![]() | #1636 |
BHPian Join Date: Aug 2009 Location: Bangalore
Posts: 169
Thanked: 792 Times
| ![]() If we are not done with the "Doctor" who charges "260" now ( from earlier 200) to cover his tax -- Isnt it very obvious that in 1-2 years his business will be busted by IT ? He dint pay tax till now, starts paying tax from tomorrow, he is meat for IT raids. So, by that logic, bringing businesses on to systems that can be tracked and trailed also means we can unearth some of their ill gotten wealth from the past too, right ? |
![]() |
|
![]() | #1637 |
Senior - BHPian ![]() Join Date: May 2009 Location: Coimbatore
Posts: 1,164
Thanked: 3,011 Times
| ![]() On Friday night, I visited nearly 30+ ATMs around my area (Trichy Road, Coimbatore) to find only two ATMs (TamilNadu Mercantile Bank with 50 in queue, ICICI with 25 in queue) with cash. 3 ATMs were open to check your balance and the rest were closed. This was a 4km stretch from one end to the other with a couple of sidestreets added in. I still find long queues in banks all around me. One village near Attur had around 250-300 people in front of the bank during the first week of this month. |
![]() |
![]() | #1638 |
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,432
Thanked: 1,042 Times
| ![]() I noticed much more people queuing up in the ATM during the last two days. One reason could be the three day bank holiday in many parts of India. Second, I feel low denomination notes have been pumped in. The queues are like 35-40 deep (minimum). |
![]() |
![]() | #1639 |
Team-BHP Support ![]() ![]() | ![]() When people makes excuses for using cash, share these information with them. You don't need smartphone to make USSD payments. It is available in most Indian languages. Even people who only recognise numbers (which is everybody), can learn to use it. http://www.bgr.in/news/how-to-use-us...u-should-know/ https://www.icicibank.com/Personal-B...sfer-fund.html Most banks support both the above mechanisms. |
![]() |
![]() | #1640 |
Senior - BHPian ![]() | ![]() after the cyclone in chennai, all cashless options seem to be dead. No card machines, no atm's, no internet or power. At least last year i had a stash of cash which helped me through the flood - all shops accepted cash then Now none of the shops are accepting card (as the machines are not working) nor the 2K notes. I hope the infra comes back up soon. Agreed that the cyclone is a natural disaster, but it did not have to be this way. |
![]() |
![]() | #1641 | |||
Team-BHP Support ![]() ![]() Join Date: Mar 2004 Location: mumbai
Posts: 24,690
Thanked: 8,023 Times
| ![]() Quote:
2. The Income Tax Act is a common act for all of India. Only 1% of India is under the tax net (non-agriculture income over 2.5L) and about 0.1% (12 lacs people) have an income over 10L. 3. Actually we the GOI were to implement Tax laws "efficiently" we would not have such limited compliance. The "system" is rotten and it remains to be seen if this demonetization and if any/all subsequent steps helps clean it up. Personally I feel 30%+ surcharges is a fair rate. Very, very, fair in fact compared to many countries. What most of us would like to see is better accountability and visible use of the taxes we pay. Quote:
I got PayTM. How secure is it? I saw a You Tube Video that showed that if I loan my mobile to someone they can transfer money from my PayTM to theirs. Yikes! Is this true? Should not PayTM have a password or something for each transaction? (Disclaimer: I only use PayTM for Uber and once paid my barber with it). Quote:
Once I do get my debit card and get Pockets working I can in effect transfer money from my ICICI account to any account? Does the person receiving the money need to be registered to this UPI system? Last edited by navin : 14th December 2016 at 11:59. | |||
![]() |
![]() | #1642 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
About 29 banks have UPI implemented, it works between those banks. Your recipient must be registered to use UPI. Doesn't work otherwise. | |
![]() |
![]() | #1643 | ||
BHPian ![]() Join Date: Sep 2007 Location: Pune
Posts: 346
Thanked: 266 Times
| ![]() Quote:
![]() Quote:
http://gadgets.ndtv.com/apps/feature...d-know-1452664 | ||
![]() |
![]() | #1644 |
Senior - BHPian ![]() | ![]() My general assumption was that within a month things would normalize. Now today, after more than a month, the banks still have a long queue every day, till they run out of cash. This in spite of capping the 24k limit to a meagre 8-10k. So withdrawing from the bank is out of question, unless I take a day off and stand in the queue 2 hours before bank opens up. This is the position of HDFC bank in my area, where I have an account. Add to this, none of the HDFC banks ATM have opened after the fateful day of November 8. Till date, their shutters are down. In Pune I only managed to withdraw a 2k note once from a Bank of Baroda ATM, at 11pm, and at that point of time, it had a queue of 25. Only when I went to Mumbai on last Sunday, I managed to withdraw from an ATM which had a modest queue of 5-6 people. I managed 4k using 2 cards. Now, I do support the move of demonetization, and I am literate enough to make cashless transactions, but cash is a security you need in your pocket all the time. To cite an example, while going to Mumbai, on Sunday, the swiping machines at tolls were not working, so instead of putting my hands up, I paid in cash. Next I wanted to fill in petrol and there too, the swiping machines were not working. What can a person do in such scenarios without cash in pocket? Finally after waiting for 20 min, I filled up for 500, and kept 500 odd as cushion with me. Thankfully while returning I was able to fill with card. Now, I have to travel to Goa on the weekend, and the queues at the banks seem to be never ending and with ATM's out of cash, I am in a fix. Though I have 4k in cash in two notes, plus some spare change, I really have no idea if that is going to be enough for my 4 day trip. So all that I can say is, our country is still quite far from being cashless and that the move to demonetize was good, but at the end, it was again misused by the corrupt and as usual, the non-corrupt have to suffer. EDIT: Right now the scenario is that it all depends on which party's need it is. I could have very well raised my hands and said "NO CASH" at the toll and they would have let me go for free, BUT, that is not possible when the need is mine, like while filling Petrol or lets say when I have a flat tyre or some other emergency while on road. In these scenarios, I cannot say "NO CASH" and get away with it. Last edited by vinit.merchant : 14th December 2016 at 13:10. |
![]() |
![]() | #1645 | ||
Senior - BHPian ![]() Join Date: Aug 2006 Location: Bangalore
Posts: 1,732
Thanked: 2,435 Times
| ![]() Quote:
Quote:
I would say Govt should target 5 to 10 years for going majorly cashless, not just 50 days ![]() There is a reason why people don't keep their money in banks. People's fears & apprehensions must be addressed and banks have to be more welcoming. Otherwise our country is not going cashless. It would be interesting to see the reaction of people after Dec 30, the date promised by our PM for the crisis to end. | ||
![]() |
![]() | #1646 | |
Senior - BHPian ![]() Join Date: Feb 2011 Location: SG
Posts: 1,122
Thanked: 2,153 Times
| ![]() Quote:
I tried yesterday to withdraw money from ICICI Bank near my office (SUS - Pashan road). However I found out that they took half an hr to serve 5 people and there were minimum 20 people in line. Which means no way I could draw cash without taking a day off. Mumbai was better where I could once withdraw cash from an ATM is 30 mins (but it was only the 2000 Note which was being dispensed). With all the talk of going cash less, there are still a lot of issues in that. For eg. I travel Pune-Mumbai-Pune frequently for work and all along the expressway very few food joints accept card. None infact at the malls where Shivneri halts for break. I still owe my Iron guy, Maid, Newspaper wala and car cleaner money as I dont have cash. Yes these can be considered as minor inconveniences for the larger good. Hope it is all for good in the long term. As someone who has no idea of economics, hope is only I can have at this point. Last edited by vibbs : 14th December 2016 at 13:35. | |
![]() |
|
![]() | #1647 | |
BHPian ![]() Join Date: Feb 2013 Location: Mumbai
Posts: 344
Thanked: 503 Times
| ![]() Quote:
The whole idea is to reduce circulation of larger denomination and introduce more smaller denomination notes. However, we still do not see that happening. Also, the ATMS need to be calibrated to dispense even smaller notes like Rs. 50, Rs, 20 and Rs. 10. Not sure if that will happen or not. Before demonetization, almost all ATMs would dispense Rs.500/Rs.1000 notes. It was really difficult to get hold of Rs. 100 notes from ATMs. I hope this tendency will be put to stop as soon as possible. | |
![]() |
![]() | #1648 | |
Senior - BHPian Join Date: Dec 2006 Location: Bangalore
Posts: 1,285
Thanked: 947 Times
| ![]() Quote:
The whole exercise could turn out to be fruitless, unless they demonetize the 2k note again sometime in future (at that time with the only option being depositing in the bank account) | |
![]() |
![]() | #1649 |
BHPian Join Date: Apr 2010 Location: India
Posts: 465
Thanked: 724 Times
| ![]() I have been told informally that the PSU personal banks and private sector banks are not filling the ATMS close to their branch. The idea is to get their customers to come to their bank. This is also because immediately after filling up , a large number of migrant labourers come in and get money from ATMS leaving the actual customers high and dry. I ran out of cash couple of days back. The solution was simple. Go to a fast moving restaurant or store and ask for cash back when you are making a purchase. Most of the fast moving setups have too much lower denomination notes and they seemed happy to dispense it. I also got a new 500 from this place. Last edited by vishnurp99 : 14th December 2016 at 14:00. |
![]() |
![]() | #1650 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
He cannot transfer more funds to the e-wallet because he does not have your internet banking (username /password / debit card grid numbers), credit card or debit card details. Actually, it is riskier to lose your wallet because the thief has your credit card or debit card in his possession. | |
![]() |
![]() |