Indian 1000Rs and 500Rs notes banned from 08-Nov-2016

[TimePass]

Harr cheez monitor hogi Bhai.
It's not that easy to buy gold.
Yehi ndtv par aarha tha abhi on how people will try to run for gold.savage

Most gold transactions are done in cash. Less than 2 lakh and no PAN is required. Do multiple transactions of 1.9 lakh. One of my friend is a gold and sliver trader, I have seen it happen.

 

[Bhupendra Singh_Cyan]

Banned due to Black money. Now everyone have to return 500 and 1000 Rs currency and all black money is hidden in those currency. If you have black money then convert it to white with 40 % Tax.

Good move by government.

40% tax system already ended

 

[nang2]

How does China tax?

Mostly on business transactions, which is much harder to hide. Recently income tax is introduced but mostly affecting high income wage earners.

 

[TimePass]

for eg I have a few groups of people from out of the country traveling to different areas, cards will definitely not be working or available everywhere, there might be huge lines at the tellers and all sorts of other headaches etc so this might be a problem.. anyway, like I've said, we'll see tomorrow onward how it goes.

If they are foreigners then they will be having travellers checks. So no problems there.

For the one's who have already exchanged their checks for currency, all they have to do is go to a branch of their bank and exchange the old currency for new. So again no problem.

In any case nowadays even villages accept credit cards and they most certainly have ATM's.

I fail to see the issue.

 

[indo]

I am not sure whether it is true or not, but some online sources say that these new Rs 2000 notes will have nano GPS chip for tracking.

I have also read it somewhere, but the news channels aren't mentioning it, the rbi press release also doesn't mention it. The panels on news weren't asking these imp questions.

 

[ito]

Well am traveling in train reaching Mumbai early morning . I have nothing but 500 notes am fucked

Buses/transport are going to accept until 11th of this month

 

[TimePass]

It's raining outside how can I carry all this to the exchange?

Use a large umbrella.

not true. street pushers are drug dealers. So they are the causation. Cash transaction isn't the cause for corruption. The cause for corruption, particularly corruption by government officials, is because people give too much power in their hands to affect the economy. When people realize their power means money, some of them will sell it or take rent.

No one claimed cash transaction is cause of corruption ...I pay my maid in cash. I buy my groceries in cash. All totally corruption free.

But any and all corrupt officials who have accepted a bribe ALWAYS accepts it in cash. And that Cash cannot be put in a bank so its hoarded. Now suddenly they will find that their hoard of cash is as good as toilet paper.

As for new source of corruption and payment, maybe they will use bit coins. No one expects the corruption to end , only the corrupt unable to enjoy the fruits of their dishonest labour. That is one big step in the right direction.

 

[Rajaraja Chola]

It will possibly end up only 40% of Black economy. Something has to be done with lands and gold diamonds thing. But a great start nevertheless.

 

[sims1729]

WOW..This is huge...Great decision by Modi..bigger than GST!...Kudos

 

[Kyusuibu Honbu]

Just to add.

Pakistan's losses due to corruption are far less than that of India.

 

[srshkmr]

It will possibly end up only 40% of Black economy. Something has to be done with lands and gold diamonds thing. But a great start nevertheless.

They cant use Gold and Diamonds for elections , Conversions and other stuffs . If they want to liquidate then they are fucked

 

[Soumitra]

thi will benefit the BJP in UP and Punjab elections also

1 The black money funding of elections will be stopped

2 The people will be able to believe that Modi means business and he can deliver on his promises

 

[Crixus]

Almost all the places from where you can buy a thing with the price more then 2000 Rs have credit and debit cards infra .
All the businesses who are manupilating the norms will be the biggest sufferers , they have to have the credit abd debit card swipe machines and so they have to pay the tax ......after living 6 years in US and Canada not even once i saw more then 20$ billing coming out of ATM

All the time. Besides India doesn't have a developed debit/credit card infrastructure so you can't compare the two. People buy cars in cash still in India while that is nearly unheard of in Canada.

 

[khujliwal]

There will be inconveniences, but well worth it for the greater good. Congis andAaptards meanwhile will be busy to convince somone to suicide to blame BJP govt.

 

[Rajaraja Chola]

They cant use Gold and Diamonds for elections , Conversions and other stuffs . If they want to liquidate then they are fucked

They can still translate those into currency for elections. More than politicians we have medium class traders who do stock lots of black money. I even know many famous stores around Chennai who do business worth thousands per day but officially low income people. They dont give out bills nor taxes. They will be most affected and shake up the black money from Bottom.

Realtors will have lots of black amount in land. Businessmens in precious metals. They will wait for tide to change.