BACKDOC » November 12th, 2016
THE OLD PAPER NOTES ARE ON THEIR WAY OUT OF CIRCULATION. HIGHER DENOMINATIONS AS WE HAVE SEEN ARE DISAPPEARING OR BEING RECALLED LIKE THE 1000 AND 500 NOTES IN INDIA AS WELL AS THE 500 EURO.
AS WE SEE HERE IRAN IS WORKING ITS WAY TOWARD A ONE PAYMENT SYSTEM BY MARCH 20 th LIKE THEY SAID. ITS SHIA BROTHER (Iraq) WILL BE ON THE SAME PATH AS WE SEE THEY ARE BRINGING FORTH CHANGES AS WELL AS WE SEE THEIR ZEROS DROPPED.
I EXPECT TO SEE CONTRACTS BEING USED TO REPAIR AND RESTORE BOTH OF THESE CURRENCIES INTO THE NEW DIGITAL REALITY WHICH BOTH ARE HEADED.
IM SURE MANY OTHER COUNTRIES WILL BE JOINING THE PARTY SINCE WE HAVE SEEN ARTICLES FOR THE NEW DIGITAL RUBLE AND VND AS WELL AS CHINAS YUAN.
THIS IS A GLOBAL PARTY THAT I HOPE ENDS AFTER THE MARCH 20 DATE THAT IRAN STATES.
WE WILL CONTINUE TO WATCH THEIR PROGRESS AS WE STUDY. DOC IMO
Samson » November 12th, 2016
Saturday, November 12, 2016
Bank Melli Iran was in charge of circulating money in the country in the past.
Bank Melli Iran is ready to introduce intelligent plastic banknotes in line with plans to promote usage of innovative technology in the banking sector, said Reza Mansouri, managing director of BMI's Printing and Publishing Company.
“Plastic banknotes are encrypted, capable of identifying their owner. Resistant to folding and soil as well as being waterproof are other features of plastic banknotes, making them more durable compared to paper notes,” he said in an interview with Jamejamonline website.
“BMI will start circulating the new banknotes whenever the conditions are ready,” he said without providing details.
Mansouri noted that his company is planning to replace bank cards and paper banknotes with new transaction methods that make use of customers’ biometric features.
“ATM devices would be able to identify customers through their voice, eye color or face,” he said adding that such technology would also considerably promote security of the banking network.
BMI's Printing and Publishing Company was established in 1938, when Bank Melli Iran was in charge of circulating money in the country. At the moment the BMIPPC meets the needs of government institutions' and banks' printing needs.
The company offers 3,000 printing services including for bonds, ID cards, ballot papers, title deeds, checks and government documents.
Elaborating on his company’s problems during sanctions, Mansouri said: “We had problems buying materials and new equipment, but as time passed were able to meet our needs with help from domestic human resources.”
BMIPPC was on the European Union's blacklist in 2010, but was removed from the list with the easing of international sanctions in January.
Large volumes of worn-out banknotes have been a major challenge for the central bank in recent years. An estimated 700 million old and worn-out banknotes were removed from circulation during the fiscal year that ended in March 2015. There was a record withdrawal of 1.2 billion mutilated banknotes earlier.
The average cost of printing one banknote is 1,200 rials ($0.04) which annually amounts to one trillion rials ($33 million).
BACKDOC » November 12th, 2016
BY DECEMBER THEY WILL BE RELEASING THEIR NEW DIGITAL PLASTIC POSSIBLY?
HOW DOES THIS TIMING COMPARE TO IRAQS RIGHT NOW? HEE HEE.
YES THIS APPEARS TO BE A GLOBAL PARTY. PLEASE PASS THE CHIPS THIS IS MAKING ME HUNGRY. HAA HAA DOC IMO
Samson » November 12th, 2016
November 11 at 8:28 AM
People wait to withdraw and deposit their money at an ATM kiosk in Kolkata, India, Nov. 8, 2016.
Ankitha Konanki was waiting outside her third ATM of the day in Mumbai, hoping against hope she'd finally be able to score some money after three days of being totally cashless. Things got so bad she had to beg the cafeteria at her school to let her open a charge account to buy lunch.
"There are such long queues everywhere! So many problems!" lamented Konanki, 21, a master's degree student in luxury management. "I have nothing. Not even a penny."
Four days after the India government’s surprise move to scrap larger denominations and issue new bills, banks have been overwhelmed by people seeking to exchange and deposit old bills. Tempers flared Friday as Indians ran low on cash after many ATMs remained shuttered or out of service across a nation where cash is king and use of credit cards lags far behind.
Government officials said the decision intended to target the wealthy, who have large stashes of unreported currency. But the immediate impact this week was felt across income brackets.
By week’s end, India's cranky citizenry were quickly running out of money to pay the corner store, the beauty salon, the vegetable vendor. One unexpected group of victims was homemakers who had stashed away pin money. They now either have to come clean to their husbands or open up a bank account -- a group quickly labelled "India's desperate housewives."
Meanwhile, the wealthy lamented their losses behind closed doors in private clubs. Temples sealed their donation boxes to prevent worthless bills from being donated. After an initial flurry of activity, Mumbai's busy gold sellers' street went quiet.
Banks had reopened Thursday with new currency, a 2,000 rupee note (about $30), but there were limits on how much Indians could withdraw at one time. Many ATMs had yet not been configured to dispense the new 2,000 rupee bill, according to the financial newspaper Mint.
Officials from the Indian National Congress Party and other politicians criticized the surprise move.
"Only normal people are suffering from this hasty decision," said Uddhav Thackeray, the chief of the Hindu nationalist party Shiv Sena.
Amit Shah, the president of the governing Bharatiya Janata Party, struck back at critics, saying the move dealt a blow to terror groups and shady operators, and that the “common people and honest taxpayers” had no reason to worry.
But the Reserve Bank of India sought to reassure the public, issuing a statement Friday saying that government had "enough cash available" and asking that the public be patient in the days to come. The public can exchange their outdated bills at banks through Dec. 30.