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India is nullifying their currency
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Created: by TraderSusan Attachments:0

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India is nullifying their currency

  #1 (permalink)
Membership Temporarily Revoked
Chicago, IL/USA
 
Futures Experience: Beginner
Platform: NT
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India is nullifying their currency

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

Forbes Welcome

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

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  #3 (permalink)
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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)
Trading for Fun
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)
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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)
Trading for Fun
chennai/india
 
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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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