It is an idea. there is no use patenting if gov is not interested in..vijayk wrote:may be patent it if you can
It would require more digital information on the cheque printed using MICR. Now, what gets printed is the secret. so my idea is once this validated cheque is printed (I am not calling it cheque, because of the new idea). It is a combination of DD, cheque printing and some digital v&v system - that applies to all of its sub-product usecases /scenarios- bank connected, and disconnected uses. This is also a big-data thing, so it is all interconnected solution. Once your print these DNIs, you are actually converting them to "cash equivalent" {in the sense, has a validity period + bank authorized/documented/account balanced}. I am keeping it only that much info exposed now.nandakumar wrote:Cheques are negotiable instruments. Which is why you hear of someone being prosecuted under the Negotiable Instruments Act for dishonour of a cheque. The title to the value implicit in the instrument can be endorsed and transferred if it is not made out as Account Payee to the name of the 'payee'. Also the drawer's bank cannot be faulted for paying to the credit of the account of the person to whom it has been properly endorsed. That said, it doesn't quite have the same versatility as that of a currency note when it comes to assured exchange for value. But if there is some mechanism by which the bank promises that equivalent value as mentioned in the cheque has been frozen from the account of the issuer and hence the person accepting it in exchange for sale of some good or service is not exposed to the risk of default. This is somewhat analogous to a brokerage subsidiary of a scheduled commercial bank such as ICICI Direct or HDFC Securities when they directly communicate with bank account of the customer, putting a lock on the amount for which security is purchased. But as to patentability of SaiK's idea there is just the danger that it might be challenged under the patents law, as a work of 'prior art'!
This move, if it eventuates, will be a clear win for those who stubbornly held out and refused to go digital.the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account.
That report about how many ppl deposited between Nov 8 and Dec 30 and how much, is absolutely 
Somewhere in there is moi, with an amount that was so far below in the noise level as to be laughable. NEW DELHI: As many as 156 senior officials of various state-owned banks were suspended and 41 transferred after they were found involved in irregularities related to demonetisation, Parliament was informed on Friday.
"Certain bank officials have been found involved in irregularities relating to demonetisation. On the basis of prima facie involvement in the irregularities, public sector banks (PSBs) have so far reported to have placed 156 officials under suspension and to have transferred 41 officials," finance minister Arun Jaitley said in the Lok Sabha.
Banks also reported having filed 26 cases with police and the Central Bureau of Investigation (CBI) wherever criminal cases were involved, he added.
What danda ???amitkv wrote:Danda has started to fall on those who were doing hanky panky business during DeMo.
156 public sector bank officials suspended for note ban irregularities
NEW DELHI: As many as 156 senior officials of various state-owned banks were suspended and 41 transferred after they were found involved in irregularities related to demonetisation, Parliament was informed on Friday.
"Certain bank officials have been found involved in irregularities relating to demonetisation. On the basis of prima facie involvement in the irregularities, public sector banks (PSBs) have so far reported to have placed 156 officials under suspension and to have transferred 41 officials," finance minister Arun Jaitley said in the Lok Sabha.
Banks also reported having filed 26 cases with police and the Central Bureau of Investigation (CBI) wherever criminal cases were involved, he added.
If this trend continues, I fully expect merchants to stop accepting digital payments. That would be several steps backwards and loss of momentum.With the availability of cash in ATMs and in many bank branches, the number of digital transactions has dipped. The value of overall digital transactions fell by 10.38% in January compared to December. In volume terms, the transaction value fell 7% to Rs96.79 lakh crore.
But there was a similar drop-off from December 2015 to January 2016.rahulm wrote:Digital transaction slows down in January
If this trend continues, I fully expect merchants to stop accepting digital payments. That would be several steps backwards and loss of momentum.With the availability of cash in ATMs and in many bank branches, the number of digital transactions has dipped. The value of overall digital transactions fell by 10.38% in January compared to December. In volume terms, the transaction value fell 7% to Rs96.79 lakh crore.
When ATM cash talks, the bulsh@t electronic economy walks.
A whole lot of merchants have invested in PoS machines and all are still taking digital payments.rahulm wrote:[
If this trend continues, I fully expect merchants to stop accepting digital payments.
Business activity is seasonal. It ramps up through December, falls off in January, and picks up again late March before close of financial year, then again drops off until after kharif harvest late summer. Such seasonal activity is true of every major economy. The Chinese for example, always have a big drop around Chinese New Year and National Day golden weeks, when everyone's gone on vacation to their family homes.A_Gupta wrote:But there was a similar drop-off from December 2015 to January 2016.rahulm wrote:Digital transaction slows down in January
If this trend continues, I fully expect merchants to stop accepting digital payments. That would be several steps backwards and loss of momentum.
When ATM cash talks, the bulsh@t electronic economy walks.
Not in India I'm afraid. The payer mostly cannot demand anything. Except pharmacies and petrol pumps and gobarmint services requests for even a pucca receipt are scoffed at with a smirk and a request to go elsewhere. [Rant: how some almost everything in India becomes mafiagiri?]JE Menon wrote:Also payer can demand digital...
India is a big country. In Bengaluru people can do that and have their way. If the people with money want digital, the people who want to do business will go digital. Demonetization did one good thing - it reminded everyone that it is possible to survive without notes.rahulm wrote:Not in India I'm afraid. The payer mostly cannot demand anything. Except pharmacies and petrol pumps and gobarmint services requests for even a pucca receipt are scoffed at with a smirk and a request to go elsewhere. [Rant: how some almost everything in India becomes mafiagiri?]JE Menon wrote:Also payer can demand digital...
The bolded italicized lines in above post may be true in Goa .. but not so in many areas of TN. You indicate that you will buy only if you get a bill ... the shop keeper will surely give it to you, whether its a small electrical or hardware or rice selling shop or so. The customer always has the option to go to some other nearby shop & buy the same product with a bill and this makes many of the shops comply with the need to provide bills when their customer requests for one. Word-Of-Mouth about arrogant owner of shop will also singe the business of that shop in its immediate nearby market & customer target areas. Sometimes one can buy the same product from an online retailer with the purchaser even receiving a few % cut in price for the debit/credit card you use and you will definitely get a bill in these types of purchases.rahulm wrote:Not in India I'm afraid. The payer mostly cannot demand anything. Except pharmacies and petrol pumps and gobarmint services requests for even a pucca receipt are scoffed at with a smirk and a request to go elsewhere. [Rant: how some almost everything in India becomes mafiagiri?]JE Menon wrote:Also payer can demand digital...
And the data supporting these assertations are available at ???Neshant wrote:The one effect of rupee demonetization is that people with savings will trust the govt (and by extension the rupee) less.
At any given time, govt can steal all that a person has worked for through currency devaluation and/or removal from circulation.
The net result is people avoiding rupees altogether and preserving their wealth in a form that is harder for govt/banksters to rip off.
How would the govt. steal people's money from banks?Neshant wrote:The one effect of rupee demonetization is that people with savings will trust the govt (and by extension the rupee) less.
At any given time, govt can steal all that a person has worked for through currency devaluation and/or removal from circulation.
As opposed to hoarding cash and hiding it under their pillows?The net result is people avoiding rupees altogether and preserving their wealth in a form that is harder for govt/banksters to rip off.
This is generally true in KL too as much as my experience goes - even small shops usually have no problem making a bill and handing it to you. But if one expects a bill for buying flowers or vegetables from a roadside cart, that may be a bit much....SaraLax wrote: The bolded italicized lines in above post may be true in Goa .. but not so in many areas of TN. You indicate that you will buy only if you get a bill ... the shop keeper will surely give it to you, whether its a small electrical or hardware or rice selling shop or so.
Well you forgot to mention "hindu fundamentalism" in your post this time. You can compensate this imperfection by invoking the "saffron terror" in your next post.habal wrote:the sad reality is Indians are subjected to so many social experiments by those who claim to have 'their best interests at heart' & those who work for their own self-interest at heart. The poor common middle-class Indian has to bear brunt of tender mercies of both groups viz the nationalists & also the swayamsevaks (service to self). Both these groups are claiming to work for India's farmers, middle-class, aam admi. I see signs of a revolution in India if these failed experiments are repeated again. This time round it is going to be total mobocracy, no one leader will be able to control it.
The fine print of the Finance Bill 2017 that lays out details of the 2017-18 Union Budget does not make for pleasant reading.
First, in search and seizure cases, the assessing officer does not have to provide a reason for the operation.
Worse, the officer can search charitable organisations, again without seeking permission from the principal commissioner as was the case earlier.
The fine print in the Finance Bill 2017, which will be tabled in Parliament, has more such incendiary proposals.
For example, one particularly draconian proposed amendment in the I-T Act permits the assessing officer to order attachment of the assessee’s property for six months after obtaining sanction from a senior officer.
Such wide discretionary powers can – and will – beget abuse.
Prime Minister Narendra Modi is instinctively against such abuse that amounts to tax terrorism and defeats the principle of maximum governance, minimum government. His officials in the finance ministry, however, are clearly playing to a different tune and a different conductor.
The prime minister must step in and remove these tax amendments – or accept responsibility for them along with the opprobrium.
Last year’s Union Budget had numerous rollbacks on pension funds, interest rates and EPF withdrawls. The finance ministry hasn’t learnt from those setbacks, which were deeply unpopular with the middle class.
The proposed amendments in the Finance Bill 2017, if enshrined in law, will - like Pranab Mukherjee’s retrospective tax law of 2012 - remain a blot on India’s tax legislation.
Sir, I understand what you say and how you feel about the interactions here. I do have my roots in KL, and visit the place many a times a year. And De.Mo was a topic of discussion many a times, when I catch up with my friends (who actually work in the state). Inputs which I could glean out..habal wrote:Problem can only be studied while going smaller towns and small businesses that just about manage to keep above water month-on-month. For these small businesses and tradesmen in small towns, demonitisation was akin to outbreak of war or economic recession.
. They being "back to business", does not augur well.SHQ mentioned that last week they had a tough time reconciling their account books once again. They had some discrepancies in the amounts reported, and the bank HQ wanted every thing to be re-verified. So checkings and double checkings are happening, big time. Which also gave me a feeling that "all is not lost", and the momentum is still there.manjgu wrote:IT notices have started arriving thick and fast..
I tend to agree with you. From what I understand the shop keepers in KL, had already become champions in fooling the Sales Tax people and for them giving a bill was not a big problem. Way back in 1990s one jeweller (who had no clue on computers or how they worked), decided to introduce computer billing at his shop. For a common man then computers never made calculation mistakes. This old man had one requirement to the software vendor. If he presses CAPS LOCK and then makes a bill, the money should go to a different account (or a database table). The chap was just asking for their own manual accounting (using multiple ledgers, account books etc.) in the computerised system as well. For this old prominent jeweller his "functional requirements" were very clear from day one!.KL Dubey wrote:This is generally true in KL too as much as my experience goes - even small shops usually have no problem making a bill and handing it to you. But if one expects a bill for buying flowers or vegetables from a roadside cart, that may be a bit much....
Will any major Nation appoint Indian CA firms to vet their own Tax Payers in such large scale excercise?manjgu wrote:IT notices have started arriving thick and fast.. the CA's have their hands full replying to the notices... anybody with deposits in excess of 5L cash have received notices. A quiz comprising of 4 to 5 questions has to be answered online... 2nd phase people between 2.5L to 5L will get notices... the Big 4 consultancy firms are assisting the govt in sifting the data...
In which world does the middle class have five lacs cash sitting at home to be deposited at one shot in one month...amitkv wrote:5 Lakhs seems like too low a bar. I'm afraid IT dept. might end up catching a lot of small fish while big time wheeler dealers are let go. BJP is working really hard to piss off it's middle class voter base with this tax terrorism.
Exactly.Marten wrote:In which world does the middle class have five lacs cash sitting at home to be deposited at one shot in one month...amitkv wrote:5 Lakhs seems like too low a bar. I'm afraid IT dept. might end up catching a lot of small fish while big time wheeler dealers are let go. BJP is working really hard to piss off it's middle class voter base with this tax terrorism.