Topic: India Bans Its Largest Fiat Currency Notes - page 4. (Read 7357 times)
I think this is a good move to ban but it should be announced in advance to prevent all the problems poor and middle class people have to go through because of this ban.I think it will also encourage online transactions and sooner or later Indian Banks will also adopt blockchain
This happens in India a country which in 2022 will have greater population than China (currently has 1.31 billion inhabitants) is an example of the means the financial systems use in order to persuade Indian citizens to create bank accounts. It is characteristic that the notes will stay in circulation (10, 20, 30 Rs) are very low value when the banknotes of Rs 1000 is only 14.6 US dollars.
How much is 500 and 1000 rupias?
I saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INRI saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese
It actually makes me feel bad for them when i think about the ones who may could not exchange their money because of some reason and later on they became worthless, because they are all innocent people who had nothing to do with black markets and etc so they were supposed to be given some chance to convert them anyhow.
They weren't given three days... lol...the money exchange is still going on here...it will go on till about the end of December. The circulation won't finish finally before the middle of the January of 2k17.
How much is 500 and 1000 rupias?
I saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INRI saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese
It actually makes me feel bad for them when i think about the ones who may could not exchange their money because of some reason and later on they became worthless, because they are all innocent people who had nothing to do with black markets and etc so they were supposed to be given some chance to convert them anyhow.
Notes are so unsafe and not cheap to government print just like the coins...
And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.
And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.
So it means that In India and in other countries, Bitcoin can have a really good future. Paper currencies notes if cancelled become zero in value, while on the other hand No Govt. can make the value of bitcoin to zero , as it is not in the hands of the Govt.
That might happen because every country focus towards making things digital. Now this might help get the attention of people from India towards bitcoin. Decentralization won't make any hesitation because the increased price stands first in such situation.
I don't think anything like that will happen anytime soon. People are afraid about trusting any currency and more over, Bitcoin is a decentralised currency, which won't uplift the trust rate of Indians in Bitcoins.
Notes are so unsafe and not cheap to government print just like the coins...
And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.
And that's why cryptocurrencies are the future, we started trading goods, after metals, paper and now bytes.
So it means that In India and in other countries, Bitcoin can have a really good future. Paper currencies notes if cancelled become zero in value, while on the other hand No Govt. can make the value of bitcoin to zero , as it is not in the hands of the Govt.
That might happen because every country focus towards making things digital. Now this might help get the attention of people from India towards bitcoin. Decentralization won't make any hesitation because the increased price stands first in such situation.
Not sure if it has already been shared. IMO this is what's driving current price rise.
http://www.cnbc.com/2016/11/15/india-rupee-restriction-boost-bitcoin-digital-currency.html
http://www.cnbc.com/2016/11/15/india-rupee-restriction-boost-bitcoin-digital-currency.html
Sometimes make me think that with bitcoin we are playing right into the hands of the movement to restrict our funds.
Crypto is perfect for governments if they control it and can take it away in one click or divvy up the funds between the elite.
Its funny how those attracted to bitcoin initially wanted less government and now it is starting to look like government is going at it the same for total polar opposite reasons.
There is also a trend of eliminating the lower coins and bills in some Countries to eliminate costs and weighing people down with change.
This always looked to me as a reason to over charge the customer due to not having the smaller change and rounding up.
Crypto is perfect for governments if they control it and can take it away in one click or divvy up the funds between the elite.
Its funny how those attracted to bitcoin initially wanted less government and now it is starting to look like government is going at it the same for total polar opposite reasons.
There is also a trend of eliminating the lower coins and bills in some Countries to eliminate costs and weighing people down with change.
This always looked to me as a reason to over charge the customer due to not having the smaller change and rounding up.
A US federal prosecutor stated that you can't shut down bitcoin. http://motherboard.vice.com/en_ca/read/us-federal-prosecutor-you-cant-shut-down-bitcoin-kathryn-haun
I don't know how they would "divvy up the funds between the elite" with one click?
We are not talking bitcoin specifically when we are talking about crypto currency being a wet dream for government.
If a bank or government creates a crypto that is controlled by them,meaning they have written into the code a way to grab all funds or automatically charge interest,then you are one click away from that happening. It is a very clear point and issue,I do not mention bitcoin anywhere in my response.
To address the Federal prosecutor link I will just say the Elect President has gone on record about scraping laws and agreements he deems unfit. So with that same reasoning he could change the outcome and make the "you cant shut down bitcoin" a out of date statement. We have to remember that super powers wane and so does societies norms,you can not presume things are always going to be the way they currently are. To state it another way... Would you rather be prepared for that day or unprepared?
I agree that a govenrment-controlled or backdoored system could be used to track and shut down certain transactions. People would be foolish to use such a system. Zcash is a good example of such a crypto. Bitcoin is highly unlikely to be government controlled or backdoored - it's open source, and furthermore it seems to be a thorn in the side of government and monetary authorities around the world.
The federal prosecutor would love nothing better than to shut down bitcoin! She meant that you can't shut it down for technical reasons! Remember 10 years ago when they tried to shut down bittorrent? A brief arms race which pitted ISP filtering and love letters/lawsuits from Hollywood lawyers against port randomization and protocol encryption ensued - guess who won? The Hollywood mafia tries to cover up the fact that they completely lost the fight... Given that bitcoin had a very similar peer-to-peer architecture which supports billions of dollars of wealth, something tells me that the bitcoin network won't go down without an analogous fight.
So don't worry...
How much is 500 and 1000 rupias?
I saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
well,according to http://www.xe.com/currencyconverter/convert/?From=USD&To=INRI saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
a 500 note is worth 7.38 USD, 1000 rhupee note- 14.75$
it is not about the value of the notes in question or fighting crime or anything else
it is all good and dandy
BUT the population of India was given only THREE days to be able to exchange their old notes
consider all who could not exchange and the sum would be huge
and not the bankers nor corporations paid for it but simple people of India
who are not exactly the wealthiest on earth
p.s. there are about 1 billion of indian people on earth and they are the second largest nation after chinese
How much is 500 and 1000 rupias?
I saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
I saw it yesterday, don't remember where and far I remember, isn't a big value...
Fake notes will always appears in the market, I think it's an smart idea, paper notes are not so hard to fake nowadays...
I heard that there was a redemption period before the publically announced one, where wealthier individuals were allowed to exchange black notes for fresh notes, ahead of the lines. Has anyone else heard this/ is this true?
Yeah, various sources describes that a small percentage of the wealthier network is governing the entire nation. They were reported regarding this earlier, so that they won't get affected by the new regulations upon the currency change.
I heard that there was a redemption period before the publically announced one, where wealthier individuals were allowed to exchange black notes for fresh notes, ahead of the lines. Has anyone else heard this/ is this true?
read an article today about a boy in India who died because the hospital refused to take one of the notes
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
Terrible news but it was bound to happen. That's the power of governments. They say they act to help or protect people but while doing that theirs stupid policies also cause some unfortunate poor people to die.
read an article today about a boy in India who died because the hospital refused to take one of the notes
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
Terrible news but it was bound to happen. That's the power of governments. They say they act to help or protect people but while doing that theirs stupid policies also cause some unfortunate poor people to die. I hope the parents who've lost a son will have the courage to bring the body to the house of the prime minister. Because he could have allowed hospitals to accept any currency. I see Modi as 100% responsible of this death.
Such news are the ones that make me proud of owning bitcoins and precious metal and using all my fiat to buy more bitcoins.
While I do agree it shows the unreliability of traditional fiat currencies, this policy does make sense.
Not speaking from personal experience, but only 2 to 3% of people in India actually pay income tax, so this should get rid of "black money." However, obviously this policy is too extreme, and has caused problems to so many that it really can't be justified.
Not speaking from personal experience, but only 2 to 3% of people in India actually pay income tax, so this should get rid of "black money." However, obviously this policy is too extreme, and has caused problems to so many that it really can't be justified.
read an article today about a boy in India who died because the hospital refused to take one of the notes
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
the operation cost was 6.000 RS and one of the 500 notes was not accepted so the parents had to take the boy to a different hospital
he died on the way
and all because of a 500 note,this is so sad
http://www.independent.co.uk/news/world/asia/baby-died-hospital-india-refused-to-accept-parents-money-banknotes-mumbai-modi-cash-crisis-dies-a7416336.html
Yes and Rajan (former governor) was also against some latest decisions taken by government. Anyway, getting first step towards cashless society is a positive thing for bitcoin. At this moment the companies like paytm (owned by jack ma) is getting most benefits because of such decisions and there is a scope for crypto currencies too and I am eagerly waiting bitcoin to see appear in day to day life.
PayTM is rapidly expanding its market share, through various promotional offers. It is having the backing of large number of industrialists and businessmen. Bitcoin lacks any such backing.
i think the best way to control black money is by starting the use of bitcoins or any other single decentralized currency which is better i guess. inn this way there will be no black money and there will be a huge control on the racket of bitcoins .well i think there should be a education system onn bitcoins and it should be done as soon as possible..
I had heard that the new 2000Rs note will have embedded NATO GPS CHIP which will transmit data to satellite which will help government to track the amount of money stored in a suspicious area for a long time then Tax department will take action against it to tackle with three situations. I think it's a best idea that MODI could ever decide.
That's a wrong thing..search it on Google, Reserve bank of India confirmed that that's not the case...it's just a wrong information that has gone viral over social media.
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