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  • Category: Miscellaneous

    Why there is a silence after demonetization?

    Members,
    ISC was filled with demonetization threads since 8th November. Now it seems that everything is quite normal after demonetization. There is pin drop silence at ISC. No one talks about demonetization issue now. What happened? Has Modi set everything right now?

    What is latest on demonetization?
  • #589820
    Everything turned back to normal. Shopkeepers are not accepting paytm. They want to have cash back now. I was expecting UPI apps in mall and other tech savy shops. But no such things changed. Disappointed the way people are not ready for change. People can save a lot of change and small amounts if online transactions are used. Now that notes are back and ATM have cash on regular basis. No queue and stuff. So it seems the demonetization is pretty much success the way IT dept is finding people out and then getting them to pay for their unaccounted and evaded money.

  • #589821
    No there are some issues still pending. While the government says something, RBI wont follow. This is happening from day one. As per the government rule those who are still having the 500 and 1000 rupees banned notes can exchange the same with some declaration at the RBI special counters but at Hyderabad they are not taking any old currency and in fact advising the people to tear it off and throw in the dustbin. Though the rush is small, even the media is not highlighting this persistent problem. Over all the situation seems to have eased as the ATM's are agog with activities.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #589824
    Mohan,
    I don't understand why should people still have 500 and 1000 currency note after the deadline of 30 December 2016. Should a person require such a long time to deposit their cash in bank? Government has provided sufficient time for the people to act and deposit the old currency notes. I think, they are right to ask the people to tear and throw the notes if not deposited before 30 Dec 2016. Modi should not have given such a long time. All deposits should have been completed by 30 Dec or earlier.

    No life without Sun ¤

  • #589839
    I remember the Prime Minister of India had stated the he replacement can be don on the specific counter of RBI till 31st of March 2017 after 30 Dec 2016 with reason. Why people still have 500 and 1000 note ? but how government upturned on its decisions and RBI compromise its reputation of daily notification. People confused over it. Its also true that some element make rumor and confusion on such situation.

    So the people get tired of it and want to concentrate on their business.

    Prasanna
    Well done is better than well said

  • #589842
    Any change will cause some initial difficulties till we get used to it.

    Now we have all got used to it and so do not feel anything special. Hence ,now we don't feel it a matter to be discussed.

  • #589844
    Sun you can visit the Chennai RBI and Hyderabad RBI and find people still struggling to get their old notes exchanged for the new. I just cannot understand when the rules are in force and everything is accepted as per the norms and the people are bound by the orders of government, then why RBI is doing see saw tactics. Even during demonetization period some old citizens who went out of station and could not exchange the notes due to rush at the banks have thought that they can do leisurely at the RBI and that has boomeranged now. RBI must clarify as to why it is not accepting legitimate claimants.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #589849
    Mohan,
    Government provided ample time of 50 good days for the people to deposit their old currency notes. Only the lazy and lethargic might not have deposited. Now they need to explain their valid reason to deposit their currencies. If they cannot, better tear off and throw out. RBI is right.

    No life without Sun ¤

  • #589867
    @Mohan and Prasanna

    The government order is only with some specific reasons and hence people should show some solid reasons to exchange now which should be considered worth to exchange in RBIs.

    Nice to be in ISC and feel the difference.


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