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

[nang2]

Valid question. Many people do hold money that is paid tax. Like me and my parents for example. But small amounts. For emergency. Reason being Indian stores don't take checks at all. and plastic money is not accepted in every nook and cranny stores.

However, I personally know many people who hold money that are not paid taxes on.

I went through the wiki page on "Indian Black Money". It has a long list of proposed measures for black money, including this approach. But, if tax evasion is such a big concern, I am wondering, maybe India is taxing in a wrong way, which doesn't fit her own economic reality.

 

[Sam.]

There is no upper limit if its white. If its black, expect an Income Tax Raid

Or conver to white with 40% tax.

Then you are not appreciating boldness of this move.

Many Countries ,have derecognized legal tenders before, but no one has fixed such a sharp time limit on their derecognition. These notes have gone out of circulation in just 4 hours and would become completely worthless (even at bank) on 31st December (or is it 8th as you are typing).

This means that hoarders do not have opportunity of using time tested route of converting black money into white using small transactions over a period of time. Since there is a time limit upto which banks would accept these notes ,people could only convert very small proportion of their black money into white using convention laundering methods, and gold dealers also would not accept these notes as they too need to get rid of them as fast as possible.

It is not derecognition that is bold, but narrow time window for exchange that is bold. There is no way in hell that people would rooms filled of black money in high denomination notes could launder all of their money in such a short period of time without getting caught.

He is Congress supporter.

I drink nice coffee, 190 bucks, and I usually pay cash with a 5er bill.

anywho, let's wait a few days and see how it is, I'm not going to rah-rah Modi or the government if it inconveniences my daily life.


yes, the limit will slowly increase to 10k after 2 weeks or something ?

this is bs

Yes your daily life is important than the Nation. Story of a Congressi life.

 

[gslv]

I am sure next time ppl will ask bribe in form of gold.

 

[911]

Please. Dont make this a mud slinging thread.

Pakistanis would appericiate my post I can assure you

 

[Sam.]

I am sure next time ppl will ask bribe in form of gold.

You have to provide Pan card if you buy more than 2 lakh.

 

[T-72]

Yes your daily life is important than the Nation. Story of a Congressi life.

no, maybe that's your collectivist commie mindset at work ?

 

[TimePass]

I drink nice coffee, 190 bucks, and I usually pay cash with a 5er bill.

anywho, let's wait a few days and see how it is, I'm not going to rah-rah Modi or the government if it inconveniences my daily life.

yes, the limit will slowly increase to 10k after 2 weeks or something ?

this is bs

Then you can pay by credit card, debit card or by using 2 hundred rupee note

what seems to be the problem ? A shop that sells Rs. 190 coffee do not accept credit cards ? or debit cards ?

If you drink a Rs. 190 coffee and do not have a bank account or a credit card then something smells rotten. ............... so which is it ?

 

[gslv]

You have to provide Pan card if you buy more than 2 lakh.

I know, just a tongue in cheek comment .

 

[Śakra]

How many times in Canada you really saw 100 or 50$ bills , its good now people will move to plastic money and its good way to crub corruption

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.

 

[TimePass]

Or conver to white with 40% tax.

He is Congress supporter.

Yes your daily life is important than the Nation. Story of a Congressi life.

In that case Modi ripped him a new one to pour coffee in

 

[ranadd]

I went through the wiki page on "Indian Black Money". It has a long list of proposed measures for black money, including this approach. But, if tax evasion is such a big concern, I am wondering, maybe India is taxing in a wrong way, which doesn't fit her own economic reality.

Well. You can say about that for any country. Take a look at US taxation. Shit show it is. Economic policies are not set in stone. It changes always.

 

[Sam.]

no, maybe that's your collectivist commie mindset at work ?

Thank you. When a congressi shout at me i feel happy.

We care ab out you so turn your black money to white and pay 40% taxes.

 

[Neutral_One]

Bold move by the Government, this will bring out most of the back money in India and it will pursue the people to transact using credit / debit cards.
Definitely huge sum of money will be lost in transition but it's equivalent gold value will be with govt.. This will create a huge revenue to govt. This will strengthen INR further.

 

[TimePass]

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.

Yup, and people buying cars in cash is called Black Money.

 

[T-72]

Then you can pay by credit card, debit card or by using 2 hundred rupee note

what seems to be the problem ? A shop that sells Rs. 190 coffee do not accept credit cards ? or debit cards ?

If you drink a Rs. 190 coffee and do not have a bank account or a credit card then something smells rotten. ............... so which is it ?

neither, like I said earlier, let's wait a few days and see how it works.

I'm not hoarding millions in stacks of cash buried at the farm, all I care about is going about my daily routine without a massive government induced annoyance to navigate around.