Bharat Rakshak

RajeshG

Most likely TKiran's chaiwalla doesnt own his own shop. He is most likely "leasing" the stall from a previous "owner" who doesnt "own" the place either. These thieves dont own the place, dont pay municipal tax, service tax, sales tax, falana tax, dhimka tax. They just h...

RajeshG

http://timesofindia.indiatimes.com/india/Demonetisation-Banks-get-close-to-Rs-8-45-lakh-cr-worth-of-scrapped-notes-says-RBI/articleshow/55673166.cms People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonet...

RajeshG

Regarding how undeposited money will show up in balance sheets i think the econ times article has the best imfo i have found so far. I think it had quotes fron rbi auditor as well. Suffice to say there still some legal issues that goi needs to addtrss.

RajeshG

Disha

14 lac cr is total currency demonetised. Out of that about 9-10 is supposed to be legit

About 4-5 is black

Out of which 2-3 is supposed to be single black

And 1-2 is double black

RajeshG

Shaurya couple of good posts.

I think people are making wrong assumption that dollars in circulation will remain constant. I am sure people like dawood can pump in as many dollars as there is demand

RajeshG

http://m.economictimes.com/news/economy ... 529482.cms

On how bm shows up in balance sheets

RajeshG

http://m.ndtv.com/india-news/unaccounted-deposits-in-old-notes-to-attract-50-per-cent-tax-4-years-lock-in-1630421 Amendments look very reasonable and practical. Altho details will need to be looked at. GoI should aim to advertise and assure people that no harassments would follow people who opt for ...

RajeshG

Shivji Yes thats what i am wondering. In 6 mos what will happen i dont know. Actually nobody knows from what i can tell. There is hope, euphoria and sceptcism. But one barometer to watch would be price of dollar. If end of next year it starts to reach 75 then what i am saying is true. False otherwise.

RajeshG

Shiv I am not following what you are asking. I am baiscally saying that 2 years from now a large xaction happens then what thinking will go thru the sellers mind. On one hand there is 2k notes but rbi can deomnetize it any time. Then there is $ which will never be. Pure business decision. What would...

RajeshG

Suraj On your point of people not trusting 2k notess i think you are again not being practical. Currency notes for aam junta are nothing but a piece of paper plus trust. Trust is variable. Threat of discontinuation reduces trust and hence the value. People dont do corruption because there are 2k not...

RajeshG

Suraj wrote: You're not telling me 'something else' - you sound like a thief making a completely unconvincing effort to exonerate himself

chalo thik hai..

i will take leave for now until things get clearer.

hopefully all this is just GoI's chankianness as always and i just dont see it.

RajeshG

http://www.business-standard.com/article/economy-policy/82-500-atms-recalibrated-to-dispense-new-notes-116112200836_1.html Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening. http://www.livemint.com/Opinion/MC65319ttvJDYCm16h5iqI/Demonetisation-Modi-bids-to-protect-Indian-capitali...

RajeshG

Suraj i was trying to tell you something else. consider.. - you said 1/3 of cash has been deposited which is prob 4-5 lac cr. which means there is still 10 lac cr to go. maybe it is the 8 lac cr or 2 lac cr idle money ? or maybe its the black or double-black money that people have "set" - ...

RajeshG

Here is the reality: less than 2 weeks into this, more than 1/3rd of all outstanding cash has already re-entered the banking system. In other words, 1/3rd of the people have already chosen to make use of this and make their money white. They can continue with their business, while the rest are scra...

RajeshG

Everyone uses the roads, uses the electricity grid, discards garbage, uses water etc. All this maintained using our taxes. Pay the tax and stop complaining. Sure but that is making a stand purely based on principles and thats great. But thats not practical. There are elections to be won. Weddings t...

RajeshG

Suraj wrote: a) formally deposit money, pay penalty and tax

the penalty and tax amounts to a large %age making it not worth it. The 45%-50% being quoted in that article currently will again go to dubious sources as opposed to another scheme where the govt gets it and the whole thing gets over way sooner.

RajeshG

I don't think a Doctor can even think if practicing wihout a PAN card. My students themselves all have PAN cards and have to file and pay income tax as their stipend has a TDS deduction from what i have seen a considerable part of commercial real estate is owned by labs, doctors, hostpitals, pharma...

RajeshG

thats hobson's choice Suraj. I think govt should offer another disclosure scheme and get this done and over with instead of continued bleeding.

RajeshG

IndiaTV, normally a very pro-Modi channel, has started going negative primarily because of the wedding season issue. Rajat Sharma had grilled Jaitley about the wedding issue and RBI had later announced 2.5 lacs scheme. The operating procedures announced by RBI today were covered very negatively by I...

RajeshG

http://www.business-standard.com/article/pti-stories/exporters-seek-higher-cash-withdrawal-limit-sitharaman-116112100705_1.html Exporters demanded an increase in the withdrawal limit from Rs 50,000 a week to up to Rs 5 lakh, she said. Certain sectors informed that because of this cash limit "so...

RajeshG

http://www.businesstoday.in/current/economy-politics/stranded-trucks-unpaid-workers-india-inc-counts-cost-of-cash-crunch/story/240658.html Like millions of Indians fed up with corruption and counterfeiting, Vimal Somani cheered Prime Minister Narendra Modi's shock move to replace all high-value bank...

RajeshG

I see a ticker tape on TV that says farmers can now use old currency to buy seeds. I think the other major piece is the markets where produce is sold. Those markets are still shutdown. http://www.business-standard.com/article/economy-policy/demonetisation-in-a-partial-rollback-govt-allows-farmers-t...

RajeshG

http://www.business-standard.com/article/economy-policy/staff-crunch-taxman-may-not-be-able-to-scan-more-than-700-000-bank-deposits-116112000752_1.html Hobbling with a paucity of staff, the income tax (I-T) department might find it difficult to assess more than 600,000-700,000 cases a year, though t...

RajeshG

http://timesofindia.indiatimes.com/city/ahmedabad/Informal-markets-in-jitters-over-tax-crackdown-fears/articleshow/55533182.cms AHMEDABAD: In the last eight days, some of the busiest, congested and bustling informal markets of Ahmedabad have off-and-on closed for an hour or two owing to rumours of c...

RajeshG

http://www.business-standard.com/article/economy-policy/demonetisation-s-impact-on-gdp-growth-won-t-be-very-significant-in-fy17-bibek-debroy-116112000633_1.html While Rs 14 lakh crore is a RBI (Reserve Bank of India) figure, the break-up is my guesstimates and my guesstimates could be different from...

RajeshG

http://www.hindustantimes.com/india-news/hardik-patel-slams-govt-for-demonetisation-vows-to-uproot-bjp-in-gujarat-polls/story-6hHgv58l05D7XnVgAy8JPI.html Patel quota agitation spearhead Hardik Patel on Sunday slammed the Centre for its demonetisation move, claiming it only increased the hardships of...

RajeshG

I see a ticker tape on TV that says farmers can now use old currency to buy seeds. I think the other major piece is the markets where produce is sold. Those markets are still shutdown.

RajeshG

According to Jaitley, that is because of pay commission payouts in month of sept

RajeshG

Why are you wasting time convincing us of the color of money ? If you're so convinced that money can be light-grey-thats-almost-white, then you should have no trouble convincing the taxman either. Thanks Suraj. I will stop beating my wife now. -------- anyway news from gujarat from various gujarati...

RajeshG

http://www.forbes.com/sites/timworstall ... 6f26c4a1ae

Thus we just don’t know what the macroeconomic effect of demonetisation is going to be. It’s something we’ve just got to wait and see about.

RajeshG

"I'm an ordinary man and I'm suffering hardship too. I was in a long queue on Saturday. But it's worth it. The rich need to be punished for being greedy. I am savouring the moment," said a smiling Mohan Kishore, who sells fresh coconut water on a South Delhi street. This story was found a...

RajeshG

one shade, jet black. There are no "shades". Thats great. You have great conviction and maybe it will last forever. Would that be the case for the 80% of population forever ? What will happen two months down the road when the people who have certain amount of money they earn and not pay t...

RajeshG

Suraj, its a noble goal but not practical. when you have a common pool of resources, its bound to get abused eventually. insurance, govt, heck even your society's water tank - try telling society members to use water judiciously.

RajeshG

Pankaj, i feel bad discussing his family's issues but you will find the details if you google for it. i really doubt given the man's career he would actually be angling for something like this. i really dont know him all that well but like you that is the impression i have.

RajeshG

There are NO shades of gray in corruption or black money. You can't pardon a thief who breaks into your house and simply steals 100Rs as opposed to the one who steals your wife's jewelry. Primusji, thats the disconnect i was mentioning. I dont think a lot of people are thinking in this manner. For ...

RajeshG

I have had had the honour of meeting Arun Shourie twice xxxxx snip xxxxxxxxx - surprises me. my only point was that he cannot practically even think of being a full time minister - his wife's health and son's situation wont even allow him to be a full time minister.. and people here are claiming he...

RajeshG

To those casting aspersions on likes of Mr Shourie, please google his name. I dont think his personal situation would allow him to be a minister. Plus i think he is way over 70.

RajeshG

i also remember that even aurangzeb in all his evilness could not manage to go beyond 20% taxation rate. jahangir was at a meagre 5%. i think i read this in dharampal's books. point is taxes arent really considered as virtuous as some people here state or atleast in such stark contrast as some peopl...

RajeshG

although i have already stated this, there seems to be a slight disconnect between what people are saying in this thread and what happens in reality. people here take BM as evil and almost everybody who has 'black' money as kaffir. in real world BM isnt quiet black - but there are shades of grey. ev...

RajeshG

Suraj wrote:This is an enforcement issue.

Its still a problem that needs to be fixed. Fixed in a politically and economically acceptable way.

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