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India Withdrew 500 And 1000 Rupee Banknotes Last Night

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Enlil's Avatar
Australia
560 Posts
 Posted 11/08/2016  9:13 pm Show Profile   Bookmark this topic Add Enlil to your friends list Get a Link to this Message Number of Subscribers
Wonder if there will be a fire sale or a profit run on these banknotes.
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Broken-Coin's Avatar
United States
1812 Posts
 Posted 11/08/2016  9:43 pm  Show Profile   Bookmark this reply Add Broken-Coin to your friends list Get a Link to this Reply
Is there a Link for this?
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Lucky Cuss's Avatar
United States
4883 Posts
 Posted 11/08/2016  11:46 pm  Show Profile   Bookmark this reply Add Lucky Cuss to your friends list Get a Link to this Reply
Here's a link to the Reuters article on this development:

http://www.reuters.com/article/us-i...dUSKBN1331WT

Colligo ergo sum
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Broken-Coin's Avatar
United States
1812 Posts
 Posted 11/09/2016  12:07 pm  Show Profile   Bookmark this reply Add Broken-Coin to your friends list Get a Link to this Reply
Thanks, a very interesting article..
I remember when the Nixon Administration requested all the Banks turn in $500.00 & above U.S. Notes and withdrew them (I'm guessing) around 1969 from circulation, saying this would help curtail the Drug Epidemic in the U.S. back then..

(Maybe the Woodstock Concert scared him)
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Lucky Cuss's Avatar
United States
4883 Posts
 Posted 11/09/2016  1:11 pm  Show Profile   Bookmark this reply Add Lucky Cuss to your friends list Get a Link to this Reply
I doubt that very many of the Woodstock attendees (even the performers) had $500 on their person.

What interests me about this decision by the Indian government is that at the current rate of exchange, the two denominations eliminated only work out to $7.50 and $15 U.S. - not what I'd think of, even bundled in significant multiples, as terribly corrupting amounts.

Colligo ergo sum
Valued Member
ShareBear's Avatar
Canada
499 Posts
 Posted 11/09/2016  6:30 pm  Show Profile   Bookmark this reply Add ShareBear to your friends list Get a Link to this Reply
The 500 and 1000 rupees are the largest notes in India. The 1000 is being replaced by a new 2000 note. The demonetization is not an attempt to curtail new cash activities. It is an attempt to nullify cash hordes. Most people in India don't pay taxes. They do not pay sales tax, employment tax. Most work for cash and buy goods with cash.

They have safes in the homes or cash in safety deposit boxes because they cannot deposit untaxed cash in banks. Last year the government offered an amnesty for large cash deposits as long as a 45% of the deposited amount was paid in tax. I am sure no one took them up on the offer.

Dec 31 is the deadline for deposits. People will be desperately trying to convert the 500 and 1000 into 100s and smaller or trying to get multiple people to make small bank deposits on their behalf.

I believe that the value of the 500 and 1000 notes for collectors will go down significantly. Not now but next year after the deadline.

There is no way that millions of rupees can be laundered in 2 months.
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Enlil's Avatar
Australia
560 Posts
 Posted 11/09/2016  9:59 pm  Show Profile   Bookmark this reply Add Enlil to your friends list Get a Link to this Reply
As normal the poor suffer, but I doubt the corrupt officials will.

http://www.bbc.com/news/world-asia-india-37921672
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Mayflower2020's Avatar
United States
624 Posts
 Posted 11/17/2016  01:04 am  Show Profile   Bookmark this reply Add Mayflower2020 to your friends list Get a Link to this Reply
My dilemma is that I am flying to India this week and cannot get money before we go. No currency exchanges in the US will sell India notes until this is sorted out. Bringing credit cards to use at hotels. Silver to barter and lots of my own food. Hoping that when we layover in Europe to find people coming from India who have small bills to trade. Any other ideas?
Edited by Mayflower2020
11/17/2016 02:30 am
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Enlil's Avatar
Australia
560 Posts
 Posted 11/17/2016  5:26 pm  Show Profile   Bookmark this reply Add Enlil to your friends list Get a Link to this Reply
Don't go, too much trouble in India at the moment, the new 500 rupees will take months to satisfy demand. And with the 2000 rupees being of poor quality and counterfeited, I would not obtain any of these.
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IndianGoldEagle's Avatar
United States
36744 Posts
 Posted 11/18/2016  09:08 am  Show Profile   Bookmark this reply Add IndianGoldEagle to your friends list Get a Link to this Reply
Another brilliant move by a politician.
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