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Copper Catcher wrote:New 500 and 2,000 rupee denomination notes will be issued to replace those removed from circulation.....Not sure it will make gold go up....they are just swapping currency.

frugalcanuck wrote:They love their gold there. When I was in a gold store in Southern India I watch a guy bring in a large box of large gold bracelets in and exchanged it for rupees. It was pretty neat to see happen. They know how wealth preservation works over there.

When future generations look back, they will see the current demonetization as the worst event in the history of post-colonial India.

We landed at Delhi airport at 2 AM or so, after a relatively easy trip that included a stop in Doha, which has an impressive airport. By the time we arrived here and cleared customs (great call with the E-Visas, since the line for regular Visas was crazy), the area with the ATMs inside the arrivals hall was closed. We decided to exchange enough USD to tip our driver and that was it, since there were massive lines at the currency exchanges and USD is our emergency fund. As we walked out of the airport, we came across an ATM that was working and had no line. A missed opportunity, we would later learn.

As soon as we landed, there was a strong scent of exhaust. Walking outside the terminal, the thick fog of PM hung in the air. Weather.com described the conditions as "Smoke." The drive from the airport was a similarly jarring experience.

After zipping past many rickshaws and massive trucks -- all sharing a small road and sharing an apparent disdain for brake lights and turn signals -- we began turning down a series of back alleys. We then arrived at our hotel. How the driver knew where to go through the maze for so long (~20 minutes or so) is a mystery. We checked in, got settled, and went to sleep at 5.

We woke up at 9 to grab breakfast and take showers, since the hot water is only on at certain times. (Showering is funny, since the bathroom is also the shower room, with two floor drains and a wall fixture.) Breakfast was quite good. When it came time to pay for it, we realized we probably needed to keep the little cash we had until we had a chance to get more. This didn't appear to be an issue.

After taking a nap, we set out to find an ATM. The bellman said to "take a few lefts and rights and wait in the long line." It was an unfortunately apt relay of our route. We went to several different banks and ATMs, all either closed or with lines hundreds long. We gave up after an hour or so.

Returning to the hotel, we called our guide who arranged for the bellman to escort us on a master plan -- exchange more USD to old INR notes at an exchange down the street and then sweet-talk our way past the line at a bank to exchange for new notes. The plan went exactly as described, but it was certainly memorable.

Once at the bank, security brought us through the horde outside and into the bank proper. After we got through the door, civilians began to push us up the line. Candidly, the hospitality is astounding.

As we moved up, the group outside grew louder as we approached the bank's closing time. Eventually, security went to lock the gate behind those inside, barring others from entering. (Not an easy task, and one security guard was locked out with the pile of people. He's presumably alive.)

Anyway, we eventually got our cash (the exchange limit of the old notes is roughly equivalent to $50 per person) primarily in INR10 notes (about $0.15 each). Security was letting large groups out every 20 minutes, so we got into the middle of the group -- since we totally could then blend in, despite being both taller and whiter than anyone in the city -- and went back into the mosh pit outside. After a brief crowdsurf (kidding), we sauntered back to our hotel and called our adventures done for now.

68Camaro wrote:I'll see if I can find the link but saw or heard a report early this morning that some Australian banks are eliminating all cash transactions.

68Camaro wrote:I'll see if I can find the link but saw or heard a report early this morning that some Australian banks are eliminating all cash transactions.

IdahoCopper wrote:The prelude to the endgame.

Get all the cash deposited to the banks, then crash the banks. Bail-ins are already the first defense to save the banks. Sucks the wealth from the prols.

First step ... dump the price of silver to scare away cash.