How about a currency with expiry date...?

[Maslate]

Maybe your government is gonna issue a new note and they give people an ample time to exchange or surrender their old notes as the time will come it will not be accepted anymore. It happened in our country too, some people forget to exchange their old bill and after the given deadline those money are already worthless.

The problem is when you are saving paper money and you are not informed with that news, you'll lose the value of your money and that will be a big regret. The right thing to do is just open a bank account, keep your money in there rather than keeping it yourself which is very risky.

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[shield132]

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

How can everything be in circulation? You just change old paper with new paper, that's all, it has nothing to do with the circulation. If we think about something like spend your money or it will expire, then it's a terrible idea because with that law, investors won't exist (you have to collect money before investing in something). And money exchanging very often the way you mention is terrible too, there was such thing in some post-soviet countries because of inflation and bad politics. From what I have heard, it didn't boost circulation, was just a terrible idea to make people's hard life even harder.

[sheenshane]

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

How can everything be in circulation? You just change old paper with new paper, that's all, it has nothing to do with the circulation. If we think about something like spend your money or it will expire, then it's a terrible idea because with that law, investors won't exist (you have to collect money before investing in something).

I tend to agree, just might replacing the physical money with a new one or phasing out the old design and must put a new one.  That isn't an expiry date of a currency, because if any currency that has an expiry date will become unacceptable to the community, what if they store old currency and they forget to exchange it with the new one.  It seems the same here in our country, but people still can exchange their old currency directly to the bank with the same amount.

And I think, that isn't a perfect way to combat black money, individually can use the currency without knowing by the bank or any financial institution that declaring the transfer of fund.

[ilhamsugihamin]

If crypto has an expiration date then what is the fate of people who invest long term and require us to invest short term and in my opinion that is bad, and if we forget the expiration date then our assets in the wallet will be lost and it is very loss.

[Traderbtcc]

This is definitely a bad way to remove a certain denomination from circulation, telling people to rush to the bank to change the currency in a short period of time was a really bad move by the government  , personally I don't see any good reason for them to remove a currency from circulation except they are planning to change the form (maybe from paper form to polymer form), I also wonder why a currency should have an expiry date  .

[Natsuu]

In my country during the year 2016, 8th November the government announced currencies with highest denomination like 1000₹ and 500₹ won't be valued anymore. People are supposed to reach the banks and exchange it to any other denomination. In the event of this people suffered much, because there is no money to spend and banks were full of crowd. More than 100 lost their live standing in queue.

Whats the reason for such an immediate decision ?

The government stated it a reason to fight illegal funding to terrorism and recove the black money.

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

I remember that time actually, it really wasn't that long ago. The way it was just suddenly announced overnight also was quite reckless from the government. I understood it completely, because money launderers and black market illicit activities all keep their stash in thousands of these bills so the government wanted to smoke them out with no grace period. But poor people suffered in the end.

Its still a no-no move, as there are still innocent people who will suffer from this. The government was not supposed to be like that in the first place. Its like choosing for a lesser evil, and they shouldn't even think about it.

They shoul've make alternatives as they already have intels on possible suspects for illegal activities.

[slaman29]

Its still a no-no move, as there are still innocent people who will suffer from this. The government was not supposed to be like that in the first place. Its like choosing for a lesser evil, and they shouldn't even think about it.

They shoul've make alternatives as they already have intels on possible suspects for illegal activities.

I agree one hundred percent. Like I said, I understood the motivation behind it and in a way I can agree but that's because I'm lucky in the middle class and not affected. But this is India and this is the government, who rarely does things for the benefit of the many people. They probably had to bow down to some political desire from abroad. UN or whatever who wants always every country to do things right as if they were all Denmark or Sweden.

[cr1776]

If you want a currency with an expiration date, feel free to create one.  Doing so will necessarily expose you to the fact that most people won't want something that will expire at a certain date and trade it for something of value that doesn't expire.

If enough people agree with you that it is a good idea, they'll join you, but in all likelihood few people who consider the impacts will not.

In my country during the year 2016, 8th November the government announced currencies with highest denomination like 1000₹ and 500₹ won't be valued anymore. People are supposed to reach the banks and exchange it to any other denomination. In the event of this people suffered much, because there is no money to spend and banks were full of crowd. More than 100 lost their live standing in queue.

Whats the reason for such an immediate decision ?

The government stated it a reason to fight illegal funding to terrorism and recove the black money.

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

[kryptqnick]

In my country during the year 2016, 8th November the government announced currencies with highest denomination like 1000₹ and 500₹ won't be valued anymore. People are supposed to reach the banks and exchange it to any other denomination. In the event of this people suffered much, because there is no money to spend and banks were full of crowd. More than 100 lost their live standing in queue.

Whats the reason for such an immediate decision ?

The government stated it a reason to fight illegal funding to terrorism and recove the black money.

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

I first had to deal with this when I went to live in Hungary for a year. In my own country, it's a very rare thing for banknotes to have an expiry date. It's usually just that they stop making the banknotes of a certain type and every time you use one in a shop of other business, they don't give it back to you. So the collection of the banknotes doesn't fall on regular people, it falls of businesses, I guess. But withing my year in Hungary there were a couple of banknotes that were close to their expiry date! I used those I had in the shops prior to the date, but I still had to go with a friend of mine to a bank one time when she had an old banknote.
It's good that with cryptocurrencies it's not an issue at all because it's impossible to make counterfeit crypto due to the nature of how blockchain works.

[Casdinyard]

If you want a currency with an expiration date, feel free to create one.  Doing so will necessarily expose you to the fact that most people won't want something that will expire at a certain date and trade it for something of value that doesn't expire.

Not even evident even in fiat to the majority of currencies in the globe, so I guess it would be nonsense to do so especially because we are talking about a currency. Circulation of a currency is not something being forced, it will go along as long as it is being used and it will not be a good idea if it will have an expiry date because it would be somewhat of a hassle for those people who are just saving outside the banks to exchange it to a new one every interval. The Idea is there but I guess this will just show low governance in such way.

[fiulpro]

In my country during the year 2016, 8th November the government announced currencies with highest denomination like 1000₹ and 500₹ won't be valued anymore. People are supposed to reach the banks and exchange it to any other denomination. In the event of this people suffered much, because there is no money to spend and banks were full of crowd. More than 100 lost their live standing in queue.

Whats the reason for such an immediate decision ?

The government stated it a reason to fight illegal funding to terrorism and recove the black money.

If there is validity or expiry for every currency same as day to day life needs, then people will make use of it and exchange to new currencies at the right time. This way everything can be made to be in circulation rather than getting accumulated for years. Here black money can also be avoided.

Funny what the government thinks will work....I will tell you what really happened. I was back in India for 2 months and I live in a small village and there the people with black money paid like 50-100 Rupees to poor people to stand in the line and exchange their money.

This is literally what happened and the people escaped very easily. For them or was an amazing time to convert the black money into the white money.

Now I do think this didn't help much but maybe in some cases it did , but we cannot consider that a universal statement and start worshipping what they did. I did find it utterly useless since the government doesn't know how the local people works. Had it been known that this is happening it would have saved a lot of trouble for sure.

[ashmodeus]

i guess for now , something like that will not happened anymore, since many many alternative currencies avaliable for sending huge money, like what i heard about week ago, In 2019, criminal activity represented 2.1% of all cryptocurrency transaction volume, or roughly $21.4 billion worth of transfers.

[romero121]

Currency with expiry is making it a product. Currency is a medium of exchange that is in circulation. When an expiry is provided, this will surely cause a disturbance in the circulation. This will cause economic downturn and once again the sufferers will be the low level people.

Beyond this there is big spending, periodically the government is supposed to spend millions in printing new currencies and taking back the old ones.

[CreativeCoin]

The exchange of currency from the old to the new is most often caused by economic problems, since if the state does not have problems with money circulation, then nothing should happen with the currency itself. Here, in my country, the currency was updated, but at the same time the old one was retained. This was done for a greater turnover and economic growth inside the state itself.
There is nothing to worry about, unless the state spends a little money. New bills will be more pleasant to hold in your hands)