Currency Demonetisation and Future course of Indian Economy

KarthikSan · Post by **KarthikSan** » 17 Dec 2016 23:55

Saars, what is the ground situation in Bengaluru, Kerala? An ex-classmate mohtarma has been screaming end of the world and how yeevil Modi is not allowing her to access her money in the bank. She is claiming that the 24K is not enough to pay maid, carwasher, milkman ityadi and no ATMs have money. Apparently, the poor kirana storewala in her apt complex is on the verge of soosai as no one is buying from him due to cash crunch.
Point to note: She is of the RoL kind.

Ground situation in Coimbatore is about 90% normal. Change is available for 2000 for purchases above 800.

prasannasimha · Post by **prasannasimha** » 18 Dec 2016 00:01

I have no problems. Canarabank bank seems to be the one doling out less whereas SBM gives full 24 K

SaraLax · Post by **SaraLax** » 18 Dec 2016 00:46

KarthikSan wrote:Saars, what is the ground situation in Bengaluru, Kerala? An ex-classmate mohtarma has been screaming end of the world and how yeevil Modi is not allowing her to access her money in the bank. She is claiming that the 24K is not enough to pay maid, carwasher, milkman ityadi and no ATMs have money. Apparently, the poor kirana storewala in her apt complex is on the verge of soosai as no one is buying from him due to cash crunch.
Point to note: She is of the RoL kind.

Ground situation in Coimbatore is about 90% normal. Change is available for 2000 for purchases above 800.

Looks like a lie to me. There is a RoL manager in my office who still feels UPA-2 government was far better than current Modi government. What do you say about that ... there will always be some nastily biased people who we all have to put up with in our life and i am sure some of such people will even be reading these posts in BR.

I took some 12K odd INR from HDFC bank on the last day of the NOVEMBER 2016 and i didn't face any shortfall in making cash payments to Milkman, Car-Cleaner, Cook, Servant Maid, Monthly payments to Flowers Provider,Apartment maintenance, Daughter's Auto-Rickshaw driver,Daughter's music class teacher, another daughter's sample 2hrs-in-a-playschool experiment related payment and other odd cash only spendings like clothes ironing & etc charges. All these expenses are for Chennai. I could have taken 24K but just wanted to have what was enough for me. I could have also used my mother working in a PSU bank to get me this money but i felt that was unnecessary.

I used Debit_Card/NEFT/IMPS for every other expense ... starting from House Rent, Weekly grocery+vegetables purchases, medicines, fuel charges, mobile recharges, train & bus travel tickets and etc.

ATMs in Chennai indeed have more money now (were mostly empty for around 2 days until after Cyclone Vardah left its devastating imprints .. power gone, network connectivity issues, VSAT terminals damaged and etc) but they also have lines with a minimum of 10 people (as much as i could see in last 2 days or so). I am seeing more ATMs operational now. One ATM guard answered me that HDFC ATMs get replenished twice a day and that you can take out 2K per ATM card as long as you can put up with standing in the lines.

If you want to exchange your 2000 notes for 100s & newer 500s - there are some options.
- Go to a super market/big grocery shop or a vegetables shop in your neighbourhood that does good business in general or to a petrol/diesel bunk fuel outlet even but importantly go just when the shop is going to close for the day (say around 9/10 PM in night in case of shops) and make sure that these are shops that you frequently have been going to and the owner (or manager) of the shop knows you. Just ask them if they can replace the 2000 you have with combinations of new 500 & old 100/50 INR notes and most often they will do it. Those shops would mostly be submitting the day's collected money to their bank's current account the next day mostly. They would happily replace their bigger bundle of 100s with a simple single 2000 INR note. I have done this in some shops that i normally frequent. Of course this is easier done in urban areas than in rural/village areas.

tandav · Post by **tandav** » 18 Dec 2016 01:46

I paid 3K to an electrical contractor for some wiring works after setting up his paytm account on the spot. He had a smart phone.

Mukesh.Kumar · Post by **Mukesh.Kumar** » 18 Dec 2016 02:14

KarthikSan wrote:Saars, what is ...............
Point to note: She is of the RoL kind.
....... Change is available for 2000 for purchases above 800.

Noob pooch: What is a RoL? Is it the brother of RoP?

vish_mulay · Post by **vish_mulay** » 18 Dec 2016 02:24

VKumar wrote:Not to be outdone, TSP has demonetised notes os Rs. 10, 50, 100, 500 and 1000, on 1st December, in gradual fashion over next 1 year. Australia, in sympathy, today demonetised AD 100 notes.

Everyone follows India!

Can you please post link for 100 AUD demonetisation? I have not seen any links or news here. Ta

VKumar · Post by **VKumar** » 18 Dec 2016 03:33

Apologies. posted unverified news about demonetisation in other countries.

shiv · Post by **shiv** » 18 Dec 2016 06:41

KarthikSan wrote:Saars, what is the ground situation in Bengaluru, Kerala? An ex-classmate mohtarma has been screaming end of the world and how yeevil Modi is not allowing her to access her money in the bank. She is claiming that the 24K is not enough to pay maid, carwasher, milkman ityadi and no ATMs have money. Apparently, the poor kirana storewala in her apt complex is on the verge of soosai as no one is buying from him due to cash crunch.
Point to note: She is of the RoL kind.

Ground situation in Coimbatore is about 90% normal. Change is available for 2000 for purchases above 800.

Things getting back to normalu in Bengaluru. Paid Rs 2,200 for a Rs 120 ticket on a bus yesterday and got change of 20x100 notes + 1x50 + 3x10

Ex classmate Mohtarma needs to be toldu that in India nowadays because of removalu of evil Yindoo castu systemu, maidu, car washeru etc-galu yella can be paid via banku or phonu. They should have banku accountu. According to history booksu in old days forwardu castu used to keep knawlidj away from others Kirana storekeeperu needs to be taught that money can be sent directly to his banku accountu using Paytmu or banku wallettu. Checku also possible

Rajesh_MR · Post by **Rajesh_MR** » 18 Dec 2016 06:47

In my limited exposure situation is improving in Bangalore. Went to SBI PBB in Bellandur, they enough have new 500 and old 100. Most ATMs are continuing to dispense 2000

Marten · Post by **Marten** » 18 Dec 2016 07:41

I don't see a change to be honest. Change is sparse and rick drivers are refusing short trips without trying the 20/30 extra ruse. ATMs are still either closed or dispensing 2k. HDFC and ICICI atms are for show in my general area. Citi has been out of cash forever. Dena has 2k and long lines plus a private atm that is refilled each day. Shops in my complex or around do not talk about change. Most of us have an entry system and pay via card. Owners rue this because veggie markets require cash and they has less of it. Not sure if it is true. Three shops are all ROP and do not accept PayTM.

Marten · Post by **Marten** » 18 Dec 2016 07:45

Forgot to add: In the general area/locality, Corporation has not had cash forever, axis is on and off. Office goers clean it up in three hours. Canara bank atms not available but bank is happy to give cash if you are a customer of course. SBI, i don't have an account to time to check loading schedules so cannot say for sure. Kotak bank atm as well has not been refilled recently. This is a daily large locality with heavy shopping traffic.

Perhaps I miss the times when these ATMs are filled, but most appear to not be refilled regularly.

shiv · Post by **shiv** » 18 Dec 2016 07:48

Courier delivered a passport yesterday and asked for a tip. Was told that I have no change for tips and would he take Paytm. That ended the conversation. Shortage of change is the best excuse I have to refuse random people who ask for an extra something when I actually owe them nothing

Rishi Verma · Post by **Rishi Verma** » 18 Dec 2016 07:54

co-op Banks Received 9000cr in Deposits in First 5 days

Kerala saw 1810cr...

Maharashtra 1128cr...

Punjab 1268cr...

Eventually RBI had barred DCCB from accepting further deposits

Nitesh · Post by **Nitesh** » 18 Dec 2016 09:02

The amount of cash should be less then 50% of what was there before, that only will make people change.

NRao · Post by **NRao** » 18 Dec 2016 09:57

This Is Clever - India's Political Parties Can Deposit Old Notes With No Tax Investigation

JE Menon · Post by **JE Menon** » 18 Dec 2016 10:02

^^fake news

suryag · Post by **suryag** » 18 Dec 2016 10:04

shynee wrote:
This probably answer's your question.

Arun Jaitley clarifies that political parties enjoy no exemptions from demonetisation rule

On the controversy regarding tax scrutiny of political parties, Jaitley said, "This is a complete media creation and there are no changes made in the law in that regard. Has a single change made in the last two months or so or in the last two-and-a-half years with regard to taxation of political parties? The answer is 'No'."
"Nothing has been done, whatever was the existing system which has been existed for the last 15 years is continuing and if somebody creates a political party for the purposes channelising funds, then obviously the law will step in," he said.
"I implore all journalist friends to be fully outraged against any step of the government, if it is not against corruption. But in equal measure, I would also implore them to do adequate research before jumping the gun. Under Section 13A of the IT Act, 1961, political parties have to submit audited accounts, income and expenditure details and balance sheets," he said.
"Post demonetisation, no political party can accept donations in Rs 500 and Rs 1000 notes since they were rendered illegal tenders. Any party doing so would be in violation of law. Just like anyone else, political parties can also deposit their cash held in the old currency in banks till the 30 December deadline provided they can satisfactorily explain the source of income and their books of accounts reflect the entries prior to 8 November," he added.
"And if there is any discrepancy in the books or records of political parties, they are as liable to be questioned by the Income Tax authorities as is anyone else. They enjoy no immunity whatsoever. There is no question of sparing anyone, and the political class is no exception. In fact, PM Modi is setting a new example of propriety in public life, by asking all MPs and MLAs to submit their bank account details post demonetisation. We would like to urge the other parties to do the same and prove their intentions against corruption," Jaitley said.

Rishi Verma · Post by **Rishi Verma** » 18 Dec 2016 11:50

70cr Old Currency Deposits in Mumbai - Account Frozen by ED

The deposited amount from the two accounts was allegedly channelled into accounts of suspected shell companies, and the ED found only Rs 1.4 crore at the time of freezing the accounts. The role of a city-based bullion trader is being probed in the case, sources said.

Yagnasri · Post by **Yagnasri** » 18 Dec 2016 12:22

Had two 2000 notes with me. Got change for one from regular taxiwala for one. Second just keeping. ATMs are only giving 2000s in Kotak here.

habal · Post by **habal** » 18 Dec 2016 12:36

Go and search ATM in smaller banks. Example

Tamil Nad Mercantile Bank
Dena Bank
Allahabad Bank
Andhra Bank

VKumar · Post by **VKumar** » 18 Dec 2016 12:54

If you have a savings account in a bank, you can withdraw upto Rs. 10000 by a self - cheque, I think every week. If a current account then upto Rs. 24000 per week.

KarthikSan · Post by **KarthikSan** » 18 Dec 2016 12:58

Thanks for the updates folks. After a lot of x-questioning by people in my madrassa Whatsapp group, mohtarma finally came out with the truth. She and her patidev run a telecom tower management company. They are dealing in cash to the extent of 15L per month because they have "field workers"

So they have been using both their personal savings accounts and company's current accounts to dole out cash. Hence the self imposed cash crunch and

. She got an earful from even the usual bystanders on how she is part of the black money and corruption and that she needs to go cashless

Subdas · Post by **Subdas** » 18 Dec 2016 13:00

In this mad rush to oppose DEMONITISATION, the black money supports have completely forgotten that there is word called REMONITISATION and that is happening fast and furious. Only corrupt labour contractors like congress and its gang will keep shouting DEMON while the coutry would have moved on with REMON. Picture this, NAMO is running fast and furious with the opposition in its trail. Suddenly NAMO takes a sharp turn and disappears and all those following him falls into this deep KHAI called DEMON while NAMO resurfaces in a wonder land called REMON.

rahulm · Post by **rahulm** » 18 Dec 2016 13:58

Today, for the first time, I saw no queue at a North Goa ICICI branch, during the famous Goa afternoon siesta time, so I popped in and withdrew 2,500 just for the fun of it. I got 1 x 2000 and 1 x 500. The 500 was my first. So 500's have hit rural ATM's of a small state.

Typo corrected.

arvin · Post by **arvin** » 18 Dec 2016 14:41

My stash of 5000 withdrawn last month has come to an end. 4000 gone in cloth shopping, 100s gone Mainly due to eating momos and the laundry guy. Never stood in an ATM Queue post nov-8 nor intend to. Will have to withdraw this week.
Dad learnt to use paytm and is able to recharge his and moms mobile himself. Advised them to use only chip wala debit card in shops and stores.

Rupesh · Post by **Rupesh** » 18 Dec 2016 14:48

Rahulm saar. Math does not add up and there is no Rs 200 note.

Karan M · Post by **Karan M** » 18 Dec 2016 14:59

he clearly meant one 2000

Manish_Sharma · Post by **Manish_Sharma** » 18 Dec 2016 16:44

Just posting this video as it gives so many raids and baraamadis plus the 6 type of BMers being in crosshair and investigated intensely.

Singha · Post by **Singha** » 18 Dec 2016 17:32

Venezuela rolls back demon after shortage of cash and chaos
http://www.chicagotribune.com/news/nati ... story.html

their situation is very different as they are suffering hyperinflation.

Singha · Post by **Singha** » 18 Dec 2016 17:32

VKumar wrote:If you have a savings account in a bank, you can withdraw upto Rs. 10000 by a self - cheque, I think every week. If a current account then upto Rs. 24000 per week.

you can take out 24000 from savings a/c every week if needed. for current a/c it may be higher. businesses have current a/c usually.

KJo · Post by **KJo** » 18 Dec 2016 17:37

Met my old classmate who runs a prominent shop in town. He was complaining about DeMo saying it was a good move but "executed badly". Then he said that if Modi went ahead and took on the issue of benami properties, he could be assassinated as he was messing with some big players with a lot at stake. Was complaining that he had no money to pay his workers as he always paid cash. Then he said that earlier, 2-3 people would come asking for job, but now it was about 15 a day.

As you might have guessed, he is a Peacefool.

Manish_Sharma · Post by **Manish_Sharma** » 18 Dec 2016 18:26

Singha wrote:
VKumar wrote:If you have a savings account in a bank, you can withdraw upto Rs. 10000 by a self - cheque, I think every week. If a current account then upto Rs. 24000 per week.
you can take out 24000 from savings a/c every week if needed. for current a/c it may be higher. businesses have current a/c usually.

Saving account = 24,000/-

Current account = 50,000/-

habal · Post by **habal** » 18 Dec 2016 19:03

there is no such limit for current a/c, they can withdraw as they please.

Only fact is they can not exeed their daily/weekly withdrawal pattern by a huge margin.

prasannasimha · Post by **prasannasimha** » 18 Dec 2016 19:21

VKumar wrote:If you have a savings account in a bank, you can withdraw upto Rs. 10000 by a self - cheque, I think every week. If a current account then upto Rs. 24000 per week.

No even in SB 24K. I did it.

Primus · Post by **Primus** » 18 Dec 2016 19:23

KJo wrote:Met my old classmate who runs a prominent shop in town. He was complaining about DeMo saying it was a good move but "executed badly". .......................

Many people dislike Modi intensely but are reluctant to come out openly and say it. So they will pick one or two points about him or his policies and lambast him for it, all the while pushing their otherwise obvious anti-Modi agenda.

I met an old classmate of SHQ and her husband a few weeks ago, visiting from India. He was furious at the 'poor implementation' of the DeMo scheme, gradually shifted to saying 'Modi talks great while abroad but while in India he talks shit'. He is from Delhi. I suspect he has a lot of BM (being a physician in private practice) and it must be hurting.

Another classmate of mine from med school who if from the RoL but a very good friend over the years has become positively obnoxious, now posting all sorts of anti-Modi cartoons and anti-DeMo articles from all over on our FB group. I have stopped responding, realizing it is not going to help.

It is almost like the US presidential election. This DeMo has polarized people severely and even good friends and relatives are falling apart. Funny, but it probably never bothered you that your good friend or cousin was corrupt or a tax-evader, but now while you are sitting smug, the other guy is fuming and sweating blood. Not easy to friendly with such people any more.

Karthik S · Post by **Karthik S** » 18 Dec 2016 19:41

543 has tweeted that average citizen still supports Modi. Hope DeMo doesn't cost him 2019 elections.

krisna · Post by **krisna** » 18 Dec 2016 19:57

Karthik S wrote:543 has tweeted that average citizen still supports Modi. Hope DeMo doesn't cost him 2019 elections.

believe common Indian supports him to the hilt. every person in India knows his lifetsyle and work ethics.
In that sense he has tremendous support.
common person is inconvenienced in many ways ordinarily. this que thingie and cash issues are nothing for this sort of folks who also vote in major numbers relative to middle class folks who led much more comfortable life.

even small time traders who moslty deal with cash are happy though affected majorly in this as thye have pay tax etc etc. They think in long term for their children. They know NaMo is the man for many good things to happen. De-mon is one such thing among many others.

This is my view of course could be tainted in some ways.(mosltly talking with family cousins friends social media circles and others)

Rishi Verma · Post by **Rishi Verma** » 18 Dec 2016 20:02

As you might have guessed, he is a Peacefool.

Was invited at my peaceful business associate's home, they keep a large flag of india on a wall.. which is OK... Then he gently mentioned that he doesn't think DeMo will yield the intended result.. he knows I support NaMo and they are SP supporters but without any rational thinking the peacefuls are opposed to NaMo. It's the damage done by congress/burkha etc over the years.

sanjayc · Post by **sanjayc** » 18 Dec 2016 22:39

Dr Praveen Patil ‏@5Forty3 13h13 hours ago
#StatisticalWarning Simple, quick longitudinal studies are showing that support for the PM & BJP is hitting bizaare heights!.

Mukesh.Kumar · Post by **Mukesh.Kumar** » 18 Dec 2016 22:58

X post

Mukesh.Kumar wrote:Quick update. Just debriefed a friend who came back from Mumtaz Begum's land. Apparently there is huge resentment among people in Calcutta to change and anti Modi feelings. But he personally felt that things were being blown out of proportion. Even buses were taking PAYTM for tickets. They spent 10 lacs on a wedding. All cheque. Easy peas.

Yet people are grumbling. And that is the problem. What is succeeding is treated by negative reports ands