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  Canada Immigration Forum > General > Our Native Country! > Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !
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Rs 500 and Rs 1,000 notes pulled out of circulation immediately in India !




sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


I checked all the banks including SBI, icici bank, TD , CIBC, bureau all said no.

Not a terrorist, black money etc but don't hail this move.

Until now was Jai Ho Modi, now I call on SIMMI, ISIS etc to help us. We don't need Modi. This guy is worst enemy of ordinary people. Jai Hindi.

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?



 
Post ID: 233152 08-11-16 20:20:05
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Delhite
Senior Desi
Member since: Nov 04




Posts: 898
Location: Brampton


I appreciate this move. It will help in checking the domestic black money and the petty black marketers to some extent. How much of their black money people keep in cash ? hardly 5%. Mostly they invest in real estate or in gold. Govt should think of some innovative solution to put some control on the source of corruption and black money generators to have some real impact. Anyway, something is better than nothing.

The upcoming election will show the real impact of this step. Let?s see if the political parties still spend like they did in the past or not.

To discourage the paper currency, the govt should not introduce the 2K notes. It may again become the mode of big transactions. Another side effect of this this step could be further fall in real estate market in India.

-----------------------------------------------------------------
A Delhite in Toronto

 
Post ID: 233153 08-11-16 20:38:18
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Quote:
Originally posted by sguk

I checked all the banks including SBI, icici bank, TD , CIBC, bureau all said no.

Not a terrorist, black money etc but don't hail this move.

Until now was Jai Ho Modi, now I call on SIMMI, ISIS etc to help us. We don't need Modi. This guy is worst enemy of ordinary people. Jai Hindi.




Why did you take Indian Rs. In Cash, Out of India ? You can't blame Modi for that, can you ? You broke the Indian law, irrespective of whether its black money, terrorist money or not ? Now you got caught.

The law is clear NO Indian currency ( Rs. In cash ) can be taken in or out of India by NRI's, OCI's, PIO's or Foreigners.

We complain about corruption, bribes, no law and order in India, but are more than happy to break the same laws, when it suits us. We have a Chaltaa hain attitude, when it comes to India, and then Crib when something good is actually done in India, as it affects us now.

If Canada had a similar law that NO Canadian $ in cash ,can be taken out of Canada, would you have the same guts to break the Cad law and take money out of Canada in cash ?
Watch what CBSA will do to you. They will not only confiscate all your money, you will go to jail too.

Only a token amount of Rs. 5,000 is allowed to be taken out of India, that too only for Indian Residents.


 
Last edited by: futureguy on 08-11-16 20:47:33
Post ID: 233154 08-11-16 20:45:59
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sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


Look you can buy Indian currency outside of India in Forex bureau & banks. People buy them when rate is good.

This is not illegal money. Modi should understand this. Allow Indian origin ppl to deposit money & get new notes.

Regarding breaking of law - Modi himself has broken too many. We all know which ones.

Now I don't like Modi. Tomorrow, he will seize all your Gold & Money in accounts. Wait for this. This guy is worse than Trump



Quote:
Originally posted by futureguy

Quote:
Originally posted by sguk

I checked all the banks including SBI, icici bank, TD , CIBC, bureau all said no.

Not a terrorist, black money etc but don't hail this move.

Until now was Jai Ho Modi, now I call on SIMMI, ISIS etc to help us. We don't need Modi. This guy is worst enemy of ordinary people. Jai Hindi.




Why did you take Indian Rs. In Cash, Out of India ? You can't blame Modi for that, can you ? You broke the Indian law, irrespective of whether its black money, terrorist money or not ? Now you got caught.

The law is clear NO Indian currency ( Rs. In cash ) can be taken in or out of India by NRI's, OCI's, PIO's or Foreigners.

We complain about corruption, bribes, no law and order in India, but are more than happy to break the same laws, when it suits us. We have a Chaltaa hain attitude, when it comes to India, and then Crib when something good is actually done in India, as it affects us now.

If Canada had a similar law that NO Canadian $ in cash ,can be taken out of Canada, would you have the same guts to break the Cad law and take money out of Canada in cash ?
Watch what CBSA will do to you. They will not only confiscate all your money, you will go to jail too.

Only a token amount of Rs. 5,000 is allowed to be taken out of India, that too only for Indian Residents.





 
Post ID: 233155 08-11-16 20:52:51
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Tomorrow, there is going to be chaos in India..lol. All banks and ATM's closed.

No one is going to accept Rs. 500 and Rs.1,000 from you. Shopkeepers, taxi drivers, servants, bazaars for fruits and vegetables and groceries, restaurants for dining out, travel agencies, no one will take them.

India is still mostly a cash based society, people still don't use credit cards and debit cards that much for daily transactions.

20 % of Indian GDP is still cash based with no tax, no receipts, no electronic trail, no paper trail , nothing.

Lot of real estate transactions in India either resale or even by small and medium builder's is done 60 % White and 40 % Black (cash ) basis.


 
Post ID: 233156 08-11-16 20:56:51
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sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


All dreams. Black economy will continue. People don't see value of taxes that they pay. So will continue to avoid paying taxes. Why ?

Politicians not spending money well. Look at Trudeau spending $1300 on meals per person?

What about Modi's trips abroad ? How much billions is this guy wasting ? Taking selfies in China, when China is so against nation ?

I know realize this guy is feku. True master of events. But bad for India.


Quote:
Originally posted by Delhite

I appreciate this move. It will help in checking the domestic black money and the petty black marketers to some extent. How much of their black money people keep in cash ? hardly 5%. Mostly they invest in real estate or in gold. Govt should think of some innovative solution to put some control on the source of corruption and black money generators to have some real impact. Anyway, something is better than nothing.

The upcoming election will show the real impact of this step. Let?s see if the political parties still spend like they did in the past or not.

To discourage the paper currency, the govt should not introduce the 2K notes. It may again become the mode of big transactions. Another side effect of this this step could be further fall in real estate market in India.





 
Post ID: 233157 08-11-16 20:59:05
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Apparently RBI changed the rules recently. Now even Foreigners can bring Rs. 25,000 in and out of India.

The language is so confusing and vague ! See link below. Everything with India is complicated and vague and grey areas.

https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=10255&Mode=0

RBI, Customs at Indian airports, Banks, Currency exchange counters, Indian embassies will all give you different and conflicting answers. Even their staff and their websites will have outdated and confusing infos.

One will say ZERO Indian currency in and out, one will say Rs. 5,000 , one will say Rs. 25,000. One will say only Indian residents. One will say foreigners are allowed, other will say no for foreigners its not allowed.

This Modi guy also created the whole confusion with PIO to OCI conversion. Lot of people were confused if their PIO is valid or not, if they have to mandatory convert to OCI or can keep it as PIO.


 
Post ID: 233158 08-11-16 21:26:58
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futureguy
Senior Desi
Member since: Oct 16




Posts: 139
Location:


Only salaried people in India pay taxes as they are forced to and its deducted at source i.e TDS.

The rest pay next to nothing. If they get caught, they pay a few bribes and get away. People like shopkeepers, restuarant owners, small business guys.

Even big guys like Ambanis, Tatas, Birlas bribe the politicians and pay next to nothing. They owe thousands of crores in taxes and have also looted public sector banks like SBI, BOI and defaulted on loans or not paid interest worth crores of Rs.


 
Post ID: 233159 08-11-16 21:32:34
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sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


Yes, nothing in India is straight forward. This guy just creates events after events to look good. Like Advani stated, Modi is excellent at event management. Otherwise, no progress & all feku.



Quote:
Originally posted by futureguy

Apparently RBI changed the rules recently. Now even Foreigners can bring Rs. 25,000 in and out of India.

The language is so confusing and vague ! See link below. Everything with India is complicated and vague and grey areas.

https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=10255&Mode=0

RBI, Customs at Indian airports, Banks, Currency exchange counters, Indian embassies will all give you different and conflicting answers. Even their staff and their websites will have outdated and confusing infos.

One will say ZERO Indian currency in and out, one will say Rs. 5,000 , one will say Rs. 25,000. One will say only Indian residents. One will say foreigners are allowed, other will say no for foreigners its not allowed.

This Modi guy also created the whole confusion with PIO to OCI conversion. Lot of people were confused if their PIO is valid or not, if they have to mandatory convert to OCI or can keep it as PIO.





 
Post ID: 233160 08-11-16 21:35:11
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sguk
Senior Desi
Member since: Mar 09




Posts: 326
Location:


True. Why would they ?

What value do they get out of their taxes ?

Modi spending billions traveling to the world and giving handouts to Mongolia & Fiji while millions of Indians struggle. More poor people in India than Africa !!

Yet, Modi handouts continues. Of course, he can do this as its not his money.




Quote:
Originally posted by futureguy

Only salaried people in India pay taxes as they are forced to and its deducted at source i.e TDS.

The rest pay next to nothing. If they get caught, they pay a few bribes and get away. People like shopkeepers, restuarant owners, small business guys.

Even big guys like Ambanis, Tatas, Birlas bribe the politicians and pay next to nothing. They owe thousands of crores in taxes and have also looted public sector banks like SBI, BOI and defaulted on loans or not paid interest worth crores of Rs.





 
Post ID: 233161 08-11-16 21:38:51
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