Originally Posted by RGK
(Post 4102185)
I spoke to my friend who owns a petrol pump. He said, all the oil corporations have asked to submit their daily sales report from Nov 8th night along with the daily cash deposits done in their respective bank accounts. So it is difficult for them to deposit extra black cash if collected from other sources as the daily sales vs daily cash deposit may not tally. The pump owners have been instructed to have their CCTV setup in pucca condition and maintain the recordings from 8th Nov. |
Originally Posted by Puneet.S
(Post 4102162)
The way they are haphazardly and arbitrarily changing their own decisions - i'd not be surprised if they refuse to stick to the promised date of Dec. 30th for depositing old notes at bank counters - it could be pre-poned at any moment. :Frustrati |
Rs. 500 notes to be accepted at Petrol pumps only till tomorrow midnight and all toll booths to start collecting toll from tomorrow - as opposed to the govt's earlier date of Dec. 15th. |
As per Govt. directive, you can use old Rs500 notes towards prepaid mobile recharge of Rs500 till 15-Dec-2016.For exciting recharges,visit your nearest retailer |
Originally Posted by r_devakumar
(Post 4102197)
I am working in one such company where we have 5 ATM machines within campus. But the bank is not able to supply enough cash, so mostly one or two ATM works part of the day. From day 1 to today, i am seeing not less than 50 people in the queue any given time. And y'day and today after the salary credit, it is 100+ :Frustrati |
Originally Posted by msdivy
(Post 4102365)
One more problem I have ended up with 2 pre-2005 500 notes which nobody is accepting. I am told that I have to visit SBI JC Road Bangalore for exchanging this. Is there any other place where I can get it converted? |
Originally Posted by Zappo
(Post 4102852)
By the way, look closely. If the signature is of a gentleman name Raghuram G Rajan then you may wish to hold on to the note. 10 years down the road it may hopefully fetch you over a lakh. ;) |
BENGALURU: Karnataka government on Friday suspended two senior officials close to chief minister Siddaramaiah following Income Tax raids at their official residence that allegedly unearthed Rs 6 crore in cash disproportionate to their known sources of income, including Rs 4.7 crore cash in new denominations of Rs 2000. |
Originally Posted by sukhoi30
(Post 4102977)
Looks like skeletons are coming out of the closet finally. http://timesofindia.indiatimes.com/city/bengaluru/Karnataka-govt-suspends-2-officials-raided-by-I-T-dept/articleshow/55751120.cms What is shocking is that they got 4.7 Cr in Rs. 2000 denomination. How did they manage to exchange such a huge amount in such short time? If these people could do it, imagine how many more such people exists. No wonder there is shortage of cash despite all the measures taken by Govt. |
Bengaluru, DHNS: Two government officials and two contractors in the city were caught during raids with Rs 4.7 crore in new Rs 2,000 notes. The Income Tax Department said on Thursday it has unearthed Rs 6 crore from them besides bullion and gold jewellery together weighing 14 kg. The announcement came a day after raids began. Sources said the taxmen also found super luxury cars, including a Lamborghini, during the raids. The department has not revealed the identity of those raided. Sources named them: T N Chikkarayappa, Managing Director of Cauvery Neeravari Nigama, and S C Jayachandra, Chief Project Officer of the State Highway Development Project. A release from the I-T Department on Thursday said, "...of the cash found, Rs 4.7 crore is in new currency of Rs 2,000 denomination. In addition, several property documents were also found and seized." Wednesday's searches and raids were conducted by the Bengaluru centre of the Investigation Directorate in Bengaluru, Chennai and Erode. An official said the sleuths had also unearthed Rs 30 lakh in old Rs 500 notes. Taxmen suspect the new notes and the bullion were obtained in lieu of demonetised currency. Several identity and PAN cards were found, and could have been used to exchange old currency, sleuths said. Searches are continuing at 10 premises. The investigation will focus on how the officials and contractors managed to exchange so much cash, an official said. Bank officials in Karnataka and Tamil Nadu are also under the scanner, as sleuths believe they connived in converting the stash. ||||||||||||||||||||||||||||||||||||||||||||||| Biggest haul since note ban Wednesday's crackdown was the biggest since Prime Minister Narendra Modi's surprise demonetisation announcement on November 8. |
Originally Posted by Puneet.S
(Post 4101059)
Today, I visited an ICICI bank branch (Sector 12, NOIDA) for the first time since demonetization with an intent to deposit the old currency in hand and withdraw some new notes. Found around 70-90 people already ahead of me in the queue at the branch opening time (9:30 am). Branch started letting in customers in batches of 5-7 persons around 9:45am and they ran out of cash by 12:30pm after which half of the queue vanished! Anyway, had to deposit the old notes so kept waiting in the line and was finally out of the bank by 1:45pm. |
Originally Posted by heavenlybull
(Post 4103045)
Seems like some corrupt bank officials are hand in glove in the illegal exchange scheme for 'privileged' customers http://timesofindia.indiatimes.com/i...w/55753967.cms |
Originally Posted by sgiitk
(Post 4103210)
One big question? With 1 million crores in against a total circulation of about 1.3 million crores, we have 75% or so of the amount already in. Who goofed, and are our 'operators' so smart as the outwit everybody? Remember we have another three weeks plus to go. |
Originally Posted by sgiitk
(Post 4103210)
Only gain will be the money in the No.1 economy and huge tax revenue. |
Originally Posted by RSR
(Post 4103235)
The value of demonetised notes was reported to be ~ 14.18 lakh crores or 1.418 million crores. Less than one month after the announcement, we already have ~ 1 million crores in. |
Originally Posted by RSR
(Post 4103235)
The value of demonetised notes was reported to be ~ 14.18 lakh crores or 1.418 million crores. Less than one month after the announcement, we already have ~ 1 million crores in. Even if deposits taper off sharply from now on, it looks like at least ~ 1.3 million crores will be accounted for. In total, I guess only less than ~ 10 lakh crore or 1 million crore of black money would have been turned worthless. This is way below all estimates. It does look like the notorious hawala operators have had a field day in laundering old rupees for new ones, instead of their usual rupees to foreign notes (& back) business. |
Originally Posted by gmhossain
(Post 4103280)
As per CNBC-TV18 report [1], it is already 1.1 million crores back into the banking system as on November 30, 2016. |
Originally Posted by StarrySky
(Post 4103298)
What does "brought back into banking system" mean? |
Originally Posted by StarrySky
(Post 4103298)
According to RBI data, the total amount deposited/exchanged in old 500/1000 notes from Nov 10-27 (17 days) is Rs.8.45 lakh crores. So, does the report mean that in another 3 days from Nov 28-30, an additional 2.55 lakh crores have been deposited? Something doesn't add up. |
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