Old Rs 500 and Rs 1000 notes no more legal tender

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#1516 Dec 7th, 2016, 14:14
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#1516
It is best to change big notes for smaller denominations in places where they can't say no. For eg, once the gas is in your car, once you have finished your lunch etc
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#1517 Dec 7th, 2016, 14:39
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#1517
At the rates people have posted here I would give the airport kiosks a miss. They should be reported to the authorities!

If any official announcements can be believed then pre-paid taxi kiosks at airports should be accepting non-cash payments.

AndyD 8-)
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Last edited by a_f_d; Dec 7th, 2016 at 16:07..
#1518 Dec 7th, 2016, 14:40
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#1518
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Originally Posted by lovetotravel123 View Post On the way from airport drove past several ATM's - driver very obligingly on the lookout. No cash. One had a queue of yen people.
Japanese tourists?
It's all part of the adventure of travelling!

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#1519 Dec 7th, 2016, 15:29
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#1519
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Originally Posted by lovetotravel123 View Post No sign before u start transaction. Had to go all the way - pin, amount etc and then the sign comes up - no cash cancel transaction.
Yes another further time consuming and annoying thing that also happened to me a couple of times. Though most ATM had signs with no money.
#1520 Dec 7th, 2016, 15:47
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#1520
Quote:
Originally Posted by yes4444 View Post Thanks you updating ground reality in Delhi.

Sorry for you, looks like it will take many more weeks or months til things settel down to some normal point.
Quote:
Originally Posted by Anindia View Post Thanks for the Delhi update. How did you get the money?
Situation seems bad.
Went to the same ATM this morning. Line again 70 strong, even slower than yesterday. 1 hour 50 minutes later, I was richer by Rs. 2000 (no 500s/100s available, so couldn't get my full quota of Rs. 2500).
Roughly 18 minutes waiting time per rupee.



Quote:
Originally Posted by lovetotravel123 View Post I ask them do you have the new Indian Currey for sale.




Quote:
Originally Posted by Anindia View Post I see there is a RBI in New Delhi (https://maps.google.nl/maps?rlz=1C9B...m=CgIgAQ%3D%3D)

So, what would the problem for the exchange of old notes? Limit of 2000 , but thats also he limit for ATM. At the ATM is a waiting line.....or sold out.

That would be an option.

Anyone expierience in exchange in Delhi in stead of ATM withdraw? (Waiting time/rows?)
Over-the-counter exchange of notes at banks stopped on 24th Nov. I guess nobody has found it worth their while to go to the RBI just to hand in Rs. 2000 worth of old notes for a new 2000 note. Imagine that by taxi it could easily cost Rs. 800-1000 to get this done - who would want to do that? Less by auto/metro/bus, but again something most people wouldn't bother with today. Therefore anyone stuck with old notes has preferred to deposit them in bank accounts. If I correctly read/understood a stat posted further up the thread, about 80% of old 500s/1000s in the country have already been deposited in banks.

The daily ATM limit for most cards is Rs. 2500 (usually at own bank ATMs), but some banks' cards are restricted to Rs. 2000 (regardless of ATM). The effective limit is often Rs. 2000 anyway if the machine doesn't have 500s/100s, as happened with me today.
Someone mentioned being able to withdraw Rs. 2500 four times a day with a foreign card. That could mean having to pay four transaction charges. It also means going to the back of the line each time, or finding another ATM. If the concerned bank doesn't already have a sign up saying 'one person, one card', the crowd will see to it that that is enforced.
#1521 Dec 7th, 2016, 17:15
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#1521
The ''no change'' for Rs 2000/- problem is horrendous in Bangalore.
#1522 Dec 7th, 2016, 17:47
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#1522
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Originally Posted by Nick-H View Post If not, then they are probably one of the people Modi is trying to inconvenience
Is there ANYONE who has NOT been inconvenienced by that hasty decision of his? I mean, apart from himself and his circles?

Every day when I check on Indiamike I'm shocked at the mess he has created among the general public, and I'm really surprised that the protests seem to be far and few between.
#1523 Dec 7th, 2016, 18:10
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#1523
Quote:
Originally Posted by vaibhav_arora View Post The ''no change'' for Rs 2000/- problem is horrendous in Bangalore.
I was told supermarkets, for example, will change reasonably happily if you spend 6/700? Maybe that is a localised thing.
#1524 Dec 7th, 2016, 18:11
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#1524
Quote:
Originally Posted by Dilliwala View Post Went to the same ATM this morning. Line again 70 strong, even slower than yesterday. 1 hour 50 minutes later, I was richer by Rs. 2000 (no 500s/100s available, so couldn't get my full quota of Rs. 2500).
Roughly 18 minutes waiting time per rupee.









Over-the-counter exchange of notes at banks stopped on 24th Nov. I guess nobody has found it worth their while to go to the RBI just to hand in Rs. 2000 worth of old notes for a new 2000 note. Imagine that by taxi it could easily cost Rs. 800-1000 to get this done - who would want to do that? Less by auto/metro/bus, but again something most people wouldn't bother with today. Therefore anyone stuck with old notes has preferred to deposit them in bank accounts. If I correctly read/understood a stat posted further up the thread, about 80% of old 500s/1000s in the country have already been deposited in banks.

The daily ATM limit for most cards is Rs. 2500 (usually at own bank ATMs), but some banks' cards are restricted to Rs. 2000 (regardless of ATM). The effective limit is often Rs. 2000 anyway if the machine doesn't have 500s/100s, as happened with me today.
Someone mentioned being able to withdraw Rs. 2500 four times a day with a foreign card. That could mean having to pay four transaction charges. It also means going to the back of the line each time, or finding another ATM. If the concerned bank doesn't already have a sign up saying 'one person, one card', the crowd will see to it that that is enforced.
Thanks for the update. So , you have to go to an ATM every day and wait 2 hours? OMG , that's doesn't look good.

And where do you "break" the 2000 notes?
#1525 Dec 7th, 2016, 18:11
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#1525
RBI says about 11.5 lakh crore worth of old currency out of 14 lakh crore has been returned, so the only advantage this may now have is more cashless transactions, and increased banking activity by individuals.

It will not be that bad if more lower income group people start using banking facility. About two years back, I had asked the person who works here if he would agree for his salary to be transferred to his bank account, but he refused. Now I did not give him any option and told him that no more cash payments.

The upside to this came from his side, he says it will actually help him save as the money in hand is always spent, so he is now happy with the arrangement.

Quote:
Originally Posted by Wildhorse View Post Is there ANYONE who has NOT been inconvenienced by that hasty decision of his? I mean, apart from himself and his circles?
Me ...Of course, there has been some inconvenience, but I would not count that as something unmanageable.
If you find my posts confrontationist, please bear, I am an old frustrated guy who has nothing better to do than sit on rocking chair and curse the world whole day
#1526 Dec 7th, 2016, 18:17
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#1526
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Originally Posted by steven_ber View Post Your reply got me thinking.

Buying any of that stuff usually involves haggling, once you get to a price you're happy with, add an extra line of haggling, "only if I get the change in small notes".
Nice idea! Could work well in smaller shops. Surely Uncle knows somebody who can get the change! Of course, if Uncle is really good at it, you might walk out with several pashmina shawls and no change out of ten 2k notes!

But the kind of shop that will officially accept/change foreign currency is almost certainly not the kind of shop where one haggles. In those big silk shops, it's "fixed price" unless you outfitting a whole family for a wedding, in which case you may well be invited to the office for some negotiating.

(Name dropping: I met Mr Nalli the other day. Pleasant and approachable. Seeing him behind the counter of one shop in his empire, you might think him just one of the staff. Why would I go out of the way to speak to him? Because he is one of the biggest sponsors of music and dance in the city, and it is nice to get the chance to say thank you to such a person.)
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#1527 Dec 7th, 2016, 18:25
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#1527
Another shorter (250km) drive to the boondocks today. Banks in rural-ish areas free of queues but open, was told a few have 2000 notes but no takers. At one educational setup I visited (go there periodically), the maids, drivers, cooks etc have not been able to withdraw any money, because the employer made them open accounts since he had no cash.

One of the cooks had requested me a week ago to transfer 4000 rupees to his wife in Assam on an emergency basis because his mother needed medical attention, and he would pay me when he got his salary. I transferred the money immediately, but she still hasn't been able to withdraw any, bank says no money. She is making daily trips about fifteen kilometers away (one way, has to walk half an hour to reach a bus stop) hoping to get some. The cook told me, embarrassed, that he can't pay me (I didn't ask); he has got his salary, but in the bank here in Hyderabad, and they don't have the money to give him. There are two ATMs within a ten kilometer radius and both are dry.

The few urban-ish banks I noticed also didn't have any queues. I dunno if no money or only 2000s. If you are poor and spending 50/100 rupees at a time nobody will exchange 2000s for smaller notes.

Something has to give. Most indiamikers would be inconvenienced, at worst. The poor are getting hammered.

Edit
Quote:
Is there ANYONE who has NOT been inconvenienced by that hasty decision of his?
Me too (besides jituyadav). I have given out, as loans or advances, about 15000 to small guys etc; that is because I could initially get 24000 a week from one account, a third of it in 100's. Alas, no longer.
Last edited by capt_mahajan; Dec 7th, 2016 at 18:37.. Reason: Edit
#1528 Dec 7th, 2016, 18:35
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#1528
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Originally Posted by capt_mahajan View Post Something has to give. Most indiamikers would be inconvenienced, at worst. The poor are getting hammered.
Very kind of you to help out the cook, capt_mahajan.

I agree that the poor are getting hammered. I don't know how they are able to buy necessary things like food much less get medical help or medicine. I hear that their work has dried up in many cases because people can't afford to hire them. The government needs to do something to help them.
#1529 Dec 7th, 2016, 18:36
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#1529
Quote:
Originally Posted by Anindia View Post Thanks for the update. So , you have to go to an ATM every day and wait 2 hours? OMG , that's doesn't look good.

And where do you "break" the 2000 notes?
I don't go every day, sometimes I make a trip to the bank and waste 2.5 hours to draw a bigger amount by cheque. Last week I had to go to the bank 3 days in a row.

I've been lucky with the big notes, have been able to change them at the petrol pump or shops for purchases of 700 to 1000. If alll else fails, my friendly neighbourhood shopkeeper has been happy to change them even for a purchase of 100. But this he does for known customers only AFAIK.

I've also paid servants' salaries with big notes. They do manage to change them, specially if they're buying their monthly groceries at their regular shops.

In general, change in Delhi isn't such a big problem as has been reported elsewhere. Doesn't mean it's not an issue, just not as difficult.
Last edited by Dilliwala; Dec 7th, 2016 at 22:50..
#1530 Dec 7th, 2016, 18:45
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#1530
The situation here in Dehradun changes frequently.
Two weeks ago, few atms open, short wait, some of them even had rs100 bills. Last week the lines grew longer but you could still hope to get your purple paper in less than one hour, there were several atms working on the Rajpur road. This week, one or two atms maximum, and you're lucky if you only wait two hours.

This is not the kind of improvement I was hoping for. Still glad I'm a tourist who has time just to wait around.
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