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India is nullifying their currency


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India is nullifying their currency

  #1 (permalink)
 TraderSusan 
Chicago, IL/USA
 
Posts: 12 since Nov 2016

Anyone hear about India nullifying their currency. Crazy!. Maybe this will lead to Bit Coin as the official currency.

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  #2 (permalink)
 DaxyMcDaxFace 
London
 
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Surely gold would be the peoples choice?

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  #3 (permalink)
 bpr0 
Union City + CA
 
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they are only replacing 500 and 1000 note with new 500 and 2000 note.

>The first objective is to address counterfeit currency that Pakistan doing and pushing it to India to finance Terrorism.
India has no effective way of detecting the fake currency so they took the drastic step of replacing in the hope that it will slowdown the counterfeiting for the time being. The new notes have more security features and hopefully slowdown counterfeiting.

>The second objective is to address black money. A lot of people have black money in cash to avoid tax. Force them to declare or loose money.

>The third objective is to push people towards cashless system to avoid these problem longterm.
In India currently only 2% of total transactions are electronic.

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  #4 (permalink)
yawaniga
chennai/india
 
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bpr0 View Post
they are only replacing 500 and 1000 note with new 500 and 2000 note.

>The first objective is to address counterfeit currency that Pakistan doing and pushing it to India to finance Terrorism.
India has no effective way of detecting the fake currency so they took the drastic step of replacing in the hope that it will slowdown the counterfeiting for the time being. The new notes have more security features and hopefully slowdown counterfeiting.

>The second objective is to address black money. A lot of people have black money in cash to avoid tax. Force them to declare or loose money.

>The third objective is to push people towards cashless system to avoid these problem longterm.
In India currently only 2% of total transactions are electronic.

OMG, more security features means? Just its a paper,How 'll implement more security features?

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  #5 (permalink)
 bpr0 
Union City + CA
 
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yawaniga View Post
OMG, more security features means? Just its a paper,How 'll implement more security features?

To make it more difficult to counterfeit ...Google it pls ...

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  #6 (permalink)
yawaniga
chennai/india
 
Posts: 155 since Sep 2015
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bpr0 View Post
To make it more difficult to counterfeit ...Google it pls ...

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skip it counterfeit currency, just curious about new currency security features.

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Last Updated on November 30, 2016


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