RBI to withdraw ₹2000
Withdrawing Rs 2,000 denomination banknotes from circulation
RBI to withdraw ₹2000
Today, the Reserve Bank of India (RBI) has issued a directive to banks, instructing them to discontinue the issuance of Rs 2,000 denomination banknotes immediately. However, it's important to note that the Rs 2,000 notes will still be considered legal tender. As part of the RBI's "Clean Note Policy," banks have been directed to offer deposit and/or exchange facilities for these notes until September 30, 2023. This step aims to decrease the circulation of high-value banknotes in India. Additionally, the RBI has advised banks to focus on issuing lower-denomination notes to meet the cash demand in the country.
Explaining the move, the RBI said, “About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.”
#SettleWiseStance – For our NRI subscribers, if you have plans to visit India this summer, it would be a good opportunity to deposit or exchange your Rs 2000 banknotes during your trip. However, if you are unable to travel this year, the RBI is expected to provide guidance similar to the 2016 demonetization situation. This guidance will likely outline how NRIs can authorize a friend or family member to deposit the currency notes on their behalf. Stay informed and keep an eye out for any updates in this regard. If you happen to have friends planning a trip to India this summer, you have the option to consider sending your currency notes along with them. You can provide them with a letter addressed to your bank, indicating that the money is being sent on your behalf for deposit or exchange. It's important to note that this is not financial advice, but rather a choice you can make. Based on the previous 2016 demonetization experience, it is expected that similar guidelines will be followed. However, if there are any changes or specific instructions from the RBI, you can always adapt your plan accordingly. This way, you can take care of your Rs 2000 banknotes without delay.
If you are currently in India, we encourage you to check your safe or any other storage areas for any Rs 2000 banknotes you may have. You have ample time until September 30 to deposit or exchange them at your convenience. Take your time, there is no need to feel pressured.
Debt Disaster
Nope. I am not here to tackle the mind-boggling US government debt ceiling, which is all over the news. That's a job for the big shots! Instead, let's focus on something closer to home – the debt disasters we, as regular individuals, face in our everyday lives.
In the first quarter of 2023, consumer debt in the United States reached a record high, surpassing $17 trillion, despite a significant decline in mortgage borrowing. The New York Federal Reserve revealed that borrowing across various categories increased by nearly $150 billion, or 0.9%, from January to March. This surge in indebtedness has resulted in a total debt level that is approximately $2.9 trillion higher than the pre-Covid period in 2019.
According to TransUnion, a leading consumer credit rating agency, American consumers are projected to experience the highest delinquency rates on personal loans and credit card payments since 2010. This forecast highlights the growing concern over financial struggles that individuals may face in the coming year.
#SettleWiseStance – It's crucial to keep a close eye on your spending habits. Compare your current expenditures with those of the previous year and beyond. If you find that your spending has increased significantly beyond the rate of inflation, it's important to identify areas where you may be leaking money. Remember, in times of economic uncertainty, cash is king. Having cash saved up can provide you with a solid foundation during a recession, giving you a head start to build and grow your wealth.
Wiser Craving
Multiple subscribers reached out expressing their interest of learning few specific topics. So, Starting this section #WiserCraving to address the craving of our subscribers (#Wiser). If you want to read about any specific topic, Please let me know in the comments or email to author.settlewise@gmail.com
#WiserCraving Topic of this edition is Saving skills.
Saving Skills
Unveiling the Secrets of Saving Success: Roadmap to Financial Freedom
Saving money is a common aspiration, but it can be challenging to achieve. Discover the secrets of saving success and turn your financial dreams into reality. In this comprehensive guide, we explore every aspect of saving money, accompanied by real-life stories that bring these concepts to life.
Learn the importance of setting specific saving goals, like Ramesh who aimed to save ₹50,000 within a year, and how tracking expenses, as Rita did, can empower you to make necessary adjustments and stay on track with your saving goals. Explore the power of distinguishing between needs and wants, as Raj did, and the magic of creating shopping lists to stay focused and avoid impulse purchases, just like Ajay.
Discover the impact of hunger on spending habits, as Sita and Mohan experienced, and the transformative nature of open communication in managing finances as a team, like the story of Suman and Raj. By embracing discipline, resisting impulse buying, and automating monthly investments, you'll build a strong foundation for financial success.
Join us on this transformative journey toward financial freedom and gain a head start in recession. Click the link to read the full blog post, and unlock the secrets that will shape your prosperous future.
AI
Artificial Intelligence (AI) is a rapidly evolving field that encompasses a vast range of technologies and applications. While ChatGPT has captured the spotlight with its impressive language capabilities, it's important not to overlook the broader landscape of AI advancements. Here are some latest on AI world.
Google announced a new feature for Gmail that will allow the email app to write full emails on your behalf. The new feature, called Help Me Write, was announced last week (May 10) at Google I/O 2023. It's somewhat of a supercharged extension of the existing Smart Compose feature, which can automatically add a short phrase to a reply based on the email you've received.
Help Me Write will allow you to create an entire email out of whole cloth, based on inputs you provide to Gmail.
Google's Groundbreaking Translation Innovation: Imagine a universal translator that not only translates video content into a different language but also syncs the speaker's lip movements with the newly translated words, creating a seamless viewing experience. Google is currently testing this revolutionary translation service, and its potential applications are incredibly promising. However, the company is mindful of the potential for misuse and has taken extensive measures to ensure its responsible implementation.
IBM's AI Breakthrough: At the Think conference, IBM unveiled Watsonx, a platform that provides AI tools and pretrained models for generating code, text, and more. The launch addresses the challenges businesses face in deploying AI in the workplace.
Scams and Fraud on Immigrants
We want to bring to your attention a concerning issue that some members of our community have encountered. Scammers target immigrants by impersonating officials from the United States Citizenship and Immigration Services (USCIS) or the Department of Homeland Security (DHS). These scammers employ deceptive tactics, such as falsely claiming a pending police case, and demand immediate payment to avoid arrest.
We have been informed that a few subscribers received such calls, with one individual got scared and stayed on the line for long time as the scammers threatened arrest if the call was disconnected. Fortunately, this person contacted a nearby friend who confirmed it was a scam and promptly ended the call.
Please be aware that these calls are fraudulent, and the scammers have no affiliation with USCIS, DHS, or any legitimate law enforcement agency. Their aim is to exploit vulnerable individuals by instilling fear and pressuring them into making quick payments.
It is important to remember that USCIS, DHS, and legitimate law enforcement agencies will never contact individuals by phone to demand immediate payments or threaten arrest. They do not request payment via wire transfers, prepaid cards, or cryptocurrency.
To protect yourself from falling victim to these scams, please keep the following points in mind:
Be skeptical of unsolicited calls: Exercise caution when receiving calls from individuals claiming to be from USCIS, DHS, or law enforcement. Verify their identity before sharing any personal or financial information.
Safeguard sensitive information: Refrain from disclosing sensitive details such as your Social Security number, bank account information, or immigration status over the phone unless you can verify the caller's authenticity.
Hang up and report: If you suspect a fraudulent call, immediately hang up. Report the incident to the law enforcement.
Raise awareness: Educate yourself and others about common scams targeting immigrants. Spreading this information can help raise awareness and protect more individuals from falling victim to these fraudulent activities.
Idioms and Phrases
Another #WiserCraving item got a place in our newsletter. - Idioms and Phrases. We will explore a few idioms and phrases in each edition, which will help us understand how people in the USA express themselves and the true meaning behind them.
Get your ducks in a row - make proper plans; get things in order.
Bare bones - a very basic model or version, with no extras or add-ons
Hold your horses - slow down; stop and think about what you're doing
In the ballpark - close to a suitable amount. Approximate estimation
Running around like a chicken with your head cut off - being confused, disorganized, or unsure of where to get started or what to do next
We value your feedback! Please take a moment to share your thoughts on this episode and let us know what topics you would like to read about next. Your input guides us in delivering valuable and relevant content. Feel free to leave your feedback in the comments below.
Thanks for reading SettleWise! Was this email forwarded to you? That's wonderful! It shows how much they value you and believe that you would benefit from the content. Subscribe for free to receive new posts and support my work.
Disclaimer: I am not a certified professional in the field discussed. The content provided in this article is for educational and entertainment purposes only. The opinions and suggestions shared are intended to provide general information and assist you in making informed decisions. Therefore, while you can continue reading and absorbing the information, please exercise your own judgment and seek professional advice when necessary.
I agree with the financial freedoms. Nice to know! Will try to follow those steps J J. Keep posting and Happy teaching.