The recent upheaval that is going on in our nation is getting on everyone’s nerves , I guess with the amount of messages I keep getting.
I do think this idea of stopping the use of Rs.500 and 1000 note is very good as it will definitely stop the use of black money and the fake notes that have been flooded in our nation, Will it make any change I don’t know.
Media is reporting things , I am trying to make head or trail of it all but can’t understand one little thing , there are queues in front of banks where people are standing for hours and hours to get the notes changed, BUT In all the reports I have not seen a SINGLE celebrity or a big business man, are we saying they have NO notes to exchange.
Whatsapp is a good tool , I had a message come to me a couple of days before PM Modi announced the change, that message has a picture of the New Rs.2000 note .. how is that possible, where was that pic clicked or who clicked it, does that mean the notes were in circulation prior to the announcement.
What about NRI’s I have a few notes where do I go and get them exchanged, I been talked to my mom , she has visited our local bank three times in the last two days with the same notice on the door of the bank, NO CURRENCY.
I also have a question regarding the security that keeps getting mentioned on the new notes, they are so secure, connected to GPS or Satellite.. that is fair enough but HOW does that prevent the use of FAKE notes, If I have a Fake Rs. 2000 Note how do i know, or when I use it at a shop etc. How will they know, it is Fake.
In another news I read that Congress Mp’s or MLA’s in Punjab have resigned in protest over some issue, WELL we are going to have elections in 2017, 3 months away HOW does it matter if they resigned now.
The Reason why i say this is that in the pub the other day some obviously congress allies were going on and on about how their ministers have resigned , for the good of the state , how this was all selfless.. SELFLESS I say when has a politician done anything for selfless reasons.
Its like this Currency notes all the big wigs have got their accounts sorted, I doubt if ANY of the big wigs will be questioned by Income tax people or brought to justice but MAYBE just maybe some common people might who may have gotten their money through wrong means but the amount they have does not even effect a .000000000000000001% of the actual problem.
What do you think people is this really going to help, How is this going to bring the Black money sitting in Swiss banks back into India.
Would it not mean that instead of paying 500 or 1000 as bribe to get some things dones, especially in a Govt. Office (believe me the hassel one has to go through, I found 2 years ago a half hour job took , 3 WEEKS because I did not pay the correct person when i should have, which resulted in me spending more money in changing my flight tickets, taking more time off from my work WITHOUT PAY.. so it was more loss , easier to pay the 500 🙂 ).. We will have to pay Rs.2000. Now…
In my simple brain there are a few steps that can be taken to sort this issue, make all transactions electronic only especially if they are lets say higher than 20K or 50K.
Make sure every individual declares their Property, if any property is not declared assign it to the STATE.
Me and My Random Thoughts 
Political discussions can always become a little passionate, and I don’t want to instigate any arguments here. I am not a political person. Just my view as a citizen of a country and proud of it.
– I have been paying income tax for 20 years now, and for the first time I feel that the country has recognised me. I know a lot of people like me feel this.
– Neither the govt nor the PM has claimed that this is a step to bring unaccounted money from outside of the country. It is merely a means to convert the local black money to white. And I think it will, to a small extent, help.
– The other goal is to get rid of fake money. This will. It may not prevent future issues of fake Rs. 2000, but it will get rid of the existing fake money. And that itself is a good task.
Yes, the lines in the bank are long. You don’t see celebrities out in line because, since when have you seen any celebrity in any line? They probably send their battalion of servants to do the dirty work for them.
I stood in the queue for two hours yesterday to convert the Rs. 4500 I had at hand as 500 notes to valuable money now. I didn’t mind the queue. I don’t mind that I can’t buy my daughter chocolates because I want to save the small change I have for emergencies, for some time. The problem comes when people panic. There is actually no need to panic. There is time till Dec 31st.
There have been raids conducted here and there in the country. Given the population density, the effects will be slow, but sure.
As for NRIs, I am sure you will be able to convert the money you have in good time. No point spreading panic in social media.
NEVER go by WhatsApp. what you hear in Whatsapp is usually codswallop.
A small step towards progress, despite the inconveniences involved, is my verdict.
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Totally agree…point after point…
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With you!
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Just on the point of the new currency being GPS-traceable — I’m not convinced it is true, since the RBI has not referred to it ant any point in the past week; they released an image of the new 2000 note, with clear markings of the security enablers. This GPS traceability did not feature anywhere.
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It’s been told now that there is no tracking device for rs.2000.
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Yup!
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It is not going to happen that easily. I think people have started using their credit/debit card more now, because of the non-availability of the currency. Hope this spreads. Nothing is going to change at the present stage.
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Interesting post. The use of cash to the extent that India use has been an activity dating back so far that by just removing Rs500 and 1000 isn’t going to resolve anything, what it will do it kill off the street traders who a) never had a bank account b) may never get their money exchanged in time. Personally I think Modi and his clan will extend the deadline date, seeing the mass panic they have caused.
If I was a conspiracy theorist then my guess is something else big is going down over the Atlantic and this is a diversion to keep the mass public occupied.
In terms of fake notes, then intelligent criminal gangs have probably already duplicated the new note(s), I mean here in the UK our most advanced passports are persistently under threat from counterfeiting. Good luck to India, I’ll stick to PayPal for majority of my transactions.
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Good points, Bikram 🙂
There’s time till December 30 to exchange/deposit the notes. Then, select branches will accept till March 31st, 2017.
We can still use the old notes for some selected essential services.
I guess celebs/businessmen or top people send their staff for such activities,else they have enough Rs 100 with them & make cashless transactions for most purchases!
I am yet to visit the bank 🙂
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I think its just panic among ppl. Many of them who can swipe their card and pay are simply panicking and standing in the queue to withdraw cash…there’s no need.
I’ve been buying stuff with card all there days. Its time to switch to cashless POS.
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We hope it works in our favor.. Fingers crossed.
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I think whatever is happening is good for common man. There is a little bit of suffering for all.Lets wait and watch how things are moving in the next few days.
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No change ever happened without major rehauls and challenging situations. Change management is never easy, but in time, a “new” change of now becomes a norm of tomorrow. And for once, this one is a welcome change…and I honestly think a few days of difficulty shouldn’t come in the way of cleaning up a mess we’ve been complaining of for so long. Whether it cleans up or not, even as a temporary clean up, this is an outstanding move.
As a taxpayer, it means a tremendous LOT to be finally noticed and given some iota of respect!
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What’s the point of grand plans when execution is sloppy and intentions are muddled? Some people will learn this the hard way.
Destination Infinity
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to eliminate those denominations .. is a good move cuz .. you can actually see the power of black money in india .. my recent visit .. i was taken aback how lavish people go..
I salute Modi for such a big move!
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I live in a foreign country. I have 3 Rs.500 notes with me. This is to take a taxi out of the airport whenever I arrive in India. I know it is not that much. Still, I would like to know how to exchange these notes.
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I will let you know when I have any info. . 😀😀
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hmm.. bribe amount is also enhanced
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Too early to say, Bikram. But it’ll definitely bring down inflation and real estate prices.
Good time to buy that bungalow you’d always dreamt of!
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I am very unhappy with this move as I feel it was not well planned. Why did the government not make sure there were enough notes of lesser denomination before making this declaration? Why was the circulation of 500 and 1000 not gradually decreased before completely eliminating it? Where are people going to go for buying vegetable from sabzi wala if they have just 2000 value note? Will they buy for equal amount? Will they pay him later? What will the sabzi wala do if does not get his daily supply? This is just one example out of the multitude that everyday people will be facing now unless there is enough money. And you brought out the right point- how come politicians and other big-wigs aren’t the ones standing in the lines and the poor common man is the victim of all the tomfoolery going around..?
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Implementation at a large scale is always difficult. This move will bring some change. I am scared of the other route violators would go to. What if that’s nastier than hoarding currency!
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pertinent questions. no easy answers.
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Perhaps you’ll find this interesting…
http://www.smh.com.au/world/for-the-first-time-in-india-the-rich-beg-the-poor-to-help-them-20161117-gsrcuo.html
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Interesting post Bikram.Totally a waste of time and energy for the masses. Look at the queues outside the banks and atms. The culprits will never come to a bank to deposit. The black money is either being burnt or thrown off. I can only feel the pain my mother had to go through when she had to sit oo the footpath ( thats where her place was in the queue) in the sun for 3 hours coz she was dizzy queuing up since morning. The poor people are suffering the most not the rich really.
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not to mention it’s so hard to break the new notes. I was in India in the beginning of the month and shopping was just a nightmare. A lot of shops didn’t have credit card machines and those that had cash were not willing to break a 2000 bill. It was just a mess
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There are various theories about why Rs 2000 ( a different denomination ) was introduced while Rs 1000 is being.discontinued – one plausible reason being given is that if new currency in the same denomination had been introduced it would have implied that the old currency would soon be replaced, thus giving hoarders enough scope or time to exchange the old notes. Introducing a new denomination does not necessarily imply that old currency will be discontinued. Don’t know if this was really the reason, but it looks logical. …And yes Electronic transactions are the way to go. Let’s hope this exercise yields the intended results of curbing black money and terror funding.
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The country is going through a lot and media needs to play a very constructive role. Ppl should keep the nation first above states n politics
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Really great and beautiful!
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hoping for the best … fingers crossed. i am sure many of us panicked because it hit us out of the blue. for example, the very next day of the announcement we were traveling to sikkim and we had NO CASH !! and in sikkim cards are hardly accepted. we struggled of course
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[…] Politics – India – Punjab […]
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It’s as if point to point thoughts in my mind. 👍
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It think banning the notes was a great idea as well. Hopefully, Mr. Modi will keep such tactics up and make India a better place..
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