Time for the stone pelter rageboys to get PAN/Adhaar and KYC paperwork done for their PMJDY accounts
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Crores of what ?vijayk wrote:Read on Twitter that Jagan Reddy in AP is sending crores via ships to Dubai for laundering. Hope they catch
Probably launder via Dubai using legitimate sources such as Wester Digital in Dubai. Hope they can declare it all as worthless. But they are confident that they have lot of time to launder it back.Suraj wrote:What old notes ? Each one of them is worth Rs.0 . What's he going to do - print the new features on them with his printer ?
Launder it back where? Into an Indian bank account?vijayk wrote:Probably launder via Dubai using legitimate sources such as Wester Digital in Dubai. Hope they can declare it all as worthless. But they are confident that they have lot of time to launder it back.Suraj wrote:What old notes ? Each one of them is worth Rs.0 . What's he going to do - print the new features on them with his printer ?
To send toilet paper to Dubai he is spending good money. Good riddance of black and white money.Suraj wrote:It is not possible to launder cash without ID . None of these money changers accept the old notes anymore. Even SBI in the US does not accept it (yet), and neither does Travelex/Thomas Cook/Western Union etc. None of them want the liability of dealing with GoI. Please understand, the old series is no longer money. It's a chit with a liability on the holder to prove its origin. Jagan is sending a shipload of toilet paper to Dubai, is what it is.
Saar, as per "some reports" is not reliable. There is a lot of fear mongering and rumor mongering by special interests.Yagnasri wrote:Rural areas are being a problem as per some reports. NM need to arrange for more cash in the countryside ASAP. More 500 notes will also help as 2000 is too big for some transactions. Further, 500s will allow people to disburse them faster. Cash hoarding is going on with new notes and smaller notes, so there shall not be too many withdrawals and hoarding also unless there is the reason for that.
No please, this one is enough.suryag wrote:Admins - can we please start a new thread on how to prevent black money generation in the future
The moneys in their hands. They can retroactively annul part or whole of the deposit and send the police to your registered address.Brad Goodman wrote:I know huge amounts of currency is being funneled into the system. How are Banks ensuring that the notes are not fake? Especially in places like WB & J&K where we know that it can be more probable. It is catch 22. If you look for fake notes you slow down cash collection and people complain. If you accept it then you have legalized it. Any idea how banks are dealing with it?
I thought so too. I've seen once bank folks scurrying around excitedly after cashier detected one. Not sure how machine notifies him.saip wrote:I thought most money counting machines are programmed to ID the fakes.
Meanwhile @timesofindia spreads rumour about Death at ATM & apologized on the 7th page, that's how they are creating panic in the country.
Sure, I will. You would rather keep them warm and keep them working as usual inspire of the fact that it simply doesn't work?Dinesh S wrote: the money back in the economy albeit in black? I hate coming back to rte but it is again one big example on how bad laws are worse than illegal activity/corruption. As per rte, hundreds of thousands of school will have to be closed down because it won't be able to meet the standards set in the stupid law and the only thing which keeps them going is the bribes. Would you rather have them closed down because that is illegal?
Seeing all your statements, I will be surprised if you recognized a serious economist even if he/she came and spoke to you. But purely out of curiosity, and all seriousness, which are the serious economists that you are talking about? I would like a few names.No serious economist i know thinks it was a good move for economy.
saip wrote:To send toilet paper to Dubai he is spending good money. Good riddance of black and white money.Suraj wrote:It is not possible to launder cash without ID . None of these money changers accept the old notes anymore. Even SBI in the US does not accept it (yet), and neither does Travelex/Thomas Cook/Western Union etc. None of them want the liability of dealing with GoI. Please understand, the old series is no longer money. It's a chit with a liability on the holder to prove its origin. Jagan is sending a shipload of toilet paper to Dubai, is what it is.
Right to Education. Has absolutely NOTHING to do with the demonetisation or the current thread topic, but is being bandied about as a shining example of why black money is essential to keep business running in the face of govt corruption and overregulation. The proprietors of such schools are supposedly herrowic individuals taking a last stand against a repressive state machinery, armed to the teeth with black money, 2nd amendment stylesaip wrote:What is this RTE yow Keep alluding to ? Please post it in Nukkad if you are not supposed to discuss it here.
It's not a question of "ATM to be kept alive". Two problems. A.) shortage of new currency -which will ease in 3-4 days B.) software upgrade on ATMs being tried, finding glitches, try again.. Kind of thing -again 3-4 days Max (this info from my bank manager)manjgu wrote:a) serious economists...rahul gandhi, mamta banarjee, sushri mayawait, mulayam sing yadav, brinda karat, b) why the F cant the ATM's be kept alive with more periodic infusion.. i mean this is a national emergency / venture. This is the only sad part of the whole excercise. the ATM's should be kept alive 24*7 as much as possible.
For this to happen they need to put the currency I submit along with my PAN copy into a polythene and seal it so that some one can later do the sorting to find FICN. I hope they do it. Does anyone working in bank have any insight?Suraj wrote: The moneys in their hands. They can retroactively annul part or whole of the deposit and send the police to your registered address.
The problem here is thinking that ATM's can only run with new notes and they have to be upgraded with software. What if all the ATM's all across the country is run 24/7 with just 100 Rupee notes? in cities for each Bank there may be 4 to 5 ATMs and also they can work 24/7 not like bank employees. So if ATM's are run even with 100's the queue in banks will come down considerably and those who need their old notes exchanged only have to stand. After few days only those ATM's that need upgrade and people working on it to upgrade can go down for a day while all others are working.Rishi Verma wrote:It's not a question of "ATM to be kept alive". Two problems. A.) shortage of new currency -which will ease in 3-4 days B.) software upgrade on ATMs being tried, finding glitches, try again.. Kind of thing -again 3-4 days Max (this info from my bank manager)manjgu wrote:a) serious economists...rahul gandhi, mamta banarjee, sushri mayawait, mulayam sing yadav, brinda karat, b) why the F cant the ATM's be kept alive with more periodic infusion.. i mean this is a national emergency / venture. This is the only sad part of the whole excercise. the ATM's should be kept alive 24*7 as much as possible.
Boss this is already being done, the problem is that with 100 Rs notes (and a security guard standing next to the ATM to ensure only 1 card per person) the ATMs are running out of money in an hour or two and then it takes 7-8 hours before they are replenished with cash.uddu wrote:The problem here is thinking that ATM's can only run with new notes and they have to be upgraded with software. What if all the ATM's all across the country is run 24/7 with just 100 Rupee notes? in cities for each Bank there may be 4 to 5 ATMs and also they can work 24/7 not like bank employees. So if ATM's are run even with 100's the queue in banks will come down considerably and those who need their old notes exchanged only have to stand. After few days only those ATM's that need upgrade and people working on it to upgrade can go down for a day while all others are working.Rishi Verma wrote:
It's not a question of "ATM to be kept alive". Two problems. A.) shortage of new currency -which will ease in 3-4 days B.) software upgrade on ATMs being tried, finding glitches, try again.. Kind of thing -again 3-4 days Max (this info from my bank manager)
Also i have seen the ATM's functioning in some areas. First one bank's counter was open with 2 ATM's in it. and the queue length was around 40-50. Then after one hour another started to function and the queue went down by 20 people. So the more ATM's start to open all the queues will disappear.
Dont. Promote micro lending and stuff in big way. This kind of private lending cannot be policed and implemented. Best to make them unviable / noncompetitive.shiv wrote:Tweet from our very own Mupalla
Is it possible to regulate this?