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A comment on India's demonetisation of Rs. 500 and Rs. 1000 notes. Parent comment

Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by josu on Tuesday November 08, 2016 @11:38AM (#12901629)
Just to add to your comment, the highest denomination note in India is worth just $1.5USD.

According to the Global Findex by the World Bank [1] 47% of the Indian population doesn't have a bank account. And only 22% of the population have debit cards.

I don't know, this seems too extreme to me. Certainly 500 euro notes or 100 dollar bills are very useful in dark markets, but the Rs 1000 note was just worth $15USD. This may end up being just a temporary recall and they will reissue 500/1000 notes in a couple of years.

[1] http://datatopics.worldbank.org/financialinclusion/country/i...

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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by amzpix on Tuesday November 08, 2016 @11:46AM (#12901717)
The highest denomination note of INR 1,000 is worth about USD 15.
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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by tgokh on Tuesday November 08, 2016 @11:53AM (#12901790)
And they'll be introducing a new Rs. 2000 note, worth about $30
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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by Retric on Tuesday November 08, 2016 @11:55AM (#12901816)
> "but the Rs 1000 note was just worth $15USD"

So, I think he agrees with you and is just pointing out without the 500 or 1000 note's the 100 is only worth $1.5USD.

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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by 7Z7 on Tuesday November 08, 2016 @12:42PM (#12902273)
Maybe I'm misunderstanding, but there is no "without". The new Rs 500 and Rs 2000 notes will cover the difference.
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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by Retric on Tuesday November 08, 2016 @01:17PM (#12902575)
The new bills have yet to hit the streets, and the old bills don't count as long term stores of value. So, for a little while India is arguably 'without' Rs 500 and Rs 2000 notes.

Basically, they are no longer bills but checks with expiration dates.

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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by asenna on Tuesday November 08, 2016 @02:08PM (#12903018)
The new bills will start circulating in 2 days.
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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by Retric on Tuesday November 08, 2016 @02:16PM (#12903085)
Yep, but even tomorrow is not today.
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Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by intended on Tuesday November 08, 2016 @02:26PM (#12903163)
So I spoke to economists friends asap - and while I share your views, the point added was that wealth is not stored as cash by most people, but as jewelry, assets, cattle and so on.
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