[sukhoi30]

Originally Posted by m8002?

The govt. keeps announcing that the presses are running at full capacity printing 500 notes but they just seem to be elusive.
I still havent seen any in the ATMs. Funnily, even the 100s have disappeared from the ATMs. They are only filled with 2000s.

Yes, this is quite true. I haven't come across any ATM that is giving out the 500 notes. It is quite baffling why banks are not filling up ATMs with 500 notes and disburse 2000 notes at the counters.
Hoarders are also responsible for the Rs. 100 notes being in short supply. This even more frustrating.

[Zappo]

Actually this currency shortage thing seems to have different degrees of effect in different parts of the country. I see a huge effect in Telangana/AP and Delhi. Whereas recently when I was in Nagpur I saw that cash is easily available through ATMs as well as banks. Now my dad went back to Kolkata this weekend and he says that when he checked with a few local shops he got the feeling that cash is easily available unlike in Hyderabad as the shopkeepers seem to only insist on cash payment (no wallet, no cards) and are happily running their businesses as well!

As for the Rs.500 note that thing seems to be a mystery. I have 6 of them withdrawn from my office ATM which I have diligently preserved as I never see these being used anywhere as legal tender (and hence am wary of parting with them easily). Wherever I pay with a 2000 bucks note I get back a thick wad of Rs.100 currency notes as change!

[r_devakumar]

In Goa for three days last week end. No queue in the ATMs, was able to withdraw money all three days without standing in queue. Also got my first 500 note too. In Hyderabad, still situation is very bad.

At the same time, many places in Goa not accepting cards (from small to medium shops, both in beach side and also in the main roads). Because of this, I hope the cash flow in Goa may be better thus no queue in ATMs. Added to that, few shops which accepts cards charged us with 2% service tax (what happened to the announcement by Govt. that no service tax for transaction less than Rs.2000/-, it is all only talks it seems).

[ptushar]

Originally Posted by earthian

People losing faith or what?

I don't think people are losing faith at all. It's just that people are tired of defending, what is clearly logical. One learns over time that you can surely wake up a person who is asleep, but not one who is pretending to be be asleep.

Our mainstream media has picked this topic and is going after it with an almost single-minded vengeance. Hmmm, I truly wonder why?

And those who support the move have truly moved on and are doing something about it rather than talking about it. I know so many people who are learning to use digital media for transactions, they are going to the bank and getting their IMPS and UPI setup, they are downloading apps on their phones etc.

Originally Posted by mayankk

Geez, I wonder why people are resisting when everything is obviously hunky dory. This ATM used to be deserted, but now people actually sleep outside of it, waiting for refills.

mayankk. I don't think all of the money will ever be replaced by cash. That was never the intent and that should not be the intent. The idea is get (push) people to alternate means of financial transactions. If all notes will be replaced by notes then what have we achieved? Those you are 'resisting' are those who do not want to change OR those who genuinely do not know how to change. This is where people like us become important, more important than the government. Help those who do not know how to change. And as soon you realize that the person is resisting not because he does not know but because (for obvious reasons) he doesn't want to know, then give up and move on.

Come on guys. My car washer has spent time to understand IMPS, UPI and PayTM. He has been to the bank and got things setup and is now even accepting cheques. This month he had an issue when people transferred money and he was finding it difficult to reconcile the amount with the people who had paid and who had not paid. Now he is working a system where he is planning to assign a code to each person so that he can track who has paid. This is clear case of someone who really wants to change. He is taking the pains to change.

And then i know this lady who is cribbing that she has no cash to pay her maid and her car washer (Yeah. the same guy who is accepting cheques, PayTM, UPI, NEFT and IMPS ). She is claiming inconvenience and even torture that she had to stand in a long queue. She is not happy with the government, the bank and the whole world in general. And she has a laptop at home, she carries a smart phone, she has everything that can help her today, but then the fact is that she just does not want to change. And whenever you try to explain to her about these means, she will have a fantastic reason to resist. Here are some gems from here:

• I cannot use apps (She sends 100s of useless pics everyday on WhatsApp)
• I don't have a cheque book. And my address on the account is in a different city. So I cannot get one here
• What if my phone is stolen? (Err. What if your purse is stolen?)
• You want me to learn all this at this age? (Lady. You are probably 40)
• I need to pay quickly, I don't have time to pay using phone. What if I make a mistake?

See. A perfect case of a person who has decided that she just does not want to change. And hence she will just continue to resist, come what may!

[sairamboko]

Effect of demonetisation in National Highways toll gates. No ₹5 coins and hence the coupon

[carwatcher]

You have perfectly summarised the situation.

We have numerous threads where we have T-BHPians were doing few things voluntarily but as soon the Govt made it into a rule, many got offended, probably that's called resistance to change.

I really would like to know the opinion of people who are really concerned for the poor on the folg points:
a) Non-availability of basic toilets, etc in rural villages and Govt schools, esp girl schools. Has the Govt also taken away the liberty of the poor to defecate in the open and also it is far expensive to maintain the toilets than going outside in the open fields exactly in the same way as doing digital payments will make everything expensive as compared to cash transactions due to it being taxed.

Originally Posted by ptushar

I don't think people are losing faith at all. It's just that people are tired of defending, what is clearly logical. One learns over time that you can surely wake up a person who is asleep, but not one who is pretending to be be asleep.

See. A perfect case of a person who has decided that she just does not want to change. And hence she will just continue to resist, come what may!

[srikanthns]

Originally Posted by Zappo

Actually this currency shortage thing seems to have different degrees of effect in different parts of the country. I see a huge effect in Telangana/AP and Delhi. Whereas recently when I was in Nagpur I saw that cash is easily available through ATMs as well as banks. Now my dad went back to Kolkata this weekend and he says that when he checked with a few local shops he got the feeling that cash is easily available unlike in Hyderabad as the shopkeepers seem to only insist on cash payment (no wallet, no cards) and are happily running their businesses as well!

As for the Rs.500 note that thing seems to be a mystery. I have 6 of them withdrawn from my office ATM which I have diligently preserved as I never see these being used anywhere as legal tender (and hence am wary of parting with them easily). Wherever I pay with a 2000 bucks note I get back a thick wad of Rs.100 currency notes as change!

I agree to both points made in this post. In Trivandrum, the initial panic has died down and now there are no queues in ATM now, though you see either one or two people at a time. I also had no issues getting currency either from ATM or from Branch.

But on a visit to Madurai, which is one of the three biggest cities in Tamilnadu, it was totally different! Once I had to engage an auto for 200 rs just to make a tour of ATM's in one stretch still I returned empty handed! Being from Trivandrum, obviously I could not go into banks for withdrawal, Though in one branch, the manager told me that had i had a cheque leaf , he would have allowed withdrawal from branch!

I found atleast 50% of ATM's simply closed down and 40% of the rest having boards "NO CASH"

I did not have any problem in receiving 500rs note too in Trivandrum, though you have to be a bit crafty! you withdraw only 1900rs to get three 500 rs note and 4 notes of Rs100! If you enter Rs 2000/- , you will end up with one fresh, whole 2000rs note!

[sgiitk]

ATM situation is improving fast. In fact I almost never paid a call to the ATM. Why I drew 10k each from three accounts and then 24k each twice from the same lot. Saw me through for the month. Actually, I did visit the ATM once, to activate my d-i-l's card and drew out 2000. There was no 500 note available.

Was in Lucknow over the weekend. i think about 30% ATMs were working. Also, no problems at the toll plaza. About normal.

[sachinpk]

Originally Posted by poloman

People are not losing faith. They are getting tired of the rumor mongering and propaganda unleashed in MSM. On the other side Govt is not helping the cause by poor communication.

I am one of such people. This forum is not to discuss politics. But looks like the Queen Victoria given rights for one political family to rule, and another political idealogy (thrown into waste paper basket every where else) getting the rights to form up the "intelligentsia" would continue to cause damage to this nation. The main stream media has been the main champions in favouring the above two groups. The government as you rightly said, is more on "wait till we complete the excersie" line. May be it is also because they know that the media is hostile, and they are "setting the agenda". And if the government has to respond to a "set agenda", then the tables get turned. The government would always have to remain on a defensive mode.

Originally Posted by sukhoi30

Yes, this is quite true. I haven't come across any ATM that is giving out the 500 notes. It is quite baffling why banks are not filling up ATMs with 500 notes and disburse 2000 notes at the counters.

My understanding is that pumping notes (of any denomination) is not going to fix the problem, it may add to the problems. The currency in circulation has to be based on certain numbers. Simply; government can release say 1 crore (of new notes) when it knows that 1 crore (of old notes) have come in. So it is based on the in-flow, the outflow is decided. Flushing the market with Rs.500 notes, *hoping* that equal worth of old currency would come in is futile. My gut feeling is that ATMs (and banks) would see some cash crunch till Dec, 2016. New notes flooding the market would happen only after the RBI, IT departments etc have got a firm grip on the money which has come in, and their audit trails are identified.

Originally Posted by ptushar

Our mainstream media has picked this topic and is going after it with an almost single-minded vengeance. Hmmm, I truly wonder why?

The media has been grumpy ever since their election predictions flopped in the year 2014. The media had formed a self-opinion that they are the "movers & shakers" of Indian politics and the country. The government on the other hand, seems to be taking a line that "allow us to complete this, and then show you the results". Yesterday the media has let out another report which talks about possible reduction in IT %-ages. This again is wilful spreading of rumours, so that if things don't change people again get a chance to complain. RBI and the Fin.Min has now clearly said no such plans are in place as of now.

I end this post with the below report. The "poor" farmer who is assumed to be a simpleton, is far more smarter & practical than the so called "educated intelligentsia" giving lectures sitting in TV Studios.
Farmers grow smarter to beat note ban woes
Farmers in Karnataka have taken to trading via the Unified Market Platform (UMP) of Rashtriya e-Market Services (ReMS) easily even as demonetisation has hit business across the country.
....
When demonetisation was announced, farmers, doubting sales and payments, hesitated to bring their produce to the markets, while traders and commission agents did not fully participate in the markets. Trade picked up subsequently. The last week of November has seen an increase of 13% growth over the first week of November. The trade in the current month is around Rs 2,300 crore,” he said.

[greenhorn]

No comments on the new deposit rules?
I can't believe I have to explain myself to some random officials (until they are satisfied) for doing something which the govt itself was recommending a few weeks back.

I understand if people who are depositing repeatedly are asked some explanation, but some of us who were waiting for the dust to settle and not contribute to the long queues find ourselves at the receiving end.
The FM says that First time depositors won't face hassles, but that's not what the communication says. Anyway will find out once i go to the bank during my christmas vacation.

God knows what other U turn the govt will make next.

[mayankk]

Originally Posted by greenhorn

No comments on the new deposit rules?
I can't believe I have to explain myself to some random officials (until they are satisfied) for doing something which the govt itself was recommending a few weeks back.

I understand if people who are depositing repeatedly are asked some explanation, but some of us who were waiting for the dust to settle and not contribute to the long queues find ourselves at the receiving end.

God knows what other U turn the govt will make next.

It's already becoming a road to hell, isn't it? I have to withdraw some money by next week, and it seems that in the interest of time and expense, I'll have to get a flight to one of these places in India where there's this apparent abundance of cash.
Not for hoarding, but for expenses. This paytm drama has already run its course. My local vendors have stopped accepting anymore because either the surcharges are too much, or the wallet is full, or they just want to gyp customers to pay further down the supply line. All in all its become a tiring exercise arguing against it, or waiting for the next "variation".

[sachinpk]

Originally Posted by greenhorn

I understand if people who are depositing repeatedly are asked some explanation, but some of us who were waiting for the dust to settle and not contribute to the long queues find ourselves at the receiving end.

Is your problem that you would be forced to make multiple visits to the bank and explain things? Well then it is not as complex as you think. Yes, you will have to make one visit to the bank. But!! there is no rule which says that the bank would only accept Rs.5000. You can deposit your entire load of cash at one go, and explain the reason to the bank once and for all. The dust is already settling in, make a quick dash and deposit all your old 1000 & 500 at one go. I did not make this explanation out of thin air .
Demonetisation: Demystifying the new Rs. 5,000 rule

Originally Posted by mayankk

It's already becoming a road to hell, isn't it? I have to withdraw some money by next week, and it seems that in the interest of time and expense, I'll have to get a flight to one of these places in India where there's this apparent abundance of cash.

You may not find many such places in India at this point. I don't know your pattern of expenses, or even the reason to pull out funds. So perhaps for larger transactions you could right away plan for NEFT & RTGS? And for liquid cash make two withdrawals of Rs.24,000/week. Most of the banks do allow such withdrawals, but you may get them as Rs.2000 notes. There is no looking back now, and so the only thing which would help us all is now planning.

[greenhorn]

Originally Posted by sachinpk

Is your problem that you would be forced to make multiple visits to the bank and explain things? Well then it is not as complex as you think. Yes, you will have to make one visit to the bank. But!! there is no rule which says that the bank would only accept Rs.5000. You can deposit your entire load of cash at one go, and explain the reason to the bank once and for all. The dust is already settling in, make a quick dash and deposit all your old 1000 & 500 at one go. I did not make this explanation out of thin air .

My concern is that just for depositing money, relying on the advice of the govt, I find myself facing additional hoops, and having to provide an justify my actions when I have done nothing wrong.

[sachinpk]

Originally Posted by greenhorn

My concern is that just for depositing money, relying on the advice of the govt, I find myself facing additional hoops, and having to provide an justify my actions when I have done nothing wrong.

I do understand your feelings. But being a motorist, this is like a traffic police man stopping you and asking for your documents. You may not have done any wrong (and even on the correct side of the law), but the traffic police man checking documents is just a "necessary evil". Best thing to do is to quickly get over with the depositing of cash; and assume that the next step would be more tougher than the current one.

[poloman]

Originally Posted by greenhorn

My concern is that just for depositing money, relying on the advice of the govt, I find myself facing additional hoops, and having to provide an justify my actions when I have done nothing wrong.

Valid concern, but you cannot run with hare and hunt with hounds. Till now experts were blaming and ridiculing the government that most of the cash has come back and the move has failed. It became obvious that lot of bank crooks had played along.
If the government announce a move to counter it, you cry attack on personal liberty.
If you have done no wrong, why worry? You are not carrying a bomb in an airport, then why stand in line for security check?