India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
Post Reply
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
09-11-2016, 05:17 AM
India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
Indian Prime Minister Narendra Modi has announced that the existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

New 500 and 2,000 rupee denomination notes will be issued to replace them.

This announcement comes just over a month after the Indian government raised nearly $10bn through a tax amnesty for Indians to declare hidden income and assets.
Find all posts by this user
Like Post Quote this message in a reply
10-11-2016, 09:06 AM
RE: India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
as the resident Indian here I'll add my 2cents

basically every bank over here is filled with people depositing their 500s and 1000s,
it would be impossible to find a bank

from what I can gather, people will get seriously taxed as a penalty if any mismatch arising due to tax evasion is found during the depositing debacle going on right now.
The banks will remain open on saturdays and sundays as a result of this so bank employees are not gonna enjoy this episode

I don't keep notes above 100 in my wallet so I didn't have to deal with this Smartass
Find all posts by this user
Like Post Quote this message in a reply
10-11-2016, 09:50 AM
RE: India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
What is the reason for this?

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
Find all posts by this user
Like Post Quote this message in a reply
10-11-2016, 12:33 PM
RE: India Banned 500 and 1000 Rupees Notes. 2000 Rupees Notes will be issued.
(10-11-2016 09:50 AM)Dom Wrote:  What is the reason for this?

counterfeit 500 and 1000 rupee notes will become useless on the market for whoever is making em
and people who have stashed money but didn't declare it in order to avoid taxes will now have to deposit that money since those 500 and 1000s are worthless now

the latest of the Modi administrations plan to deal with black money
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Ace's post
Post Reply
Forum Jump: