Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
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Posted on: 13-12-16 15:42:38
,
Please check your PM....
Thank you
Quote:
Originally posted by Full House
I can think of two possibilities:
1) Either past corrupt governments did some cash /note printing scam and actual cash in the system is higher than RBI records. Frankly it is unlikely. AND
2) Second and more likely possibility is that fake currency in the system was/is so real that Banks as well as RBI are not able to differentiate. The Govt and the whole world would see how vulnerable our economy was becoming with such finely printed cash coming from our neighbouring countries with anti-nationals helping them there within the country.
There could be third possibility. With the connivance of the corrupt bank staff, corrupt political parties ( see this link - http://indiatoday.intoday.in/story/cash-mafias-black-money-india-today-expose/1/833683.html ) and other corrupt organizations, most of the black money is back in the system, thus defeating the very noble purpose of this exercise.
Here, I would say, we, the Indians are true innovative in finding out such loopholes. Unless there is a strong fear of dire consequences, it will be very difficult to implement any reform. I don't understand what is stopping the present government to bring strong anti-corruption measures when whole of the nation is waiting.
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A Delhite in Toronto
http://m.rediff.com/news/report/political-parties-taxes-old-notes-deposits-conditions/20161216.htm
The latest step announced by Modi sarkar is regressive and cannot be supported in any form.
For once I am with Didi - why should political parties be different than the other institutions ? There is definitely a backdoor deal amongst these politicians and a prime case for a PIL against the government.
Shame shame NaMo. Lost respect.
Hiren
Can't use any Indian banks like SBI, ICICI as they are governed by BoC rules (like all other banks in Canada). However, Modi should allow NRI/OCI's to convert upto Rs 250,000 in India (RBI branches) until 2021. That is only fair.
So far, no word from him. Sushma is sick and getting kidney replaced. She used to care for OCI/NRIs.
Quote:
Originally posted by futureguy
Only a few days left, before NRI's Indian currency, which they are legally allowed to carry outside India becomes Kaput !
Rs. 25,000 per person legally allowed to be taken out, both by RBI and Indian customs.
Absolutely NO provision made to exchange these notes or to deposit them abroad at Indian embassies or Indian banks like SBI, ICICI.
Most NRI's have NRE, NRO accounts with banks like SBI, ICICI, HSBC etc, which have foreign branches abroad. But nope, can't deposit your legal non black old notes within the limits with proper ID and documents.
Nothing but legal ( make it illegal ) looting and thuggery of NRI's by the Gujju Chaiwallah !
If this beggar was so desperate, he could have just asked with his begging bowl and we would have obliged, why steal from us, when he could have just begged !
ONE LAST CHANCE..:
The RBI on Monday restricted deposits of demonetized Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once till December 30 -- after strict scrutiny.
The new restrictions are meant to encourage deposits of demonetized currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.
In its notification, the Reserve Bank of India instructed all the banks to give full credit to demonetised notes over Rs 5,000 only in the case of accounts compliant with 'Know Your Customer' (KYC) norms
If the accounts are not KYC compliant, then the credit for deposits of demonetized currencies will be restricted to Rs 50,000.
Here is the full text of the RBI notification: (If it opens in the link provided.)
RBI/2016-17/189
DCM (Plg) No. 1859/10.27.00/2016-17
December 19, 2016
The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks
FH.
http://www.business-standard.com/article/economy-policy/full-text-rbi-caps-deposits-exceeding-rs-5-000-to-just-one-before-30-dec-116121900435_1.html
Quote:
Originally posted by Chamgadad
“The word 'politics' is derived from the word 'poly', meaning 'many', and the word 'ticks', meaning 'blood sucking parasites'.” Larry Hardiman
The politicians are all spin doctors. Their job is to keep people's attention away from govt., away from inconvenience the public faces every day to make money and to come up senseless castles in the air a.k.a slogans like make America great again and ache din BS.
ordinary Indians are getting crushed due to ridiculously poor inept implementation of this move. There is absolutely no chance of NRIs getting any help.
I hope the NRIs will remember this in future.
Do not understand what NRIs would remember and what for. If the NRIs are permitted to off load their 500 and 1000 Re. notes, in no time, the corrupt would take the NRI route to convert all their black money again black in new 500 and 1000 Re. notes.
Only about a week back SC lawyers, who else, Chidambaram and Sibal were arguing that ban on Co-operative banks accepting 500 and 1000 notes must go. In the initial days these banks did accept these notes to the tune of nearly 9000 crores. But the IT dept and RBI did not know where from these sacks came and where the new currency went, because these co-operative banks are not connected by computer to RBI and IT department. We should not think that it would be very convenient for Chidambaram, Sibal and friends to take this rural route. They are only worried about the rural India and the innocent, illiterate and poor rural Indians not dying of failed harvest and bad debts, but because they could not convert their old 500 and 1000 notes.
Whatever little action the IT and ED have taken, the wealth uncovered mind boggling. In the raid conducted in Chennai on one Sekar Reddy, a political confidante of the ruling party in TN, 178 crores in currency and gold more than 140 kgs. Following this, the Chief Secratary IAS officer from 1985 batch, one Rama Mohan Rao, his friends, family members and relatives places were raided and similar amount of wealth and currency. This officer was 23rd in the seniority list for the No.1 Babu post of the state. But since he was working at Late Jayalalitha's Poes Garden residence as Secretary II, walked over everyone's head to become CS. As ordinary citizens, we are to believe that, the IAS Officer's political bosses are like Mahatma Gandhi and Sardar Patel and would not have indulged in corruption.
This is the story from one state and one city.
After 1947 Independence, even though Jaitley wants to keep the money bags happy by raising the fuel prices and the railway passenger fares, still something good is happening. between 2009 and 2014, PC and MMS had inducted maximum quantity of 500 and 1000 notes, which like excess sugar to the human body affecting all organs, is destroying the nation.
As NRIs, you should have use for currency of that particular country. In the first place why did you take suitcases load of old 500 and 1000 Indian rupee notes and which corrupt babu, neta or businessman gave them? We thought the India Diwas that NRIs celebrate was for the welfare of India, not the actual meaning of annual mourning of the passing away of someone.
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Quote:
Originally posted by ramar2005
Quote:
Originally posted by Chamgadad
As NRIs, you should have use for currency of that particular country. In the first place why did you take suitcases load of old 500 and 1000 Indian rupee notes and which corrupt babu, neta or businessman gave them? We thought the India Diwas that NRIs celebrate was for the welfare of India, not the actual meaning of annual mourning of the passing away of someone.
haha! This is Golden. I never understood the use of INR here in Canada - even for the future use; and often wonder about this when any of my acquaintances asks me casually, "koi India ja raha hey kya?"
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