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Old 10th November 2016, 23:29   #346
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Thad E Ginathom View Post
Whatsapp rule: more exclamation marks, the less likely to be true. I think whatsapp should be illegal for kids under 18. Or adults with equivalent mental age.

Of course the tax department has the resources and staff to monitor thousands, if not millions of transactions in real time. Reasonable? Nope.

But I'm sure that the reporting of high-amount deposits has been stepped up, and I'm sure that the number that get more than a glance will increase, at least in the short term. That's possible, and reasonable --- and if it didn't happen, people could just pay in all that cash with impunity anyway.
biting sarcasm. But true. Since 2007, IT department already has a Teradata platform that is able to track & link all kinds of transactions across different keys and they are expanding the scope all the time.

So, no, IT Dept does not have millions of monitors flashing with transactions, but a clever rule based engine that is going through various combinations & identifying candidates to be investigated further.
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Old 11th November 2016, 00:04   #347
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Chetan_Rao View Post
What I find disconcerting and abhorrent is this entire 'if you aren't with us, you're against us' rhetoric creeping into the mainstream. There definitely are talking points and grey areas in the current initiative (and a lot of other things), but every social forum (even T-BHP to a certain extent) is replete with people trying to shout down anyone unwilling to drink the KoolAid without question, turning any debate into an Us Vs. Them battle. Whatever happened to democracy and the freedom to have an contrary opinion, and the right to discuss and deliberate?
Best post I've seen since a long time, absolutely true. What you or I or anyone else share are points that are unique to us based on our experience, unfortunately I find plenty of people (in general) trying to make a debate out of it based off of "their" facts which they want to convert into universal truth. There are always two sides and learning happens when everyone look beyond that single dimension of "I'm right".

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Originally Posted by gsurya View Post
This is exactly the point I am making. Almost anyone I pay - whether it is my architect, lawyer, doctor, mechanic takes money in cash & doesnt give a tax receipt.
Now, THIS has to change.. its about time architects, lawyers and doctors took a cheque or bank transfer.. these 3 industries alone are enough to flood the market with enough unaccounted money to drown in, that's when rampant spending or hoarding begins. Let me also clarify that I'm not in any way suggesting that all the above professionals are like that, I've seen many of them who're honest and charitable, doctors cure us of our ailments and its a noble cause.. just that they need to have a receipt handy at all times when it comes to private consultations. Also its EQUALLY important that all of the people file every paisa of expenditure, be it an UBER cab, fuel, doc fees, or legal consultation directly into the books, otherwise its half-baked and useless.


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Originally Posted by bbhavan View Post
I don't understand why some members are trying to oppose this move. I fear either they have not understood this very well or just voicing difference only for the sake of doing it.
I may get slightly philosophical here.. money is an imperfect concept, when in plentitude it gets people the best of clothes, booze, cars, precious metals, vacations, food and just about anything else that they can imagine.. unfortunately people are just discovering the other side > when in rarity. The government has spoken.. there isn't much that anyone can do at this point except follow, however its also true that its natural to have opposing views when a system which people have adjusted to over the course of 4 decades suddenly changes.

My views on this are neutral, I'm a fence-sitter when it comes to political views.. because I'm not going to be dragged into a debate which is as silly as running a sack-race for a ribbon. Suffice to say I'm unaffected by these changes, but more than 80% of the businesses and establishments will suffer.. some deservedly so and some unfortunately so.. I just feel bad for the latter.
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Old 11th November 2016, 01:49   #348
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sairamboko View Post
Got the above as WhatsApp message. Can someone confirm this ?
I have verified this on my income tax efilling account, this message is CORRECT. You have to login your account and under compliance section you will see a link for 'Accounts with Cash Transaction'
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Old 11th November 2016, 02:02   #349
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by narayans80 View Post
A friend from SG did send a note that was hung outside SBI Singapore that they would not exchange 500 and 1000 Rs notes. Country I live, doesn't even have one Indian bank they just closed the only representative branch a month back.

Am not sure how long it will take airport exchange agencies to get the new currencies, will wait and watch. Would need new currencies atleast on landing with kids in tow.

My next trip is atleast 7 months away. Its unclear if the bank or RBI would even exchange 3-4 500s as late as June or August next year. If not, I have to follow what prasadee suggested a few pages back (donate).
I think this will be a common problem for all NRI's across the globe. Everyone will have some amount of INR in cash for basic airport taxi etc.
Hope govt will come up with a solution else we will have to keep these old notes as souvenirs ..
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Old 11th November 2016, 05:33   #350
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Originally Posted by Thad E Ginathom View Post
Whatsapp rule: more exclamation marks, the less likely to be true. I think whatsapp should be illegal for kids under 18. Or adults with equivalent mental age.
That's one gem of a post.

Its sad to see people in their 30s supposedly educated and working in pretty well paying desk jobs, believing and spreading (forwarding) utter crap messages in Whatsapp as NEWS.

One expected the government to bring back black money stashed in Swiss. Now when the government has knocked on their own doors to bring out the black money (or should I say unaccounted because it touches some nerves otherwise) inside their home, some people just can't accept it. Typical. "Why me? Catch them." attitude.

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Originally Posted by tj123 View Post
I think this will be a common problem for all NRI's across the globe. Everyone will have some amount of INR in cash for basic airport taxi etc.
Hope govt will come up with a solution else we will have to keep these old notes as souvenirs ..
Hopefully there's a way.

Rice, chilli powder, dhaniya powder, toothpaste, utensils, clothing, Sim Cards, Dollars, Indian Rupees, jewellery, Chocolates etc. Just a small list of things that Indians abroad have been successfully bartering across oceans through friends, colleagues, relatives, friend of friend etc.

Is it suddenly impossible to send, INR 25,000 (Enough for taxi?), plus copies of PAN Card, an authorisation letter through someone to India and get our family/friends to convert it in 2017?

Country is taking a big step, can't we take a small step to help?

Last edited by Gannu_1 : 11th November 2016 at 06:20. Reason: B2B posts merged.
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Old 11th November 2016, 05:51   #351
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by kiku007 View Post
That's one gem of a post.

Its sad to see people in their 30s supposedly educated and working in pretty well paying desk jobs, believing and spreading (forwarding) utter crap messages in Whatsapp as NEWS.
If one does a few searches it may be possible to verify certain forwards. You are right, the best thing to do is not forward messages, if you cannot verify the authenticity.
I got a message claiming to show the daughter of a BJP minister with a ton of new currency. Looks like that is a lie as well.
http://www.abplive.in/india-news/vir...aughter-444130
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Old 11th November 2016, 06:45   #352
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

NRI's holding large stacks of Indian Currency notes are in for a hard time.
Unless of course they have family visiting within the next 30-40 days in which case they can probably send back the old notes and get them exchanged for the new ones via the banks.
It would be nice if our Indian Banks overseas branches made some arrangements for NRI's to get an opportunity to deposit this old Indian currency and change it.

Saying that, the amount of losses per se can't be too much, given the exchange rates of the Dollar, Pound, AUD, SGD and AED etc against the dear old Indian Rupee.

In reference to the other points - I see absolutely no reason why anyone needs to keep cash with them - even the Airport transfers can be handled simply by booking an online taxi in advance. Or just exchange a little money at the airport as soon as you land.
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Old 11th November 2016, 07:23   #353
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sairamboko View Post
Got the above as WhatsApp message. Can someone confirm this ?
Quote:
Originally Posted by Thad E Ginathom View Post
Whatsapp rule: more exclamation marks, the less likely to be true.
In this case, it seems that such a link has indeed appeared. I did a quick check, it didn't seem to be functional yet or is configured to show only transactions made after 8/11.

Quote:
Originally Posted by Thad E Ginathom View Post
Of course the tax department has the resources and staff to monitor thousands, if not millions of transactions in real time. Reasonable? Nope.
The technology is available, and I know that they were recruiting for this purpose too. See also:

http://www.businesstoday.in/money/ta...ry/220630.html

http://indianexpress.com/article/bus...aders-2859485/
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Old 11th November 2016, 07:29   #354
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

I just logged into Income Tax E filings website. It does show the option of account with cash transactions!! Kudos!!

Government scraps Rs 500 and Rs 1000 notes!-income.png
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Old 11th November 2016, 07:57   #355
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Queryanalyzer View Post
If you think I have my head stuck some place else you are sorely mistaken.
....
Again, I said ".. is the message that everyone got." And how about you highlight the 2nd part of the sentence, "The fact that these notes can be exchanged, albeit with some hassle, is not being passed along".

Believe me when I say this, I am very aware of that fact that I dont have to wait in line for hours to get Rs.4,000 exchanged. And I am also aware that I have until the end of December to recycle any 500/1000 notes that I may have.

My assumption is that in the last two days you have had little interaction with people that live an all-cash life, the daily wage earning working class.
You are making sweeping statements on behalf of everybody and that's what my concern is. Can you please point me to one source (news channel coverage, news website, printed newspaper) where they have covered only scrapping the notes and NOT what to do with old notes? In my humble opinion, you should stop making statements on other people's behalf unless you are 100% sure about what was communicated and what was not.

Let me ask you a few questions, simple yes/no answers expected:
1. Did you (I mean 'you' and not some poor vendor) know that existing 500/1000Rs notes are not valid for transactions besides a few listed places (railway/airline counters etc) from 12 midnight Wednesday 9th Nov?
2. Did you know what was supposed to be done with the notes that are in your custody on 9th morning onwards?
3. Did you try to pay a vendor with a old 500/1000Rs note on 9th/10th of Nov?

Its very easy to talk about the plight of hapless people. But you need to understand a few things.
How many daily wage earning working class are standing in queues on first day with 4000rs in their hand .. and are grossly inconvenienced because their daily expenditure in cash is more than 4000Rs? How many educated and well-to-do people are standing in railway reservation queues, toll-nakas (on first day with a 1000Rs note for a 35 Rs toll), filling petrol of 100Rs and pulling out 500Rs note, emptying the ATMs off 100Rs notes although they have more than enough to survive for next 2 days? These smart alecs are the ones who are creating the 'inconvenience' by trying to fool the govt and the poor hapless people like vegetable vendors.

Anyways, I won't be continuing this any further as this is well beyond a self-imposed 3 post rule (if in 3 replies, the other person hasn't understood the point, neither next 30 nor next 300 posts would get the point across as the issue is most probably either with intelligence or with ego )

Quote:
Originally Posted by Thad E Ginathom View Post
Whatsapp rule: more exclamation marks, the less likely to be true. I think whatsapp should be illegal for kids under 18. Or adults with equivalent mental age.
...
That news is actually true. A new tab has actually been added to the Govt website and people I know have personally checked and confirmed that its showing recent deposits in their accounts.

Last edited by SDP : 11th November 2016 at 11:46.
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Old 11th November 2016, 07:58   #356
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by sairamboko View Post
I just logged into Income Tax E filings website. It does show the option of account with cash transactions!! Kudos!!
Thanks for that, Sairam ! Looks like they have thought of all these things ! Superb execution !
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Old 11th November 2016, 08:20   #357
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by SDP View Post
if in 3 replies, the other person hasn't understood the point, neither next 30 nor next 300 posts would get the point across as the issue is most probably either with intelligence or with ego
That is quite a useful tip and rule to follow. Thanks.
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Old 11th November 2016, 08:24   #358
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Default Re: Government scraps Rs 500 and Rs 1000 notes!

Has anyone been to an ATM today? They were supposed to be working from today but we saw at least 5 of them with the roller shutters down and a notice outside which said out of order.

Got to withdraw some 100 Rs notes as we have a long trip scheduled tonight. Worried about the tolls.

The ICICI bank inside our campus had a long queue and they were only handing over 2000 Rs notes.

Last edited by Gannu_1 : 11th November 2016 at 08:25.
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Old 11th November 2016, 08:43   #359
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Only opinion I can give, apart from supporting the move, is that government has to move equally fast on bureaucracy and systems that hold up files / approvals / payments etc. unless they are paid. The new currency amount restrictions are temporary and these species will be back to their usual antics, perhaps with vengeance, soon. Modi has to do surgical procedures here also.
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Old 11th November 2016, 08:50   #360
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Originally Posted by Gannu_1 View Post
Has anyone been to an ATM today?
I got an SMS from axis bank that their atms will be open from tomorrow (12th)
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