Currency Ban. 91 people died in queues outside ATMs and banks - page 4.

The Sceptical Chymist

legendary

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Quote from: shield132 on September 03, 2018, 05:57:50 PM

It's shame, such things were happening in late 90's in some post soviet states,

Eh, OK. I'd like to see a reference or something here for the claim. How did they die? Isn't this old news?

The first thing I thought of is all the violence I've read about on Black Friday, the day after Thanksgiving in the US. People line up outside big box retailers, and there have been people trampled in the ensuing rushes. People die everywhere for all sorts of reasons, and 91 or even 300+ is not a large number--tragic, yes, but it's not like a massacre (and I'd still like to hear how they died).

I've always been a fan of keeping some cash at home, locked up in a safe. I think that's always a good idea, whether you're anticipating a financial collapse or not. You never know when you're going to lose your debit & credit cards or when local businesses suddenly lose the ability to take electronic payments. That happened in my neighborhood back in 2011 when we got hit by an early blizzard and the whole town was in the dark for about 4 days. It was a nightmare, but I was able to buy some food at the local Walgreens because I had cash.

If you live in an economically unstable country, I think keeping fiat on hand is a must. If you can afford it, that is. It's not always easy to put money aside.

gentlemand

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Which is why anyone expecting crypto to be anything other than fully China'd in India is dreaming. Their government is willing to plunge millions into instant disaster by screwing with their cash. They've had heavy restrictions on gold ownership.

No doubt those in the know will find ways around it but it will never be allowed to officially fly there. It's dead before it even got going.

fortresscoin

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Saudi Arabia has had painful experiences with stampedes during Haj time. Many lives were lost. The UK has also had deadly stampedes of drunken fans at their football games. However, the Indian government knows that it is responsible for the second most populous country in the world, so you would think that someone would have taken this into consideration before opening the banks to the public. Especially in a country where rural poverty and being ‘underbanked’ is so widespread.

richminded

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Sad to hear this, government should not act like this because in the first place its your money and you have the right to get what you deserve in an easy way. This is the power of the government, now I see the reason why cryptomarket dump during the announcement of banning bitcoin in India. India is a great market, I hope they are more open about new technologies like this.

shield132

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oh, what a pity but you have to edit title, there were dead 33 people, not 91. It's shame, such things were happening in late 90's in some post soviet states, it's 21th century now, in this world economic war is more dangerous than civil war. Why the hell they did it? Seems government doesn't care about people and they don't had to make make that action because number of population is very high in that country. Government had to understand it but they hang on.

pobeditelvezde

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It sounds terrible and I am impressed that the prime minister was satisfied the own decision. I am sure that this event must be investigated and it need to punish the officials who could not organize a normal process of an exchange. We live in the 21 century but such events could not happen in the civilized world so I am disappointed that people do not want to evolve and be more civilized. I know that much depends on the government but anyway people must respect themselves.

First77

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Quote from: Strufmbae on September 03, 2018, 10:15:22 AM

Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country? Do you have any links of articles? In order for me to broaden my knowledge about it?

Some reports say 108 people died in queues outside ATMs and banks. Never heard of demonetisation anywhere in the world so I wrote about it here in international forum.

USA has the biggest problem of counterfeit currency. But USA does it the police way.

First77

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Quote from: Strufmbae on September 03, 2018, 10:15:22 AM

Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country? Do you have any links of articles? In order for me to broaden my knowledge about it?

Some reports say 108 people died in queues outside ATMs and banks. Never heard of demonetisation anywhere in the world so I wrote about it here in international forum.

USA has the biggest problem of counterfeit currency. But USA does it the police way.

Strufmbae

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Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country? Do you have any links of articles? In order for me to broaden my knowledge about it?

1Referee

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Regardless of it being entirely true or not, the easiest way to avoid being subject to this sort of herd-mass-attack, you have to make sure that you hedge the crap out of your weaker fiat currency during "stable" times. If something like this happens, you can just continue with your day as if nothing interesting happened, because it doesn't affect you personally.

People wrongly assume that current situation is different from what previously happened, but they just fool themselves. Every basic aspect related to fiat is inherently doomed to fail, especially when you have rogue governments accelerating that process.

First77

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Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016

On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister "Narendra Modi" is very proud of his actions

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