Quote from: Dudeperfect on November 08, 2016, 05:32:48 PM

Hello There,

India bans top currency notes such as Rs.500/- and Rs.1,000/- to prevent black money. Now there are only three notes in circulation Rs.10, Rs.20 and Rs.50

http://www.thehindu.com/news/national/live-narendra-modis-address-to-nation/article9320548.ece

Google for more news links.

Yes, There are some preventive measures taken to deal with the situation but still it is one of the masterstroke by India prime minister Narendra Modi against black money.

How do you see this action and what kind of impact this will create on the bitcoin in India?

Best
Dudeperfect

Please explain me how it is related with bitcoin discussion? I don't see any relation with bitcoin here. Please move thread to a suitable section.

This more likely belongs to Local(India) section.

Quote from: lottery248 on November 09, 2016, 11:32:26 PM

i am curious that why India would ban the 1000 notes, that's not even value $20 per. in that case when your spend your stuff in India, you pay bunch of rupee banknote. Huh

India was facing a problem of fake currency notes being supplied from neighbour countries which was a worrying issue. This step was not only taken to overcome this but also that somehow it was supsected that was used to finance terrorist organizations and to make the black money worthless that were being holded by corrupt officials also.

Most of these notes were of denomination 500 & 1000 Rs notes. So within midnight on 8th October, Modi announced it and made it totally worthless.

This will just place a temporary effect IMO.

Also in India, products /stuff can be easily purchased as they are cheap but not much and also people don't like to carry too much of cash in hand as there is a fear of theft. There are some people who carry cash in hand as they fear it paying it via electronic mode.