Millions of notes not printed in mints land in RBI vaults

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: luckyindia on September 02, 2013, 11:55:52 AM

It is just an accounting error.....I have designed 50 mgs,100,200,300,400& 500 milligrams GOLDCARDS Costing Rs.144/- for a 50 mg card;
For details go to www.milligold.org

luckyindia, feel free to start a thread in off-topic for your gold initiative, but I would request you not to cross-post on other threads unless there is an explicit connection with Bitcoin.

As subvolatil has mentioned, add your website to your signature, if you want exposure for it.

subvolatil

hero member

Activity: 546

Merit: 501

Cypherpunk and full-time CryptoAnarchist

Quote from: luckyindia on September 02, 2013, 11:55:52 AM

It is just an accounting error.....I have designed 50 mgs,100,200,300,400& 500 milligrams GOLDCARDS Costing Rs.144/- for a 50 mg card;
For details go to www.milligold.org

This looks like a spam. DONT DO IT AGAIN !!!

Go to the Marketplace announce you new business there. add you business on your signature, not on the posts.

luckyindia

member

Activity: 129

Merit: 10

It is just an accounting error.....I have designed 50 mgs,100,200,300,400& 500 milligrams GOLDCARDS Costing Rs.144/- for a 50 mg card;
For details go to www.milligold.org

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: AKCoins on August 04, 2013, 02:39:38 AM

Sadly, this is not even a drop in the bucket of the corruption in India. There are a few scams going on here with the few extra notes. First, the printer is double printing bills and keeping the duplicates. Second, there is a ton of counterfeiting going on all around the country so you get extras that eventually show up in the system. Third, they literally lost track of the bills or don't really know how much they printed. I'm obviously missing a few, but it is a start.

This pretty much sums up the incompetence and complete lack of regard for something as important as a nation's currency:

RBI: It may be a big number, but in terms of currency notes, when you are printing hundreds of millions of notes, a few million will not matter.

When you look at this specific example, Rs 970 crore isn't that big of a deal. It's only a scam the size of about $160 million USD. Look at Bernanke pumping out $85 billion at the printing presses each month. The Fed makes this little scam in India look like a walk in the park.

Either way, this is the inevitable fate of all fiat currencies and a perfect example on why we are proponents of gold and silver. You can't print, thus, counterfeit gold and silver. Own physical.

- AK Coins

+1

AKCoins

newbie

Activity: 35

Merit: 0

Sadly, this is not even a drop in the bucket of the corruption in India. There are a few scams going on here with the few extra notes. First, the printer is double printing bills and keeping the duplicates. Second, there is a ton of counterfeiting going on all around the country so you get extras that eventually show up in the system. Third, they literally lost track of the bills or don't really know how much they printed. I'm obviously missing a few, but it is a start.

This pretty much sums up the incompetence and complete lack of regard for something as important as a nation's currency:

RBI: It may be a big number, but in terms of currency notes, when you are printing hundreds of millions of notes, a few million will not matter.

When you look at this specific example, Rs 970 crore isn't that big of a deal. It's only a scam the size of about $160 million USD. Look at Bernanke pumping out $85 billion at the printing presses each month. The Fed makes this little scam in India look like a walk in the park.

Either way, this is the inevitable fate of all fiat currencies and a perfect example on why we are proponents of gold and silver. You can't print, thus, counterfeit gold and silver. Own physical.

- AK Coins

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

http://timesofindia.indiatimes.com/business/india-business/Millions-of-notes-not-printed-in-mints-land-in-RBI-vaults/articleshow/21586723.cms?utm_source=facebook.com&utm_medium=referral

How many of these unaccountable notes are in your wallets?

Topic: Millions of notes not printed in mints land in RBI vaults (Read 1940 times)