India's Banking Issues

Discussion in 'Financial Cents' started by Motomom34, Nov 8, 2016.

  1. Motomom34

    Motomom34 Monkey+++

    Banks closing, bill bills not allowed and limitied withdrawals from ATM's. India is in trouble.

    'Your Money Will Remain Yours': PM Modi Explains End Of 500, 1000 Rupee Notes

    Let see after Friday if the withdrawal limit is lifted.
    Tully Mars likes this.
  2. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    Step 1: Search first term - Google
    Step 2: Search second term - Google
    Step 3: Search third term - Google
    Step 4: Search fourth term - Google
    Step 5: This is the big one. Search fifth term - Google

    If you can manage to connect counterfeit money, the World Bank, IMF, the UK and Brexit, and corporate control to India --then you will have a better idea what is actually happening.
    Motomom34, stg58 and Ganado like this.
  3. chimo

    chimo the few, the proud, the jarhead monkey crowd

    Coming soon to a former superpower ungracefully descending into a banana republic near you.
    Ganado and Tully Mars like this.
  4. DKR

    DKR Raconteur of the first stripe

    India is overwhelmingly a cash economy. New 500 and 2,000 rupee denomination notes will be issued to replace those removed from circulation.

    "Black money and corruption are the biggest obstacles in eradicating poverty," Mr Modi said.
    The move is designed to lock out money that is unaccounted for - known as "black money " - which may have been acquired corruptly, or be being withheld from the tax authorities.

    Finance Secretary Shaktikant Das warned people with large stashes of hidden cash that banks would closely monitor the exchange of old notes for new ones.

    Like Greece, only with chutney....

    Coercive Governments hate cash economies....
    Motomom34, Dont and Ganado like this.
  5. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

  6. DKR

    DKR Raconteur of the first stripe

    Bit of an update.

    Chaos in the Wake of the Ban
    Belowis a link to Part 1, about what happened in the first two days after India’s government made Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes illegal. They can now only be converted to Rs 100 (~$1.50) or lower denomination notes, at bank branches or post offices. Banks were closed the first day after the decision. What follows is the crux of what has happened over the subsequent four days. (See Scenes Of Panic In India As Gold Price Skyrockets After Currency Ban | Zero Hedge)

    Why does this matter?
    This policy is now causing deaths. In India, it’s common when someone has to go in to the hospital for the family to bring a stack of cash. Treatments are paid for at the time of administration, as are medications or supplies needed. Anyone who was in the middle of hospitalization when the demonetization happened had 3 days to spend the cash they brought; after that, they’d have to try to get it converted.

    So now families are unable to get money converted in time, and necessary medicines cannot be purchased. There’s an article out there today talking about kids and elderly who have now died because their families can’t come up with the cash for procedures in time.

    There’s a huge amount of unrest brewing in India now, just under the surface. They’re just about to the point of this triggering a recall election to yank Modi.

    Adding to the outrage - apparently a bunch of “VIPs” in the political elite circles were given a heads-up on the cutoff before the public was, so they had plenty of time to prepare, and to get money moved or deposited without having to account for it or be subject to limits. (Well, Duh! That's why they are the 'leets')

    Poo storm is brewing.
    Half of India’s citizens do not have a bank account and around 25% do not even have an ID card. These are the country’s poorest people, who have no way of converting their money – even if they learn how to do it, which is already a nigh insurmountable hurdle. Also, those who are old, disabled or sick have no choice but to suffer, for without personally visiting a bank branch office, one cannot convert one’s banknotes.

    And yes, it could happen here. So pay attention what's going on over there, so you're ready for when it happens here....
    Yard Dart and Motomom34 like this.
  7. Motomom34

    Motomom34 Monkey+++

    Wow, reading that I thought to myself how can this be happening in today's day and age. It is India. This is not some small unknown country. How are the poor going to survive? I see bad things in the future for them because people will not stand for this.
  8. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    I guess you've never heard of the East India Company or the British Empire before? ;)
    Time has no relevance on despotism. The thought that we are more "civilized" now than we were at any time in the past is simply a delusion, a trick of the mind at best. Social programming, more likely. Take away electricity, and we are barbarians once more.

    Britain’s crimes in India - the truth behind the drama
    Yard Dart and VisuTrac like this.
  9. Motomom34

    Motomom34 Monkey+++

    It exhausts me and so do you..... you would think eventually people would learn, look to history for lessons not to be repeated. You can teach a dog but why not humans.
  10. ghrit

    ghrit Bad company Administrator Founding Member

    Dogs are willing learners. Humans, well, you know about that ---
    Yard Dart and Motomom34 like this.
  11. arleigh

    arleigh Goophy monkey

    The bottom line here folks is tax money. greed of those in power.
    Brokor likes this.
  12. Cruisin Sloth

    Cruisin Sloth Special & Slow

    In Kanada they droped the 1000.00 bill note years ago .
    I travelled with those,sucks now & then the drain farts said Kanda no LONGER has cents , Pennies are done BUT our frigging tax is 12-18% and the round it UP .. Always !!
    USA price on a Flushmaster unit @ lowes is 6.84 -7.50 in Kanada after all the Tariffs (Common wealth crap & B4 taxes ) it's 19.50 cheapest then the taxes & levys comes to 23.00 for the same plastic made in China .

    Tariffs (Common wealth crap & B4 taxes ) ON EVERYTHING , UNLESS YOU DRIVE IT IN YOURSELF
    Last edited: Nov 17, 2016
  13. BTPost

    BTPost Stumpy Old Fart,Deadman Walking, Snow Monkey Moderator

    Aw, quit complaining... You Rx Meds are all Dirt Cheap, compared to the USA...
  14. DKR

    DKR Raconteur of the first stripe

    Amid scenes of panic across India, following PM Modi's shock decision to withdraw high-value bills in the middle of the sowing and wedding season, Reuters reports the move, aimed at cracking down on the shadow economy, has brought India's cash economy to a virtual standstill. With over 90% of all transactions done in cash, money flows in and out of the black-and-white system... until now, as Devangshu Datta exclaims, "The system works because everybody believes that those pieces of paper will be accepted by everybody else... This move has shaken that trust."

    Farmers have been left stranded as traders have no cash to pay for their produce, while millions of Indians lined up outside banks and post offices for the ninth day to exchange old banknotes or withdraw rationed money from their accounts.

    Paper money. What a good deal.
    mysterymet likes this.
  15. Nyrikh

    Nyrikh Neophyte Monkey

    This has had very predictable results.... Gold shot to $2,800.00 OVERNIGHT!!!! This is exactly what happens when people loose faith in fiat currency. It's only a matter of time before the same thing happens here in America.
  16. ghrit

    ghrit Bad company Administrator Founding Member

    It's not clear where that price came from. We are looking at something between 1200 and 1300 here today.
    Cruisin Sloth and VisuTrac like this.
  17. DKR

    DKR Raconteur of the first stripe

    Old notes will be accepted at government hospitals, petrol stations and toll booths for 10 more days.
    A day after Prime Minister Narendra chaired a meeting to review the demonetisation of Rs. 500 and Rs. 1,000 notes and its impact, Economic Affairs Secretary Shaktikanta Das on Monday announced that the now defunct currency would be accepted at government hospitals, petrol stations and toll booths till November 24.

    The Prime Minister’s meeting came amid continuing chaos and growing public anger across the country over limited cash availability following the surprise demonetisation of the two higher value notes.

    On Sunday, the cash withdrawal limit at ATMs was hiked to Rs. 2,500 from Rs. 2,000 a day.

    The weekly limit of Rs 20,000 for withdrawal from bank counters was also increased to Rs. 24,000. The maximum limit of Rs. 10,000 a day on such withdrawals has been removed.

    Demonetisation has inconvenienced people across country'

    The demonetisation move has "inconvenienced" people across the country, as no "adequate" backup arrangements were made, Kerala Chief Minister Pinarayi Vijayan said on Monday.

    "Eighty-four per cent of currency that was in circulation has been demonetised. There was no backup for the currencies withdrawn. The lapse on the part of Narendra Modi government was a grave one that should not have happened from any government at all," Mr. Vijayan said.

    He was speaking to journalists after opening the Kerala pavilion at the 36th edition of India International Trade Fair at Pragati Maidan in New Delhi.

    Bureaucrats = idiots worldwide.....
  18. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I'm betting that this won't be forgotten in the next election cycle over in India.
  19. Amatore1

    Amatore1 Monkey

    Keep stacking silver and gold just in case SHTF. Some lead would come in handy too.
  20. DKR

    DKR Raconteur of the first stripe

    India's demonetization campaign is not going as expected.

    Overnight, banks played down expectations of a dramatic improvement in currency availability, raising the prospect of queues lengthening as salaries get paid and people look to withdraw money from their accounts the Economic Times reported.

    While much of India has become habituated to the sight of people lining up at banks and cash dispensers since the November 8 demonetisation announcement, bank officials said the message from the Reserve Bank of India is that supplies may not get any easier in the near future and that they should push digital transactions. “We had sought a hearing with RBI as we were not allocated enough cash, but we were told that rationing of cash may continue for some time,” said a banker who was present at one of several meetings with central bank officials.
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