![]() | #1546 |
BANNED Join Date: Nov 2006 Location: Bengaluru
Posts: 4,370
Thanked: 2,246 Times
| ![]() There are lots of services (like doctors) who accept more of cash. Most of it will remain black. There are lots of other jobs/services that do the same. Now, will they increase their prices if they have to show everything as white ? They might think they have a right to do so since they would like to transfer the burden to the end user. My feeling is that this might make lot of services dearer to everyone. Unless we have a system that can automatically track the spending against income, it will still be very difficult to curb this menace. People have the mentality that its unfair to pay tax on everything ! I also dont think comparing with other big economies is fair since the willingness of people to come up with schemes to dodge any system is super high. We do need our own solutions to our problems however non-traditional they may seem. Last edited by srishiva : 10th December 2016 at 08:52. |
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![]() | #1547 |
BHPian Join Date: Jul 2009 Location: Amritsar
Posts: 50
Thanked: 59 Times
| ![]() Can the government have the banks add this feature to their apps, Using which we can verify a cheque given. The app can simply verify the signature and the amount and give the option to lock the amount if the cheque issuer Gives the OTP to receiver. Amount can be locked till the cheque is deposited. This will increase the acceptability of cheques from strangers. Also all transactions above Rs 2000 should be mandatory to be done through Cheque, Draft, Swipe or Transfer only. Government should make it mandatory for Banks to issue swap machines to all current account holders. The swap machines should have been provided first and then Demonetization and Digital India campaigns should have been launched. If the Jan Dhan accounts were possible, Why were the swap machines not made mandatory Two years ago. These should be mandatory for all businesses and professionals and incentives given to use swap machines and bank transfers. Why can't Teachers, Doctors, Boutiques and Even Service providers like Plumbers, AC Service Representatives Etc Carry wireless POS machines or simply use apps to swap or scan cards. They can but the users should have been given time and given these mediums well in time. There is no excuse why this was not announced well in time. |
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![]() | #1548 |
BHPian Join Date: Jul 2016 Location: Hyderabad
Posts: 973
Thanked: 1,357 Times
| ![]() One month since the demonetization, and yet there are many shortfalls and inefficacies in this whole process. It is really a bitter pill for a better future. One should hail the public for their spirit to suffer in the present for a fruitful future. But, I honestly feel sorrow for the acute hypocrisy being displayed by the Indian media. ![]() The ones who volleyed for the initiative initially are now grossly scorning the same, not for the loopholes in the implementation but the demonetization itself. Such negative publicity IMHO can act as a catalyst for any public outrage and agitation. Whether it is the strong influence or for a better TRP, resorting to "adding insult to (public-)injury" is highly unwanted at this juncture . I just hope the "junta" sustains the maturity to wade through this predicament and not surrender to any of the unscrupulous gambits of the Indian media. Disclaimer: I do not favour the Indian politics or any of the politicians. I am just a well-wisher for a better India. |
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![]() | #1549 |
Senior - BHPian ![]() Join Date: Mar 2011 Location: Mumbai
Posts: 1,130
Thanked: 1,062 Times
| ![]() Prices are definitely up. I went to Crawford market today and bought several things. Most prices were up by 30% or more and shops gave a bill for everything. Most people are selling @ MRP now. |
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![]() | #1550 |
BHPian Join Date: Sep 2015 Location: Pune
Posts: 465
Thanked: 469 Times
| ![]() I have made sure to ask for a cashless payment at shops. For a bill of 50-100, I am okay to pay by cash. For anything over it, I walk out if the shop without buying anything if they don't do cashless transactions. I think other people should start doing this. Shops that take only cash should be made to feel the pain. Eventually even small payments should happen cashless. But I am okay if all registered and legal shops start accepting at least 2 modes of cashless payments. |
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![]() | #1551 |
BHPian ![]() Join Date: Apr 2013 Location: kochi
Posts: 485
Thanked: 1,545 Times
| ![]() Guys, I just read this article that takes a different and far more sinister view on the note ban. http://schiffgold.com/commentaries/c...pha-predicted/ What do you think? Is India headed for a crash? |
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![]() | #1552 | |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,204
Thanked: 3,505 Times
| ![]() Quote:
Another argument was people hardly store black money in cash. But IT raids in last few days are startling. 4000 crores recovered in currency and gold. Wad of old and new notes are tumbling out of cupboards, secret chambers mattresses etc. This is only a tip of the iceberg. These experts and media are living in lala land it seems. Last edited by poloman : 11th December 2016 at 09:04. | |
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![]() | #1553 |
Senior - BHPian ![]() | ![]() Everyday there is some news about crores being nabbed from someone or the other and mostly in new currency. Here we are, standing in line for hours, supporting the entire move and not letting our family and friends lose hope, Cheering every time we get 2k from an ATM . Stay strong, I tell myself. Corruption is so deeply engrained in our system that one almost feels like a fool, almost. Rant over . |
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![]() | #1554 | |
Distinguished - BHPian ![]() ![]() Join Date: May 2010 Location: Bengaluru
Posts: 3,733
Thanked: 4,270 Times
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Not a few lakhs, but crores of rupees in new 2000 notes being held by these hoarder.Any bank employee involved in this must be fired ! Our country never ceases to amaze me! ![]() | |
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![]() | #1555 |
Distinguished - BHPian ![]() Join Date: Aug 2014 Location: Delhi-NCR
Posts: 3,226
Thanked: 42,588 Times
| ![]() I am all for reduction of black money and wealth and all for the white economy. If demonetization is a step in that direction it has my support. PM Modi has apparently lost 300,000 followers on his twitter account and that may be an indication. The UP elections will be another. De-monetization has been attempted before in Brazil (1994) and Germany (1920s) both as a consequence of rampant hyperinflation - in both instances with limited success. Never, to best of my knowledge, has demonetization been attempted in a growing healthy economy which till 7th November seemed to be on a winning wicket. While the intentions are honorable the medicine given seems more aimed at UP elections and a populist tone. As per the reports the IT department has put out for year ended March 2013 (the latest so far I think) only 5430 individuals paid over Rs 1 crore of tax and only 3 paid over Rs 100 crores. Wonder what one makes of the Forbes list of 100 richest Indians the poorest of whom has a $1.25 billion networth. Surely if your networth is $1.25 bn your income is likely to be north of Rs 350 crores reflecting a theoretical tax of Rs 100 crores. Till the Govt cleans up the IT Dept itself and its way of working this exercise to mop up black wealth will in my view remain an exercise. Undeclared currency notes are the consequence of black wealth generation and not the cause. Till funding for political parties, extortion by Govt departments and officials and more realistic tax rates don't get sorted black wealth generation 'technology' will stay ahead of Govt attempts like demonetization. In the days of old the kings used to levy tax (typically on produce from the land) of 1/6th or 1/7th of the produce. They were closer to their janta and knew that rates higher than one part in six usually led to a silent revolt against tax collection. Countries like Hungary, Ireland, Hong Kong have effective highest tax slabs in the high teens. I believe Indian tax compliance will improve if our tax rates were 20% instead of 31%. Just my view. Last edited by V.Narayan : 11th December 2016 at 10:24. |
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![]() | #1556 |
BHPian ![]() Join Date: Jan 2016 Location: Ahmedabad
Posts: 593
Thanked: 2,052 Times
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Yes, it would. But the first step would be to widen the tax paying base. In Gujarat, the Government announced that they would be increasing the jantri ( Price of land used for taxation purposes) rates to as close to market value. Once done, they may consider lowering the stamp duty payable on buying land. During 2004-2008 when land prices were shooting up, nearly on a day to day basis; the same plot of land may have exchanged ownership multiple times, without being registered. |
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![]() | #1557 | ||
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,939
Thanked: 4,689 Times
| ![]() Quote:
Quote:
I came across a post which says that there may even be some 'black liquidity' in the economy, ie the actual amount in circulation may be more than what has been reported. I pray to the Almighty that this is not true, since the repercussions are huge. | ||
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![]() | #1558 |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,204
Thanked: 3,505 Times
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Sir, you mean to say RBI printed more notes than that in their records? Were the notes being printed out side the system but using RBI infrastructure? This will be a huge finding and RBI will have lot to answer for. Going by the incidents which happened in previous regime this may not come as a surprise and this will explain the huge inflationary tendencies during that time. Also we thought banks were relatively clean. But after the ongoing raids, one cannot be faulted if they think banks are the biggest actors in this saga of organised corruption. Last edited by poloman : 11th December 2016 at 12:36. |
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![]() | #1559 |
BHPian ![]() | ![]() The idea of electronic trail seems ridiculous now to me. If the government is not able to figure out how people are ending up with 10s of crores in new currency when there is a limit of 24k per week per account, then what will they do in the future? |
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![]() | #1560 |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Gurugram
Posts: 7,939
Thanked: 4,689 Times
| ![]() Two interesting pieces of information. As per today's Jagaran the new currency notes found at T&T Lawyers in Delhi did not bear any serial nos. So were they straight from the printing press? Yesterday, my wife was talking to her brother in Gwalior. Things have normalized. Banks are giving out 24k per week and the queues at ATMs are down to two or three. So it seems that the demonetization woes are over in Gwalior. His son in Delhi is facing problems alright. |
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