India Bans Its Largest Fiat Currency Notes - page 7.

Roboabhishek

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Quote from: countryfree on November 09, 2016, 06:20:59 PM

It's really scary when you think of it. I've got quite a few banknotes in my pocket, it's money but the government, with a snap of its fingers, has the power to make them worthless. So Indians will have to the bank, and explain where the money's coming from. And the more you have, the more questions there will be to answer. Is this a free world? I'm glad not to be in India!

You really think it was a wrong move to eliminate black money or to bring it back by the gov ?
I think it was a correct move done by the gov of India since everyone will have to show the proof of their earnings including people having black money if they want to get it exchanged otherwise the money they have earned in wrong way is useless " Nothing more than a piece of paper " ...

bitcoinmasterlord

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Quote from: Rude Boy on November 10, 2016, 10:36:03 PM

This will not stop holding black money or black money holder in anyway. They might already changed the currency to USD or some other currency and they'll not be catch on red hand imo.

Not all people can do that easily because if you want to convert it to USD, then you should provide some documents to prove for some purpose or should be done some illegal ways. But this announcement has given many people surprise and even many politicians didn't have any clue of this is going happen. I don't think because of this it will stop, but to some extent, it will reduce the black money.

error08

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Quote from: yayayo on November 08, 2016, 12:53:39 PM

The EU has already banned the EUR 500 note. Now India is following the stance.

The war on physical cash is in full effect. Fighting black market activities is only a pretext for the true motive: Exerting full control over people's finances to make them fully transparent in order to enforce negative interest rates and higher taxation. It's a sinister plan of central bankers who are desperate to keep the fiat money scam running. They try to prevent capital flight to safer alternatives.

For countries with high inflation like India it's an easy way to slow down price appreciation a bit as well.

Full governmental control over private finances is a horrific scenario, as it exposes the individual to arbitrary coercion by the metastasizing officialdom. Hopefully people will use the exit door soon enough and buy Bitcoin and precious metals.

ya.ya.yo!

This is one proof lack of paper money that refers to deploy of black money and could cause inflation .
Bitcoin may get more positive result as solution to choose digital currency and have greater control of funds, lower fees, more secure and immutable.

Dudeperfect

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Quote from: Hugroll on November 10, 2016, 08:18:12 PM

Quote from: arcathomas on November 10, 2016, 12:35:23 PM

500 rs is only 7€ Cheesy

Indian contry is so poor they ban 7€ note Roll Eyes

Stop being so condescending. How does inflation in a country relate to the country being poor? Angry

Thats like saying 0.01 is 7 bucks so the people who use bitcoin must be extremely rich. Completely untrue.

Then 500 euros are equal to 165 Kuwaiti dinars so you would also apply your logic to this inflation rate too right?

Dear, growth of the economy depends on many factors and to measure the growth of it, there are some key factors such as gross domestic product, gross domestic income etc. It’s baseless to determine the status of a country by considering any single factor if you are expecting fair results in analysis.

Rude Boy

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This will not stop holding black money or black money holder in anyway. They might already changed the currency to USD or some other currency and they'll not be catch on red hand imo.

Roboabhishek

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Quote from: arcathomas on November 10, 2016, 12:35:23 PM

500 rs is only 7€ Cheesy

Indian contry is so poor they ban 7€ note Roll Eyes

yup only 7 euro .
What do you think if some people are having 100,000+ Notes of 500 Rs which is stored as black money in the form of 500 & 1000 Rs Notes.

Roboabhishek

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Quote from: jtipt on November 09, 2016, 10:16:23 AM

Quote from: Dudeperfect on November 08, 2016, 12:32:48 PM

Hello There,

India bans top currency notes such as Rs.500/- and Rs.1,000/- to prevent black money. Now there are only three notes in circulation Rs.10, Rs.20 and Rs.50

You missed the Rs.100 note Cheesy

, the most important note currently for these few days. I am an Indian myself, and overall i like the step taken by PM, some people are angry because it would cause a major inconvenience for few weeks but this is huge step in reduing black and I believe that this would actually make some difference.

Quote from: Techie5879 on November 08, 2016, 11:40:53 PM

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.

You have wrong information my friend, the new Rs. 500 and Rs. 2000 notes will be available in ATMs and Banks from 10th November itself.

Yup it's true what he did is correct now think what will happen to those who are holding black money in 20,000BTC + in INR currency
I think that they cant do anything to it now rather than burning it away.
Also i got a news locally that some guys thrown worth 80BTC of INR cash on the road from car.

Hugroll

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Quote from: arcathomas on November 10, 2016, 12:35:23 PM

500 rs is only 7€ Cheesy

Indian contry is so poor they ban 7€ note Roll Eyes

Stop being so condescending. How does inflation in a country relate to the country being poor? Angry

Thats like saying 0.01 is 7 bucks so the people who use bitcoin must be extremely rich. Completely untrue.

Hugroll

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Quote from: Dudeperfect on November 08, 2016, 12:32:48 PM

How do you see this action and what kind of impact this will create on the bitcoin in India?

I read about this couple of days ago, I think this is a step in the right direction to get rid of the dirty money and introduce a better economy to the country. Also this could bring more customers to bitcoin if it makes them feel safer to own btc than to own the fiat currency.

countryfree

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Your country may be your worst enemy

Indians queuing to exchange their cash

Hey, what are you doing, today?
I'll spend the whole day at the bank, exchanging my cash...

Governments have such a twisted mind, they have invented the concept of black money (or dirty money). Money which is earned the usual way, by hard working people, but the government wants its share of it, just like the mafia, you know. So, it resorts to extortion, by forcing people to come out with their money, so the bad guys can get a piece of the cake.

izlevinv

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Quote from: Ayers on November 10, 2016, 12:31:29 PM

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

People from India will start using bitcoins only if they are aware about it and I don't think many people knows about it at this stage but the scenario can be changed over a period of time as of now people are busy in using their black money in buying gold so that they can at least have some investments for the future.

arcathomas

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500 rs is only 7€ Cheesy

Indian contry is so poor they ban 7€ note Roll Eyes

Ayers

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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

leopard2

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Quote from: klf on November 10, 2016, 01:19:48 AM

Quote from: CoinPro69 on November 09, 2016, 10:40:31 PM

It's all a preparation for a cashless world! transactions - to track everyone and everything!

In India, mostly 90% or more transactions are done through cash and lot of black money, and duplicate notes are around. So government want to cut down all these things, so they have no other choice. This is the best way to stop using all those activities. It is actually good move but managed it even in a better way. It has caused lot of issues to common man in their daily life activities.

You cannot be serious. Huh

If it was about getting counterfeits out of the way, a simple and anonymous exchange of old vs new (with the help of a cash checker) would suffice. This is all about registration, taxation and people control.

Here in Europe, old banknotes have been replaced by new ones several times. Never ever was it necessary to register and/or deposit in a bank account. Banks would simply keep the old paper and hand out new paper.

Mastsetad

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Though it can make the work of people involved in illegal activities harder but i don't see any impact for bitcoin in this, because bitcoin is far not related to paper money yet and also they have not banned the complete paper money system but just a few notes are banned which won't affect bitcoin in either positive or negative way.

marleybobthedog

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It's another step towards eradicating black money from within the country. MODI had taken this step in very clever manner just in a day he changed the view of country. It's an awesome step and i had heard that new 2000 Rupees note will come with computer chip which will send date to satellite with serial number and coordinate of geographical location. So now tax department could easily manage the situation when one have billions of money stored in one's house

SONG GEET

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Quote from: bitcoinsforall on November 10, 2016, 11:22:54 AM

The ban is mostly aimed to tap corruption/black money..but the thing is already the politicians are aware of this fact since much of the planning was done 10 months back.

So the politicians have made away with their black money in all means as soon as they could

Yes actually this new regulation have only made hard for normal level businessman and farmers to exchange their stored cash into new cash. This will surely not limit all the black money that were stored in swiss banks.

bitcoinsforall

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The ban is mostly aimed to tap corruption/black money..but the thing is already the politicians are aware of this fact since much of the planning was done 10 months back.

So the politicians have made away with their black money in all means as soon as they could

Yakamoto

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Quote from: croutonhexagon on November 10, 2016, 11:15:31 AM

It's one of the best step to eradicate black money from within the nation. Because this time all money will go out from lockers of money holders home. Because its been announced that 500 and 1000rs note after 31st December will be just a paper and nothing more than that so all money will come out of home for exchange and then they will get captured.

It stops in December? Then the black money homes are out buying things and getting real money back right now. There's no way they're going to hold onto them for longer than they would, and something like this is something that they would pay attention to. There's more intelligence than you'd expect for criminals of this sort.

requester

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There gonna be lot of controversy about it. Already the news had hit like tsunami and all black money holder are moving here and there to buy gold because if they exchange their old money with new currency then they will get caught and will have to pay taxes for their money so demand of gold had risen up and almost 80% rise in good price had taken place

Topic: India Bans Its Largest Fiat Currency Notes - page 7. (Read 7336 times)