ATMS will not work for 10 days

Earlier card transactions were charged with about 2% interest. Now till cash shortage is over , such transactions can be discounted by 2% . All those doing electronic card transactions would attract lot of customers and only those who are in dire need can get the cash easily

Dear as per my point of view that its true all are suffer. suppose banks order for new case and every one knows this is secrete, things are disclosed and plan was flopped. i hope this is one of the big reason.  On Friday, 11 November 2016 6:33 PM, SN Mittal wrote:

There are genuine currency notes and fake or counterfeit currency notes in the market. The genuine currency notes are further bifurcated into black money and white money. Those who have cash currency notes earned through their business/job/wages and has been accounted for any taxes payable as per law, is the white money and is part of the financial system. Those who have earned their money through bribes, hawala rackets, smuggling, loot, hafta, ransom or those who have not declared their money and paid taxes under law have black money, though the currency notes they have, are genuine and therefore the RBI has to pay them the new currency notes in lieu of recalled currency notes of Rs 500 and Rs 1000/-. Those who have fake currency notes and know they own fake currency notes have to burn or destroy these notes before they are identified and get exposed. These people are burning and throwing their notes in rivers and dust bin to avoid being caught, as owning and distributing counterfeit currency notes is a crime punishable under the Indian laws. ISI and other underground racketeers have been pumping fake currency notes into Indian economy thrugh various illegal channels with the active support and connivance of many agents within and outside the country. This counterfeit currency of Rs 500/- and Rs 1000/- was pumped predominantly through Bangladesh and to some extent through Nepal. That is why the politicians in West Bengal are crying through the roof tops about disruption caused by banning the high denomination currency. The agents in West Bengal who were the kigpins of this trade were giving protection money to the politicians for smoothly running this illegal trade in counterfeit currency. As far as black money is concerned, the owners will try to convert their money into white money by various means and bring it into the mainstream economy. They will not burn the money till the last date as they are hopeful of using various methods for conversion. Thus on 8th November many people owning black money brought gold and the gold traders kept open their shops on 8th and 9th November night for this operation. Now this window stands closed. There is a possibility that the owners of big money will use poor people for the exchange of high denomination notes. Thus a poor man can be given notes worth Rs 4000/ for exchange and he can keep Rs 500/- while as the black money owner retains Rs 3500/-. This operation appears to going on at present on large scale, as I find many poor men and women in the ques. Till date, I had heard that poor people who earn a few hundred rupees per day do not have high denimination currency notes. But if you go to any Bank you will be surprised to find many poor people exchanging the notes. Genuine people are also in the ques for the exchange of notes. Some people particularly elderly due to disinformation compaign and panic created by the vested interests, are rushing to Banks to exchange all their high denomination notes immediately feeling as if they will loose all their hard earned money. There is also mob psychology due to which we are finding people going out to change their money. These people need to be assured that there is sufficient time to exchange their currency notes upto 30th December. RBI is legally bound to accept the genuine notes even after 30th December, but they will have to verify the claims. The ban on currency notes of Rs 500/- and Rs 1000/- have disrupted the black market economy, hawala trade, trading of drug lords, ransom lords etc. Every Indian has to support the endeavour of disrupting the parallel economy run by black marketeers, drug lords, terror opratives, Goodas and Hafta collectors.

1. People must be encouraged to deposit old cash into their accounts. 2. They must be encouraged to withdraw larger sums using Self cheques upto Rs. 12,000 per account (parent, child, spouse - totals Rs.36,000 per day) - instead of exchanging old notes.

Mr. Kalaga, lets not talk about tax issue here. My observation is people flocking around banks are mostly those who do not have bank account. Yesterday, I went to my bank and withdrew cash with out any problem. I also exchanged Rs 4000/- invalid notes with out any hassle. For exchanging invalid notes, one has to fill in a form with copies of identity proof. I am happy that people are throwing away their ill gotten money in gunny bags or setting it on fire. Have you noticed that there is no firing at LOC?