Industry bodies suggest ways to deal with cash crunch (India)

The Hindu ^ | November 14, 2016 | The Hindu

[Tolerance Sucks Rocks]

Apparently, 500- and 1000-rupee notes are used in India like 20s, 50s and 100s over her. Imagine if 20s, 50s and 100s were suddenly gone.

Prepper ping.

[HiTech RedNeck]

Sounds like India scrod the pooch.

[Captain Compassion]

1000 rupees is equal to $14.67. Dang things must be cheap in India.

[Paladin2]

1000 R ~= $14.

Bad plan

[PAR35]

That’s roughly $7 and $15 bills.

Looks like they did retain the 2000 Rupee note, so they jump from about $1.50 to $30 now.

[marktwain]

Insane.

The Obama administration wanted to do away with $50s and $100s here.

We need to reissue $500 notes. $100 is worth about what $20 was when I was a teen.

[Tolerance Sucks Rocks]

over here (d-oh!)

[Tolerance Sucks Rocks]

I agree.

[Paladin2]

We need the $3 H-> note. Just to remind us of what we barely escaped.

[Vendome]

hmmm...India 1st and hopefully China follows

kaboom

[ConservativeMind]

This was an extremely bad idea.

[WMarshal]

Money is like sand, the harder you squeeze it, there faster it slips between your fingers. Get ready for capital flight from India.

[Trod Upon]

You’re right, but this is all about the transition to a cashless society and government confiscation of your remaining savings (after multiple tax grabs) through negative interest.

[Tolerance Sucks Rocks]

Defunct currency valid for utility payment till Nov 24 (written 11/14)

[Tolerance Sucks Rocks]

Cash chaos in Punjab: Banks run out of notes, people out of patience (11/12)

[Tolerance Sucks Rocks]

Indian Banks Receive $30 Billion In Deposits: Foreign Media (11/13)

[Tolerance Sucks Rocks]

SBI will soon dispense 20, 50 rupee notes to help public (11/15)

[Tilted Irish Kilt]

Prepper Ping List...... Cash is King !

Imagine, if you can, the US Government demonetizing $100, $50, and $20 dollar bills, and giving you 10 days to turn in your soon to be outdated currency.
It is happening today in India in an attempt to compel credit/debt card usage, digital currency to eliminate tax evasion, counterfeit currency, and to facilitate and create an electronic paper trail.

As Preppers, we are encouraged to have 1-3 months of expenses of "Emergency Funds" for medical, financial, or social crises.
Cash allows freedom of choice, no paper trail, no restrictions, accepted by all vendors, nationally recognized form of legal tender.
What say you to going almost totally digital, or carting around all your funds in $1, $5, or $10 denominations ?

H/T : Tolerance Sucks Rocks

[Tilted Irish Kilt]

Last sentence should be :
" What say you to going almost totally digital, or carting around all your funds in $1, $5, or $10 denominations, or going totally electronic funds ? "
..or should we use bitcoin ?