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Well, in the end, that's gonna happen.Yeah and the electric grid did falter
and the masses raised pitchforks
for they wanted their Taco Bell
The Reserve Bank of India (RBI) has declared a deadline for the exchange or deposit of ₹2,000 banknotes. This directive, issued on May 19, seeks to remove these high-denomination notes from circulation. The deadline for this action is on Monday.
Despite the nearing deadline, these ₹2,000 currency notes will continue to be accepted as legal tender beyond September 30. The RBI’s Frequently Asked Questions (FAQs) reiterate that the public can continue to utilise these notes for regular transactions. These can be used for personal transactions or accepted as payment without any restrictions.
Nevertheless, it is recommended to deposit or exchange these ₹2,000 banknotes on or before the deadline. This is due to the potential refusal of some entities to accept these notes. For instance, e-commerce giant Amazon has already ceased accepting ₹2,000 notes as cash payment.
The ₹2,000 notes can be exchanged or deposited in banks and RBI facilities up to a limit of ₹20,000. For depositing these discontinued high-denomination notes into bank accounts, adherence to Know Your Customer (KYC) norms and other statutory requirements is mandatory. Even for individuals without a bank account, the exchange of ₹2,000 banknotes can be availed at any bank branch.
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Not taking cash during Covid because of germs was another trial balloon.
Those are the dumbest reasons ever, for going cashless.For example, everytime you withdraw cash from a hole in the wall operated by a different bank, your bank pays an interchange fee. What is more, it is costly for banks and a poor use of their resources to pay people to dispense cash. All of this means that banks provide a poorer service to their customers then they otherwise would.
Dispensing cash is one of the primary jobs of a bank.
The quest for convenience is what will doom cash. Then bye bye to any financial privacy we had left. Thanks a lot.Used to be. Once in a while I see people in the CU asking for some cash but not too often. I do see people getting cash at ATM's a lot.
Hardly ever see anyone paying cash at a store now-a-days. At Sam's I see a lot of peeps paying as they shop with their phones. They don't need to use checkouts. Just show the phone info to the receipt checker at the exit.
I buy food and other things for an elderly person. No cash is physically exchanged. I use a cc for the purchases, give the person the receipt and transfer money from his / her account to my account. Easy peasy. Some of my friends send money to their kids via phone apps. Bills are paid using auto pay or paid online, etc.
Any more I look at banks as transfer stations for digital dollars.
I'm no proponent for a cashless society but things are a lot more convenient today than they were years ago.
Your own actions are working towards making that a meaningless.Edit to add: I'm a firm believer in having an emergency stash of cash on hand................just in case.
The Reserve Bank of India (RBI) extended the deadline to exchange or deposit Rs 2,000 notes till October 7, 2023. The apex bank made the announcement on Saturday, a day before its original deadline of September 30.
In a circular, the RBI said that Rs 2,000 note can be exchanged across banks till October 7; following which the currency will be available for exchange only at 19 RBI issue offices up to a limit of Rs 20,000 at a time. Individuals or entities can credit the currency to their bank accounts in India for any amount at the apex bank's offices.
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An update on the Swiss referendum: ...
August 30, 2023
(Bloomberg) -- The Swiss government started a consultation on a proposal to enshrine the availability of cash in the constitution.
The move is a response to a “Cash is freedom” initiative submitted to the government earlier this year. Campaigners want to put the issue to a national vote under Switzerland’s direct democracy system.
In a statement Wednesday, the government said the language in the proposal was “insufficiently precise.” However, it acknowledged the importance of the points and has put forward its own version, which will also create a constitutional protection for cash.
While cash usage in Switzerland has declined in recent years, it remains the second most frequently used payment method, accounting for around 28% of transactions, according to the Swiss Payment Monitor.
The government consultation will run until Nov. 30.
Australia is rapidly heading towards becoming a “cashless society” as banks crack down on withdrawals, close ATMs and branches and ban cash altogether — with one expert predicting physical money will be completely gone by the end of the decade.
“I’d say we’ll be functionally cashless by the end of 2025 — it’ll just be a complete rarity,” said Richard Holden, professor of economics at UNSW Business School.
“But unless the government gets involved to accelerate the process I think we’ll be actually cashless by 2030.”
Macquarie Bank this week announced it would be phasing out cash altogether next year, following similar moves by Commonwealth Bank, NAB and ANZ to stop handling cash in a few branches.
The shock announcement comes after banks’ efforts to make it more difficult for customers to transact in cash have sparked backlash in recent months.
In response, another money expert has warned Australia’s banks could soon start “cash rationing” at ATMs.
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Demonetisation's anniversary came and went, without any defence of the masterstroke from the Indian government.
Notebandi was the idea of a man with a diploma in mechanical engineering from Latur, a town in Maharashtra.
Anil Bokil runs an institution called ArthaKranti (economic revolution), and describes himself as an economic theorist.
His thinking was: In a country like India where 70% of the population survives on just Rs 150 per day, why do we need currency notes of more than Rs 100?
He revealed in an interview days after Modi abolished 86 per cent of India's currency how the prime minister had got the idea.
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Modi had been specifically warned by the RBI -- the body that actually had to demonetise the notes of currency its governor had guaranteed with his signature and was arm-twisted into doing so -- that demonetisation was a mistake.
Raghuram Rajan resigned as governor after having discussed and disapproved of this move.
The new governor Urjit Patel was forced to accept it by Modi within weeks of taking office.
He then refused to release the minutes of the meeting the RBI urgently held on 5.30 p.m. on 8 November (just before Modi's speech) to approve the unhinged move, citing national security and a 'threat to life'.
When the minutes were finally leaked to the press two years later in November 2018, Patel quit and left the following month.
The RBI minutes said it had been told by the government that:The RBI's response to the government was:
- The economy had grown 30 per cent between 2011 and 2016 but the currency notes of higher denomination had grown at a much higher rate.
- That cash was the facilitator for black money.
- That counterfeit money of an estimated Rs 400 crore (Rs 4 billion) was present in the system.
- And, therefore, the Rs 500 and Rs 1,000 notes should be made invalid.
Having said all this, the RBI board nonetheless put its rubber stamp on Modi's idea.
- That the economic growth referred to by the government was real while the rise in currency was nominal and not adjusted for inflation and 'hence this argument does not adequately support the recommendation' for demonetisation.
- That most black money was held as land or gold and not cash, and abolishing currency would have no effect on curbing black money.
- That demonetisation would have a negative impact on GDP.
- That Rs 400 crore in counterfeit currency was insignificant (only 0.02 per cent) compared to the total cash in circulation, which was Rs 18 lakh crore.
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There's always a "good" reason for those in positions of power, to do what they want to do, for anything-but-good reasons.A little bit of this, a little bit of that.
What's Wrong With U.S. Cash
Nov 12, 2023
9:08
The U.S. hasn't updated physical currency but some countries have changed lower denomination bills into coins and paper notes have been converted to polymer. While electronic payments are growing in the U.S., physical cash today is circulated more than ever. Experts claim that the choice to continue printing paper notes is fueled by special interests but The Federal Reserve says changing currency is costly and complex.
but what replaces it - government CBDCs, controlled by an algorithm, no traditional bank even required or possible - that's going to be a thousand times worse.
Dec 01, 2023
Withdrawal of ₹2000 Denomination Banknotes – Status
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4. The total value of ₹2000 banknotes in circulation, which amounted to ₹3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of ₹2000 banknotes was announced, has declined to ₹9,760 crore as at the close of business on November 30, 2023. Thus, 97.26% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned.
5. The ₹2000 banknotes continue to be legal tender.
... There are good reasons not only to support the early introduction of CBDCs, but also to pay interest on them and abolish cash. ...
Since you admittedly don't like the idea digital currency, what are you doing to help prevent it?Not a fan of a digital currency at all. But from everything I read I think it's coming. All the stuff from the IMF & the BIS that's been posted here kinda points in that direction.
Would not want to be at the mercy of someone who could shut off my ability to buy anything on a whim or because they didn't like something I said or they don't like how I comb my hair.
Then there's the "system is down" thing. I've been in places where the credit card readers were down and / or the power went out. Cash became king then.
Since you admittedly don't like the idea digital currency, what are you doing to help prevent it?
Do you use cash as often as possible? Or cards for convenience?
Do you support those pushing for it, or those who are also opposed to it?
And that means what?10-35
And that means what?
You can easily live in the real World AND use cash. How can you be against something like a cashless society, yet participate in its implementation?I do not want to see a cashless society, but I live in the real world. I have to do what will benefit me.
Yea, fuck the next generations.Hopefully a cashless society won't happen in my lifetime. But no matter what, I gotta keep on keeping on.
We already knew that.Well, then...sad to say, you're essentially part of the problem.
Exactly. Seems strange for people who SAY they are against a cashless society, to also do everything they can to help bring it upon us.How CBDCs go, will depend on their acceptance.
Yep. Had the sheep all said "fuck no!", it would have never flown.Not unlike how Direct Deposit came to be.
Michele Bullock - Governor of the Reserve Bank of Australia said:...
We also remain focused on access to cash for Australians. This issue has received some attention in the media recently and I would like to provide some context and discuss the work that is underway.
The use of cash for payments has been in decline for many years as consumers have switched to digital payments. The share of consumer payments made using cash declined from 70 per cent in 2007 to 13 per cent in 2022 (when our latest consumer payments survey was conducted). Despite this decline, cash remains an important means of payment for some people and is widely held for precautionary or store-of-wealth purposes. Cash is also an important backup method of payment during system outages or natural disasters, when electronic payments might be unavailable.
For these reasons, the RBA places a high priority on the community continuing to have reasonable access to cash withdrawal and deposit services. The Government also highlighted the importance of maintaining adequate access to cash services as a key priority in its Strategic Plan for the Payments System.
The challenge we face is that as the transactional use of cash declines, it is affecting the economics of providing cash services and putting pressure on the cash distribution system. ...
The tyrants, of course.Reasonable access. Adequate access. Guess who decides what is reasonable and adequate.
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