War on Black Money | Move to Scrap Rs 1,000 and Rs 500 Notes Will Help in Long Run, Says RBI

News18 ^ | 11/08/2016 | News18

[Little Pig]

Currency notes of Rs 500 and Rs 1,000 won’t be valid from midnight, PM Narendra Modi says in an address to the nation.

“Currency notes of Rs 1000 and Rs 500 will be just paper with no value,” the PM says.

Modi says the citizens’ money will be safe as they can deposit the notes in the bank before December 30, 2016.

“People can deposit notes of Rs 1,000 and Rs 500 in their banks from November 10 till December 30, 2016,” says PM.

All other coins and notes to be continued.

[Little Pig]

Based on other sources, some additional details: The 500 and 1000 notes will be valid at Government hospitals, agencies, and places like train stations until the 11th of Nov. People can deposit these notes at banks or post offices, and the window for deposit is extended until March 2017 if you show ID on deposit.

Also, new 2000-rupee notes and new 500-rupee notes will begin circulating sometime in the future, though I could find no specific date for this. There were indications that there would be restrictions on the use of the new notes.

[Menehune56]

India.

[SaveFerris]

Revelation 13:15-18 King James Version (KJV)

15 And he had power to give life unto the image of the beast, that the image of the beast should both speak, and cause that as many as would not worship the image of the beast should be killed.

16 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:

17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

---

(from years ago)

India Implements Biometric ID Program for all of its 1.2 Billion Residents

https://youtu.be/oeBiZGU23SY?t=2m21s

[SaveFerris]

[India]

See my post #3

http://www.freerepublic.com/focus/news/3491050/posts?page=3#3

[stylin19a]

I still don’t see how any of this stops black money?
I am sure I am missing something...

[Little Pig]

For reference, the Rs.1000 note is worth just over $15, and the Rs.500 is almost $8. This would be the equivalent of removing the $10 and the $20 from circulation here in the US, based on what those notes get used for. Many Indian families gather big piles of bills when they go to buy cars and other property, rather than using bank drafts or checks, and this is going to impact that activity significantly. Additionally, this will be a huge blow to roadside vendors and smaller shops/businesses, who often deal in cash. With the price of many ordinary commodities like fresh meat and vegetables rising significantly under Modi, I suspect many places are going to go out of business due to their clientele being unable to pay conveniently and taking their business to places where they can pay electronically.

The largest bill available after this change will be the Rs.100, which means a Rs.1200 bill at the local supermarket is now going to require 12 bills instead of three if the customer doesn’t use a card.

This is also going to hit the very poor, as many do not use banks, and get paid in cash. Now they’re going to have piles of low-denomination bills to deal with. Storage will become an issue, as it is much easier to stash 2-3 large bills than it is to put away 25 or so.

Worse, with the ATMs mostly out of commission for the next day or so, expect a lot of headaches for people who had been planning to pull cash. Most ATMs I saw when I was there had lines of 10+ people every day in the mornings/evenings as people withdrew money for that day’s food. Many workers don’t keep much pocket money on hand, preferring to withdraw when needed, and a lot of people are going to be in a bind until everything comes online again (and the likelihood of that going smoothly is slim; expect a lot of ATMs especially away from the big cities to be down for a couple of days or more).

[Mears]

Where???????????????????

.

[Little Pig]

I think it’s supposed to prevent large cash bribes, mostly. It’s not too difficult to hand over a couple of lakhs when you can use 1000s, but when you’re restricted to 100s, it becomes a lot more awkward. This won’t do much for the really big sums that change hands, since they manage to happen electronically despite controls, but it might put a small dent in municipal-level corruption and bribing state politicians.

[Little Pig]

India

[SaveFerris]

Cash will be outlawed, IMHO, by the NWO and the Antichrist.

India already took a major step towards this goal years ago - see my post #3.

The same could happen in any Western country. People would have little choice but to comply.

And how much of America already is dependent upon gov’t payments?

[free from tyranny]

Good for GOLD......keep it up tyrants!!!!!

[hanamizu]

I read that the Rs 500 and Rs 1000 will be replaced by new notes (I think 500/2000. The idea is that if someone has squirreled away a lot of money, it is going to be hard for them to exchange it for the new notes. They will have to explain how they came by it and they have a limited time to do the exchange.

That’s the problem with paper money, it can revert to its true value, 0, at the whim of the government. The U.S. is perhaps unique in that it has never demonetized its paper currency. Which is not to say that it never will.

[Jyotishi]

Rs 500 and Rs 1000 notes banned: Your questions answered by the RBI

Times of India, Wednesday, November 9, 2016

http://timesofindia.indiatimes.com/Rs-500-and-Rs-1000-notes-banned-Your-questions-answered-by-the-RBI/articleshow/55320489.cms?

[Oatka]

Reminds me of a tale my brother, in the Army in Korea, told.

They were paid in MPCs (Military Payment Certificates) instead of dollars in an attempt, IMO, to conserve US dollars, which at the time, were convertible into gold by foreigners.

One evening he was by the fence when some South Korean women started lobbing WADS of MPCs over into the base. The guys were ascrambling to pick them up, visions of sugar plums . . .

The next morning word went out that there was to be a new issue, making the current ones worthless. You had to explain if you turned in larger than normal amounts.

It came out later that the women were town prostitutes, who were tossing the GIs the old "money", figuring it would be worthless to them, but maybe the Yanks would be able to convert some of it into the new currency and spend it at their brothels.

[NonResidentAlien]

Drastic move, but will put a lot of people who have hoarded black money on the defensive for now. It will be a temporary one time reset for black money. Land prices could fall or maybe people will just hold till they can accumulate more black money using the new currency.

[aquila48]

And bitcoins.

[coldphoenix]

Um its not that. They are introducing new 500Rs and 2000Rs notes next year. This move is to curb black money and also get rid of the fake notes in circulation that pakistan routinely passes on in the India.
In one stroke they are getting rid of all the old currency and introducing new ones later with the added advantage of people of hoard illegally got money getting burned.

[SaveFerris]

Take a look at the video I post - YEARS AGO they were scanning retinas and fingerprinting the whole population.

To “combat welfare fraud”. Oh, I’m sure it will do some of that, too.

This type of stuff will be going global.

[SaveFerris]

s/b “Take a look at the video I posted”