Back to Home PageWelcome Guest! Register | Login | Home | Contact Us | Site Map | Advertise | FAQ | Search
Canadian Desi
    Charcha


        
  Canada Immigration Forum > General > Our Native Country! > Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
Last Post | Newest Post
 
< [ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] [ 8 ] [ 9 ]
[ 10 ] [ 11 ] [ 12 ] [ 13 ] [ 14 ] [ 15 ] [ 16 ] [ 17 ] [ 18 ] [ 19 ]
[ 20 ] [ 21 ] [ 22 ] [ 23 ] >

Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !




Rs 500 and Rs 1,000 notes pulled out of circulation immediately: PM Narendra Modi

http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms

To combat black money, terrorism and illegal/counterfeit notes - Rs 500 and Rs 1,000 INR notes have been stopped immediately.

So if CD's have this black money and notes hidden in Canada or in India, beware.


 
Last edited by: futureguy on 08-11-16 12:40:25
futureguy

Senior Desi
Member since: Oct 16
Posts: 139
Location:

Post ID: 233141 08-11-16 12:30:14
Report Abuse
futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Wednesday ALL banks and ATM's in India will be closed to prepare for this transition.

http://timesofindia.indiatimes.com/india/Rs-500-and-Rs-1000-notes-pulled-out-of-circulation-immediately-PM-Narendra-Modi/articleshow/55315473.cms


 
Post ID: 233142 08-11-16 12:41:28
Report Abuse
futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Not surgical strike, nuclear bomb against black money, corruption and counterfeit money and illegal money.



 
Post ID: 233143 08-11-16 13:14:52
Report Abuse
RBO
Senior Desi
Member since: Aug 06




Posts: 1674
Location: Mississauaga


Two thumbs up to Modi and Government....very good decision...now lots of black marketers will going to do suicide instead of farmers..

Jai Hind....


 
Last edited by: RBO on 08-11-16 13:51:26
Post ID: 233144 08-11-16 13:38:38
Report Abuse
GlobalIndian
Senior Desi
Member since: Apr 07




Posts: 150
Location: NB


I have some pocket change (20k Rs) from my last visit to India. Have a plan for next year but am I in trouble, in terms of being able to exchange these notes when I arrive there? Any hints? Anyway this exchange can be done here? I am aware that there is an SBI and ICICI in Toronto.

In terms of volume in circulation, India being relatively huge economy, do they really expect the entire populace to exchange their bills in 50 measly days? Sounds pretty tough. Anybody has a clue as to the volume of these 500 and 1000 rs notes in circulation?


 
Last edited by: GlobalIndian on 08-11-16 14:15:11
Post ID: 233145 08-11-16 14:12:38
Report Abuse
metallurgy
Desi
Member since: Oct 10




Posts: 72
Location:


As per the announcement by the government people can deposit any amount of money in their bank account, no need to exchange and later on they can withdraw as per the withdrawal limits.

As far as people like us ( living abroad ) can exchange old notes of 500 and 1000 Rs with new notes on Airport upon arrival up to 5000 Rupees.



 
Post ID: 233146 08-11-16 14:35:17
Report Abuse
futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by GlobalIndian

I have some pocket change (20k Rs) from my last visit to India. Have a plan for next year but am I in trouble, in terms of being able to exchange these notes when I arrive there? Any hints? Anyway this exchange can be done here? I am aware that there is an SBI and ICICI in Toronto.

In terms of volume in circulation, India being relatively huge economy, do they really expect the entire populace to exchange their bills in 50 measly days? Sounds pretty tough. Anybody has a clue as to the volume of these 500 and 1000 rs notes in circulation?



86 % ( monetary value ) of the cash money in India is in Rs. 500 or Rs. 1,000 bills according to RBI data base !

But actual physical volumme ( not monetary value ) i.e no of notes , 53 % is in lower denominations like Rs. 100 or less.

http://www.business-standard.com/article/economy-policy/86-of-currency-by-value-in-india-are-of-rs-500-rs-1-000-denominations-116110801416_1.html


 
Post ID: 233147 08-11-16 14:57:32
Report Abuse
futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by GlobalIndian

I have some pocket change (20k Rs) from my last visit to India. Have a plan for next year but am I in trouble, in terms of being able to exchange these notes when I arrive there? Any hints? Anyway this exchange can be done here? I am aware that there is an SBI and ICICI in Toronto.




Technically and legally NRI's, OCI's , PIO's and foreigners are not allowed to carry ANY, Rs. (INR) outisde or bring into India in cash. But no one really cared or enforced it seriously for small amounts. Everyone just did it anyways for convenience and to save on exchange rates.

Only Indian residents were allowed to carry a token amount Rs. 5,000 when going abroad.

Yes so by Dec 30 if somehow you don't manage to exchange or deposit it in an Indian bank or post office you could lose Rs. 20,000 or around $ 400 CAD. If someone is travelling to India by Dec 30, send the money with them for deposit in your bank or exchange it for CAD with them.

Not sure what the ICICI - Canada or SBI - Canada situation in Canada is. If they accept or take or exchane Indian Rs. In Canada or not.

Update us and let us know, how it goes .


 
Last edited by: futureguy on 08-11-16 15:19:16
Post ID: 233148 08-11-16 15:10:54
Report Abuse
futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by metallurgy

As per the announcement by the government people can deposit any amount of money in their bank account, no need to exchange and later on they can withdraw as per the withdrawal limits.

As far as people like us ( living abroad ) can exchange old notes of 500 and 1000 Rs with new notes on Airport upon arrival up to 5000 Rupees.



I think the exchange at Airports and Railway stations is for the next 72 hrs only.

Also its probably only for Indian residents gone abroad and coming back. As technically and legally OCI's, NRI's, PIO's and Foreigners are not allowed to carry in or carry out any INR. Although for small amounts like Rs. 5,000 it was never really enforced or was just ignored.

I don't think its like the exchange or deposits at banks and post office for the next 50 days, till Dec 30.


 
Post ID: 233149 08-11-16 15:15:58
Report Abuse
febpreet
Senior Desi
Member since: Jan 07




Posts: 3187
Location:


Very good step, indeed. Support it highly.

On the other hand though, would it suppress corruption, which needs to be seen. Officials would now demand bribes using other ways or in the currency in circulation. As soon as it trades hands, the money could get out of the country to the safe havens or converted into Gold/Real Estate at home or abroad/Farms due to the fear of something like this step could be initiated again. Keeping droves of cash at home would be things of the past.


 
Last edited by: febpreet on 08-11-16 20:09:36
Post ID: 233151 08-11-16 19:34:37
Report Abuse
Contributors:
Blue_Peafowl(1)  Chamgadad(14)  Confused_Canadian(2)  Delhite(12)  dsd(1)  elmer fudd(3)  Fandebaaz(3)  
febpreet(10)  Full House(8)  futureguy(56)  GlobalIndian(2)  hchheda(4)  JRF(3)  kia(1)  
lali(2)  metallurgy(3)  nishant3112(4)  northyork_desi(4)  pipedream(2)  prince_de_canada(1)  puttoo(3)  
rajcanada(11)  ramar2005(6)  RBO(7)  san-hugo(1)  sghosedelhi(1)  sguk(43)  shobhade(3)  
smiley1(1)  tamilkuravan(1)  zindabad(8)  
< [ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] [ 8 ] [ 9 ]
[ 10 ] [ 11 ] [ 12 ] [ 13 ] [ 14 ] [ 15 ] [ 16 ] [ 17 ] [ 18 ] [ 19 ]
[ 20 ] [ 21 ] [ 22 ] [ 23 ] >
 
Show Printable version
Send this page to a friend
Add to favorites
 



 
Web
CanadianDesi
Please Contribute!
Write an Article
Send Community News
Create Photo and Video Albums
Submit Good Pictures
List Useful Websites
Post Jobs
Submit Events
List for FREE!
Businesses
Classifieds
Social Organizations
Religious Places
Employment Agencies
Email Page
Your Email
Friend\'s Email

Advertise Contact Us Privacy Policy and Terms of Usage FAQ
Canadian Desi
© 2001 Marg eSolutions


Site designed, developed and maintained by Marg eSolutions Inc.
//-->