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Banks, ATMs Not Running in Muslim Areas Modi a 'Tyrant', - Owaisi

Problems will go away eventually. No one said that people aren't facing problems.


I'm yet to get clarity, is this move to bring out black money or to drive for cashless economy. You are forcing people to go cashless without making strong banking system.


Let's say a student ( poor), got 500rs or 1000rs in his account. He went another town or city for some work, when he tried to book ticket for return- amount deducted but reservation not done. It will take 4-7days to get his amount back into his account. Several times it happened to me, as I have enough money in cards I will pay. But what about poor.. what if card declined when you went to buy groceries? You need strong banking policies before you step up . I know how many people I met in ATM who doesn't know to withdraw money.
 
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I'm yet to get clarity, is this move to bring out black money or to drive for cashless economy. You are forcing people to go cashless without making strong banking system.


Let's say a student ( poor), got 500rs or 1000rs in his account. He went another town or city for some work, when he tried to book ticket for return- amount deducted but reservation not done. It will take 4-7days to get his amount back into his account. Several times it happened to me, as I have enough money in cards I will pay. But what about poor.. what if card declined when you went to buy groceries? You need strong banking policies before you step up . I know how many people I met in ATM who doesn't know to withdraw money.


It is both. First step is drive black money out and into the banking system. Second step is to make sure accumulation of black money becomes much harder than it was before. This is where digital economy comes in. Of course people will still find ways to launder money, but with most of the big transactions being done electronically it will be much easier for taxation department to track and detect these transactions.

Read what KV Kamath said in the interview.

Some say the move is a failure since almost all the currency would be back, including the black money…
There was a talk that one-third or one-fourth won't come back. But that to me was before the tax scheme on unaccounted deposits was announced. There is a lot that has been deposited. From an outside view, a large amount got deposited after that. How much of that is going to be taxed? I guess, a large part may come back. It is better to get it taxed and have a quarter of it now, and a quarter on a time-adjusted basis rather than none of it. I would be surprised why would anyone not put back the entire thing and not pay tax on it. I don’t think it is a failure. If nothing is taxed, we would need to understand how it managed to escape tax. I am sure it would be taxed.

Is there fear that the tax authorities become too powerful?
Any honest tax payer would welcome better tax compliance and authorities will be assisted by technology. Even today, high-value transactions are tracked and it is the system that is throwing it out. I am sure you can now change the filter of where you want to track it. The difference is digital money can be tracked real time. You can real time assess what is the transaction size, which PAN card did it and what is the returns this PAN card has filed and say that this doesn’t look kosher. It doesn’t require human intervention. There are so many ways in which transactions can be tracked down to where it has been done. The tools are clearly there today with the government for a cleaner setup.



Read more at:
http://economictimes.indiatimes.com/articleshow/55949303.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Having said that, there is lot more that government needs to do, to make sure digital transactions actually work. Improving the digital and banking infrastructure is a must.

Government could have been better prepared, but the whole idea was to keep this move a secret so that the black money hoarders don't get the time to launder their cash. Printing of the newer currency in advance, or recalibration of ATMs in advance would have leaked the information about the imminent demonetization and would have made this whole exercise redundant.

If you look at the previous steps, Jan Dhan Accounts, IDS and then came the demonetization, it all adds up.

Of course as I said, no one is denying that the common people aren't facing problems, they are, but those problems will go away eventually. Arun Jaitely has said there will be a massive infusion of cash in the coming three weeks and that should ease the pressure off at the banks and ATMs. Once people have enough cash in hand, they ll be more than happy to adapt to the digital economy.
 
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In India everything including cash has now religion except for terrorism which is green in colour.

Off Topic: I am business man, all business which are going digital got their business back in second week itself. Delhi/NCR and few areas are where business just want to deal in cash. I have convinced my maid/ milkman to accept money via cheque/ bank transfer and they are fine with it.
 
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It is both. First step is drive black money out and into the banking system. Second step is to make sure accumulation of black money becomes much harder than it was before. This is where digital economy comes in. Of course people will still find ways to launder money, but with most of the big transactions being done electronically it will be much easier for taxation department to track and detect these transactions.

Read what KV Kamath said in the interview.

Some say the move is a failure since almost all the currency would be back, including the black money…
There was a talk that one-third or one-fourth won't come back. But that to me was before the tax scheme on unaccounted deposits was announced. There is a lot that has been deposited. From an outside view, a large amount got deposited after that. How much of that is going to be taxed? I guess, a large part may come back. It is better to get it taxed and have a quarter of it now, and a quarter on a time-adjusted basis rather than none of it. I would be surprised why would anyone not put back the entire thing and not pay tax on it. I don’t think it is a failure. If nothing is taxed, we would need to understand how it managed to escape tax. I am sure it would be taxed.

Is there fear that the tax authorities become too powerful?
Any honest tax payer would welcome better tax compliance and authorities will be assisted by technology. Even today, high-value transactions are tracked and it is the system that is throwing it out. I am sure you can now change the filter of where you want to track it. The difference is digital money can be tracked real time. You can real time assess what is the transaction size, which PAN card did it and what is the returns this PAN card has filed and say that this doesn’t look kosher. It doesn’t require human intervention. There are so many ways in which transactions can be tracked down to where it has been done. The tools are clearly there today with the government for a cleaner setup.



Read more at:
http://economictimes.indiatimes.com/articleshow/55949303.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


Having said that, there is lot more that government needs to do, to make sure digital transactions actually work. Improving the digital and banking infrastructure is a must.

Government could have been better prepared, but the whole idea was to keep this move a secret so that the black money hoarders don't get the time to launder their cash. Printing of the newer currency in advance, or recalibration of ATMs in advance would have leaked the information about the imminent demonetization and would have made this whole exercise redundant.

If you look at the previous steps, Jan Dhan Accounts, IDS and then came the demonetization, it all adds up.

Of course as I said, no one is denying that the common people aren't facing problems, they are, but those problems will go away eventually. Arun Jaitely has said there will be a massive infusion of cash in the coming three weeks and that should ease the pressure off at the banks and ATMs. Once people have enough cash in hand, they ll be more than happy to adapt to the digital economy.

I have found out some wrong doing by a bank. What is the best way to report this?
 
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atleast this person please tell me some hindu areas where ATM is running.....
 
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We are already cashless.. I don't buy neither Owaisi argument or yours.. every common man suffering with this step.. Black money holders already found ways to convert their BM.. meanwhile common man with debit card stands in queue for hours.. I don't know why some people bringing argument those whoever opposing this move as anti national and black money holders.. kinda hilarious just blanket accusations..
At least some were caught post demonetisation..... However it is extremely unfair to paint everyone with same brush by calling anti national whoever opposes this move. At least this is one of the step where facts can speak for itself rather than we push ourselves unnecessarily to deduce something. Let us wait for few more days ...
On a side note, one of my relatives was furiously trying hard to convert his black into white & with little success so far, I am more than sure he find no place better than campfire for his obsolete currency notes.....
 
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At least some were caught post demonetisation..... However it is extremely unfair to paint everyone with same brush by calling anti national whoever opposes this move. At least this is one of the step where facts can speak for itself rather than we push ourselves unnecessarily to deduce something. Let us wait for few more days ...
On a side note, one of my relatives was furiously trying hard to convert his black into white & with little success so far, I am more than sure he find no place better than campfire for his obsolete currency notes.....


IT raids quite common even before not something new. Just compare it to the damage done post demonitization.
 
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lol, the little league "black money" people have organized armies of domestic help to convert their money to legit, it's like a whole other economy has sprung up around this, 25k for standing all day in line for someone, that's windfall if you're driving someone's car for a living etc.

and there's other avenues for people with bigger amounts to sneak into "digital India", you pay a slightly bigger premium to people to help you there..

total fail, and yet we have people cheering for some imaginary corrupt people who got screwed by this, idiots.

if the common man has an easy jugaad, you can bet your house that foreign enemy intel, terror and mafia groups etc have better jugaad.

all you have is more corruption now :lol:
 
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We are already cashless.. I don't buy neither Owaisi argument or yours.. every common man suffering with this step.. Black money holders already found ways to convert their BM.. meanwhile common man with debit card stands in queue for hours.. I don't know why some people bringing argument those whoever opposing this move as anti national and black money holders.. kinda hilarious just blanket accusations..
If you don't want to buy into his argument, that is fine but let me tell you that muslim dominated areas in hyderabad haven't been getting enough cash as compared to other areas...
 
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meh, they're suffering like everyone else.

Rs 1.8 Crore in new Rs 2000 notes which were recovered from Prem Singh Bedis house in Riddhi Siddhi Apartment during a raid by the CDI in Guwahati.

554249-dpz-13dcab03-notes.jpg


But modi clarified this move is for cashless economy.. he already changed goal post.

While the consumption of currency paper over the last few years has been in the range of 25,000 tonnes annually, officials said that almost 18,000 tonnes are now manufactured at the Reserve Bank of India (RBI) presses.

Officials of the Finance Ministry and Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said that the order may be shared by around nine foreign firms who have obtained security clearance from the Home Ministry. They include Landquart from Switzerland, Komsco from South Korea; PWPW from Poland; Arjowiggins from France; Crane from Sweden; Goznak from Russia; PT Pura from Indonesia; Fabriano from Italy and Louisenthal from Germany.

At least six of these firms are current suppliers of currency paper to India while others may be included in the limited tendering process for the first time. In the past, British currency paper manufacturer De La Rue and Germany’s Louisenthal had been blacklisted by the Home Ministry on security considerations. Louisenthal has since obtained the clearance while De La Rue remains barred. Another company to recently obtain security clearance was Sicpa, the Swiss firm that supplies specialised currency paper inks to India. As The Indian Express first reported on December 1, the optically variable ink made by the company was imported in a hurry in the weeks following the demonetisation announcement.

IT raids quite common even before not something new. Just compare it to the damage done post demonitization.

Raids conducted by the Police and CBI in border areas have got enough money . the old currency and even the new ones.

Smuggling chains have be identified by the intelligence agencies coming from across the borders.
 
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