Topic: India Bans Its Largest Fiat Currency Notes - page 5. (Read 7336 times)
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.
Actually Indian government is not banning the highest denomination (₹500 and ₹1,000) paper notes. They are simply replacing the old notes with the new notes. And they have introduced the ₹2,000 banknote, which didn't existed earlier and news rumoured that there will be Nano GPS Chip in the note which will help tax department to track money through satellite.
Now it sounds confusing and seems misleading for a government to ban a high denomination only to replace it and introduce yet another with a higher value. Not a very good decision from economic point of view and if indeed, they were pursuing a cashless society agenda. Even the rumour about planting Nano GPS chip on the 2000 banknotes turns out to be true, it won't accomplish much, because those who have something to hide would definitely avoid it, knowing those notes are tracked. 
do you guy think this can lead to an increase of adoption for bitcoin, since to do black market now they need somethign else, because with cash it will be more difficult for them to do it, there might be a chance for them to use bitcoin more, thus the price will increase because of more buyers from india
This is a great opportunity for Bitcoin. But the problem is that very few people are aware of it in India. However, the other online payment applications are exploiting this opportunity to capture market share. During the past few days, hundreds of thousands of merchants have started accepting payments through PayTM, a mobile payment platform.
I think and hoping they will be buying or parking their money on bitcoin. Or they can have business and let their money help the economy and provide jobs to the deserving ones.
Yes, current prime minister of India Narendra Modi is very pro-active for cash less society, entrepreneurship, attracting foreign direct investment, digital India and many other reforms so I believe that he won’t bring any ban or restriction on bitcoin as far as bitcoin is not being used for the purpose of tax evasion.
Can't be very sure about it. There is one positive thing though. The last RBI governor (Raghuram Rajan) was rabidly against the Bitcoins. He banned exchanges and other BTC ventures from setting up bank accounts and harassed them to no end. He was fired a few months back.
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.
do you guy think this can lead to an increase of adoption for bitcoin, since to do black market now they need somethign else, because with cash it will be more difficult for them to do it, there might be a chance for them to use bitcoin more, thus the price will increase because of more buyers from india
This is a great opportunity for Bitcoin. But the problem is that very few people are aware of it in India. However, the other online payment applications are exploiting this opportunity to capture market share. During the past few days, hundreds of thousands of merchants have started accepting payments through PayTM, a mobile payment platform.
I think and hoping they will be buying or parking their money on bitcoin. Or they can have business and let their money help the economy and provide jobs to the deserving ones.
...
It's also possible that people in India will NEVER have any trust in their government and central bank. It would only take a fairly low percentage of the population to decide to accumulate "alternative savings" wholesale, and for many, many others to to buy a little BTC and/or gold & silver to change the global markets for all three.
Long Au, Ag and BTC.
Worldwide.
It's also possible that people in India will NEVER have any trust in their government and central bank. It would only take a fairly low percentage of the population to decide to accumulate "alternative savings" wholesale, and for many, many others to to buy a little BTC and/or gold & silver to change the global markets for all three.
Long Au, Ag and BTC.
Worldwide.
Yes, current prime minister of India Narendra Modi is very pro-active for cash less society, entrepreneurship, attracting foreign direct investment, digital India and many other reforms so I believe that he won’t bring any ban or restriction on bitcoin as far as bitcoin is not being used for the purpose of tax evasion.
Can't be very sure about it. There is one positive thing though. The last RBI governor (Raghuram Rajan) was rabidly against the Bitcoins. He banned exchanges and other BTC ventures from setting up bank accounts and harassed them to no end. He was fired a few months back.
I live in India, there are 4 notes in circulation now, Rs. 10, Rs. 20, Rs.50, and the Rs. 100.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
You are completely wrong and misinformed. The new ₹ 2,000 banknote is already in circulation. The new ₹500 has entered circulation today. So higher denomination notes are also in circulation, in addition to the lower denomination (₹10 to ₹100) notes. The only issue is that there is a shortage of the ₹500 banknote. In the coming days, this issue will also be resolved.
Check my next post for what I meant.
do you guy think this can lead to an increase of adoption for bitcoin, since to do black market now they need somethign else, because with cash it will be more difficult for them to do it, there might be a chance for them to use bitcoin more, thus the price will increase because of more buyers from india
This is a great opportunity for Bitcoin. But the problem is that very few people are aware of it in India. However, the other online payment applications are exploiting this opportunity to capture market share. During the past few days, hundreds of thousands of merchants have started accepting payments through PayTM, a mobile payment platform.
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.
Yes, current prime minister of India Narendra Modi is very pro-active for cash less society, entrepreneurship, attracting foreign direct investment, digital India and many other reforms so I believe that he won’t bring any ban or restriction on bitcoin as far as bitcoin is not being used for the purpose of tax evasion.
I live in India, there are 4 notes in circulation now, Rs. 10, Rs. 20, Rs.50, and the Rs. 100.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
You are completely wrong and misinformed. The new ₹ 2,000 banknote is already in circulation. The new ₹500 has entered circulation today. So higher denomination notes are also in circulation, in addition to the lower denomination (₹10 to ₹100) notes. The only issue is that there is a shortage of the ₹500 banknote. In the coming days, this issue will also be resolved.
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.
Actually Indian government is not banning the highest denomination (₹500 and ₹1,000) paper notes. They are simply replacing the old notes with the new notes. And they have introduced the ₹2,000 banknote, which didn't existed earlier and news rumoured that there will be Nano GPS Chip in the note which will help tax department to track money through satellite.
Thank you for clearing things out,i really thought that they are getting rid of 500 and 1000. And it is a shocking news that theyre releasing a 2000 banknote with Nano GPS Chip. Maybe this time laundering of money and taxation will be implemented clearly.
No, they aren't banning those, but the circulation of the new notes of those denomination won't be fully complete until Jan of 2k17. Meanwhile, we are getting 2000 Rs. Notes more frequently and most shops aren't taking those notes, as, if we buy stuff worth Rs. 50, tell me , who would give 19 Rs 100 notes and one Rs. 50 in exchnage for that brand new 2000 Rs. note. It is jur making things difficult for us.
Actually Indian government is not banning the highest denomination (₹500 and ₹1,000) paper notes. They are simply replacing the old notes with the new notes. And they have introduced the ₹2,000 banknote, which didn't existed earlier and news rumoured that there will be Nano GPS Chip in the note which will help tax department to track money through satellite.
Thank you for clearing things out,i really thought that they are getting rid of 500 and 1000. And it is a shocking news that theyre releasing a 2000 banknote with Nano GPS Chip. Maybe this time laundering of money and taxation will be implemented clearly.
...
There is a YouTube video out which tells that gold is now selling in some parts of India for a majestic $3000 / oz (US market price about $1228).
The parts of India that my wife and I visited (on a tour) were not ready for Bitcoin (that included Mumbai/Bombay and Delhi) that I could see. Our guide had not even heard of Bitcoin.
India also has a HUGE rural population that is very poor with little infrastructure. Bitcoin will do very little for Indians in the short-term.
There is a YouTube video out which tells that gold is now selling in some parts of India for a majestic $3000 / oz (US market price about $1228).
The parts of India that my wife and I visited (on a tour) were not ready for Bitcoin (that included Mumbai/Bombay and Delhi) that I could see. Our guide had not even heard of Bitcoin.
India also has a HUGE rural population that is very poor with little infrastructure. Bitcoin will do very little for Indians in the short-term.
You are right, most of India hasn't even heard of Bitcoins. And those who have just either don't have an internet connection (yes, that's pretty common in India, not having internet connection) or think of Bitcoins as a huge risk. It's just the view point of people, they don't even trust online marketing, let alone trusting a currency that is pretty unstable, like, *cough* Bitcoin*cough*. Even some people here who don't have the basic concept of how mobile phones work, think that when they are talking to a person on a mobile is some fake person. So, this eradication of the largest Fiat notes won't have much effect on people of India buying Bitcoins.
...
There is a YouTube video out which tells that gold is now selling in some parts of India for a majestic $3000 / oz (US market price about $1228).
The parts of India that my wife and I visited (on a tour) were not ready for Bitcoin (that included Mumbai/Bombay and Delhi) that I could see. Our guide had not even heard of Bitcoin.
India also has a HUGE rural population that is very poor with little infrastructure. Bitcoin will do very little for Indians in the short-term.
There is a YouTube video out which tells that gold is now selling in some parts of India for a majestic $3000 / oz (US market price about $1228).
The parts of India that my wife and I visited (on a tour) were not ready for Bitcoin (that included Mumbai/Bombay and Delhi) that I could see. Our guide had not even heard of Bitcoin.
India also has a HUGE rural population that is very poor with little infrastructure. Bitcoin will do very little for Indians in the short-term.
Its true that India have banned Largest Fiat Currency Notes in India to eliminate black money from Market, as 86% of currency is used in India with note of 500 Rs and 1000 Rs. I think This decision can really reduce black money supply to market, Its true but its too dangerous for common people who are genuine and stake some of note for security of financial freedom.
Still in India new launched currency note are not distributed to bank to avail for common citizen.
I personally think that bitcoin or any other decentralized digital currency can give best solution for such crisis of money supply and for reduction of black money use with centralized government acceptance with regulation for digital currency.
yes that a fact that they have taken the step to stop the black money in the market but i thin it will not help them so much, they need to take a positive action again the smugglers and the illegal printed currency center they need to vanish the evil from the root and only it will be fruitful. Still in India new launched currency note are not distributed to bank to avail for common citizen.
I personally think that bitcoin or any other decentralized digital currency can give best solution for such crisis of money supply and for reduction of black money use with centralized government acceptance with regulation for digital currency.
It can somehow be a good decision regarding that black money thing but i don't feel that this thing will bring any change for bitcoin in India or anywhere, maybe the people keeping cash at homes would convert their money into bitcoin if they know about it, but it is not likely to happen.
In India, about 10% of the whole population knows about bitcoins, so it's not likely that they will convert their money into btcs. The ones that do know about bitcoins will consider it a fatal risk to convert even some of their money into bitcoins, as, in India, unfortunately, most do not even believe in online shopping sites like Amazon. They consider trusting Amazon a fatal risk. So, I don't think many people of India will convert their money into bitcoins, even after this incident.
It can somehow be a good decision regarding that black money thing but i don't feel that this thing will bring any change for bitcoin in India or anywhere, maybe the people keeping cash at homes would convert their money into bitcoin if they know about it, but it is not likely to happen.
I live in India, there are 4 notes in circulation now, Rs. 10, Rs. 20, Rs.50, and the Rs. 100.
The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
This is WRONG. New INR 500 & INR 2000 notes will hit ATM in November only. I have information that they have already been sent to bank chests. Government of India is trying its best to heal the pain of common people.The new notes will come in circulation from the Jan of 2017.
We just have to wait till then.
I agree...but I meant that the circulation of those notes will be finished obly in January. They have already been sent but very few banks have received them till date. Some banks are receiving them as we speak. That's the reason of the long queue. So, there is no water circulation will be finished before January 2017.
Jump to: