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[Haridasa Siva]

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The highest denomination in Indian currency is 1000. This is making life difficult for our rulers, bureaucrats, film personalities and even a common man in a programme like “kaiyil oru kodi; are you ready?”

Right at the time of Rajiv Gandhi, the allegation on Bofors case involved Rs.64 Crores. Since then almost all cases of corruption are in Crores be it the case against Narasimha Rao bribing JMM or Lalu Prasad Yadav’s cattle fodder scam. I read in the media that Mayawati, in her capacity as the Chief Minister of U.P., spent Rs.88 Crores for the renovation of her house. We are aware of the corruption cases involving Jayalalitha, Karunanidhi, etc. And then the king of corruption 2 G scam where a sum of Rs.1 760 000 000 000 was involved. The recent allegation on coal scam is even much more.

The people involved in scams and corruption cases are our esteemed leaders. I don’t have a problem in them getting involved in these cases. But I sympathise them when it comes to handling the physical money. The highest denomination of 1 000 Rupees would require bundles and bundles of cash. Isn’t it the time the Govt. of India (through RBI) introduces denominations of 1 Lakh, 10 Lakhs, 1 Crore, 10 Crores, 100 Crores and perhaps 1 000 Crores? After all, India is for its elite class. Let us hope our politicians and bureaucrats would make a suggestion to print Indian currencies in such higher denominations. India can prosper faster. The efforts of the President of India to promote the economic strength of India through her innumerable foreign tours with her family members would then yield results.

Let the 120 Crore people watch it as a silent spectator.

 

[Visalakshi Ramani]

I won't blame the government!

Proves that they are aware of the spiraling prices.

So they make currency in higher denominations.

After all we need a few notes of Rs 1000 for buying the monthly groceries,

and a few notes of Rs 100 for visiting a vegetable shop once.

I still have my old account book (1970s) where the total monthly

expenditure was less than 100 Rs.

It makes me wish to both smile and cry :decision: :Cry:

when I look at the figures entered there.

Even as recently as 1997, a refill of gas cylinder cost less than 100 Rs.

Now it is Rs. 400 + depending on the tips demanded locally.

AND the larger denominations makes the job of the counterfeiters so easy!!!

 

[S.Ramanathan]

Once upon a time Getting a job with 4 digit salary is very difficult and now a days the minimum expenditure per day crosses 4 digit (milk, E.B.vegetables, etc.).

Higher denomination currencies starts from Rs. 10000 may be issued to only politcians.

 

[prasad1]

Why don't we have a separate currency just for corruption. LOL

We might also revalue rupee by dropping the last two digits.
So Rs 100=Rs 1 (new).

 

[Visalakshi Ramani]

So the denominations 50, 20, 10, 5, 2 and 1 will be automatically

discarded.

The new number and the old number confusion which is haunting

Coimbatore with regard to house number will affect the rupees also

adding to the general confusion.

Already we have the "periya nottu" "chinna nottu" confusion.

Why don't we have a separate currency just for corruption. LOL

We might also revalue rupee by dropping the last two digits.
So Rs 100=Rs 1 (new).

 

[Brahmanyan]

Why don't we have a separate currency just for corruption. LOL

We might also revalue rupee by dropping the last two digits.
So Rs 100=Rs 1 (new).

Dear Sri Prasad,

Good suggestion. Time has come to consider revaluation of Rupee. The purchasing power of Rupee is sliding so fast, that the real value is not known to us. Price of essentials are increasing leaps and bounds. The currency notes have become paper tokens. That reminds me of the situation in China during the last days of Kuomintang rule and the chaotic economic condition and inflation prior to the issue of New Franc by Charles De Gaulle in 1960 in France.
No purpose is gained by adding zeros to the Rupee value.

Regards,
Brahmanyan,
Bangalore.

 

[prasad1]

So the denominations 50, 20, 10, 5, 2 and 1 will be automatically

discarded.

The new number and the old number confusion which is haunting

Coimbatore with regard to house number will affect the rupees also

adding to the general confusion.

Already we have the "periya nottu" "chinna nottu" confusion.

You can change old currency for new.
By withdrawing the old currency we will force all the black money out. It might put Pakistani Counterfeiter out for sometime from printing Indian notes.

Rs. 50, 20, 10, 5, 2 and 1, may be legal but have no practical value.

 

[biswa]

Why don't we have a separate currency just for corruption. LOL

We might also revalue rupee by dropping the last two digits.
So Rs 100=Rs 1 (new).

I totally agree with this one. Except that it should be called the Indian Dollar. And it should be 50 rupees to the dollar!

 

[prasad1]

I totally agree with this one. Except that it should be called the Indian Dollar. And it should be 50 rupees to the dollar!

I see an american bias, LOL

 

[biswa]

Nope, you can also call it a Singapore bias or an Aussie bias. The exchange ratio is just to make life easier to calculate for NRIs. Surely that is the most popular conversion for the INR?

 

[Haridasa Siva]

Like the nursery rhyme
One for my master,:
One for my Dame,:
One for the little Boy:
Who lives down the lane

The GOI (or RBI) must have a denomination for each class of people!

Rs.1 Crore denomination for politicians and film personalities
Rs.1 Lakh denomination for bureacrats
Rs. 1 000 denomination for middle class
Rs.10 (or Re.1) for the common man

Naanayam illaa naanayam!

:sad:

 

[vgane]

Hope all of us enjoy the dry humor in this thread..

We need to have transparency in financial transactions..

The size of the black money which is money undeclared in any financial transaction is a mind boggling 25, 00, 000 crores or approx USD 500 Billion....This is about 40% of our GDP...In case we declare this money through legal transactions then additional tax that we can generate is 7, 50, 000 crores...This is more than the tax collection of 2009-10 which is 6,41,000 crores.

Almost 50-60% of real estate transactions are done in hard cash...

In case assume that we have high denomination notes such as Lacs & Crores printed...Then all these unaccounted black money transactions would get easier...

On the other hand suppose we say that we are going to go way from current high denomination notes (Rs 1000, Rs 500)...Look at the pressure that these black marketeers would be subjected to...They have have to carry truck load of 100 Rs notes which would make their lives miserable...They would be forced to use the normal legal channel (through cheque or fund transfer)So let us fight for low denominations and fight black money ...This would make all of us prosperous

 

[ozone]

If there is a transaction that involves use of discretion, unless Dharma is followed, you will see it replaced with corruption.
As our dear friend JK said in one of the threads, the root cause for inefficiency and corruption can be traced or linked back to quotas,reservations and politics.

 

[venkat2206]

Hope all of us enjoy the dry humor in this thread..

We need to have transparency in financial transactions..

The size of the black money which is money undeclared in any financial transaction is a mind boggling 25, 00, 000 crores or approx USD 500 Billion....This is about 40% of our GDP...In case we declare this money through legal transactions then additional tax that we can generate is 7, 50, 000 crores...This is more than the tax collection of 2009-10 which is 6,41,000 crores.

Almost 50-60% of real estate transactions are done in hard cash...

In case assume that we have high denomination notes such as Lacs & Crores printed...Then all these unaccounted black money transactions would get easier...

On the other hand suppose we say that we are going to go way from current high denomination notes (Rs 1000, Rs 500)...Look at the pressure that these black marketeers would be subjected to...They have have to carry truck load of 100 Rs notes which would make their lives miserable...They would be forced to use the normal legal channel (through cheque or fund transfer)So let us fight for low denominations and fight black money ...This would make all of us prosperous

Dear Member,

You have underminded our so called great politicians. Instead of currencies they will demand everything in the form of biscuits (not Britania) and will enjoy their life !!

Venkat

 

[Iyyarooraan]

RBI should issue different currencies to politicians, builders, big industrialists, extortionists, scamsters, and the like only tenderable by them and encashable by them for distribution amongst themselves. They should be given regular money for drawing for food, clothing and an ordinary makaan.

 

[padmanabhan_2654]

Already small denomination coins have been discarded by the RBI, excepting 50 paise coin. I think a stage will come when the smaller denomination coins such as Re. 1.00, Rs. 2.00 and Rs. 5.00 will also be removed out of circulation and all transactions will be rounded off to the nearest Rs. 10.00. At present, the smaller denomination coins minted make the older generation people stare and blink hard at the coins. The coins are held at various angles for determining the value inscribed. A stage will come when people will get frustrated in dealing with smaller denominations. The government is just making a fool of the public by indicating that the face value of the notes is less than the cost of printing such notes. After all who is deprived - it is only the older generation who are taken for a ride whilst shopping.

 

[Iyyarooraan]

Already small denomination coins have been discarded by the RBI, excepting 50 paise coin. I think a stage will come when the smaller denomination coins such as Re. 1.00, Rs. 2.00 and Rs. 5.00 will also be removed out of circulation and all transactions will be rounded off to the nearest Rs. 10.00. At present, the smaller denomination coins minted make the older generation people stare and blink hard at the coins. The coins are held at various angles for determining the value inscribed. A stage will come when people will get frustrated in dealing with smaller denominations. The government is just making a fool of the public by indicating that the face value of the notes is less than the cost of printing such notes. After all who is deprived - it is only the older generation who are taken for a ride whilst shopping.

As the cost of living goes up the smaller denominations will disappear. A beggar wants 5-rupee coin at least. Because of globalization, whatever you want, you should buy in economical quantity (economical to the seller) and the need for smaller denomination will die out. The MRP is so raised up the retailer is happy to let go not a fraction of a rupee but the whole rupee itself. Gone were the days when you could get one or 2 bannana for 1/4th of a rupee. Now you have to buy at least half a dozen, if not one. It is not the abundance of availability but the necessity of dumping you and the item you need, so that I become a multi-millionaire. The consumer has no choice and he cannot talk about his economy. But the wholesalers or retailers only have every right to being economical. Well, well, we have come a long way from days when Gandhiji said that " God should come in the form of Bread - to be believed". Now we do not want god even, but Money only.