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Demonetisation: News, Updates & Discussions

Discussion in 'World Economy' started by Mercury, Nov 8, 2016.

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Vote For or Against Demonitisation

Poll closed Nov 18, 2016.
  1. Good Idea, Well Executed

    19 vote(s)
    67.9%
  2. Bad Idea, Badly Executed

    1 vote(s)
    3.6%
  3. Good Idea, Badly Executed

    8 vote(s)
    28.6%
  1. Mercury

    Mercury 2nd Lieutant FULL MEMBER

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    Rs 500, Rs 1,000 notes withdrawn, PM announces in emergency address

    New Delhi, November 8

    In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes in Rs 500 and Rs 1,000 denomination will be withdrawn from midnight. The step has been taken to check black money, he added.

    Modi claimed that India was a bright spot in global economy, a credit he appeared to give to his government’s work done since it came to power in 2014.

    “When we came to power in 2014 our economy was lagging behind. Now India is emerging as bright spot as even IMF said, he says in address the nation,” he said in his address to the nation after a Cabinet meeting on Tuesday.

    Live updates
    1. We are committed to empowerment of the poor while following Saab Ka Saath San ka Vikas
    2. Several schemes are tailored towards this objective
    3. Corruption and black money has taken deep roots in the country
    4. In global ranking we are rated high in corruption index.
    5. Some specific classes are behind it. Some used high position.
    6. At the same time many honest people are working diligently. We read reports of honest auto or taxi drivers returning valuables of customers.
    7. Corruption and terrorism are pushing the country behind.
    8. Counterfeit notes are being pushed from across our borders to finance terror activities.
    9. We have taken steps to check such activities and seized fake notes.
    10. Have entered into pacts to check black money through the exchange of information.
    11. Several measures led to unearthing of 1.25 lakh crores of black money.
    12. Today, monetary policy is cash circulation connected to corruption. Most seizures are in denominations of Rs 500 and Rs 1000.
    13. Black money or corruption fuels hawala
     
  2. Butter Chicken

    Butter Chicken Captain FULL MEMBER

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    New 500 and 2000 Rs note

    [​IMG]

    [​IMG]
     
  3. BlackOpsIndia

    BlackOpsIndia Lieutenant FULL MEMBER

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    and people said a new 20,000 Rs is going to be issued by Modi govt. so bad lefties always get a bad spanking.

    Please visit your nearby hospital you are going to see a lot of heart attack ambulances today, dont donate blood for them.


    Invest in gold, its going to be twice or more in coming few months.
     
    Last edited: Nov 8, 2016
  4. Mercury

    Mercury 2nd Lieutant FULL MEMBER

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    @Butter Chicken , Dude these are circulating in the internet recent days as speculation. No official statement from RBI.
     
    A_poster likes this.
  5. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    What a master stroke it is? Indian banks have been suffering large amount of NPAs and the more transactions you do thru them, more money they will earn as commission. This will improve the health of banks. My advice is BUY bank stocks. Real estate will crash massively and there will be mayhem on streets as a result bcoz we have now circle rates in every state. People might end up paying more as stamp duty while the real transaction is of lower value.
    FY 2017-18 will impart a push to Indian econoly as a result of this move but the real benefit will be in FY 2018-2019. NaMO will wing 2019 elections as GOI will have more than enough money to reduce taxes and the effect of GST will be nullified.
    Remember Chidambram who stated that financial knowledge of NaMo can be written on a stamp? Well Chiddu, you have been proven a fuddu today. This guy knows his onions.
     
  6. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    All the money collected by SP, BSP, AAP & Khangrass by selling tickets goes to waste. AAP might be lesser hit as they have been taking bribe in kind thru sexual favours. Latest being Bidlan's father.
     
  7. Mercury

    Mercury 2nd Lieutant FULL MEMBER

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    @Butter Chicken , you seems right. New Rs.500 and Rs.2000 is true. Here is the latest update ...

    New Delhi: In an extraordinary step to tackle the scourge of black money in the country, Prime Minister Narendra Modi on Tuesday said Rs 500 and Rs 1000 notes will no longer be legal from midnight today. He explained that the currency notes will be just paper with no value.

    In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30.

    “Notes of Rs 2000 and Rs 500 will be circulated soon, RBI has decided to limit the notes with higher value,” he added, saying some ATMs in the country may not function on November 9 and 10.

    He assured the nation that the notes of Rs 100, 50, 10 and coins of all denominations will remain legal tender and will not be affected and that “this step will strengthen the hands of the common man in the fight against black money.”

    Modi's announcement comes just days after some leaders suggested that currency notes of Rs 1000 and Rs 500 denominations should be abolished to curb black money in the country.

    The Prime Minister said that black money to the tune of Rs 1.25 lakh crore had been unearthed during last two-and-a-half years.


    http://www.deccanchronicle.com/nati...llegal-from-midnight-today-narendra-modi.html
     
    PARIKRAMA, Levina and Ankit Kumar 001 like this.
  8. stephen cohen

    stephen cohen Lieutenant FULL MEMBER

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    SECRECY WAS THE KEY

    MASTER STROKE by MODI
     
  9. Ankit Kumar 001

    Ankit Kumar 001 Major Technical Analyst

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    Very good decision. Atleast today I am proud that my family was part of the 40% who voted for him .

    Bharat Mata Ki Jai.
     
  10. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    This move means about 35% increase in white money in India. The real value of our economy will now be known to the world. AND that too without including money from prostitution and drugs as has been the case with France, Britain, Italy, Germany and other nations of western world.
     
  11. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    Infact even Nostradamus predicted it that this man from the land of three water signs will bring back all the ill gotten money back.
     
  12. stephen cohen

    stephen cohen Lieutenant FULL MEMBER

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    ISI Printing press out of JOB. Now how to fund Kashmir stone pelters ?

    [​IMG]
     
    anant_s, Vyom, brahmos_ii and 13 others like this.
  13. Ankit Kumar 001

    Ankit Kumar 001 Major Technical Analyst

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    Only concern is that the SBI walas become co operative when the common folk ask help from them on how to do everything.
     
  14. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    The worst part is that to get new 100 rupee notes, they will have to prove themselves to be Indians. LOLZ
     
  15. jha

    jha 2nd Lieutant FULL MEMBER

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    He takes another decision to make a powerful section of his supporters angry. Proud to support this man.
     

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