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Old 9th November 2016, 21:32   #211
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Originally Posted by wildsdi5530 View Post
Got this message
Next will be land. Only one property per family.
This is utter bull crap. What next? One child per family norm? Back to the emergency days? The Supreme Court will throw the government out.

Whatsapp has to be used sensibly.
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Old 9th November 2016, 21:36   #212
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Form for Exchange of Old notes :
Attached Files
File Type: pdf form for exchange.pdf (28.0 KB, 236 views)
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Old 9th November 2016, 21:38   #213
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by wildsdi5530 View Post
... only 600 gms will be allowed per ladies member substantial through ration card . Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
Next will be land. Only one property per family.
Almost believed until I reached the 600gm limit, and the one property limit per family clinched it.

1) Lots of gold is traditionally inherited. You can't expect people to provide proof of it. This can't be limited.
2) People with more income often buy multiple property. They can even inherit it. There is nothing illegal here. This can't be limited.

We don't live in a communist country, such laws need to pass the legislative and constitutional challenges.
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Old 9th November 2016, 21:46   #214
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by carwatcher View Post
Title should be 'Govt scraps...'
My +1 to that

Quote:
Originally Posted by Holyghost View Post
Mainly 2 reasons.
1. Most counterfeit notes are 500 and 1000 denomination.
2. Black money. There are a lot of people who have tons of cash stored as notes.
The people with the maximum black money have already stashed it away abroad or in the form of Gold & Property.

Quote:
Originally Posted by diyguy View Post
I think the people in the know and the super rich used the amnesty scheme to whiten their money. It is the smaller businesses who are now going to be fleeced by launderers!!
The people will find a way, probably at a steep price.
These measures are always for benefiting the super rich.

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Originally Posted by Samurai View Post
That stuff is just science fiction. To send information back to the satellite, each currency note will have to have very powerful transmitters.

That's like each note having built-in satellite phone.
Absolutely.

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Originally Posted by 400notout View Post
This move would have been great, but reintroducing 2k notes kind of beats the purpose. some people will lose the money. Poor people will be taken for a ride for a while.
The 2K note defeats the purpose of this exercise.

Quote:
Originally Posted by wildsdi5530 View Post
Got this message "Advance notice on 1 more MSS (modi surgical strike) Now lets talk about digital lockers - from a specific date you will not be able to operate your bank locker with your keys . It can be opened only digitally in the presence of a government revenue officer .
Again science fiction. To do this:
- The banks will need to install digital lockers.
- You will need to transfer your stuff from the key locker to the digital locker.
- Lakhs to revenue officers will need to be appointed.
- If it happens people will remove everything from the key locker and put the bare minimum stuff in the digital locker which will make this exercise fruitless.

Quote:
Any jewellery found without substantial evidence only 600 gms will be allowed per ladies member substantial through ration card .
And what if you have more than that from your family?

Quote:
Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
How can you expect to produce bills of gold you bought years ago.

Quote:
Next will be land. Only one property per family.
What is considered as ONE property? As per you logic, you will be allowed to own 1 plot of 10 sq. Kms but not 10 plots of 100 sq. meters.
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Old 9th November 2016, 21:59   #215
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Sad to read few ignorant comments that hard earned currency becoming worthless overnight.

Can someone elaborate how would this happen?

I remember that entire banking system kind of stalled for almost a week during Mumbai attacks due to sealing off the fort area in Mumbai, 2 days are nothing for such a historical decision with far reaching benefits.

One doesn't need to be a rocket scientist to understand that any previous Govt's ways of dealing with Swiss Bank accounts, was by declaring well in advance, where everyone withdrew the money and we all felt that the whole exercise was a joke.

Last edited by SDP : 10th November 2016 at 07:53. Reason: removed political reference in last line and punctuated for better readability
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Old 9th November 2016, 22:06   #216
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by wildsdi5530 View Post
Got this message "Advance notice on 1 more MSS (modi surgical strike) Now lets talk about digital lockers - from a specific date you will not be able to operate your bank locker with your keys . It can be opened only digitally in the presence of a government revenue officer . Any jewellery found without substantial evidence only 600 gms will be allowed per ladies member substantial through ration card . Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
Next will be land. Only one property per family.
I really hope and wish this happens as its high time corrupt people are forced to remedy their ways.

I would further say per pan card only one bank locked to be allowed and as a husband wife team only one can have a locker.
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Old 9th November 2016, 22:19   #217
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by heydj View Post
I really hope and wish this happens as its high time corrupt people are forced to remedy their ways.

I would further say per pan card only one bank locked to be allowed and as a husband wife team only one can have a locker.
Why?

I have a very successful carrier and my wife is a housewife. If she had not quit her job a couple of years back she would have been earning as much as I do or maybe even more.

In which case my family would have had a very high amount of legally earned and completely unnecessary money.
If we feel like doing it maybe we would use it to buy a kilo or two of gold every year.

In which case we may need more than one locker.

Now that situation is not what I find myself in.

But there are bound to be a lot of really rich people with 100% legal money.

Who are you or anyone else including me to dictate what they should do with their money.
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Old 9th November 2016, 22:20   #218
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by wildsdi5530 View Post
Got this message "Advance notice on 1 more MSS (modi surgical strike) Now lets talk about digital lockers - from a specific date you will not be able to operate your bank locker with your keys . It can be opened only digitally in the presence of a government revenue officer . Any jewellery found without substantial evidence only 600 gms will be allowed per ladies member substantial through ration card . Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
Next will be land. Only one property per family.
This must be the worst of the lousy WhatsApp spam thats been flooding everyone , currency notes with Nano GPS that works 120 metres underground was the icing on the cake, this, when GPS doesn't work indoors. How do you open a locker digitally with your fingers or a numeric pad?

I wish people spent more time framing sentences before they forward this rubbish, I don't think anyone can explain the "substantial substantial ration "nonsense. Tax will be paid accordingly, right after your ration card is impounded no less. One property per family, sounds like sour grapes by people who just can't stand those doing well for themselves.
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Old 9th November 2016, 22:39   #219
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Default re: Government scraps Rs 500 and Rs 1000 notes!

I just don't get the point of doing away with the Rs.1000 currency notes on one hand, and introduce Rs.2000 notes on the other.

How is this going to help curbing black money? Or am I missing something?

It would have been wonderful if Modi had just done away with 500 and 1000 notes, without introducing new notes. Why cannot we live in a world where the highest currency denomination is Rs.100? UK for example, don't have a bigger denomination than 50 pounds.
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Old 9th November 2016, 22:42   #220
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by wildsdi5530 View Post
Got this message "Advance notice on 1 more MSS (modi surgical strike) Now lets talk about digital lockers - from a specific date you will not be able to operate your bank locker with your keys . It can be opened only digitally in the presence of a government revenue officer . Any jewellery found without substantial evidence only 600 gms will be allowed per ladies member substantial through ration card . Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
Next will be land. Only one property per family.
Utterly fake information. The moment there is a 'Confirmed news' tag at the end, we should start thinking. If true, it should have had the 'source' at the bottom, not just a 'confirmed news'.

One of the perils of a digital world, it is easy to spread such false information and quickly too!
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Old 9th November 2016, 23:11   #221
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Default re: Government scraps Rs 500 and Rs 1000 notes!

'Cash on hand' firms emerge as laundering vehicles to sidestep ban on 500/1000 notes

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst
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Old 9th November 2016, 23:26   #222
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by wildsdi5530 View Post
Got this message "Advance notice on 1 more MSS (modi surgical strike) Now lets talk about digital lockers - from a specific date you will not be able to operate your bank locker with your keys . It can be opened only digitally in the presence of a government revenue officer . Any jewellery found without substantial evidence only 600 gms will be allowed per ladies member substantial through ration card . Balance for all jewellery and gold bars diamond n other materials valid bills will be required . Otherwise valuation will be compounded 3 times and taxes will be paid accordingly . Confirmed news".
Next will be land. Only one property per family.

This one ranks right up there with the Micro Nano GPS Chip.

Quote:
Originally Posted by smartcat View Post
'Cash on hand' firms emerge as laundering vehicles to sidestep ban on 500/1000 notes

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst
Don't think its that easy. Any cash deposit over 2 lakhs will be flagged by the bank to the IT department who is sure to snoop around. Also someone who has already siphoned from a bank may run away with the converted black money too.

Last edited by SDP : 10th November 2016 at 08:55. Reason: Let's leave politics and political parties out of the discussion.
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Old 10th November 2016, 00:05   #223
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by abhi29 View Post
INRs can always be exchanged for local currencies. There will be some conversion charges, but I think that can be a way to go if there aren't better alternatives. For couple of grands, conversion charges shouldn't be too much anyways, not sure why would anybody stash larger sums in INRs at foreign land.
Its a small sum - like $200 for expenses that may come up at the airport/taxi and such. INR is not accepted at my US Bank/foreign exchange counter in my city. The only ones accepted at my bank are Mexican Peso, Euro, British Pound , and a couple others. I already tried SBI California. My time is worth more than my small stash of INR, so I give up.
In any case my wasted small stash does not hurt me much, but it may end up helping a large populace deal with the menace of black money- which is why I comforted myself by calling it a donation.
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Old 10th November 2016, 03:12   #224
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Default re: Government scraps Rs 500 and Rs 1000 notes!

I have seen few land deals getting dropped because of the new ruling. Few people I know also got caught off guard with the money they got from again, real estate sale.

I don't think this is the silver bullet to curb the black money market. But a brave step in the right direction, I applaud the government for taking this stand.

I still remember five years ago, my colleague telling his difficulty to me on buying land using loan, it was almost impossible without black money, then or he didn't know the trick. I hope the situation will change for the better from now on.

Last edited by ampere : 10th November 2016 at 05:43. Reason: Typo Fixed
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Old 10th November 2016, 05:28   #225
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In my honest opinion this is a move with good intention and will help curb the problem of black money and money laundering. But this one is a hasteful decision at the same time and the general public wasnt prepared for such a drastic step. I would like to put in my observations:-

1. This will (in principle) help the country to do away with the backlog of fake currency and the problem of black money as all big deposits only over a certain period of time have to be taken into account. But how will it stop the cycle of black money which will restart after a lag period maybe.

2. We do not have sufficient currency notes printed and there will be a considerable lag period before things get back to normal.

3. A majority of people in small towns and villages do not have any bank accounts, let alone credit and debit cards and the several other online means of payment and it will be really difficult for them to survive this period of liquidity crisis.

4. The recent scam of debit cards in the country raises a question over the level of technical capacity we have to deal with these issues.

5. Though I am a salaried tax payer and against black money from any source I feel that the impact on local retail shops and real state sector is going be negative(with varying degree) in the short run atleast.

6. I have no doubts about the intention of this step but am highly skeptical of the long term viability of the move and the fact that is this an actual answer to the menace of corruption and black money or just a temporary solution.
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