Wish others in his party can be half as good as him..
Click to expand...

Exactly. No other govt would have brought about these changes.
 
However I wonder what would all the people who fund all national parties do?

Ambani, Adani, etc, etc.

Surely there must be a provision for those select few to escape.
 
sensible-indian-fan said:
However I wonder what would all the people who fund all national parties do?

Ambani, Adani, etc, etc.

Surely there must be a provision for those select few to escape.
Click to expand...


I think these guys probably knew the move was coming and when 1.25lakh crore was declared before October these guys might have paid taxes on it and converted it to white money..

Moreover these guys are the biggest of the elites of the country they would have CA, Lawyers, and all the brains who would find the loopholes or a way to stash the money abroad or something..
 
sensible-indian-fan said:
However I wonder what would all the people who fund all national parties do?

Ambani, Adani, etc, etc.

Surely there must be a provision for those select few to escape.
Click to expand...

I guess those people would have got the hint few days back for sure :inti

Still massive amount of money will now come under tax radar before DEC 31 and GOI is planning to launch plastic chip induced denominations soon (FEB 17) which will be a final death blow for fake/ illegal currency ... well at least to a major extent :)
 
Zahid87 said:
I have a colleague sitting next to me who is furious. All the illegal money his family had piled up is now useless. Doesn't think that they will be able to exchage all the money without questions from the tax man.

However, its India. People will find a way. There will be value in the notes, but less than face. People will emerge offering to convert the money for a fee. Will convert over a spread of several accounts, and slowly transfer back.
Click to expand...

Very true ,shady deals but still good move considering the economic cycle and beneficial in the long run.
 
sensible-indian-fan said:
However I wonder what would all the people who fund all national parties do?

Ambani, Adani, etc, etc.

Surely there must be a provision for those select few to escape.
Click to expand...

Surely they would had been informed earlier about this proposal so they made their plans ready.
 
Similar thing was already done in 1978 btw,but that time we were coming out of an emergency seeing this one as a pro reform move this is mighty welcome,Congress and its allies to lose a lot of its money in a flash.
 
Zahid87 said:
I have a colleague sitting next to me who is furious. All the illegal money his family had piled up is now useless. Doesn't think that they will be able to exchage all the money without questions from the tax man.

However, its India. People will find a way. There will be value in the notes, but less than face. People will emerge offering to convert the money for a fee. Will convert over a spread of several accounts, and slowly transfer back.
Click to expand...

Totally possible, but with the amount of black money circulating, people would run out of pawns to exchange their money. Each transaction would be recorded. Multiple transactions by same person would put him in spotlight. Not a good situation to be in for money launderers
 
That's the problem with fiat currency if there is nothing backing it is as useful as toilet paper.
 
speed said:
That's the problem with fiat currency if there is nothing backing it is as useful as toilet paper.
Click to expand...

Why?Its still valuable in this case if it was declared but undeclared one is the thing the war is waged on,a normal person can still go and put it back in the bank and its value will hold.
 
In other news, across the border the corrupt Nooras were looking into the option of introducing a 10,000 dollar bank note. Mashallah nazar na lagay..
 
Question to Indians who are calling it a brilliant step, I understand this move is done to hunt down people with black money.

But in subcontinent a lot of poor and illiterate people keep all their lives savings in the form of cash. These people will lose their lives savings raat tou raat.. Should have been given prior notice that the bank notes are going out of service.
 
Syed1 said:
Question to Indians who are calling it a brilliant step, I understand this move is done to hunt down people with black money.

But in subcontinent a lot of poor and illiterate people keep all their lives savings in the form of cash. These people will lose their lives savings raat tou raat.. Should have been given prior notice that the bank notes are going out of service.
Click to expand...

They can exchange their notes until the end of December.

https://www.google.co.uk/amp/m.ndtv...00-1622963?amp=1&akamai-rum=off?client=safari
 
Syed1 said:
Question to Indians who are calling it a brilliant step, I understand this move is done to hunt down people with black money.

But in subcontinent a lot of poor and illiterate people keep all their lives savings in the form of cash. These people will lose their lives savings raat tou raat.. Should have been given prior notice that the bank notes are going out of service.
Click to expand...

No, you have time till Dec 31 to deposit all 500 and 1000 rupee notes for equivalent cash. Those poor people can deposit their cash reserves and I am sure it wouldn't be too high so no probs. If those poor people show savings of 50 lacs or 1 crore then it will be questioned and taxed and that's fair enough.
 
Syed1 said:
Question to Indians who are calling it a brilliant step, I understand this move is done to hunt down people with black money.

But in subcontinent a lot of poor and illiterate people keep all their lives savings in the form of cash. These people will lose their lives savings raat tou raat.. Should have been given prior notice that the bank notes are going out of service.
Click to expand...

New notes will be issued from 10th november. They can replace those notes with the new ones. :inti
 
Syed1 said:
Question to Indians who are calling it a brilliant step, I understand this move is done to hunt down people with black money.

But in subcontinent a lot of poor and illiterate people keep all their lives savings in the form of cash. These people will lose their lives savings raat tou raat.. Should have been given prior notice that the bank notes are going out of service.
Click to expand...

Indians don't keep life savings in the form of cash, they prefer gold or plot of land. GoI has provided 50 days time to simply bank deposit these notes. Poor people have nothing to worry, they hardly attract any taxes.
 
So many are visiting showrooms and buying expensive electronics just to get rid of the currency. Never knew these guys had so much spare cash that getting rid of it is a problem now.
 
troodon said:
A person cannot just go and exchange notes in large amounts without coming under Income Tax Scanner. They will be questioned.
Click to expand...

I will keep an eye on how this develops. PTI have been calling for politicians in Pakistan to declare their assets for years now, if it is that easy to pin down these slimeballs I will indeed take my hat off to Modi and his Hindutva party. Credit where credit is due.
 
Zak_Fan said:
So many are visiting showrooms and buying expensive electronics just to get rid of the currency. Never knew these guys had so much spare cash that getting rid of it is a problem now.
Click to expand...

At least they are spending it to improve the economy instead of staying in Ghar ka Tijori.
 
Zak_Fan said:
So many are visiting showrooms and buying expensive electronics just to get rid of the currency. Never knew these guys had so much spare cash that getting rid of it is a problem now.
Click to expand...

Which vendor in his right mind would sell his merchandise on discontinued bank notes? :danish

This move really put the tax chor in a predicament.
 
FLASH: All banks once re-opened on THURSDAY have been asked to take full details of people depositing money in terms of bio metrics and would be recorded.
 
Its a brilliant step, but next few days will be trouble for middle class. Most people carry 500/1000 rs note.
 
Syed1 said:
Which vendor in his right mind would sell his merchandise on discontinued bank notes? :danish

This move really put the tax chor in a predicament.
Click to expand...

Cash is only a problem for the people who kept it illegally. Vendors will have no problems with it as the income is legit.
 
Economic activity for today night might end up being higher than diwali!
 
Syed1 said:
Which vendor in his right mind would sell his merchandise on discontinued bank notes? :danish

This move really put the tax chor in a predicament.
Click to expand...

He can sell items,all he has to do is go and deposit and show his sales nothing big,he can charge the customer sales,service tax and what not.

It can be exchanged till 31st Dec.
 
Upsets my plans. Especially when I needed extra money for my marriage. Someone told me that I can show money as gift during marriage and it won't be taxed, not sure how true it is.
 
CricketCartoons said:
Upsets my plans. Especially when I needed extra money for my marriage. Someone told me that I can show money as gift during marriage and it won't be taxed, not sure how true it is.
Click to expand...

It is correct. Any money received during your marriage year as a gift is non-taxable.
 
Absolute masterstroke this.

Doing this overnight is the correct way to go about it.
 
[MENTION=138254]Syed1[/MENTION] the first step Modi government did was get everyone even the poorest to open a bank account.. So people can go and change the currency till end of this year..
 
Entire money will be back in the system.

There will be a record on who converted how much. There is no limit on how much cash you can deposit.

There is also a capping put in place for ATM withdrawals, INR 20,000 per week per person.

There is the requirement on PAN details on withdrawal above INR 50,000 per week per person.
 
In short term, it might be a problematic exercise for the large middle class and poor population. Already there are very long queues forming in ATM centres all over here to get 400rs notes or to deposit the existing 500 and 1000rs notes. The rush in bank once it reopens will be over the roof. But on a long term basis, it's a very welcome move, a revolutionary one in many ways. It might not be 100% fool proof, but if it even ends up trapping 25% of black money, that's going to make a huge difference given the amount of black money that's in circulation in India.
 
Tera Gawaandi said:
Entire money will be back in the system.

There will be a record on who converted how much. There is no limit on how much cash you can deposit.

There is also a capping put in place for ATM withdrawals, INR 20,000 per week per person.

There is the requirement on PAN details on withdrawal above INR 50,000 per week per person.
Click to expand...

Deposit you mean?Also 20 k limit is only for a while.
 
Syed1 said:
Which vendor in his right mind would sell his merchandise on discontinued bank notes? :danish

This move really put the tax chor in a predicament.
Click to expand...

Vendors have nothing to worry. It will be a legit transaction as they have it recorded legally with proper sales tax imparted on the purchase. These vendors have to simply their taxes and they will not be troubled.

Trouble is when the vendors themselves have evaded taxes before. :))
 
big_gamer007 said:
[MENTION=138254]Syed1[/MENTION] the first step Modi government did was get everyone even the poorest to open a bank account.. So people can go and change the currency till end of this year..
Click to expand...

If they still can't do it they have time till March 2017 to exchange it directly from RBI.
 
The £ has dropped considerably since Brexit.
Even so, 1000 Indian rupees is approx. £12 sterling. or approx US $15

In the UK the highest value notes are £20 and £50. ie a £50 note is approx. 4,100 Indian rupees.

In the US, the highest regularly used note is $100, ie approx 6,630 Indian rupees.

(I say 'regularly' because in the past the USA also printed $500, $1,000, $5,000, and $10,000, notes which are still legal tender.

A $10,000 note is 663,449 IR

Estimated number of notes still in circulation..
336 $10,000 bills,
342 $5,000 bills
165,732 $1,000 bills.)

There was even $100,000 notes produced. - but only for interbank use.

wilson-100-grand.jpg

Are there any notes higher than 500 IR and 1000 IR in India?
 
Why RBI is issuing ₹2000 Rupees Notes

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
 
troodon said:
A person cannot just go and exchange notes in large amounts without coming under Income Tax Scanner. They will be questioned.
Click to expand...
Who's going to question some rich and powerful individual, especially if he can pay a few bribes and/or make a few threats?
 
Tera Gawaandi said:
Why RBI is issuing ₹2000 Rupees Notes

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
Click to expand...

They are actually signal reflectors.
 
Yossarian said:
Who's going to question some rich and powerful individual, especially if he can pay a few bribes and/or make a few threats?
Click to expand...

There will always be a few individuals who can do that. Especially in rural areas. In urban areas, banks have armed personnel to protect employees from goons.

Even then without taking the complete details of the individual, banks cannot simply exchange the currency. Hopefully Modi Govt has some plans for that too.

TV channels usually are quick to show incidents even in rural areas if someone resorts to intimidation and bribery involving millions of rupees. They thrive on such incidents.
 
street cricketer said:
In short term, it might be a problematic exercise for the large middle class and poor population. Already there are very long queues forming in ATM centres all over here to get 400rs notes or to deposit the existing 500 and 1000rs notes. The rush in bank once it reopens will be over the roof. But on a long term basis, it's a very welcome move, a revolutionary one in many ways. It might not be 100% fool proof, but if it even ends up trapping 25% of black money, that's going to make a huge difference given the amount of black money that's in circulation in India.
Click to expand...


The deposit machines are all not working here ones I tried is it open at your part?
 
Tera Gawaandi said:
Why RBI is issuing ₹2000 Rupees Notes

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation
Click to expand...
So you've fallen for the tracked-by-satellite hoax ! :)))
 
Imo he could had gone one step ahead and not introduced anything above 100,casheless economy should had been finished as such but i get why at this point of time it can't be done.
 
TheFlashPoint said:
Lol!!! That is another Whatsapp forward
Click to expand...

Yossarian said:
So you've fallen for the tracked-by-satellite hoax ! :)))
Click to expand...

It has been substantiated now, Source - Click - IndiaToday.in

From above source -

Why is RBI issuing Rs 2000 notes

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology.

Every Rs 2000 currency note is embedded with a RFID tag.

How the embedded RFID tag works?

The unique feature of the RFID is it doesn't need any power source.
It only acts as a signal reflector.
When a satellite sends a signal requesting location, the RFID reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every RFID tag currency can be easily tracked and located even if it is kept 120 meters below ground level.
The RFID tag can't be tampered with or removed without damaging the currency note.

How will this help eradicate black money menace?

Since every RFID tagged currency can be tracked, the satellite can identify the exact amount of money stored at a certain location.
If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks and other financial institutions.
The information will be passed on to the Income Tax Department for further investigation.
Click to expand...
 
Yossarian said:
Who's going to question some rich and powerful individual, especially if he can pay a few bribes and/or make a few threats?
Click to expand...

One step at a time?Your question seems to be like GOI is trying to curb one problem and you are asking why is their another problem?
 
Keyest stroke in this is that BJP would be the only party with a big heads up on the black money situation, given the upcoming UP elections.
 
TheFlashPoint said:
Keyest stroke in this is that BJP would be the only party with a big heads up on the black money situation, given the upcoming UP elections.
Click to expand...

Absolutely but they were the only ones who had it in them to make this move so let them enjoy the benefit of it as well.
 
Just got messages that croma, central and other showrooms are open till midnight, went there to witness mad rush :yk
 
Bhaag Viru Bhaag said:
Bhai look at the queue near your nazdeeki petrol pumps. :misbah
Click to expand...

Hahahaha I saw that in news bro.. I went for a smoke and in market there is an ATM where you see 1-2 people normally now I saw atleast 50 people queued outside to take out rs 400 at a time and a news guy was clicking pictures of them..
 
Im genuinely confused as to why this is being hailed as a good step. Doesnt this hurt a lot of random lower middle class folk who in our part of the world tend to keep savings in cash. At the very least a HUGE inconvenience.

not much on any international media esp with US election in full swing
 
Slog said:
Im genuinely confused as to why this is being hailed as a good step. Doesnt this hurt a lot of random lower middle class folk who in our part of the world tend to keep savings in cash. At the very least a HUGE inconvenience.

not much on any international media esp with US election in full swing
Click to expand...

They can exchange their notes or deposit till Dec 31st without any limit if its legitimate. For the same value.
Incase you are going to deposit 1 crore ,2 crore then neither u r poor or lower.

Also Most lower income Indians were pushed to open bank account for last 2 years by GOI.
 
Last edited:
Slog said:
Im genuinely confused as to why this is being hailed as a good step. Doesnt this hurt a lot of random lower middle class folk who in our part of the world tend to keep savings in cash. At the very least a HUGE inconvenience.

not much on any international media esp with US election in full swing
Click to expand...

the black money issue is a huge deal.. Ofcourse it will be inconvenient to people to get new currency but we as Indians are ready to take small inconvenience for the greater good of the nation.. If we cant take such small levels of inconvenience then we can't expect to grow as a nation.. So to you it might sound as inconvenience but for everyone I know it's a huge step and everyone welcomes it and fully support it.
 
[MENTION=138463]Slog[/MENTION] also just a question imagine such a thing happened in Pakistan and it would curb the current black money and fake currency notes in your country wouldn't you as a proud citizen of Pakistan support such a move even if it gives you some inconvenience?
 
big_gamer007 said:
[MENTION=138463]Slog[/MENTION] also just a question imagine such a thing happened in Pakistan and it would curb the current black money and fake currency notes in your country wouldn't you as a proud citizen of Pakistan support such a move even if it gives you some inconvenience?
Click to expand...

In Pakistan I think the big fish will already have found ways around it and used loopholes or downright bribery whereas the poorer folk with little knowledge of how some things work may end up getting swindled.
 
You must log in or register to reply here.

Similar threads

FearlessRoar
Doordarshan, national broadcaster of India, unveils new logo, changes colour from red to orange
Replies
8
Views
790
BouncerGuy
BouncerGuy
The Bald Eagle
  • Poll Poll
BJP leader Subramanian Swamy calls for Modi and Shah’s resignation after Pahalgam terror attack, Is this the right call?
Replies
46
Views
2K
The Bald Eagle
The Bald Eagle
The Bald Eagle
[VIDEO/PICTURES] "Hot sindoor runs in my veins": Indian PM Narendra Modi
Replies
37
Views
2K
MP2011
M
P
How humiliating and embarrassing has Operation 'Sindoor' been for India and PM Modi in terms of their image?
8 9 10
Replies
794
Views
24K
Boyka
B
R
'Avoid rhetoric and protect minorities first' - PM Modi to Bangladesh Leader Muhammad Yunus after Northeast remark
2
Replies
152
Views
4K
BouncerGuy
BouncerGuy
Back
Top