Ban on Rs 500 and Rs 1000 notes

I was equally surprised with this strategy. Imagine the Hospitals and other establishments who always give us an excuse "sir, credit not accepted only cash"

What about them?

This is a good decision to curb Black Money. I appreciate Modi .

By the by how are you Swetha ?

It may be to control fake currency.

anil wrote:

It may be to control fake currency.

May be. But the main objective is to stop Black Money.

This is a great move because it has been implemented without much fanfare thereby robbing the hoarders a chance to manipulate and change their black money and for the first time this has been done by a committed govt in India..

Though its a good initiative to curb the problem of black money, it ll also pose a problem for many people who are earning their money honestly. What concerns me is if by chance we don't exchange the money at bank by 11th of Nov, then what happens to those Rs500 & 1000 currency notez that we ve with us. I mean can't we use it anymore after 11th Nov?

There is no worry at all Jabeen since one can exchange the notes until March 31st 2017 by which time the new notes would be in circulation. It has been a sudden decision taken by the govt and is bound to cause some concern but one can exchange notes in banks, post offices and also show ID proof and pay for petrol, at the chemist and several other outlets using the old 500 and 1000 rupee notes..

http://timesofindia.indiatimes.com/india/Heres-what-you-can-do-with-your-Rs-500-Rs-1000-notes/articleshow/55316268.cms

Along with that the restriction that u can withdraw only 2k from atm.... Ths would mean I need to visit the atm for atleast 15 days a month if u need to pay my maid... Milkman... Car cleaner... Watchman etc etc... Wht is the use if I hv to take so much trouble to use my own hard earned money

rambabu wrote:

This is a good decision to curb Black Money. I appreciate Modi .

By the by how are you Swetha ?

I am doing good Rambabu gaaru, trust the same from you?

usha manohar wrote:

There is no worry at all Jabeen since one can exchange the notes until March 31st 2017 by which time the new notes would be in circulation. It has been a sudden decision taken by the govt and is bound to cause some concern but one can exchange notes in banks, post offices and also show ID proof and pay for petrol, at the chemist and several other outlets using the old 500 and 1000 rupee notes..

http://timesofindia.indiatimes.com/india/Heres-what-you-can-do-with-your-Rs-500-Rs-1000-notes/articleshow/55316268.cms

I am quite relief to know that we can still use it, as I won't be able to visit bank for at least 3days. Normally I tend to keep my money in bigger denominations as its easy to carry around as with small denominations it becomes very bulky. 

It is a welcome strategy by government and seems a well planned and calculated one to curb the black money market. We all will have some issues and problems in the beginning but it is with a long term plan. It is good that it came as surprise giving no time for black money to escape. However, even I am concerned over the ATM limit. But like they say " no pain, no gain". Let's overlook the minor issues for a major cause. Let's stand together for the government

The anticipation built up, after Modi met Service Chiefs to review India Pakistan Security situation and news filtered out that he would address the Nation. But it was a Surgical Strike of a different kind, with Modi delivering a stunning surprise by scrapping Rs.1000 and Rs.500 Notes and calling for a decisive war against corruption, Black Money and Terrorism.

That is Modi.

The black money generators must be busy with inventing new ideas to continue generating it. A bold move.

vijay wrote:

The black money generators must be busy with inventing new ideas to continue generating it. A bold move.

Genius mind can be used for good or for bad. Surely they will find ways to continue with the ill practice. But without any doubt, the genius mind of our PM deserves a salute. A very well planned, well thought and courageous move . A trap well spread to deal the issue at macro and micro level

vijay wrote:

The black money generators must be busy with inventing new ideas to continue generating it. A bold move.

Really a bold move. Black money generators will undoubtedly thinking about other ways to escape. Modi should not underestimate these Black Money generators. 

However, its only after some time, Modi's plan to curb Black money will be a success or failure.

It is a welcome move and this decision is being applauded and welcomed by all the leading economists in the country going by the large-scale debates that we can see on various channels. Even the small time industrialists, traders and farmers whose daily business transactions are done in cash are seen welcoming the move. Of course, it will indeed create trouble for common people due to the shortage of small currencies but I expect it will only be a short term effect and by December or January, once the new currency notes are well in circulation, there won't be any problem. This is a welcome move and I wonder if the timing to do so now has been influenced by UP elections in 2017 and to bring down certain political strongmen who cannot be touched otherwise? Just a thought.....

I felt the decision is made in a very short time without any proper plan yeah the plan is very effective in knowing the black money but this should be done with proper planning.

Babu saroj wrote:

I felt the decision is made in a very short time without any proper plan yeah the plan is very effective in knowing the black money but this should be done with proper planning.

Wow what an idea ! all the black money hoarders will Pat your back!!

Kalyani Nandurkar wrote:

It is a welcome move and this decision is being applauded and welcomed by all the leading economists in the country going by the large-scale debates that we can see on various channels. Even the small time industrialists, traders and farmers whose daily business transactions are done in cash are seen welcoming the move. Of course, it will indeed create trouble for common people due to the shortage of small currencies but I expect it will only be a short term effect and by December or January, once the new currency notes are well in circulation, there won't be any problem. This is a welcome move and I wonder if the timing to do so now has been influenced by UP elections in 2017 and to bring down certain political strongmen who cannot be touched otherwise? Just a thought.....

Definitely a smart move and also correct political timing..UP and Punjab election. Definitely he could sense the misuse of black money. Big impact on those strong men for sure