Here's whats happened to scrapped currency notes!

Hai,

What's happened to old currency notes?

The Quint: Wonder Whatâ€™s Happening to Demonetised Notes? Watch to Find Out - YouTube

Sent from my Lenovo K33a42 using Tapatalk

No offence to OP but I'm taking this video with a pinch of salt.

So what does it matter? They don't have any value now anyways.

only as antique piece may after say 10 - 30 years

Yea, I will rather keep old monies for antique value.

W

Antiques only have significant value if they are rare(not possible as in this case there are millions of notes) or if they are very very old(talking about centuries here).In case of indian notes one can not expect to get even their original value(future inflation adjusted) within next 10-20 years.

whitestar_999 said:
Antiques only have significant value if they are rare(not possible as in this case there are millions of notes) or if they are very very old(talking about centuries here).In case of indian notes one can not expect to get even their original value(future inflation adjusted) within next 10-20 years.

I wouldn't mind sticking the note somewhere, to be found by future generations hundreds of years later.

B

Few people were caught in my city few days back they were going to change the old currency to new @80% they had 50 lacs+ I guess. Apparently they knew a guy in RBI.

In future, with improved security, new government will again release new currencies, wasting our hard earned money (TAX)..
I expected plastic notes.. old notes were better in quality..

billubakra said:
Few people were caught in my city few days back they were going to change the old currency to new @80% they had 50 lacs+ I guess. Apparently they knew a guy in RBI.

Some people I know exchanged 500+ crores in our Home Town for new notes. The cash came directly from various banks, some say.

Some others collected percentage for the exchange because they have several bank accounts listed on their name.

Sent from my Lenovo K33a42 using Tapatalk

B

bssunilreddy said:
Some people I know exchanged 500+ crores in our Home Town for new notes. The cash came directly from various banks, some say.

Some others collected percentage for the exchange because they have several bank accounts listed on their name.

Sent from my Lenovo K33a42 using Tapatalk

That was done before 31st December. People are still doing it nowadays.

Keping money in the banks becoming more and more costly..

W

That's because banks are not using your money in an efficient manner.Deposit your money in a pvt bank & then invest in some of their FD/RD/MF scheme.

I was talking about service tax and bank fees for withdrawing and depositing money.

W

I was talking about how standard 4% interest rate on saving account deposit will reduce your deposit value over time with inflation rate of ~4% per year increase.To even maintain your money's present value 10 years from now,you need to get at least 6-7% interest.

B

whitestar_999 said:
I was talking about how standard 4% interest rate on saving account deposit will reduce your deposit value over time with inflation rate of ~4% per year increase.To even maintain your money's present value 10 years from now,you need to get at least 6-7% interest.

True. But one cannot make a fd of all the money he/she has. Liquid money is also needed. The deposit/withdrawal and atm charges just suck. The tax rate is going to be 18% from 1st July.

B

whitestar_999 said:
That's because banks are not using your money in an efficient manner.Deposit your money in a pvt bank & then invest in some of their FD/RD/MF scheme.

Private banks charge even more. Moreover they will never tell you to invest in FD etc. They will always lure you into their investment schemes which are insurance schemes btw with a lock in period of atleast 10 years which is crap btw.

W

Everyone charges for cash transaction now-a-days.As for insurance schemes,they are same everywhere whether sbi,lic or icici.If you want to make money,you have to use your own brain.No bank agent,whether govt or pvt,will give you the option most beneficial to you but the one that is most beneficial to bank/agent.I suggested pvt bank FD/RD/MF schemes because their fund managers have to perform else they will lose their position unlike govt banks where it is all politics/connections(blame every failure on economy & every success on their "talent").

B

whitestar_999 said:
Everyone charges for cash transaction now-a-days.As for insurance schemes,they are same everywhere whether sbi,lic or icici.If you want to make money,you have to use your own brain.No bank agent,whether govt or pvt,will give you the option most beneficial to you but the one that is most beneficial to bank/agent.I suggested pvt bank FD/RD/MF schemes because their fund managers have to perform else they will lose their position unlike govt banks where it is all politics/connections(blame every failure on economy & every success on their "talent").

There is no accountability in private banks. I have worked in one. No one will lose their position until and unless they can't achieve targets. All that matters in private banks is the insurance policy that they are selling. Moreover their FD rates are always lower than the public banks.

W

In the same way no one will lose their positions in public sector banks after giving thousands of crores(of your/public money) loans which gets defaulted until & unless High court/Supreme Court/Govt orders an inquiry.There is a reason why no pvt sector bank is in the list of high NPAs banks put on watch-list by RBI.FDs are not that good investment option now-a-days anyway but at least you know that your money in pvt sector banks is being used for some productive work instead of being given away to some corporate house with political connections which will most likely default on payment.

B

whitestar_999 said:
In the same way no one will lose their positions in public sector banks after giving thousands of crores(of your/public money) loans which gets defaulted until & unless High court/Supreme Court/Govt orders an inquiry.There is a reason why no pvt sector bank is in the list of high NPAs banks put on watch-list by RBI.FDs are not that good investment option now-a-days anyway but at least you know that your money in pvt sector banks is being used for some productive work instead of being given away to some corporate house with political connections which will most likely default on payment.

No sir, I have seen people with 10 years+ experience in Private sector banks forced to resign just because 2 20crore+ accounts were closed.
I believe ICICI is in the first five position of the NPA list.
FD's are the safest. Other options have the risk factor involved in them.
Which productive work do you think it is?
ICICI, HDFC and other private banks too gave loan to Mallaya. Mallaya got more loan from the consortium of public banks because in around 2004 the position of private banks was not as strong as compared to today.

W

You are completely wrong about this.
Details of NPA figures of public, private sector banks

Also RBI has recently put on watchlist 4 public sector banks:
RBI puts 4 banks under watch on asset quality concerns

The Reserve Bank has put four public sector lenders, including IDBI Bank and Indian Overseas Bank, under watch and advised them to stay off risky assets so that their financial health is not stressed further.

billubakra said:
No sir, I have seen people with 10 years+ experience in Private sector banks forced to resign just because 2 20crore+ accounts were closed.
I believe ICICI is in the first five position of the NPA list.
FD's are the safest. Other options have the risk factor involved in them.
Which productive work do you think it is?
ICICI, HDFC and other private banks too gave loan to Mallaya. Mallaya got more loan from the consortium of public banks because in around 2004 the position of private banks was not as strong as compared to today.

CBI arrests IDBI ex-CMD Yogesh Aggarwal for Rs 900 crore loan to Kingfisher Airlines - Times of India

In markets what is safest is also with lowest return so it's a matter of choice & as for productive work,any loan that banks give & able to earn profit on it is productive work.That is why when 2 20crore+ accounts were closed,it is right to ask for resignation if it is because of the not enough efforts by the persons involved in keeping those accounts.Bank personnel are not taking chance with their own money but peoples' money & therefore have higher responsibility.However in public sector banks,one can give a loan of 100 crores to a company run by relative of some politician knowing well that company will not be able to repay the loan.That is the difference between a public sector bank & a pvt sector bank.In pvt sector bank,the person who gave a 100crores loan to a company which failed to repay the loan gets fired.While in public sector banks,the person simply call the politician & nothing happens(unless it becomes a major issue with supreme court & media).