India scraps its two largest rupee notes in shocking anti-corruption move

As we had often come back to discussing economic benefits/impact of sports I thought it was about time for an economic discussion forum.
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India scraps its two largest rupee notes in shocking anti-corruption move

Postby Sin Hombre » Wed Nov 09, 2016 2:23 am

Great move.

Modi took everyone by surprise.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 2:26 am

Pretty amazing to see how quickly this was orchestrated, without any leak (apparently)...

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Sin Hombre » Wed Nov 09, 2016 2:28 am

jayakris wrote:Pretty amazing to see how quickly this was orchestrated, without any leak (apparently)...


Jay, what a 2016 eh.

Brexit, President Trump :puke: and India actually doing proper reforms.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 2:34 am

This is crazy. I am waiting for the last 350K odd votes from Broward county, Florida, to come in. If Hillary doesn't get a 140K vote swing there, get ready for President Trump! Too close to say, still. What a day! I am in India, actually. Went to sleep without knowing the currency story. Got up, and it's a new world suddenly!

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Sin Hombre » Wed Nov 09, 2016 2:44 am

She is cooked. Rural counties have voted in much higher numbers for Trump across the nation.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 2:50 am

Frankly, she asked for it, by not being aggressive in defending herself, and waiting for Trump to beat himself. You over-calculate, and you lose - and really, the habit of being too smart is why people vote against her. Bad karma came back and bit her in the form of FBI in the end. I am just so mad at the woman right now for losing.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Sin Hombre » Wed Nov 09, 2016 2:55 am

Agreed. She let Trump set the narrative with his blatant lying and spent time on the defensive. That guy from FBI probably swung it in Trump's favour by his partisan leaks one week before the election.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 3:09 am

Back to the original topic, how successful can this currency withdrawal be? Any thoughts, anybody? (PKB, especially!) ...

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby sameerph » Wed Nov 09, 2016 4:51 am

I think it is a very good move. I also PKB's comments on this.

Leaving aside pros and cons, Modi sure knows the way to shake up things in a big way ( same thing happened with surgical strikes earlier.)

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Omkara » Wed Nov 09, 2016 5:09 am

It takes care of the stock of the black money not the flow. Still a good move. 85% of currency in circulation consists of 1000/500 denominations. That freeze in liquidity will impact us all. Already I couldn't pay my cafeteria fellow because he refused to take the 500 note. Big beneficiaries are the online wallet guys. Paytm will benefit for sure.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby sameerph » Wed Nov 09, 2016 5:18 am

Omkara wrote:It takes care of the stock of the black money not the flow.


I read that new notes of Rs. 500 and Rs. 2000 which will be issued will have chips inserted and therefore can be traced if stored or given in large nos. I know it will be difficult to do that but that will help in some way in preventing the flow of black money.

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 5:40 am

Yeah, apparently these notes will have a chip on them. Are we the first country to try traceable currency bills?

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby ankit1407 » Wed Nov 09, 2016 6:12 am

no official news which talks about the chip aspect yet, might just be a hoax...having said that great move atleast takes care of the stock of money...however slightly confused on what prompted to go for 2000 Rs note...could have easily stopped at 500 max

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby jayakris » Wed Nov 09, 2016 6:36 am

Yeah, I was also doubting the chip story, which may indeed be a hoax. But it has been circulating in India, where whatsapp sends a lot of rumors around very quickly. Jay

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Re: India scraps its two largest rupee notes in shocking anti-corruption move

Postby Omkara » Wed Nov 09, 2016 6:44 am

jayakris wrote:Yeah, I was also doubting the chip story, which may indeed be a hoax. But it has been circulating in India, where whatsapp sends a lot of rumors around very quickly. Jay


Its confirmed its a hoax.


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