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Old 8th November 2016, 22:14   #31
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by aargee View Post
If the said black economy in this country is said to be in so high value, storing 1 crore amount in currencies then one will need 100000 Rs 100 denomination. But a bundle of any currency is available in form 100s, so one will need 1000 bundles of Rs 100 denomination for Rs 1 Cr while for a Rs 1000 denomination will only need 100 bundles. Now decide which is easy to store, 100 bundles or 1000 bundles?
Notes will be replaced by new 500 and 2000 rupee notes.
So, u can still stack up 1cr in 50 bundles

The point is to get the new notes, you will have to submit back those 100 big bundles and bank will ask you for a ID proof. Life will go on, but that black money will not be in the system as white money. One day you will get hauled up for the dis-proportionate assets

Good move. I am with the Govt on this. Some pain for common man but a life time pain in the butt for the bad guys
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Old 8th November 2016, 22:14   #32
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Talking re: Government scraps Rs 500 and Rs 1000 notes!

But do the black moneyed people keep all their wealth in notes? That too, in Indian currency? What percentage of their wealth would be in 500 and 1000 rupee notes? Seems like a superficial and populist measure designed to get votes.

As with everything, there will be ways around this too. And the new power brokers will be those in charge of converting the old notes to new and into gold or other goods of high value.

I can't see our master manipulators fall at such simple obstacles. My small brain can't even imagine how their brains are scrambling to find new ways to fool the government.
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Old 8th November 2016, 22:15   #33
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Not just that - there could be (and I hope, will be) questions asked about the source of the money by the authorities. And income generated through corruption will be difficult to explain.
You are right. Imagine a government babu depositing 10 crores of cash, his explanation will be interesting.
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Old 8th November 2016, 22:18   #34
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Default re: Government scraps Rs 500 and Rs 1000 notes!

This is a fabulous step. Kudos to the PM. Nothing to fear for anybody who pays his/her taxes. I can see some of my friends squirming in major discomfort
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Old 8th November 2016, 22:19   #35
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Notes equipped with Nano technology which can track the series and numbers with the help of the satellite- feels like a Sci fi movie. Amazing stuff I must say.
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Old 8th November 2016, 22:19   #36
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Don't know if it's legit, but the ₹2000 notes have GPS chips installed so that intelligence agencies can start tracking if there's more money in bulk. Nice move but privacy is compromised.
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Old 8th November 2016, 22:20   #37
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Got this on Whatsapp:

*why RBI is issuing ₹2000 Rupees Notes *

The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)

How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note

How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation

Just a beginning of the end of black money in India
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Old 8th November 2016, 22:20   #38
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Quote:
Originally Posted by aargee View Post
But a bundle of any currency is available in form 100s, so one will need 1000 bundles of Rs 100 denomination for Rs 1 Cr while for a Rs 1000 denomination will only need 100 bundles. Now decide which is easy to store, 100 bundles or 1000 bundles?
It is not just about storing, but also its transport. A suitcase with 1crore in 1000 denomination can be carried by a person though its little heavy at around 12kgs. Now think about transporting 120kgs of 100 rupee notes in large suitcases for the same 1cr.
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Old 8th November 2016, 22:20   #39
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Quote:
Originally Posted by Samurai View Post
You are right. Imagine a government babu depositing 10 crores of cash, his explanation will be interesting.


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Originally Posted by freedom View Post
Notes will be replaced...but a life time pain in the butt for the bad guys
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Originally Posted by Holyghost View Post
It is not just about storing, but also its transport. A suitcase with 1crore in 1000 denomination can be carried by a person though its little heavy at around 12kgs. Now think about transporting 120kgs of 100 rupee notes in large suitcases for the same 1cr.
Good move? Yes, unless, the said black monnies are not converted as assets in form of land, building etc. But better than doing nothing, this is a good move.
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Old 8th November 2016, 22:24   #40
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Samurai View Post
That limit is on withdrawal, not deposit. If you have 1 crore, you can deposit, but it will become white, and will be considered taxable income for this year.
Which is not fair who declared the money under the amnesty scheme. They paid 45%, while someone who deposits now will pay a max of 30%.

Unless of course, there is an investigation into how he got this money which the 45% guys escaped.
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Old 8th November 2016, 22:24   #41
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Landmark decision by the govt , biggest surprise is the secrecy which the decision was made out . All the black money holders are now in catch 22 situation . I see a lot of impact on real estate market .

If black money needs to be converted to white what is the tax slab going , would this be more than 30% ?

Last edited by csnanjappa : 8th November 2016 at 22:26.
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Old 8th November 2016, 22:25   #42
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by lHarpreetl View Post
Notes equipped with Nano technology which can track the series and numbers with the help of the satellite- feels like a Sci fi movie. Amazing stuff I must say.
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Originally Posted by The Brutailer View Post
Don't know if it's legit, but the ₹2000 notes have GPS chips installed so that intelligence agencies can start tracking if there's more money in bulk. Nice move but privacy is compromised.
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.
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Old 8th November 2016, 22:25   #43
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Default re: Government scraps Rs 500 and Rs 1000 notes!

Expect half a dozen Public Interest Litigation's to be filed in the Supreme Court in the coming days against the decision to scrap 500 & 1000 rupee notes !
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Old 8th November 2016, 22:31   #44
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Default re: Government scraps Rs 500 and Rs 1000 notes!

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Originally Posted by Eddy View Post
Which is not fair who declared the money under the amnesty scheme. They paid 45%, while someone who deposits now will pay a max of 30%.

Unless of course, there is an investigation into how he got this money which the 45% guys escaped.
I think there is bound to be an investigation for these guys. That is why the amnesty was given earlier. Somebody who did not take advantage of the amnesty is going to face the music now.
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Old 8th November 2016, 22:37   #45
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Default re: Government scraps Rs 500 and Rs 1000 notes!

This is bull crap. What about people who have taken money from NRI accounts to do business here in India ?

Now if we have to deposit this money back into our savings account, it becomes taxable ? Why should we pay tax for it when the money was never earned in India but abroad ? That's not fair.
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