Bharat Rakshak

vijayk wrote:I hope they build pre fabricated high quality houses with energy efficient or solar buit in and involve Make in India. Can we suggest this to PM?

achoudhury wrote:So Modi's next strike is certainly on Benami Properties. Probably he already has a starting list of properties. He will now aggressively push Housing Scheme for all especially in Rural areas to generate employment to failsafe the blowback from inevitable slowdown in real estate sector. He may,as well , give a last chance to Corrupt to declare and pay some hefty fine by liquidating their Gold asssets as they wont have any liquid cash

Manish_Sharma wrote:

Kakkaji wrote:Accounts wake up - Flurry of activity in Jan Dhan segment (in Bengal)

15 lakh x 2.50 lakh = 375000000000 (don't know this figure in english but in hindi I count its 3 kharab 75 arab rupees)

Bart S wrote:Interesting perspective from Stratfor of all people:
https://www.stratfor.com/analysis/cashi ... ck-economy

abhijitm wrote:

durairaaj wrote:The tamil news reports that PM Modi might have suggested reviewing (actual translation from tamil is relook) the demonetisation process. It says the reasons are: President is opposed to this step and the numerous cases filed against the govt in High courts and supreme courts might lead to unfavorable judgements.
News Link

Not possible to go back now. Situation is stabilizing and huge investment already in demonetization.

ragupta wrote:Is paytm available for NRI use for short term?

Sachin wrote:.
3. Some reasonably big-wigs prosecuted for tax evasions and perhaps a few arrests, hand cuffing and parading on the way to the courts.

Bart S wrote:

ragupta wrote:Is paytm available for NRI use for short term?

It's just an app that you install on a phone. All you need is a phone number (presumably a local one). However transferring money in to the account might be restricted to local bank accounts and other PayTM enabled mobiles. So basically you might need someone's help with putting money in to it.

srin wrote:Some anecdotes:
1) We ran out of coupons to buy Nandini milk (I'm in BLR), so called up the milk delivery guy who promised to deliver the coupons later in the evening. When he came to deliver coupons in the evening, we asked how we can pay because we don't have the cash (and we used to pay by cash). The guy said we can pay him later when we have the cash, its fine, but he needs cash. I asked him about online transfer, paytm etc and he said his bank account is "maxed at 2.5L". So, got the milk coupons on credit for now.

2) We used to pay our maid by cash. After the demonetisation, we asked her we can pay her other than cash. She said she doesn't have a bank account. We asked her to get a bank account and what IDs she has. She said she has election ID and Aadhaar and so we told her getting an account is very easy. She herself has volunteered to go to State Bank of Mysore near to her house to get the forms and asked my SHQ to help her fill it up. So, I know atleast one person will come under formal channel now.

ragupta wrote:

Bart S wrote:
It's just an app that you install on a phone. All you need is a phone number (presumably a local one). However transferring money in to the account might be restricted to local bank accounts and other PayTM enabled mobiles. So basically you might need someone's help with putting money in to it.

Thanks, whether NRE or NRO will help?

Yagnasri wrote:. He was not ready for an account transfer. This is a fellow known to us for a decade or so. From this, it is clear most of the problems are due to the reason of people not willing to come to recorded transactions and still are interested in dealing with cash.

vina wrote:

Yagnasri wrote: He doesnt need to give you his bank details (which a lot of individual people will be loath to share, his clinic might not have a current account) .

Yagnasri wrote:Doctors do not pay tax and we are not seriously willing to fight with them when we have seriously sick and old people at our house. The fundamental problem is the IT department's willingness to keep quiet about these people who do not pay any tax or pay a small amount of tax.

hanumadu wrote:I-T search at engg college finds Rs 8cr deposited in 400 accounts

Just as we discussed would happen. Some employees intimated the IT department. This should be publicized wildly as a deterrent to others trying the same trick.

I-T search at engg college finds Rs 8cr deposited in 400 accounts
Sivakumar B
Chennai:


Employees Were Promised Commission
Income Tax department officials on Saturday conducted searches at a well-known engineering college in the city {heard it was one of the politician promoted instis, local news probably names them} following reports that the owner had deposited `8 crore in unaccounted cash in the accounts of employees. The searches came in the wake of information provided by some of the employees who had deposited the cash as `instructed'.The huge sum, I-T officials found, was deposited in nearly 400 bank accounts. {And all it took was for one person to squeal}

Since November 8, when Prime Minister Narendra Modi announced that ``500 and `1000 currency notes wo and `1000 currency notes would no longer be legal tender, rumours of owners of colle ges and hospitals using their employees bank accounts to deposit black money have been doing the rounds.

“A few days ago we got information from some employees of the college saying their bank accounts wereused by the college owners to deposit cash. Based on this we conducted the searches,“ a senior I-T official told TOI.

Some employees who gave the information to the I-T department, however, could not say to whom the cash belonged to. “Before going to the college we asked the employees about the cash and who deposited it but there were not able to answer. At the college on Saturday we found the owner had used 400 bank accounts to deposit the entire amount in cash,“ said the official. The cash was not shown in any account maintained by the college, he added. “The college accounts could not be balanced with the cash deposits. Therefore it is black money which has been deposited in the employees' accounts. The employees were told that they would be given some commission and after sometime the money would be taken back,“ said the official.

The I-T officials involved in the search questioned the owners and other senior college officials on the deposits.“We are checking whether there is more money in the form of cash which is outside the account,“ he said. Repeated attempts by TOI to contact the college authorities went unanswered.

The searches at the college come a few days after eight jewellers in Broadway were raided based on the information that they were exchanging old high denomination notes with gold. The raid went on for nearly two days but the results haven't been disclosed.

vina wrote: <SNIP>For eg, if you have a consultation with my dad, <SNIP>

Rahul M wrote:Kapoor ji, have a PM for you.

Bart S wrote:

vina wrote:

That's why with UPI you don't need to share bank account details to receive money though it goes straight into the bank account.

RajeshG wrote: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.

Patel quota agitation spearhead Hardik Patel on Sunday slammed the Centre for its demonetisation move, claiming it only increased the hardships of the common man.
Addressing a massive rally of his community in Bhayavadar town of Rajkot district through video conference, Patel claimed that the Centre’s move to scrap Rs 500 and Rs 1,000 notes increased the hardships of poor people.

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 yours. Out of Rs 14 lakh crore, probably something like Rs 4 lakh crore may be black money. There are two kinds of black money. I will call one kind of black as ‘double black’ where the activity that led to generation of that income is illegal – crimes, trafficking etc.

‘Single black’ is when the activity is not illegal but you have not paid taxes. Let’s assume that out of Rs 4 lakh crore, Rs 2.5 lakh crore is single black and Rs 1.5 lakh crore is double black. So, Rs 1.5 lakh crore is roughly 10 per cent of Rs 14 lakh crore. This is completely destroyed. On Single black – Rs 2.5 lakh crore – I think a large part of it will come back into the system. Of the remaining Rs 10 lakh crore, Rs 8 lakh crore is just probably transaction-related. This cash temporarily goes out of the system, but it eventually comes back into the system.

The remaining Rs 2 lakh crore is what the people were sitting on. This is not illegal. This Rs 2 lakh crore is unproductive for the people holding on to it and for the system. This comes into the system.

So, will the gains which were to accrue because of the normal monsoon after two consecutive years of drought be nullified, at least in Q3?

It is impossible to quantitatively answer that. We tend to exaggerate quantitative importance of several things. People talk of lack of financial inclusion, but all said and done, 600 million people in India have debit cards. Of this, 225 million cards are Jan Dhan kind of debit cards. So, a lot of people, including the poor ones, have debit cards but they don’t use these cards for transactions. They use the debit cards for withdrawals from ATM, nothing more. I will be extremely foolhardy to hazard a guess on your question.