Demonetisation of Rs. 500 and Rs. 1000 currency notes

What do you think about demonetization?

  • Great Idea

    Votes: 25 35.7%
  • Terrible Idea

    Votes: 22 31.4%
  • Great Implementation

    Votes: 2 2.9%
  • Terrible Implementation

    Votes: 44 62.9%
  • Would Stop Black Money

    Votes: 6 8.6%
  • Would Change Nothing

    Votes: 22 31.4%
  • I believe government alerted their supporters well in advance

    Votes: 27 38.6%
  • Secrecy was maintained and no one knew about it in advance

    Votes: 6 8.6%
  • I have full faith in Modi Ji

    Votes: 8 11.4%
  • I have zero faith in this government

    Votes: 21 30.0%
  • I have no issues exchanging/depositing/withdrawing notes at bank/atm

    Votes: 10 14.3%
  • I have been struggling to get my hands on the new notes

    Votes: 18 25.7%
  • I have gone completely cashless

    Votes: 12 17.1%
  • I still prefer cash over other ways

    Votes: 14 20.0%
  • I don't give a damn about anything

    Votes: 7 10.0%
  • Everything is awesome

    Votes: 6 8.6%
  • Everything sucks

    Votes: 16 22.9%
  • I want to vote for something else (please mention below)

    Votes: 2 2.9%

  • Total voters
    70

Sushubh

Administrator
#1
People have two months to deposit with bank or post office. :emoji_no_mouth:
 

Sushubh

Administrator
#4
you have two months to deposit all your 500/1000 rupee notes in bank or post office.
banks and atms would be down tomm and day after.
after 2 days you can take out just rs. 2000 per account from atm for a few weeks.
the limit would be increased with time.
 

Sushubh

Administrator
#5
for the first 2 weeks, folks can get only Rs. 4000 deposited per day iirc. rbi website should have a circular related to this.

Rs 500 & Rs 1000 notes banned from tonight; they will cease to be legal tender from tonight;
Can only be deposited in banks accounts, head and sub-post offices;
You can exchange them in banks & post offices between Nov 9 and Dec 30, 2016;
ATMs will dispense only Rs 2000 a day, later to be increased to Rs 4000 per day;
Those who miss the Dec 30 deadline, can exchange old Rs 500 and Rs 1000 notes through RBI on the basis of declaration;
Till Nov 11 midnight, hospitals will accept Rs 500 & Rs 1000 notes and on basis of prescription can buy medicines from drug stores on hospital shops;
Govt buses ticket booking counter, airlines will accept them for booking tickets till Nov 11 midnight;
Petrol & CNG outlets, crematoriums, international airports will also have leeway to accept Rs 500 & Rs 1000 notes till Nov 11;
Non-cash transactions (cheques, demand draft, card payments) not to be affected;
ATMs to be closed on Nov 9 & 10;
All banks closed on Nov 9 for public transactions.
this is from a message forward. seems accurate.

Modi said that starting tonight the Rs 500 and Rs 1000 notes will only be worth the paper they are printed on. He added that ATMs will not work in some places on November 9 and November 10. He said that people have 50 days, from November 10 to December 30 to deposit notes of Rs 500 & Rs 1000 in any bank or post office.
PM Modi said that new notes of Rs 2000 and Rs 500 will be circulated soon. He further said that for the initial 72 hours, government hospitals and petrol pumps, CNG gas stations will accept the old Rs 500 and 1000 notes till November 11 midnight.
Rs 500 and Rs 1000 notes demolished: Here’s what to do with old notes

I have 5 1000 rupee notes in my pocket. No idea what to do with them.

Source


if Paytm was a listed company, this would be a great day to buy their stock.
 

Jay

Member
Regulars
#6
ugh.. What the hell? Is one supposed to carry 100 note stacks from now on? The nearby kirana isn't going to accept cards and Paytm .

ATMs to be closed on Nov 9 & 10;
All banks closed on Nov 9 for public transactions.
Boy am I in a sticky situation! Went to the ATM only this afternoon and almost emptied my account. I literally have 8k in 1000 rupee notes and a 20 rupee note in my hand. What am I supposed to do for these two days?
 


dextermorgan

Amazing Member
Regulars
#9
^ Yup. IIRC they'll take those notes and deposit it in your bank account creating a paper trail

real ballsy move by Modi. Kudos

Also IIRC they capped the daily withdrawls from ATMs to 10l per day and no more than 20K per week.
 

Dummy

Noob Webmaster
Regulars
#10
So let say an emergency tomorrow or day after tomorrow and all that the person has is 500rs and 100ors note. Will it be invalid and there will be no operation?