4 days ago Indian government have informed all that old banknotes will not be good any more. All have to change old cash to new cash but limit of cash transaction is 4.000 per person. If u want to put it to the bank account u will be charged immediately from 30% to 120%. So its like a robbery from government side.
Right now we can withdraw your cash using rate 102 INR per 1USD. Updated on 4am GMT time.
Government of India announced information about exchange all cash banknotes for a new banknotes. The amount is limited for exchange is 4.000INR lakhs in one hands. Our friends from India tell us something like this «Do u have indian cash? Burn it. ».
We try to understand this situation and decide how to minimize our financial losses . At this time, is IMPOSSIBLE to exchanged cash Indian rupees for dollars using official rate like 67INR per 1$. Real exchange rate now is 102 INR for $1 dollar.
Obviously, the situation is not easy. We are shut now from any comments. All indian sites also now don’t give any comments till next week will begin.
In Goa introduce cashless payment system via mobile phone
The authorities of the Indian state of Goa is going to translate trade sector to cashless payment. Waiver of cash expected by the state government by 31 December.
The system is introduced for the development practice of non-cash settlement in India. Authorities believe that innovation will benefit small shops, private entrepreneurs and salespeople who do not have terminals for payment by credit card. Also in the state continue to charge purchases in cash and by credit card.
The Government of India has been fighting against to “shadow” economy, corruption and counterfeiters. Under this program, in early November, it was removed from circulation the largest banknote in the country – banknotes of 500 and 1000 rupees. This emphasizes publication, has a negative impact on small and medium-sized businesses, as well as to farmers who carry out financial operations mainly through cash.
According to him, the people of India region will be able to make all purchases “by pressing the buttons on the phone.” “Money for the purchase will be debited from a bank account belonging to the buyer”, – he said.
As the newspaper notes, in order to make a purchase, the user does not need a smartphone, all operations will be carried out through a specific code that must be entered on your phone and follow the instructions.