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Author Topic: Currency Ban. 91 people died in queues outside ATMs and banks  (Read 1817 times)
First77
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September 03, 2018, 01:32:27 PM
 #1

Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016

On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister "Narendra Modi" is very proud of his actions  

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September 03, 2018, 02:08:34 PM
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 #2

Regardless of it being entirely true or not, the easiest way to avoid being subject to this sort of herd-mass-attack, you have to make sure that you hedge the crap out of your weaker fiat currency during "stable" times. If something like this happens, you can just continue with your day as if nothing interesting happened, because it doesn't affect you personally.

People wrongly assume that current situation is different from what previously happened, but they just fool themselves. Every basic aspect related to fiat is inherently doomed to fail, especially when you have rogue governments accelerating that process.

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September 03, 2018, 02:15:22 PM
 #3

Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country?  Do you have any links of articles? In order for me to broaden my knowledge about it?

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September 03, 2018, 07:29:25 PM
 #4

Instant implementation of rules about currency is much absurd for holders, can you clear about the discussion did this implementation happened few years ago since you stated november 2016? Is india a federal country?  Do you have any links of articles? In order for me to broaden my knowledge about it?

Some reports say 108 people died in queues outside ATMs and banks. Never heard of demonetisation anywhere in the world so I wrote about it here in international forum.

USA has the biggest problem of counterfeit currency. But USA does it the police way.
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September 03, 2018, 09:12:41 PM
 #5

It sounds terrible and I am impressed that the prime minister was satisfied the own decision. I am sure that this event must be investigated  and it need to punish the officials who could not organize a normal process of an exchange. We live in the 21 century but such events could not happen in the civilized world so I am disappointed that people do not want to evolve and be more civilized. I know that much depends on the government but anyway people must respect themselves.
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September 03, 2018, 09:57:50 PM
 #6

oh, what a pity but you have to edit title, there were dead 33 people, not 91. It's shame, such things were happening in late 90's in some post soviet states, it's 21th century now, in this world economic war is more dangerous than civil war. Why the hell they did it? Seems government doesn't care about people and they don't had to make make that action because number of population is very high in that country. Government had to understand it but they hang on.

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September 03, 2018, 10:32:03 PM
 #7

Sad to hear this, government should not act like this because in the first place its your money and you have the right to get what you deserve in an easy way. This is the power of the government, now I see the reason why cryptomarket dump during the announcement of banning bitcoin in India. India is a great market, I hope they are more open about new technologies like this.

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September 03, 2018, 10:34:32 PM
 #8

Saudi Arabia has had painful experiences with stampedes during Haj time.  Many lives were lost.  The UK has also had deadly stampedes of drunken fans at their football games.  However, the Indian government knows that it is responsible for the second most populous country in the world, so you would think that someone would have taken this into consideration before opening the banks to the public.   Especially in a country where rural poverty and being ‘underbanked’ is so widespread.   
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September 03, 2018, 10:35:45 PM
 #9

Which is why anyone expecting crypto to be anything other than fully China'd in India is dreaming. Their government is willing to plunge millions into instant disaster by screwing with their cash. They've had heavy restrictions on gold ownership.

No doubt those in the know will find ways around it but it will never be allowed to officially fly there. It's dead before it even got going.

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September 03, 2018, 10:37:36 PM
 #10

It's shame, such things were happening in late 90's in some post soviet states,
Eh, OK.  I'd like to see a reference or something here for the claim.  How did they die?  Isn't this old news?

The first thing I thought of is all the violence I've read about on Black Friday, the day after Thanksgiving in the US.  People line up outside big box retailers, and there have been people trampled in the ensuing rushes.  People die everywhere for all sorts of reasons, and 91 or even 300+ is not a large number--tragic, yes, but it's not like a massacre (and I'd still like to hear how they died).

I've always been a fan of keeping some cash at home, locked up in a safe.  I think that's always a good idea, whether you're anticipating a financial collapse or not.  You never know when you're going to lose your debit & credit cards or when local businesses suddenly lose the ability to take electronic payments.  That happened in my neighborhood back in 2011 when we got hit by an early blizzard and the whole town was in the dark for about 4 days.  It was a nightmare, but I was able to buy some food at the local Walgreens because I had cash.

If you live in an economically unstable country, I think keeping fiat on hand is a must.  If you can afford it, that is.  It's not always easy to put money aside.

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September 03, 2018, 10:40:24 PM
 #11

That is so sad, unnecessary and avoidable chaos, this is one of the reasons why crypto-currencies is much desirable to those who understands how it works.The government cannot wake up one day and declare your money invalid or unusable, too much control and abuse of power.With cryptos, the power is determined by the people

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September 03, 2018, 10:50:55 PM
 #12

Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016

On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister "Narendra Modi" is very proud of his actions  


This was very bad of the government. Announcing that a particular currency note will be invalid within 24hrs is absurd. Such a decision should have been protested by the people considering the death casualties too.
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September 04, 2018, 01:39:55 AM
 #13

oh sad, the bank's shortage is huge and because it can kill 91 people, I hope this can be fixed, is the Indian bank not ashamed to be seen from its neighboring country
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September 04, 2018, 08:52:01 AM
 #14

This was very bad of the government. Announcing that a particular currency note will be invalid within 24hrs is absurd. Such a decision should have been protested by the people considering the death casualties too.

There must 0.01% black money and 99.9% white money in India. India's top 5 companies [RIL, TATA group etc..] profits must be more than black money in India.
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September 04, 2018, 10:04:52 AM
 #15

It's shame, such things were happening in late 90's in some post soviet states,
Eh, OK.  I'd like to see a reference or something here for the claim.  How did they die?  Isn't this old news?

Found this news here.
https://www.google.com.ph/amp/s/amp.dw.com/en/was-indian-pm-modis-demonetization-move-a-failure/a-40415890

Yes this was an old news and people died because of exhaustion since they've been waiting for long hours on queues outside and the deaths actually over 100.

This demonization of currency had failed even PM Modi has clear intention to eliminate black market money however they didn't anticipated the deaths of people that just wanted to assure that their hard work won't turn to nothing. Report says that those who died are fruit vendors that didn't manage to have bank account that's why they just insisted to wait on queue.  Cry


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September 04, 2018, 10:17:19 AM
 #16

Last week, former Indian finance minister P.Chidambaram said "not a single economist worldwide has approved the demonetization in India 2016

On November 08, 2016, Indian Prime minister made a sudden announcement that Rs 500 and Rs 1000 currency notes will be invalid from November 09, 2016. The Indian government plan was to destroy all black money/unpaid taxes hidden by Indians in cash in the form of Rs 500 and Rs 1000 notes.

Indian people were given time till November 23, 2016 to exchange the old currency notes at all the banks in India. So there were long queues outside Banks for depositing money and also withdrawing money. I was in the queue at the bank for 2 hours and 30 minutes.

Later Indian Congress leader 'Rahul Gandhi" said "91 people had died in queues outside banks and ATMs" which was the result of sudden announcement by PM Narendra Modi.

Prime Minister "Narendra Modi" is very proud of his actions  



2016 is not a long period from now and there is need for discussion like this to be done in other to put in perspective the consequences of decisions made by the people we elect to represent us and make decisions on our behalf.

Whether the death toll is 33, 91, 108 or 5. Such decisions are not meant to take any life and even if one life is lost, its too expensive which shows the deficiency in such decision which include among other reasons the timing that is given to carry out the exercise and at the end of the day its the poor people that would be affected as they are the ones who are not connected with bankers or know people in high places in other to facilitate the exchange process seamlessly.

I have read about a country that changed its currency over night because they were having civil war and needed to render the other side useless with the currency they have amassed to pursue the war. Others have been about corruption after huge stash of money have been kept by corrupt individuals at the expense of the populace but in situations like this, there is always a proper and process put in place to avoid such calamity as a result of their good intentions.
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September 04, 2018, 10:38:58 AM
 #17

That is the part of politics which we experience all the time. There have been mistakes from the government in the past and they will keep reputing because they sometimes go against the will of democratise decisions. Many times they think whatever plans they have plotted will come to the end with proper results but that doesnt happen as government decisions and people's mind dont match always. Where people think that things should have gone by A-B-C way at that point government will be thinking by C-B-A route and thus results differ all the time. May be this is more or less politics and nothing else.

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September 04, 2018, 10:46:44 PM
 #18

2016 is not a long period from now and there is need for discussion like this to be done in other to put in perspective the consequences of decisions made by the people we elect to represent us and make decisions on our behalf.

Never heard of currency ban/demonetization to eliminate 0.01% black money and terrorists in the country. Did India invent something bad and new ??   Huh
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September 04, 2018, 10:52:00 PM
 #19

people died because of exhaustion
You know, I didn't do any google search or anything before I made my last post, but I had some suspicion that this news report wasn't what it was probably intended to be, or at least what OP meant it to be.  Dying from exhaustion is far different than people slaughtering each other or being killed by the government/police or whatever.  It's still tragic, but the deaths don't really have much to do with the economy--other than the bank run, but those have happened sporadically for many, many years.

Thanks for the link and always be careful about reading stuff here and elsewhere.  Something tells me even this number of "exhaustion" deaths is exaggerated, but I have no proof of that.  Then again, there's not even really proof of the deaths anyway (that can I can verify), just a news report.

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September 04, 2018, 11:04:59 PM
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I've always been a fan of keeping some cash at home, locked up in a safe.  I think that's always a good idea, whether you're anticipating a financial collapse or not.

I'll tell you why most people don't  own and probably never will own a safe. And i'm not talking about those masterlock safes that you can open with a magnet, or those things you find in cheap hotel rooms. A decent safe is heavy, expensive, takes space on the floor, or has to be built into the wall. If you live in an apartment it will always catch an eye of visitors. And after all this trouble all you'll have is some fiat that doesn't even make a decent toilet paper substitute if that runs out. In case of a real economic collapse you'll need toilet paper more than fiat money.

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