CONSOLIDATED: 500 and 1000 rupee notes no longer legal tender!
Dec 19, 2016, 8:21 pm
#137
Join Date: Oct 2003
Posts: 1,203
opposite experience at delhi's sbi branch near ashram....
monday 12th december my staff member went to withdraw inr 12k around noon....stood in line for 4 hours & was then told no money left....
tuesday 13th december she goes back again at noon & once again after a few hours of standing in line she is told no money left....
wednesday 14th december she goes at 10am & is informed that they are still dealing with withdrawals from the day before so she should come back after lunch....she goes back at 2pm & stands in line for a couple of hours....when its finally her turn they refuse to give her the money since the firm's account originates from another branch....they tell her they are only giving money to those who have an account at their branch....she argues a bit & refuses to leave without the money so finally the bank agrees to give her inr 4k & no more....since she only had a cheque for inr 12k therefore she couldn't withdraw money that day as well....
thursday 15th december she finally manages to get inr 4k from this branch after standing in line for 3 hours....
all 4 days there were dozens of people at any given point of time at the atm machines & the lines to get into the branch extended out to the street....
monday 12th december my staff member went to withdraw inr 12k around noon....stood in line for 4 hours & was then told no money left....
tuesday 13th december she goes back again at noon & once again after a few hours of standing in line she is told no money left....
wednesday 14th december she goes at 10am & is informed that they are still dealing with withdrawals from the day before so she should come back after lunch....she goes back at 2pm & stands in line for a couple of hours....when its finally her turn they refuse to give her the money since the firm's account originates from another branch....they tell her they are only giving money to those who have an account at their branch....she argues a bit & refuses to leave without the money so finally the bank agrees to give her inr 4k & no more....since she only had a cheque for inr 12k therefore she couldn't withdraw money that day as well....
thursday 15th december she finally manages to get inr 4k from this branch after standing in line for 3 hours....
all 4 days there were dozens of people at any given point of time at the atm machines & the lines to get into the branch extended out to the street....
Wasnt Monday Dec 12 actually a public holiday and hence all banks (including SBI) closed?
Long lines on Tuesday Dec 13 due to three day long weekend was expected and widely reported in the media. In fact, the specific branch mentioned in my data point above had about 100 to 150 people on Tuesday morning
Considering possibility of overflow, specifically nixed idea of going to bank on 14th (Dont know what actual situation was)
It seems 16th was similar to my datapoint above but Monday 19th morning again had a line.
Another feedback that I am getting which might be useful to some is that
a) SBI is worst in terms of lines (compared to BoB, BoI, CBI, Dena)
b) Private Banks have least lines (HDFC. Kotak)
c) Community banks have no lines but also run out sooner or claim to have not gotten money (I may be wrong but it seems that these community banks are a magnet for golmaal)
Last edited by desi; Dec 19, 2016 at 8:34 pm
Dec 19, 2016, 9:18 pm
#138
Join Date: Aug 2008
Posts: 1,470
Any experience with banks in Calcutta?
I will be arriving in Calcutta next week and would like to draw some money out of my own bank account (using either a withdrawal slip or a cheque). Does anyone have any experience of banks in Calcutta? Are they paying out the allowed limit of Rs 24,000 per month in one go or are they also rationing notes like the banks in Delhi appear to be doing (from reading this thread)?
Dec 19, 2016, 11:55 pm
#139
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Another feedback that I am getting which might be useful to some is that
a) SBI is worst in terms of lines (compared to BoB, BoI, CBI, Dena)
b) Private Banks have least lines (HDFC. Kotak)
c) Community banks have no lines but also run out sooner or claim to have not gotten money (I may be wrong but it seems that these community banks are a magnet for golmaal)
a) SBI is worst in terms of lines (compared to BoB, BoI, CBI, Dena)
b) Private Banks have least lines (HDFC. Kotak)
c) Community banks have no lines but also run out sooner or claim to have not gotten money (I may be wrong but it seems that these community banks are a magnet for golmaal)
but with another new restriction imposed by the government yesterday, i can see a lot of frustration & even longer lines for the next 10 days....
Dec 20, 2016, 12:17 am
#140
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Location: India
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Dec 20, 2016, 8:42 pm
#141
Join Date: Oct 2003
Posts: 1,203
Staff member had deposited 15k of her money earlier. She went to deposit additional 11k found in her mom's house. First it was refused. (which is against rules) Then she was told only 5k (which is also against rule). Then she was told to write on paper the reason she is doing this deposit after having done once before (which seems to be as per rule but idiotic for small amounts). Even after doing all these only 10k were deposited and 1k was not (Obviously against any rules and typical Indian bureacratic exercise of power to harass people.)
This is not "one-man" or "italian lady" or "maun singh" level issue. It is that irritating bureaucratic "i-will-harass-because-i-can" mentality that has been ingrained at every level
Last edited by desi; Dec 20, 2016 at 8:47 pm
Dec 21, 2016, 2:17 am
#142
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Yes. It is zoo everywhere. Giving mid-level bank officer power to harrass ordinary people.
Staff member had deposited 15k of her money earlier. She went to deposit additional 11k found in her mom's house. First it was refused. (which is against rules) Then she was told only 5k (which is also against rule). Then she was told to write on paper the reason she is doing this deposit after having done once before (which seems to be as per rule but idiotic for small amounts). Even after doing all these only 10k were deposited and 1k was not (Obviously against any rules and typical Indian bureacratic exercise of power to harass people.)
This is not "one-man" or "italian lady" or "maun singh" level issue. It is that irritating bureaucratic "i-will-harass-because-i-can" mentality that has been ingrained at every level
Staff member had deposited 15k of her money earlier. She went to deposit additional 11k found in her mom's house. First it was refused. (which is against rules) Then she was told only 5k (which is also against rule). Then she was told to write on paper the reason she is doing this deposit after having done once before (which seems to be as per rule but idiotic for small amounts). Even after doing all these only 10k were deposited and 1k was not (Obviously against any rules and typical Indian bureacratic exercise of power to harass people.)
This is not "one-man" or "italian lady" or "maun singh" level issue. It is that irritating bureaucratic "i-will-harass-because-i-can" mentality that has been ingrained at every level
Amusingly, the vast majority of the demonetized cash seems to have already ended up back into bank channels and done so to a much, much greater extent than the government and its tools/cheerleaders expected. Apparently the government underestimated the ability of Indians to game the government's game and so has to keep changing the rules to try to stack the game even more in favor of the government than is already the case. And now the haystacks are so big and so many that the government's hunt for "black money" needles may end up more complicated than it was even before.
There are smart ways to encourage increased banking and strengthening of tax collection and there are desperate, thoughtless ways to try to do so. This is somewhere on that spectrum, but it's closer to the latter than the former. Credit and blame for this goes to one man and one man alone. He has the power and he knows India enough to have to own this move whether or not he or others want him to do so or not. The small financial hit and more major time-waste hit I face in India on my visits will have me pointing the finger of blame for it at the one man with the audacity to have made this demonetization situation what it is.
Dec 21, 2016, 2:42 am
#143
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It's all due to one man. We all know how India operates, no less so when we know that trying to please "boss" is part of the issue and that changing rules rapidly lead to problems. A person running India would have to be an ignoramus to not realize how this would come with India being India yet again. The one man was willing to take the chances and run with this on the assumption that the objective was worth it and would be achieved easily without too much pain.
Amusingly, the vast majority of the demonetized cash seems to have already ended up back into bank channels and done so to a much, much greater extent than the government and its tools/cheerleaders expected. Apparently the government underestimated the ability of Indians to game the government's game and so has to keep changing the rules to try to stack the game even more in favor of the government than is already the case. And now the haystacks are so big and so many that the government's hunt for "black money" needles may end up more complicated than it was even before.
There are smart ways to encourage increased banking and strengthening of tax collection and there are desperate, thoughtless ways to try to do so. This is somewhere on that spectrum, but it's closer to the latter than the former. Credit and blame for this goes to one man and one man alone. He has the power and he knows India enough to have to own this move whether or not he or others want him to do so or not. The small financial hit and more major time-waste hit I face in India on my visits will have me pointing the finger of blame for it at the one man with the audacity to have made this demonetization situation what it is.
Amusingly, the vast majority of the demonetized cash seems to have already ended up back into bank channels and done so to a much, much greater extent than the government and its tools/cheerleaders expected. Apparently the government underestimated the ability of Indians to game the government's game and so has to keep changing the rules to try to stack the game even more in favor of the government than is already the case. And now the haystacks are so big and so many that the government's hunt for "black money" needles may end up more complicated than it was even before.
There are smart ways to encourage increased banking and strengthening of tax collection and there are desperate, thoughtless ways to try to do so. This is somewhere on that spectrum, but it's closer to the latter than the former. Credit and blame for this goes to one man and one man alone. He has the power and he knows India enough to have to own this move whether or not he or others want him to do so or not. The small financial hit and more major time-waste hit I face in India on my visits will have me pointing the finger of blame for it at the one man with the audacity to have made this demonetization situation what it is.
& while we are on the subject, the government (or rather one man) & the 'reverse' bank of india do another u-turn from their latest 19th december rule regarding the one time inr 5k deposits....they have thankfully scrapped that rule today....
i was reading somewhere that this would make it the 60th rule change since november 8th....this fact alone goes to show how stupid & under prepared the government (or rather one man) were to undergo this whole unnecessary exercise....
Dec 21, 2016, 5:21 am
#144
Join Date: Sep 2005
Location: BOM-SIN-EWR
Programs: UA*G (1K again), Sixt Plat, *was*: SQ QPP01 & SK EBS/EBG, LH SEN, AA EXP, 9wPlat
Posts: 8,606
i couldn't agree more....
& while we are on the subject, the government (or rather one man) & the 'reverse' bank of india do another u-turn from their latest 19th december rule regarding the one time inr 5k deposits....they have thankfully scrapped that rule today....
i was reading somewhere that this would make it the 60th rule change since november 8th....this fact alone goes to show how stupid & under prepared the government (or rather one man) were to undergo this whole unnecessary exercise....
& while we are on the subject, the government (or rather one man) & the 'reverse' bank of india do another u-turn from their latest 19th december rule regarding the one time inr 5k deposits....they have thankfully scrapped that rule today....
i was reading somewhere that this would make it the 60th rule change since november 8th....this fact alone goes to show how stupid & under prepared the government (or rather one man) were to undergo this whole unnecessary exercise....
They were warning me that something like this was going to happen, but I had no time for this, trusting the original edicts!
Totally ridiculous.
Makes one scared to even do legitimate business in India...another possible "Emergency" perhaps?? (This is probably pretty close to what it used to me)
Dec 21, 2016, 5:42 am
#145
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
Join Date: Dec 2002
Location: MUC
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Posts: 48,187
The current drama is bad situation/cluster..., but really... it can't be the end of the world as we know it. Especially for those of us here who 'enjoyed' living in India in the 80s, when you stood in line with no certainty of the outcome for:
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
Dec 21, 2016, 5:53 am
#146
Join Date: Nov 2013
Location: India
Programs: Star Alliance Gold, SkyTeam Elite Plus, Hilton Gold
Posts: 907
Dec 21, 2016, 7:32 am
#147
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Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
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Posts: 102,095
The current drama is bad situation/cluster..., but really... it can't be the end of the world as we know it. Especially for those of us here who 'enjoyed' living in India in the 80s, when you stood in line with no certainty of the outcome for:
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
I remember lines to get cooking gas cylinders in the 80s but that wasn't due to a sudden change made by a single Indian in the few weeks or months prior to me seeing those kind of lines too.
Dec 21, 2016, 1:55 pm
#148
Join Date: Sep 2005
Location: BOM-SIN-EWR
Programs: UA*G (1K again), Sixt Plat, *was*: SQ QPP01 & SK EBS/EBG, LH SEN, AA EXP, 9wPlat
Posts: 8,606
The current drama is bad situation/cluster..., but really... it can't be the end of the world as we know it. Especially for those of us here who 'enjoyed' living in India in the 80s, when you stood in line with no certainty of the outcome for:
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
We had to do the same things as well, mainly done by staff - but now our perceptions/expectations have changed...
Dec 21, 2016, 3:25 pm
#149
Join Date: Aug 2008
Posts: 1,470
The current drama is bad situation/cluster..., but really... it can't be the end of the world as we know it. Especially for those of us here who 'enjoyed' living in India in the 80s, when you stood in line with no certainty of the outcome for:
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
- sugar/wheat at the local ration store
- paying fees for simple things at some obscure location/branch of a nationalised bank
- getting a form
- getting a passport
- getting the ECNR stamp in your passport for the next trip abroad
- getting a result at an educational institution
- getting a visa
- getting a postage stamp
etc etc. Or did I have mean parents who made me do all these things myself?
My affluent Indian friends seem to have no clue about how to bring up kids and have spoilt them rotten and totally useless in life .... I'd better stop the thread drift right here!
Dec 21, 2016, 9:50 pm
#150
Join Date: Oct 2003
Posts: 1,203
Both @Keyser and @GUWonder know India much better than many of us (at least from FTer point of view).
However, from my perspective and experience, what is happening is a classic case of Incredible India's deeply ingrained babu-raj.
Parties come and go, leaders come and go. Babu-raj is the one that survives.
Never for a minute, believed that even an honest non-corrupt politician can make any ding into babu-raj India.
Whats happening for the last few weeks fits well into the pattern of so many things that FTer community had to suffer through over the years (registration at police station, 2nd visit in 2 months on 10 year visa, idiotic renewal of life-long OCI at age 50, trying to get SIM, trying to get PAN number from abroad) - irrespective of person or party running government
However, from my perspective and experience, what is happening is a classic case of Incredible India's deeply ingrained babu-raj.
Parties come and go, leaders come and go. Babu-raj is the one that survives.
Never for a minute, believed that even an honest non-corrupt politician can make any ding into babu-raj India.
Whats happening for the last few weeks fits well into the pattern of so many things that FTer community had to suffer through over the years (registration at police station, 2nd visit in 2 months on 10 year visa, idiotic renewal of life-long OCI at age 50, trying to get SIM, trying to get PAN number from abroad) - irrespective of person or party running government
Last edited by desi; Dec 21, 2016 at 9:58 pm