India bans 500 and 1000 currency notes

hot topics, News & Current affairs discussion forum.
User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

India bans 500 and 1000 currency notes

Postby Going South » Tue Nov 08, 2016 4:20 pm

Yey!!

Better late then never

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Tue Nov 08, 2016 4:21 pm

It's open secret that Pakistan prints Indian currency and use it for terrorists cash. There are billions of black money in India that's gonna make heads roll.

User avatar
raja
Muppet Administrator
Muppet Administrator
Posts: 27663
Joined: Fri Apr 03, 2009 6:14 pm
Cash on hand: Locked
Reputation: 0
Pakistan

Re: India bans 500 and 1000 currency notes

Postby raja » Tue Nov 08, 2016 5:04 pm

Yeah, good move.
We need to move more and more into non-cash transactions.

I would say, even introducing Rs 2000 note is unnecessary.

But first we need to have rural India have access to banking system / wallets etc. Anything non-cash.

User avatar
Boycs
Muppet Moderator
Muppet Moderator
Posts: 11036
Joined: Fri Feb 12, 2010 10:32 am
Cash on hand: Locked
Bank: Locked
Reputation: 0
United Kingdom

Re: India bans 500 and 1000 currency notes

Postby Boycs » Tue Nov 08, 2016 5:35 pm

I take it it's easily forged or something

User avatar
raja
Muppet Administrator
Muppet Administrator
Posts: 27663
Joined: Fri Apr 03, 2009 6:14 pm
Cash on hand: Locked
Reputation: 0
Pakistan

Re: India bans 500 and 1000 currency notes

Postby raja » Tue Nov 08, 2016 6:19 pm

I understand the new notes that will be introduced will have more features to prevent forgery.
Not sure what exactly but am sure there will be more info on it in the coming days.

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Wed Nov 09, 2016 5:30 am

http://zeenews.india.com/personal-finan ... 47650.html

Rs 2000 note comes with micro Nano GPS chip, to track exact location of currency: Reports

Zee Media Bureau

New Delhi: In what could be a major blow to black money hoarders, the new Rs 2000 note that was unveiled by the Reserve Bank of India on Tuesday comes with a micro Nano GPS chip that can help track the exact location of the note via a satellite.

With the Prime Minister Narendra Modi scrapping the Rs 500, Rs 1000 notes on Tuesday in a move to fight against black money, the RBI unveiled the new Rs 500 and Rs 2000 notes to replace them.

Now, the interesting thing is, as per reports, the new Rs 2000 notes are embedded with a micro Nano GPS chip which will help locate the position of the currency via a satellite.

The first of its kind and definitely a major blow to black money hoarders, the GSP chip will act as a tracker and help locate the exact location of the currency via a satellite.

According to reports, the chip has been fitted in such a way that it can detect Rs 2000 notes even from 120 meters below the ground.

Reports furhter states that if one tries to tamper the nano GPS chip, the Rs 2000 will become damaged and unusable.

So, with the new Rs 2000 note with the GPS chip help in the fight against black money? Only time can tell.

Misty
CF Senior
CF Senior
Posts: 4153
Joined: Sat Mar 12, 2016 7:13 am
Cash on hand: Locked
Bank: Locked
Reputation: 0
Zimbabwe

Re: India bans 500 and 1000 currency notes

Postby Misty » Wed Nov 09, 2016 7:06 am

Going South wrote:Yey!!

Better late then never

Urjit Patel is the Guy Adviced Narendra ji on special day 9/11, he is new CEO of Reserves Bank Of India.
Not September 11, today in India November 9.

User avatar
squarecut
CF Senior
CF Senior
Posts: 2000
Joined: Thu Jan 28, 2010 3:06 am
Cash on hand: Locked
Reputation: 3
India

Re: India bans 500 and 1000 currency notes

Postby squarecut » Wed Nov 09, 2016 7:23 am

It is a true surgical strike on black money. The parallel black money system in India has been clinically destroyed with this decision. Law abiding people with legally earned money will only suffer some inconvenience in the short term, but the people dealing in black money do not know what to do with the junk that they had hoarded all these days with the aim of destabilising the nation.

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Wed Nov 09, 2016 7:28 am

Misty wrote:
Going South wrote:Yey!!

Better late then never

Urjit Patel is the Guy Adviced Narendra ji on special day 9/11, he is new CEO of Reserves Bank Of India.
Not September 11, today in India November 9.

Don't tell me he is Gujarati. Huh!!!

Actually it's chandrababu naidu idea all along for many years. He made modi do this. Google it.

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Wed Nov 09, 2016 7:39 pm

http://www.theunrealtimes.com/2016/11/0 ... ched-real-₹500-and-₹1000-notes-to-be-used/

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

India bans 500 and 1000 currency notes

Postby Going South » Tue Nov 15, 2016 1:23 pm

*Friends meeting after years.*

1st friend : How are you ?
How are the children? Where are they?

2nd Friend: Eldest son in SBI.
His wife in ICICI.
Second son in HDFC.
His wife in Canara Bank.
Youngest daughter, not married, in Axis Bank.

1st Friend: So all well settled in Bank Jobs?

2nd friend : No, they are all standing in the queue there!
----------------------------------------
Common Man:- I dont have Black Money, Why Should i face the trouble for Standing in Queue at ATM & Bank??

Soldier:- I don't have any personal fight with PAKISTAN...then why should i face the bullets for you & your family??
----------------------------------
Where is the ATM sir??
2 kms away..
Oh can i go by walk or auto??
No need.. Come and stand behind me in queue..
---------------------------------

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Tue Nov 15, 2016 1:24 pm

Image

User avatar
Going South
Muppet Administrator
Muppet Administrator
Posts: 25675
Joined: Sun Feb 20, 2011 6:10 pm
Cash on hand: Locked
Reputation: 0
United States of America

Re: India bans 500 and 1000 currency notes

Postby Going South » Tue Nov 15, 2016 1:30 pm

Image