![]() | #796 | |
Senior - BHPian ![]() | ![]() Quote:
General salaried class (like me), who get their pay credit in our accounts electronically are not worried about our next monthly pay (excluding those whose source of income is business). Our inconvenience is very small compared to those who earn their daily wages in cash, and if their employers are not paying them for regular work (or if there is no regular work), why should they not earn some commission this way? | |
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![]() | #797 | |
BHPian Join Date: Jan 2014 Location: New Delhi
Posts: 173
Thanked: 164 Times
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However, for anyone to say that the intent behind demonetization is not positive for the country in the long term is taking it a little bit too far. Unless of course the complainants themselves have oodles of cash that they are unable to dispose of to their own personal and familial benefits. | |
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![]() | #798 | |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
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1. If a huge cash pile is discovered, the law puts the burden of proving that it is tax paid/legitimately owned on the owner of the pile. Once that is done, it is no crime. In a reversal of how things are in criminal law, here it is a case of guilty unless proved to be innocent. 2. Again, the landlord will have to correlate the deposit and prove it arose from tax paid income. Burden of proving is on the landlord, not on the IT dept. 3. Demonetization alone will not solve the referred problems, many other things also need to be done alongside that, in both the short term and the medium term. 4. Weeding out fake currency is a definite benefit, but it is too soon to say that it is the only benefit. | |
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![]() | #799 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
So, its not just "black" cash, but even having "oodles" of cash an issue? Why? How I hold my money is not the government's business. At least let me deposit it or exchange it in peace. Work for a living, work again to get your money. Wau! Last edited by mayankk : 16th November 2016 at 14:32. | |
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![]() | #800 | ||||||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,397
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The shop keepers and many private business establishments do NOT accept Rs.500 & Rs.1000 notes, because if they accumulate a huge lot of them they will have some issues on Dec 31st, 2016. They will have to show some proof on how they got so much cash. The only proof they can show is their own sales records. Then they are shooting in their own foot, because that would expose their actual sales turn over (many folks cook up the sales turn over to lower figures). So what do they do, boycott these notes. Quote:
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![]() | #801 | |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
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![]() If the more educated and literate people, and the media understood what the fish monger does, there would be less of the panic and chaos we are seeing on the streets today. Everyone has been carelessly using the word "banned notes", inaccurately. Withdrawing of legal tender status is NOT the equivalent of banning these notes. You have only read of the fish monger; I know a chemist that does this because he is in my locality. And he doesn't do this in a hidden way, under the counter, he does this openly and gives a bill of current date. And a vegetable vendor also does the same, openly - no bill of course. Because no one can take any action against him, under any law/rules in force in India. The only problem these people have is not sometimes having enough change to return because suddenly that change has become scarce. Which is the problem for the new Rs 2000 note as well, funnily enough. For old notes and new, no change means some jugaad has to be employed for now. More sanity and less hysteria would help. | |
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![]() | #802 | |
BHPian Join Date: Feb 2006 Location: bangalore
Posts: 363
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Atleast I feel, one should not be dealing with the old currency anymore for any transaction other than the ones allowed by the govt like medicine, utilities and fuel. | |
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![]() | #803 |
BHPian Join Date: Jan 2014 Location: New Delhi
Posts: 173
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| ![]() There is no rush as you got more than 40 days left for the same. You got ample time to do so. In the next couple of weeks, you would see most ATMs operating to their capacities in dispensing Rs. 2000 and Rs. 500 notes. That would take off the pressure a bit. My suggestion for you would be to let the initial heat settle down as it would save time for all those looking to deposit their hard-earned oodles of cash into the Banks. |
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![]() | #804 |
Team-BHP Support ![]() ![]() Join Date: Apr 2007 Location: Delhi
Posts: 8,574
Thanked: 8,536 Times
| ![]() Guys, please be polite even in disagreement. Posts with personal attacks and political undertones will be deleted and accounts infracted. Thank you - Support Team |
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![]() | #805 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
To be fair, I am not even in that much of a bother. All my transactions are card based. Those which were not, now use options which are. Thanks for maintaining a civil tone. What really rankles me how people choose to ignore the obvious hardship people are facing due to what may be a good decision, but implemented with high-school fete level of organization. Someone who's entire life's savings is in a small Pan-bahar box as 500-1000 rupee notes will obviously be in panic. Most of the junta at the banks and the ATMs are hand to mouth, daily wagers. I downloaded Paytm on my maid's phone. Transferred the salary to her bank account. Now she has to spend another 50 bucks for data. Thats a fair share when your cumulative salary is 6000 rupees. The next hurdle is she is illiterate. Now what? | |
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![]() | #806 | |
BHPian Join Date: Jan 2014 Location: New Delhi
Posts: 173
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So, why not give it a chance and be patient during the transition? Even in a normal business, transition periods are always associated with pain and confusion. I suggest we give some time for this to work out the intended consequences and things may turn better. If not, next elections are due in 2019 !!! | |
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![]() | #807 | |||
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,617
Thanked: 10,644 Times
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When one provides a service, he/she does 'something' for the customer. That 'something' has to be legal. Prostitutes and contract-killers ("supari") also provide a 'service' and get paid for it. Are those services legal, specifically in India? The 'service' we are talking about here is called 'money laundering' and is definitely illegal. | |||
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![]() | #808 |
BHPian ![]() Join Date: Sep 2011 Location: Goa
Posts: 865
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| ![]() I heard from quite few sources that plan was to do this in March but had to be preponed due to info leaking out about new 500 and 2000 notes getting printed. In that case I'll give govt some space in the interest of larger good. |
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![]() | #809 | |
Senior - BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 1,057
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Supposedly 35% of people in this country is below poverty line and hardly earns $2 dollars a day. But what now we hear is even 4000 a week is not good enough. This is a country where a business man earning 5Cr will have his name in BPL card. In Kerala there is a NRK in almost every house hold. In some areas the entire money they transfer is invisible to the system. They use hawala channels to handover the money to their relatives in Kerala and straight away the entire money gets deposited in a co-operative bank, with no questions asked. A ordinary salaried person in the state has to compete with these kind of people for resources. Edit: Went out for lunch. The deflationary shock imposed by this step is unbelievable. Even the regular pan wallah has reduced the prices from 20 to 15 for want of customers. Not to mention about vegetables. Last edited by poloman : 16th November 2016 at 15:41. | |
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![]() | #810 | ||||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,397
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![]() Now for a jeweller life is not simple. What has happened is that lot many black money hoarders went and purchase large amounts of golds. They paid in Rs.500 & Rs.1000 notes. Now the jewellers would have to show their actual turn over when they have to go and deposit the same. They would be forced to tell why so much Rs.500 & Rs.1000s with them. Some deals, they may be able to back date the billing date, and say that it was purchased a few days before Nov 8th. IT & Sales Tax would then ask for the stock position registers. Many jewellers also have unaccounted Gold. That would also get exposed. The original plan was that jewellers etc. should not accept these notes. Because government knew that people would try out "high value purchase" & gold was the easiest one. But jewellers went ahead and allowed the sale. The government threatened them of raids, and then did carry out the raids. The jewellers ran to the bank. One major jewellery group in KL has closed down for last 3-4 days. As for other mid-time shop keepers (stationary et.al). They also do not report their actual sales volume. So that they can fudge on VAT, CST and very many other taxes. Many others (like caterers & priests) who provide their services also do not even report most of their income received for doing "service". Those people would get trapped if they are paid using Rs.500 & Rs.1000. Quote:
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In KL, the situation was so bad that unless you had shady business deals buying even a cent of property was a night mare. It is quite known that there were groups operating who were buying land on a you name the price, we have it kind of deals. All this was done in cash. Now the illegal pawn brokers who had usury interest of 13-15% daily interest is now trying to dispose some of their illgotten wealth at lower intrest rates. To be honest, I also feel that at least in KL the advertisement sources of media outlets needs to be verified. "Follow the money"; should be the motto. Their reports would certainly be in favour of their main advertisers. Last edited by sachinpk : 16th November 2016 at 15:48. | ||||
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