[mjothi]

The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls.

This is interesting. But how well it will be implemented is the question. When we common man pay (or rather they take!) all taxes, the example citizens don't even have PAN numbers.

As many as 50% of the candidates in the 2009 LS polls had not furnished their Permanent Account Number (PAN)

Read on : Govt to match netas' I-T returns with poll affidavits - India - The Times of India

Basically this is not to discuss politics. But to see how all the Finance people can corner us.

PAN was must for the below,

First it was credit card - transaction of more than a lac I think.
Then it was withdrawing of more than 10K same time, which was withdrawn. Now 50K.
But private banks started charging for each transaction you do across the desk. So you are forced to take lumpsum or ATM will again not allow beyond 25-30K per day.
Mutual funds - more than 50K.
Bank interest - more than 5K interest.

and what not.

But here we have all rich people without PAN Number.

We have not even completed this PAN implementation successfully in these 12years. And here we are talking about next smart card for every individuals of India.

Lets hope atleast that works and solves the purpose it was suppose to.

[condor]

What Jyothi, your thinking looks a little mixed up after the new year celebrations ?

The govt is made up of netas. This govt is going to check the returns & declared assets of the netas. So will the netas impose a self-exile or self-punishment on themselves ? Not much to bet on, but you could keep an eye open to see what course this line of thought will take. End of the day, it'll still be a white wash ... me thinks

[zaks]

This is all pure eye wash, it is like having a thief make himself an alarm to catch him if he steals

[supercars]

Originally Posted by mjothi

PAN was must for the below,

First it was credit card - transaction of more than a lac I think.
Then it was withdrawing of more than 10K same time, which was withdrawn. Now 50K.
But private banks started charging for each transaction you do across the desk. So you are forced to take lumpsum or ATM will again not allow beyond 25-30K per day.
Mutual funds - more than 50K.
Bank interest - more than 5K interest.

and what not.

10K is is 10000 or 10 Lakhs ?
which Private Bank is charging you for which Service and how much ? Please give all the details(I mean do not give us your account number & name but what are the charges for).
What do you mean by Lumpsum Amount ? Many Banks have different withdrawl limits from ATM. Some PSU Banks have 15000 limit while one PSU Bank has 25000 limit.

Please do reply back.