CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!
Nov 15, 2016, 6:10 am
#31
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this morning certain markets were not accepting credit card payments unless you spent a higher certain amount....just trying to exploit the situation....
the minimum spend for using a credit card is normally inr 200 at most stores....i was trying to spend around inr 3k & the guy wanted me to spend a minimum of inr 7.5k otherwise he would not accept a card payment....others in the same market were doing the same thing....i had to threaten him that i would call the cops & the media before he agreed to charge the lesser amount....
the minimum spend for using a credit card is normally inr 200 at most stores....i was trying to spend around inr 3k & the guy wanted me to spend a minimum of inr 7.5k otherwise he would not accept a card payment....others in the same market were doing the same thing....i had to threaten him that i would call the cops & the media before he agreed to charge the lesser amount....
Nov 16, 2016, 1:57 am
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Nov 16, 2016, 4:48 am
#36
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Nov 16, 2016, 5:14 am
#37
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Nov 16, 2016, 6:26 am
#38
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The Indian economy is in chaos -- even for those who have zero "black money", as is the case for most tourists with no Indian family ties.
As some ought to know, only a very small fraction of Indian black money tends to be held as cash longer term; and there are ways still available to launder that fraction. I really have to wonder about the kind of advice the government got before clownishly implementing this demonetization of the bulk value of issued cash.
Personally, I expect there to be a lot more: temple, mosque, and church donation-related games; bank officer games; smurfing and other money games via the poor; prepayment of wages, goods/services; chartered accountant games; precious metals/gems/jewelry games; farm income games; political party donation games. These ways to rotate the black money currency notes are in full swing. Chandraswami types are having a field day with this.
Last edited by GUWonder; Nov 16, 2016 at 6:43 am
Nov 16, 2016, 6:53 am
#39
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Some entrepreneurs have popped up willing to exchange currency and some others take these demonetized notes for payment; but the haircut application is horrible and the consumers pay for it big time.
The Indian economy is in chaos -- even for those who have zero "black money", as is the case for most tourists with no Indian family ties.
As some ought to know, only a very small fraction of Indian black money tends to be held as cash longer term; and there are ways still available to launder that fraction. I really have to wonder about the kind of advice the government got before clownishly implementing this demonetization of the bulk value of issued cash.
Personally, I expect there to be a lot more: temple, mosque, and church donation-related games; bank officer games; smurfing and other money games via the poor; prepayment of wages, goods/services; chartered accountant games; precious metals/gems/jewelry games; farm income games; political party donation games. These ways to rotate the black money currency notes are in full swing. Chandraswami types are having a field day with this.
The Indian economy is in chaos -- even for those who have zero "black money", as is the case for most tourists with no Indian family ties.
As some ought to know, only a very small fraction of Indian black money tends to be held as cash longer term; and there are ways still available to launder that fraction. I really have to wonder about the kind of advice the government got before clownishly implementing this demonetization of the bulk value of issued cash.
Personally, I expect there to be a lot more: temple, mosque, and church donation-related games; bank officer games; smurfing and other money games via the poor; prepayment of wages, goods/services; chartered accountant games; precious metals/gems/jewelry games; farm income games; political party donation games. These ways to rotate the black money currency notes are in full swing. Chandraswami types are having a field day with this.
Nov 16, 2016, 11:51 am
#40
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The 1000 notes are the common currency of 'black' money, so evidently the RBI wants to destroy the parallel economy that way. Great.
Technically you are not allowed to take INR with you when leaving the country, so cash taken abroad is invalid anyway.
I think I have 20-30k at home...
Technically you are not allowed to take INR with you when leaving the country, so cash taken abroad is invalid anyway.
I think I have 20-30k at home...
Nov 16, 2016, 12:15 pm
#42
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it is....& that is what typically the people with black money have....paper rupees would make up a small percentage of the total amount of black wealth out there....
Nov 16, 2016, 12:18 pm
#43
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Nov 16, 2016, 12:28 pm
#45
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"Fool me once, shame on you. Fool me twice, shame on me".