Currency Ban. 91 people died in queues outside ATMs and banks

[xWolfx]

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.

It's interesting because something like this can also be used to avoid huge inflation rates like it happens in Venezuela, with the biggest inflationary level of the entire world by a really big margin. You can't just have currency stored in the bank without knowing it is worth less everyday that passes by.

It can be done easily buying $ or Bitcoin for example. It's interesting that this kind of things very rarely if ever happens in developed countries so the regular citizen wouldn't know what to do probably. But in places where they are used to poverty, people should have a backup plan for when mass hysteria comes.

[magneto]

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 

Banning two notes in existing circulation does nothing to stop money laundering. Sure, you could give some trouble to them, but the launderers are going to continue to work, even without all of the cash in circulation.

I think that it's quite a ill-advised decision that they did this still. It posed no real benefits, while inconveniencing pretty much everyone in India that held these notes.

There were even fatal instances of withdrawing money, it seems. Again, it was a rash decision that wasn't thought out carefully. If you're going to do this, at least do it in a way that does not result in such high demands on the banks.

[Hydrogen]

Futher economic implications of india's "demonetisation" policy from 2016:

Meantime, consumers are spending less, which is hurting small producers who, in turn, are being forced to scale back their activities.

As a consequence, supply chains at small, medium and even larger companies are breaking down. Lorries are stranded with no money for fuel, workers will not load goods for free and distributors can’t pay up. Wholesale markets in many cities are shut.

Mr Singh said current liquidity squeeze will reduce India’s gross domestic product growth rate by 2 per cent, with agricultural production, small industries and the vast, cash-driven informal sector, which employs millions of youth, hardest hit. Businesses are quietly warning of potential job losses in labour-intensive manufacturing industries as well.

https://www.thenational.ae/business/india-s-demonetisation-creates-payday-cash-crisis-1.204867

Appears to have inflicted far more economic damage than economic benefits provided.

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

[buwaytress]

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

If I recall correctly, talking to Indians and with a Southeast Asian perspective based on our own knowledge of things here in the South and Southeast, it was very much to do with the "black money" referenced in OP. India would never push e-money when large swathes of its population aren't accessible digitally.

See, in countries like ours, where corruption can almost be equated in cold hard cash, these were the notes most commonly used to launder and keep black money circulating. People weren't keeping dirty cash in banks, but in stacks and piles under their beds, buried, etc. In one fell swoop, they sought to remove all this power from organised crime. It worked somewhat, despite the economic repercussions. I think the layperson suffered the most, however.

[First77]

There were even fatal instances of withdrawing money, it seems. Again, it was a rash decision that wasn't thought out carefully. If you're going to do this, at least do it in a way that does not result in such high demands on the banks.

Till 31 January 2017, ATM machines in India's biggest city "Mumbai" had less cash or no cash. I mean ATM machines were closed for 2 months since new currency notes did not arrive.

[taiwww]

Futher economic implications of india's "demonetisation" policy from 2016:

Meantime, consumers are spending less, which is hurting small producers who, in turn, are being forced to scale back their activities.

As a consequence, supply chains at small, medium and even larger companies are breaking down. Lorries are stranded with no money for fuel, workers will not load goods for free and distributors can’t pay up. Wholesale markets in many cities are shut.

Mr Singh said current liquidity squeeze will reduce India’s gross domestic product growth rate by 2 per cent, with agricultural production, small industries and the vast, cash-driven informal sector, which employs millions of youth, hardest hit. Businesses are quietly warning of potential job losses in labour-intensive manufacturing industries as well.

https://www.thenational.ae/business/india-s-demonetisation-creates-payday-cash-crisis-1.204867

Appears to have inflicted far more economic damage than economic benefits provided.

Was this related to the "cashless society" movement? Either to create a precedent where paper money might be blamed for the negative implications of india's 2016 demonetization policy. Or to discourage the use of cash, in some strange attempt to push electronic money as being a superior alternative?

Yes that is what they are speaking about. Actually Indian vice president thought that he will be able to take out all the black money form the corrupted system. I am pretty sure that they were successful in doing that as most of the people who held the cash money in their lockers got robbed with their black money.

But recently when the RBI load was calculated then it came to notice that their is insufficiency of the money within the nation. RBI never calculated or failed to calculate the cascade of events which occurred later on and thus became short on printing the money.

The cashless dream literally became more costlier than what they thought.

[btc78]

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.

As you have said “some reports says” meaning this based only on Hearsay and you don’t have any links to support your story?What the heck budz ..stating an old issue without any proof is a shit and considered as nonsense .make it real do some job before creating a thread

[First77]

Appears to have inflicted far more economic damage than economic benefits provided.

Today $1 = 72 Indian Rupees

In 2016, $1 = 63 Indian Rupees

[galambo]

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  

I am not much into politics and also i do not have enough knowledge about the politics but i guess "Rahul Gandhi" is not a much important person to the government now. He is the most trolled representative and also had no seats in the election this time. We actually don't know the truth that really 91 peoples died outside the banks and ATMs?

That actually sounds much funny and it is not that big issue. No one had any kind of injuries during the demonization. Demonization was for the better of the country "India" as it was an act to destroy the black money and j guess the PM of India "Narendra Modi" achieved some success in it as the total circulation of the national Centralised currency "INR" was changed a bit which indicates that it was a successful act for eradication of the black money.

I had read a lot about it into the global news as it was much popular and also i think some new taxed like "GST", "SGST", "IGST" etc were too been applied on the Indian taxe returns which made the existence of Black Money much harder. Hope that this act proves much better and it should contribute the the development of the country.

[shield132]

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.

Sorry for late answer, that happened in 2016 and here is the link for reference: http://www.india.com/news/india/demonetisation-33-dead-due-to-ban-on-rs-500-and-rs-1000-1649501/
Of course we have to keep some cash at home, Personally I will never demand fully on 3rd party. These days I needed to withdraw money from ATM, however black line on card got scratched and ATM couldn't read card, didn't want to pay extra fees for paywave withdraw. Needed money and had some cash, this escaped me from embarrassing situation. This example is nothing compared to your but still in 2018, it's not a good idea to avoid having some extra cash for bad days or moments.

[r32godzilla]

Yes that was the worst decision which could have been taken by a government.They should have predicted the disasters they would have to face after applying it.They should have printed new currencies readily to immediately supply it after demonization.I would like to share a sad incident.In Telangana state of India,a women had sold her land for her husband's medical treatment for 80,000 Dollars.The very next day when she got her money,demonitization was announced by the government and all her money became useless papers and she was not able to give her husband treatment and so she commited suicide.

Shame on the Indian government.It has almost murdered her and many other innocent people.

[First77]

I would like to share a sad incident.In Telangana state of India,a women had sold her land for her husband's medical treatment for 80,000 Dollars.The very next day when she got her money,demonitization was announced by the government and all her money became useless papers and she was not able to give her husband treatment and so she commited suicide.Shame on the Indian government.It has almost murdered her and many other innocent people.

Indians were given time till 23 November 2016 to exchange their old currency notes at the banks. No government can make currency notes useless in one day.

[Ucy]

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

Sounds like a true puppet. They're arrogant if allowed.

People didn't protest the death afterall?  This sort of thing could repeat if non is held accountable. Thought the country is a democracy.

I read that the country is implementing an extreme ID scheme called Aadhaar . Expect them to lock you out of the country's financial system in the name of law, financial crisis or security. Government controlled ID system is very dangerous. It's safe to decentralize.

[timerland]

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  

If that was their plan, then it certainly didn't work. Black money will simply move to electronic means of storage now. Just because a few notes are wiped out, it doesn't mean that black money suddenly disappears.

What the ban did was pose a huge inconvenience to every day citizens, especially Indians living overseas with these notes. Because if they wanted to cash them out, they either had to find a currency exchanger overseas in their country, or go back to India.

Can't believe that there is actually this many fatalities just from queuing for cash either. Although, it is logical given that this affected everyone in India given the sheer population. I personally hold the opinion that the demonetization was probably unnecessary and not well executed, even if it was necessary.

[First77]

If that was their plan, then it certainly didn't work. Black money will simply move to electronic means of storage now. Just because a few notes are wiped out, it doesn't mean that black money suddenly disappears.What the ban did was pose a huge inconvenience to every day citizens, especially Indians living overseas with these notes. Because if they wanted to cash them out, they either had to find a currency exchanger overseas in their country, or go back to India.

India’s rupee owes its tag of Asia’s worst-performing currency this year to the selloff sweeping emerging markets. There’s more pain in store from beyond its borders.

Read more at: http://economictimes.indiatimes.com

[pitiflin]

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  

Its demonetization, it wasn't well planned, but was necessary at that time. The amount of corruption going around in India goes way beyond than what we speak. The current Prime Minister is trying hard to bring his country to the top, the number of visits he has made to other countries for discussing things and getting things done is astounding. You can poke him how much ever you want, but he's doing something. People were given so many days to convert their money. It wasn't a great move, but it ruined the lives of those who live by corruption, and doing illicit things.

[solkinsolali]

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 is a very horrible thing to have happened. The law should have taken an action about this kind of incidence. The people cannot just be pushed about like that by the government that is supposed to provide comfort for them.

[hometester]

are cryptocurrencies worth standing in line for so long? I think it's just another craze.

[jseverson]

Its demonetization, it wasn't well planned, but was necessary at that time. The amount of corruption going around in India goes way beyond than what we speak. The current Prime Minister is trying hard to bring his country to the top, the number of visits he has made to other countries for discussing things and getting things done is astounding. You can poke him how much ever you want, but he's doing something. People were given so many days to convert their money. It wasn't a great move, but it ruined the lives of those who live by corruption, and doing illicit things.

I don't really think it has anything to do with corruption. They tried to go cashless and it backfired. They're walking these steps back now.

Their general anti-crypto sentiment may even be over-correction from this failed attempt. This is nothing but conjecture on my part though.

[First77]

This is a very horrible thing to have happened. The law should have taken an action about this kind of incidence. The people cannot just be pushed about like that by the government that is supposed to provide comfort for them.

U.S President Donald Trump said "Barack Obama did scary things"