Ban on Rs 500 and Rs 1000 notes

I can hope for a more progressive move through this breakthrough. Hoping to move towards cashless economy. That seems a tough task for a country where cash flow is abundant but with such calculated move, plans and awareness we can see it in reality in coming time. Let's all work for it. Only when we work towards cashless economy, corruption will be controlled, other evils like fake note currency will decline and above all the economy will stabilize. Some stringent laws like limit to with drawl from ATM,  Strict policy over cash transactions ( no transaction above 10K in cash) etc should be implemented. Less paper currency circulation is good for the country as whole as well as for environment.

In kerala also many local shops are accepting the 500rs note in case of urgent needs..but in chennai no such gestures from the shop owners or even the local water can supplier. Sad. 

Today morning 8 o clk i went to atleast 7 to 8 ATM but all out of cash. I am wondering the new note filling was done or has everyone withdrawn the amounts so soon. 

Divya wrote:

In kerala also many local shops are accepting the 500rs note in case of urgent needs..but in chennai no such gestures from the shop owners or even the local water can supplier. Sad. 

Today morning 8 o clk i went to atleast 7 to 8 ATM but all out of cash. I am wondering the new note filling was done or has everyone withdrawn the amounts so soon. 

Yes. I was seeing News channels. Most of the ATMs are not functioning properly. It happened because the software related to Rs. 2000 is not updated. The same position is prevailing in Vizag and Hyderabad. Now the Bank Management is trying to update the software. It may take 2 to 3 days.

The ATMs are loaded not by banks but by other agencies and they have a certain time for doing it...normally at abt 10am or so..

Divya wrote:

In kerala also many local shops are accepting the 500rs note in case of urgent needs..but in chennai no such gestures from the shop owners or even the local water can supplier. Sad. 

Today morning 8 o clk i went to atleast 7 to 8 ATM but all out of cash. I am wondering the new note filling was done or has everyone withdrawn the amounts so soon. 

Just an hour ago, I paid my net service provider using old 1000 note.

Now black money users are searching for ways to convert some of their money to white. Some are investing in gold, petrol pumps, hospitals and according to news someone has thrown bundles of 500- 1000 rupees and set fire to them. Government is taking strict action against culprits , many raids are done in Mumbai and other places. This is a bold step from current government, mostly people are praising only a few are against this step.

Manoj Kumar Lamba wrote:

Now black money users are searching for ways to convert some of their money to white. Some are investing in gold, petrol pumps, hospitals and according to news someone has thrown bundles of 500- 1000 rupees and set fire to them. Government is taking strict action against culprits , many raids are done in Mumbai and other places. This is a bold step from current government, mostly people are praising only a few are against this step.

It is true Black Money holders are devising ways to convert Black Money in to white. For example, Rs. 1000 of Black Money will become Rs. 850 after commission charged by these Brokers. I don't know if there is a way with the Government to arrest these malpractices.

Manoj Kumar Lamba wrote:

Now black money users are searching for ways to convert some of their money to white. Some are investing in gold, petrol pumps, hospitals and according to news someone has thrown bundles of 500- 1000 rupees and set fire to them. Government is taking strict action against culprits , many raids are done in Mumbai and other places. This is a bold step from current government, mostly people are praising only a few are against this step.

They are coming up with real innovative ways for this black to white conversion. Here are a few which did not work out ... :P

http://economictimes.indiatimes.com/news/politics-and-nation/money-hoarders-their-jugaad-some-are-paying-salaries-in-advance-others-are-purchasing-gold/articleshow/55341853.cms

Not surprised. They say crime always walks two steps ahead of the Law. If one trick fails, Black Money holders  devise  another innovative trick

I am confident the Government will definitely find an antidote for these type of heinous crimes.

To get back 100% black money back from a morally paralyzed society is next to impossible. This move is a breakthrough and will definitely alert them for future. corruption can be brought to it's minimal level only through spreaded awareness and promotion of cashless transactions.

Once all your money becomes accountable naturally the black money levels come down. As of now black money hoarders are trying to convert their Money into white by giving g others to get their large notes converted and go in them an incentive. Many are willing too becaof the extra money they earn. The limit of course will be 2,50,000 only..

usha manohar wrote:

Once all your money becomes accountable naturally the black money levels come down. As of now black money hoarders are trying to convert their Money into white by giving g others to get their large notes converted and go in them an incentive. Many are willing too becaof the extra money they earn. The limit of course will be 2,50,000 only..

Many loop holes are here to exchange notes. Agriculture earning is one of them. Limit of 2,50,000 is not for farmers. 

I was surprised to see bank accounts for sale in Malada close to Bangladesh border. One news channel covered it. The poors are being offered money by the rich black money holders to sell their accounts. 

The intentions are good but execution needs improvement. I wonder if Modified thought of all pro and cons

I am sure they have looked into everything possible and things have gone well so far, as expected . Let people realise and value money rather than take it for granted and black money in the system causes a vicious cycle  of bribes and corruption, all of which will come down at least for a while. India is a totally disorganised nation and one cannot expect clock work precision in carrying out an operation of this magnitude. But full marks to Modi and his team for the way they have done it. By evening today all ATMs in my town were functional and more importantly with all the difficulties of long ques and shortage of cash that people faced, there were hardly anyone who was against the move..they were all for it !

To add on, the old 500 and 1000 notes can be used until November 14th to pay certain utility bills..

http://timesofindia.indiatimes.com/india/Rs-500/1000-notes-valid-for-key-utilities-till-November-14/articleshow/55374675.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI

usha manohar wrote:

I am sure they have looked into everything possible and things have gone well so far, as expected . Let people realise and value money rather than take it for granted and black money in the system causes a vicious cycle  of bribes and corruption, all of which will come down at least for a while. India is a totally disorganised nation and one cannot expect clock work precision in carrying out an operation of this magnitude. But full marks to Modi and his team for the way they have done it. By evening today all ATMs in my town were functional and more importantly with all the difficulties of long ques and shortage of cash that people faced, there were hardly anyone who was against the move..they were all for it !

To add on, the old 500 and 1000 notes can be used until November 14th to pay certain utility bills..

http://timesofindia.indiatimes.com/india/Rs-500/1000-notes-valid-for-key-utilities-till-November-14/articleshow/55374675.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI

I agree. . Kudos to Modi for his tireless and consistent efforts to  remove once and for all Black Money Holders  from India.  Black Money is a socioeconomic evil. Rapidly growing Black Money in our economy has grave and disastrous consequences. Modi is a leader of Vision.

It is good old notes are allowed to be accepted for payment of fees, charges, taxes, penalty to central and state Governments including Municipalities and local bodies. additionally toll charges. For all the above, November 14 is the last date. ATMs are gradually started functioning.

India has this chalta hai attitude. Corruption was OK as the inconvenience was not there, you could pay and bribe and move swiftly in line. But the aam aadmi stood in line always for everything due to his inability to bribe and move ahead. Who is cribbing about this queue?? Not us who always stood in line for our rights. At least this time we are standing to support a cause for us.

And those coming up with alternate solutions to fight black money, were they hibernating for 60 long years?? Or their intellectual and generous brains were holidaying on corrupt money??

The government is carefully looking into all those last minute Jewelry sales that took place soon after Mr Modis announcement and before midnight. They have asked for CC Tv footage of all these Jewelry shops, which is a good thing. Here in my own town several MLAs were apparently distributing 500 and 1000 currency notes to poorer section of the people saying that the govt was helping them out to  pay bills..My maids husband came home with Rs 8000 and now asking  me to convert it through my account ..I dont know whether or not to do it ?

usha manohar wrote:

The government is carefully looking into all those last minute Jewelry sales that took place soon after Mr Modis announcement and before midnight. They have asked for CC Tv footage of all these Jewelry shops, which is a good thing. Here in my own town several MLAs were apparently distributing 500 and 1000 currency notes to poorer section of the people saying that the govt was helping them out to  pay bills..My maids husband came home with Rs 8000 and now asking  me to convert it through my account ..I dont know whether or not to do it ?

Government is very keen on arresting Black Money. People are rushing to buy Gold Biscuits and other jewellery. In Nellore AP in one single Day, Gold worth 550 crores was sold. Government is closely watching such Jewellery shops.

Simply watching has no meaning. Also only collecting fine on undeclared income is not enough they should also be jailed for some time. Then dear may be installed. Otherwise such as now will come after many years till then black money will continue to be generated.