Have you heard about cancellation of high denomination notes by Indian Govt. to curb black money?

I don’t see that as a big issue to anyone here.

I did hear about that on Wednesday morning. We have a regular weekly conference call with one of our commissioning representatives / advisers, and he’s been stationed at a plant in India for a couple of years now. He mentioned this to us as a matter of local interest during Wednesday’s call, since it had happened just the previous evening.

Such measures have already taken place in the USA, not that many people are still alive to remember them.

During the Depression (I’m too lazy to google the dates) FDR declared it illegal for Americans to own gold bullion. It was all declared “government property”, to be turned in and exchanged for paper money and coin, and remarkably, people complied. (Of course, it’s not exactly the same, because gold didn’t “spend” like currency, and it wasn’t about to be used in many transactions.)

Yes, I heard about this, but didn’t pay much attention. Ditto what the penguin said.

I’d hope there was some kind of warning for the sake of honest people with large bills?

I think it sounds like a desperate tactic to try to control or curb what must be some very large systemic problems that won’t be solved by it, and one that I would expect to cause some major chaos. Also I’m sure I have no real idea what all is going on in India, except I know enough to know it is very complex and that there is much corruption and struggle and also human solutions that have developed in the absence of effective good orthodox systems. So… it sounds like more chaos added to many layers of chaos.

There’ll be chaotic situation for couple of weeks at least till new denominations are available in sufficient quantity.But this can prove to be a masterstroke for sure.

This is all just part of a global ploy to get rid of cash altogether, so that people have no other choice to pay through electronic means, which enables governments to track every single monetary transaction of every single person as part of all-encompassing surveillance states.

^ This.

The United States has already done this:

Denominations of $500, $1,000, $5,000, and $10,000 were printed for general public use.

A $100,000 denomination was available for “internal” transactions.

All these high denominations were officially discontinued by 1969 by the Federal Reserve, printing had ceased as of 1945. Though ones remaining are still considered legal tender.

Wow..$100,000 bill..) What do you mean by Internal Transaction?

@imrainmaker They were used to move reserves from one bank to another. That is all done electronically now.

There was a time when so much US currency was being used outside the US, that the Fed was thinking of printing 100’s in red, so that the Medeillin cartel would be out of cash. Too many governments said their economy would collapse, so it was decided to not go through with it.

I just attended a discussion on eliminating cash in America, or another option to discontinue all notes over $20.

Some of the Nordic countries are basically already functioning without cash. Kenya is doing it too.

Doing it overnight sounds pretty traumatic to me. When Mexico has changed the decimal on their currency I don’t remember how they used to do it.