News for hackers. Stuff that matters.

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 jfoutz on Tuesday November 08, 2016 @03:02PM (#12903452)
The US is kind of funny, we've (as far as i know) never withdrawn backing for a bill. If you have a silver certificate, you can spend it on a pack of gum. If you have a $1000 bill, you can deposit it in the bank.

You might have some hassle getting the bank to believe you, of course, those bills are probably in pretty poor shape. But you should be able to exchange them for new currency. Although, it might be worth more to sell to a collector. there aren't that many around.

[ Parent | on HN ]
Re:India's demonetisation of Rs. 500 and Rs. 1000 notes by herge on Tuesday November 08, 2016 @06:28PM (#12904926)
I think a private enterprises in the U.S. can refuse money, so your bank can refuse that 1000$ bill at their discretion (and pissing you off as a customer in the process).

However, the government probably is required to take that money to pay nay taxes, although I do not know how you can pay any taxes to the federal U.S. by cash. Maybe a customs duty at a border crossing?

[ Parent | on HN ]