Is it soon the end of the 1000 bahts ?

[pattayalover]

Like in India I believe they will get rid of the 1000 bahts banknote to reduce crimes and money laundering.

Just my idea.

[daveAustin]

When did India get rid of the rupee? 

[Don Mega]

When did India get rid of the baht ?

 

 

 

Edited December 4, 2016 by Don Mega

[chrisinth]

3 hours ago, pattayalover said:

Like in India I believe they will get rid of the 1000 bahts banknote to reduce crimes and money laundering.

Just my idea.

 

Sounds like the OP believes money laundering is done by washing individual notes. This may have been the case at one time.

 

However, digital transferring doesn't discern between the value of individual notes, only the total sum and % removed for 'cleaning'. Besides, if physical notes were involved, it would just mean more space would be needed for 500 baht notes.

 

How would it help reducing crimes?

Edited December 4, 2016 by chrisinth

[Don Mega]

1 minute ago, chrisinth said:

 

Sounds like the OP believes money laundering is done by washing individual notes. This may have been the case at one time.

 

However, digital transferring doesn't discern between the value of individual notes, only the total sum and % removed for 'cleaning'.

 

How would it help reducing crimes?

 

but how else do you remove the black ?

 

https://en.wikipedia.org/wiki/Black_money_scam

[chrisinth]

1 minute ago, Don Mega said:

 

but how else do you remove the black ?

 

https://en.wikipedia.org/wiki/Black_money_scam

 

[maprao]

I thought he said the end of 1000 baht st and lt
Catastrophic

[Jingthing]

1 hour ago, daveAustin said:

When did India get rid of the rupee? 

No, but it's a big deal what happened there.

I don't know enough about the level of corruption here compared to India to say whether a similar policy would make sense here.

It's possible, I suppose.

 

https://www.bloomberg.com/news/articles/2016-11-08/india-abolishes-inr500-1-000-rupee-notes-to-fight-corruption

 

 

 

[steve187]

so withdraw the 1000 baht note and issue updated ones, and the old ones have to be paid into a bank account, seems a way of getting stashed income declared

[Jingthing]

2 minutes ago, steve187 said:

so withdraw the 1000 baht note and issue updated ones, and the old ones have to be paid into a bank account, seems a way of getting stashed income declared

It is and to do it without any warning is the only way that can work. 

[pattayalover]

I think Thailand will go all digital money like Sweden.
It s time to embrass technology. Don't you think?

[Sunak]

21 minutes ago, pattayalover said:

I think Thailand will go all digital money like Sweden.
It s time to embrass technology. Don't you think?

Absolutely no and definitely not Swedish in any way.

Don't make Thailand Swedish.

No more privacy, all money flow accessible to the snoopers?

 

And why abolish such a small note like 1000 Baht?

If you want to buy a 3 million Baht house in notes you need a big backpack.

I love the 1000 Swiss franc notes (35'000 Baht) and they will NOT be abolished.

The sick Euro dictators want to abolish the 500 Euro note.

#^&$ #&*& !

Edited December 4, 2016 by Sunak

[Don Mega]

18 hours ago, Sunak said:

Absolutely no and definitely not Swedish in any way.

Don't make Thailand Swedish.

No more privacy, all money flow accessible to the snoopers?

 

And why abolish such a small note like 1000 Baht?

If you want to buy a 3 million Baht house in notes you need a big backpack.

I love the 1000 Swiss franc notes (35'000 Baht) and they will NOT be abolished.

The sick Euro dictators want to abolish the 500 Euro note.

#^&$ #&*& !

 

A bank cheque fits in a slim wallet.

[Prbkk]

Never in a million years. Dracula is well and truly entrenched in control of the blood bank.

[AsiaCheese]

22 hours ago, pattayalover said:

I think Thailand will go all digital money like Sweden.
It s time to embrass technology. Don't you think?

 

Yes, well - flashing plastic is convenient. Except what you're really doing is feeding credit card companies / banks: the merchant pays anywhere between 1.5% and 4% on the paid amount; the part of that which covers card readers and infrastructure is negligible. Meaning: retail prices are from the outset higher than need be to accomodate that. If you happen to be "in the wrong country" - i.e. not the one that issued the credit card - another 2.5% in "expenses" is slapped on. That's at least the case with my Swiss credit card. And last but not least, you occasionally get to choose who'll rip you off over exchange rates - you can either pay in your credit card's valuta, or have your credit card company do the currency exchange. At either end, it will be lower than the day's TT rate - another sweet income for the banksters.

 

I still prefer to take along a bundle of foreign bank notes and exchange them at non-bank money changers, whose rates tend to be 0.5 baht better than the banks' TT rates - go figure. And after that simply pay cash.

 

If you're happy being fully transparent to your government, down to the last satang/krona/€, by all means go cashless...

[Suradit69]

On 12/4/2016 at 11:54 AM, pattayalover said:

Like in India I believe they will get rid of the 1000 bahts banknote to reduce crimes and money laundering.

Just my idea.

 

Many things happen in India that don't in Thailand. Thailand has avoided issuing Baht 5000 or Baht 10,000 notes because of counterfeiting, drug deals and money laundering but, outside your imagination, there's never been any discussion of getting rid of the Baht 1000 note. 

 

Considering what a financial mess occurred in India following that stupid move, I doubt anyone would want to follow their example. 

 

 

Quote

 

Anger has intensified in India as banks struggle to dispense cash following the government's snap decision to withdraw large-denomination banknotes in what it said was an attempt to uncover billions of dollars in undeclared wealth.

Tempers frayed on Saturday as hundreds of thousands of people queued for hours outside banks for a third day to swap 500 and 1,000 rupee banknotes ($7 and $14) after they were abolished earlier in the week to curb "black money" and to tackle counterfeit currency.

"It's absurdity on the part of the government to have announced the demonetisation overnight, as 85 percent of currency is held in 500 and 1,000 rupee denominations," Prabhat Patnaik, an economist and professor emeritus at Jawaharlal Nehru University, said.

 

 

Edited December 5, 2016 by Suradit69

[brain150]

23 hours ago, pattayalover said:

I think Thailand will go all digital money like Sweden.
It s time to embrass technology. Don't you think?

 

I think you [and many others] should learn something about currencies [what you call "money" but is NOT "money"] !

What is it ?

Where does it come from ?

Who issues it ?

 

If you answer these 3 questions correctly then you probably would change your view on this topic completely.

A cashless society is Orwell's nightmare on steroids for many reasons.

 

Technology can be good but it can also turn into a total nightmare if used the wrong way.

Just because we can do something does not mean we should do it !!!

[12DrinkMore]

India has not got rid of the 500 and 1,000 Rupee notes. It has demonitized the old notes, which can be exchanged for new ones. Albeit a painful process.

 

They are being replaced by new notes, and a 2,000 Rupee note is being added.

 

http://www.banknotenews.com/files/tag-india.php

 

 

[malt25]

This isn't meant to be a flame ... but, why do people say "bahts" ?

1 baht, 2 baht 1,000 baht. No such thing as bahts.

[12DrinkMore]

8 minutes ago, brain150 said:

I think you [and many others] should learn something about currencies [what you call "money" but is NOT "money"] !

What is it ?

Where does it come from ?

Who issues it ?

 

1. Debt.

 

2. Thin air at no cost.

 

3. Commercial banks.

 

Where can I collect my prize?

 

Bonus questions

 

Why are we told that governments have to run balanced budgets?

 

Why are central banks all trying to get 2% inflation?

 

 

[12DrinkMore]

1 minute ago, malt25 said:

This isn't meant to be a flame ... but, why do people say "bahts" ?

1 baht, 2 baht 1,000 baht. No such thing as bahts.

 

There are no plural nouns in Thai.

 

Thais cannot pronounce the "s".

[Docno]

On ‎2016‎-‎12‎-‎04 at 3:54 PM, chrisinth said:

 

Sounds like the OP believes money laundering is done by washing individual notes. This may have been the case at one time.

 

However, digital transferring doesn't discern between the value of individual notes, only the total sum and % removed for 'cleaning'. Besides, if physical notes were involved, it would just mean more space would be needed for 500 baht notes.

 

How would it help reducing crimes?

Nope - the OP is right to the extent that the primary motive for the demonitisation in India is to destroy the shadow economy and catch/harm people with large amounts of 'unexplained wealth'. [Secondarily, the hope is that it will push people to use banks and electronic transfers more than is currently done]. Some explanation here: http://www.economist.com/news/finance-and-economics/21711035-withdrawing-86-value-cash-circulation-india-was-bad-idea-badly

[bitcoinforever]

india made all 500 and 1000 rupees notes worthless after dec 28. issued new notes 50 100 and 2000. you have to bring in your 500 and 1000 into the bank and deposit them. if you can prove you paid taxes on the money if not the bank is allowed to confiscate the money the penalty  is 200% of what you bought into deposit. only 1.5% of india tax payers pay tax. price of gold is 2800 am oz illegal to import gold, they are buying anything they can to get around going to the bank and deposit or confication. THAILAND NEXT WATCH OUT

[swissbie]

41 minutes ago, 12DrinkMore said:

 

There are no plural nouns in Thai.

 

Thais cannot pronounce the "s".

You're right about the plural,  but all Thais i know don't have a problem with the pronunciation of the "s", except the ones who lost their teeth.

[skatewash]

48 minutes ago, malt25 said:

This isn't meant to be a flame ... but, why do people say "bahts" ?

1 baht, 2 baht 1,000 baht. No such thing as bahts.

Maybe the same reason Brits say "maths" rather than "math" 

[Jesse123]

7 minutes ago, skatewash said:

Maybe the same reason Brits say "maths" rather than "math" 

Maths, short for mathematics not mathematic.

[skatewash]

22 minutes ago, swissbie said:

You're right about the plural,  but all Thais i know don't have a problem with the pronunciation of the "s", except the ones who lost their teeth.

 

It's not a question of Thai's not being able to pronounce the 's'.  After all, Thais have no problem whatsoever pronouncing the 's' at the beginning of a syllable, for example "Siam."  However, in Thai grammar many consonants change how they are pronounced depending on whether they begin or end a syllable.  In Thai the 's' sound found at the beginning of a syllable is pronounced as a 't' sound when it occurs at the end of a syllable.  

The same thing is behind the reason that the late great King Bhumibol's name is pronounced in Thai as if it were written in English as Bhumibon.  That is because an 'l' sound at the beginning of syllable is pronounced in Thai as an 'n' when it appears at the end of a syllable.  Before I knew about this I always used to mispronounce my then girlfriends last name as ---kul, when she would always pronounce it as if it where written in English as ---kun.

Part of the reason for this confusion between how Thai words are written in English but pronounced differently in Thai has to do with simplifications that were made in the standard Thai transliteration from Thai into English.  A simplifying decision was made to always translate a particular Thai consonant into a particular English consonant regardless of whether the consonant appeared at the beginning or end of a syllable.  This made transliteration easier but at the expense of not recognizing that some Thai consonants change their pronunciation when at the end of a syllable.

So when you see the following consonants ending a syllable in English words that have been transliterated from Thai realize that the pronunciation will be different than what you would expect in English:

 

Pronunciation

At the beginning of a syllable:     At the end of a syllable:

's'                                                   -> 't'
'l'                                                    -> 'n'

'd'                                                   -> 't'

'b'                                                   -> 'p'

'ch'                                                 -> 't'

etc.

Edited December 5, 2016 by skatewash
submitted before I was ready ;-)

[12DrinkMore]

25 minutes ago, swissbie said:

You're right about the plural,  but all Thais i know don't have a problem with the pronunciation of the "s", except the ones who lost their teeth.

 

The Thai language does not have two consonants stuck together as we do.

 

Bahts would be pronounced Bahtas" as in that well know "sapagetti". And as I cannot think of any Thai word that is pronounced with a soft "s" at the end, it would be "hardened" into a "t' or a "d".  So maybe "Bahtat". 

 

(I see Skatewash just beat me to it)

Edited December 5, 2016 by 12DrinkMore

[chiang mai]

24 minutes ago, skatewash said:

Maybe the same reason Brits say "maths" rather than "math" 

 

Brits study mathematics, presumably you study only a single mathematic!

[skatewash]

14 minutes ago, Jesse123 said:

Maths, short for mathematics not mathematic.

 

There's a good discussion about that here:  http://www.word-detective.com/2011/05/math-vs-maths/