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-   -   Government scraps Rs 500 and Rs 1000 notes! (https://www.team-bhp.com/forum/shifting-gears/181570-government-scraps-rs-500-rs-1000-notes-15.html)

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.

Almost believed until I reached the 600gm limit, and the one property limit per family clinched it. :D

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.

My +1 to that

The people with the maximum black money have already stashed it away abroad or in the form of Gold & Property.

These measures are always for benefiting the super rich.

Absolutely.

The 2K note defeats the purpose of this exercise.

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.

And what if you have more than that from your family?

How can you expect to produce bills of gold you bought years ago.

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.

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.

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.

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.

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.

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!

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

Read more at:
http://economictimes.indiatimes.com/...campaign=cppst

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

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.

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. :)

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.

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.