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CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!

CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!

Old Dec 5, 2016, 10:15 pm
  #106  
 
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Originally Posted by GUWonder
Go to a random wedding and give it to the bride and groom. Weddings have become a major money laundering business due to the demonetization and the traditional expectation that newly wedded couples get a lot of cash gifts to deposit untaxed after the wedding.

Want to finance a wedding? Here's a way.

About publicly burning Indian cash in India? Not sure about the legality of that, but keep in mind that ordinary Indian citizens generally don't have the ordinary right to even fly an Indian flag however and whenever they wish to do so even on their own property.
It appears Indians cannot display the flag on their cars, but otherwise, it's allowed

http://m.timesofindia.com/india/Now-...ow/5371591.cms
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Old Dec 6, 2016, 3:34 am
  #107  
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Originally Posted by vsuri
It appears Indians cannot display the flag on their cars, but otherwise, it's allowed

http://m.timesofindia.com/india/Now-...ow/5371591.cms
It's allowed under very limited conditions. If they want to punish someone for flag handling, it's still way too easy to do so IMO.

That article seems to confirm that "ordinary Indian citizens generally don't have the ordinary right to even fly an Indian flag however and whenever they wish to do so even on their own property." The high flagpole and lit at night requirement speak toward confirmation of my words.

Given the withdrawal of legal tender characteristics of the notes in question, if there is an legal prohibition against the public destroying/defacing Indian currency, perhaps the risk is less in the burning of the notes than in it being taken as an offensive act of a different nature than cash/coin destruction/defacing?

Last edited by GUWonder; Dec 6, 2016 at 3:45 am
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Old Dec 6, 2016, 6:39 am
  #108  
 
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In any case, there are still places where the old currency notes are accepted, so don't rush to burn them. Here are places still accepting the old Rs 500 notes (I've edited this list to only show those of relevance to most foreign travellers, though the link is below if you want to see the full list):

Till the December 15, 2016, specified banknotes of only 500 denomination can be used as under:—

(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses for purchase of tickets;

(f) for making payments in all pharmacies on production of doctor’s prescription and proof of identity;

(h) for making payments to catering services on board, during travel by rail;

(i) for making payments for purchasing tickets for travel by suburban and metro rail services;

(j) for making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.

(q) Payments towards pre- paid mobile top-up to a limit of ₹ 500 per top-up

(r) Toll payment at these toll plazas of the Ministry of Road Transport and Highways may be made through old ₹ 500 notes from 3.12.2016 to 15.12.2016 (as they have continued the toll free arrangement up to 2.12.2016)
Note that this applies to the old 500 notes only, not to the 1000 notes.
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=119
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Old Dec 9, 2016, 11:53 am
  #109  
 
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Any updates on availability at the Mumbai international airport?
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Old Dec 9, 2016, 12:13 pm
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Originally Posted by beachfan
Any updates on availability at the Mumbai international airport?
You may want to also follow this thread on Thorn Tree, where travellers are posting realtime updates based on their current locations in India. Mumbai seems to be better than Delhi at the moment.
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Old Dec 9, 2016, 7:01 pm
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Originally Posted by segacs
You may want to also follow this thread on Thorn Tree, where travellers are posting realtime updates based on their current locations in India. Mumbai seems to be better than Delhi at the moment.
Thanks!

Very useful.

I'm hoping things are better in two weeks when I arrive.
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Old Dec 9, 2016, 8:43 pm
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I read this in an online version of an Indian newspaper today:
Finance minister Arun Jaitley and key ministry officials will go into a lockdown in the first week of January for budget preparations
So what is happening about the proposed acceptance of old notes by the central bank from the beginning of 2017? Have they announced rules / procedures for that yet? If not, when will this be announced, especially in the light of the above news.

So how long will those foreign residents who were unable to return to India by 2016, have to spend in India to queue up at the RBI to get their own money back?

Truly Incredible India!
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Old Dec 9, 2016, 11:54 pm
  #113  
 
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If you are outside India and have more than 25000 Rs on yourself then you have only yourself to blame as 25000 is the recently increased limit (used to be 10000)

If you have more than 25000 and end up not being able to deposit/exchange then consider it a speeding ticket type fine for violating various rules (both customs and FERA)

If you have less than 25000 and end up not being able to exchange/convert, consider it donation to India (it is less than 400 USD). Cancellation of 1000 RS note was standard roumour for last many years. So it should not come as surprise. Even cancellation of 500 and 1000 would not have been a big issue if civil servants had handled it better. (such as 200 Rs notes would have been more useful than 2000 rs notes)

Last edited by desi; Dec 10, 2016 at 12:24 am
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Old Dec 10, 2016, 12:00 am
  #114  
 
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Originally Posted by golmaale
I read this in an online version of an Indian newspaper today:
Finance minister Arun Jaitley and key ministry officials will go into a lockdown in the first week of January for budget preparations
SInce Arun Jaitley and key ministers were never suppose to sit on a counter at RBI to exchange money, them being tied down with budget planning should be a non-issue.

Going to RBI is going to be a pain (you are more likely to be bitten by a dengue carrying mosquitoe) but after a month, the current premium of 20-25 pct (get 3 new 2000 rs notes and 3 new 500 rs notes for 20 old 500 notes) is expected to come down to about 15 pct
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Old Dec 10, 2016, 12:05 am
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[QUOTE=golmaale;27562025]I am an Indian living in the US and have no way to return to India before 2017; however, I have about 50,000 rupees in cash in a bank locker in India to which I am the only signatory.

QUOTE]

hmmm. is it legal to put cash in lockers in india?

One of the purpose of this whole painful exercise is to get rid of such money sitting outside banking system

1 year CD pays 7 pct. Even ordinary savings account pays 4 something.
(provided it is legal money and not black money)
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Old Dec 10, 2016, 2:55 am
  #116  
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Originally Posted by desi
If you have less than 25000 and end up not being able to exchange/convert, consider it donation to India (it is less than 400 USD).
i'm sorry but why should anyone donate any amount because of a stupid decision taken by one man which has inconvenienced the entire country & those who legally have less than inr 25k outside of india????

measures should have been put in place to take care of those who will not be returning to india before march 31st....if this whole exercise was planned better then perhaps this would have been thought of as well....

Originally Posted by desi
Cancellation of 1000 RS note was standard roumour for last many years. So it should not come as surprise.
it comes as a big surprise....no matter how standard the rumour was....

Originally Posted by desi
Even cancellation of 500 and 1000 would not have been a big issue if civil servants had handled it better. (such as 200 Rs notes would have been more useful than 2000 rs notes)
this has nothing to do with civil servants....this has everything to do with one man who took a decision without thinking of the consequences....the supreme court has observed that the government has handled this poorly....the banks have accepted that they were not prepared....if the new batch of inr 500 & inr 2k notes were introduced in the market for a period of 6-8 months & then this demonetization exercise would have been introduced then i would have supported it....but to do so without adequate currency being available in the market is just plain stupidity....

Originally Posted by desi
SInce Arun Jaitley and key ministers were never suppose to sit on a counter at RBI to exchange money, them being tied down with budget planning should be a non-issue.
actually, it is going to be an issue....if a proper plan is not put into place to handle this post december 30th then we will be in the same position we are in currently....mass confusion because the government themselves don't know what to do....this is evident from them changing rules every other day....

Originally Posted by desi
Going to RBI is going to be a pain (you are more likely to be bitten by a dengue carrying mosquitoe) but after a month, the current premium of 20-25 pct (get 3 new 2000 rs notes and 3 new 500 rs notes for 20 old 500 notes) is expected to come down to about 15 pct
there is no fear of dengue between january & march....

Originally Posted by desi
hmmm. is it legal to put cash in lockers in india?
yes it is if it is declared or legally earned....

Originally Posted by desi
One of the purpose of this whole painful exercise is to get rid of such money sitting outside banking system
its impossible to accomplish this exercise because you don't have a proper banking system that is available everywhere across the country....cash is used in the rural areas where there are no banks for many many miles....people prefer to hold onto cash because small shops & street vendors don't accept any other form of payment....you can't get rid of cash when a great percentage of this country doesn't have bank accounts....

Originally Posted by desi
1 year CD pays 7 pct. Even ordinary savings account pays 4 something.(provided it is legal money and not black money)
that's completely up to the individual whether they want to keep their money in the bank or with themselves at home or in a locker....some people don't want to keep their money in the bank....
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Old Dec 10, 2016, 3:55 am
  #117  
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Originally Posted by desi
If you are outside India and have more than 25000 Rs on yourself then you have only yourself to blame as 25000 is the recently increased limit (used to be 10000)

If you have more than 25000 and end up not being able to deposit/exchange then consider it a speeding ticket type fine for violating various rules (both customs and FERA)

If you have less than 25000 and end up not being able to exchange/convert, consider it donation to India (it is less than 400 USD). Cancellation of 1000 RS note was standard roumour for last many years. So it should not come as surprise. Even cancellation of 500 and 1000 would not have been a big issue if civil servants had handled it better. (such as 200 Rs notes would have been more useful than 2000 rs notes)
The above is neither a wholly accurate representation about the legal circumstances nor a rational justification for the financial harm inflicted upon currency note holders by this governmental move.
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Old Dec 12, 2016, 4:12 pm
  #118  
 
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Any updates on currency availability in Dubai, Delhi and Leh? Does anyone have experience with PayTM- is it possible to use with US debit/credit card.
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Old Dec 12, 2016, 9:17 pm
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Originally Posted by airsupply
Does anyone have experience with PayTM- is it possible to use with US debit/credit card.
PayTM cannot be used with a foreign card.
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Old Dec 12, 2016, 11:15 pm
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@Keyser

From outside India, it is difficult to have as accurate guage of pulse as you with you being there physically and and much better witness to the situation on the ground. From my own personal family situation, I can attest that this has been extremely badly handled and a lot of inncent people are facing serious challanges. (especially old, sick and poor)

Where we differ, respectfully,is in the placement of blame. Whether it is honest distribution of new notes or timely reconfiguration of ATM machines, - those things too details for "one man" to decide.

One could have certainly rolled out 200 RS notes instead of 2000 Rs notes. But again, while high level approvals might be done at "one man" level, all proposals and implementations are done by the same career babus who came up with
a) no re-entry for 2 months on 10 year multiple entry visa
or
b) one has to go through entire OCI process all over over again if you got one at age 49 (no security issue between age 21 and 49 or between 51 and 99)

Not surprised by urge to blame "one-man". We had FOX news here blame Obama for practically everything for large 8 years.

Lets face it, most, if not all, issues facing India tend to have ridiculously inefficient bureaucracy in the mix either as a cuase or as a hindrance to the solution.

Agree with you that it has been a pathetic implementation.

Last edited by desi; Dec 12, 2016 at 11:40 pm
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