Bharat Rakshak

ShauryaT wrote:

shiv wrote:
A trader with BM, visits a high end restaurant, restaurant also collects some BM. Salary of staff is paid from restaurant revenues. Revenues take a 30% dip. The high end trader income has taken a permanent hit, with him not going to the restaurant any more. This is trickle down effects to all the vendors to the restaurant.

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The problem is the refusal of people to transact cashlessly. Not the non-availability of cash. In Mandis etc. people know each other for decades, even for generations. They do not want to take cheques as payment or do not want to go for electronic transfer even then.

vijayk wrote:With new pod/paytm/wallet to bank interfaces putting pressure on banks web services, many services are literally out of operation. My brother could not get his atms to recharge his paytm wallet. Some pos systems are slow.

Paytm itself gives many errors.

Looks like banking infrastructure is unable to scale up or Govt. is putting limits. How can we trust that cashless is going to work?

Austin wrote:Black money: Deposits belie expectations of large windfall

http://economictimes.indiatimes.com/art ... aign=cppst

“In politics, Mamataji is the symbol of honesty and simplicity. I love her simplicity. She wears chappals and ordinary saris. I believe she does not have black money,” he said.

Austin wrote:Black money: Deposits belie expectations of large windfall

http://economictimes.indiatimes.com/art ... aign=cppst

Sridhar K wrote:The other sector that is hit is various religious and charitable trusts where money is hoarded both over the table and under the table (in containers).

Don't know how BR missed the latest

mamata-banerjee-has-credential-to-be-prime-minister-baba-ramdev

sum wrote:

Sridhar K wrote:The other sector that is hit is various religious and charitable trusts where money is hoarded both over the table and under the table (in containers).

Don't know how BR missed the latest

mamata-banerjee-has-credential-to-be-prime-minister-baba-ramdev

Ramdev baba also hit by the DeMo tsunami?

Why this abrupt googly? Or is he on some track-2 by the ruling power to get Mamata to tamp down and clean up her state instead of doing Kejri style drama?

Sridhar K wrote: Don't know how BR missed the latest

mamata-banerjee-has-credential-to-be-prime-minister-baba-ramdev

Gus wrote:govt again allows old notes for use at toll gates -

this cannot go on like this...they need to pour resources in fixing toll gates payment crunch issues and get it over with. if centers run out of change, they should be able to issue tokens that can be used in next booth. if drivers ran out of cash, they should be able to get a bill to be mailed in. or have camps to educate and install mobile wallets etc at booths.

Gus wrote:govt again allows old notes for use at toll gates -

this cannot go on like this...they need to pour resources in fixing toll gates payment crunch issues and get it over with. if centers run out of change, they should be able to issue tokens that can be used in next booth. if drivers ran out of cash, they should be able to get a bill to be mailed in. or have camps to educate and install mobile wallets etc at booths.

Bart S wrote:Height of stupid logic that nobody buys in India anymore. Reminds me of the 'fumble harmer' from KA. Or the saintly communist Tripura CM who refused to have an AC in his office, so simple and down to earth was he. Would have been better if he had taken the damn AC and in exchange, not run his state's economy in to the ground.

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,000 crore of Undisclosed Income admitted by the taxpayers; IT Department refers large number of cases with serious irregularities detected Post De-monetization to Enforcement Directorate (ED) & CBI.

The Income Tax Department has carried-out swift investigations in more than 400 cases since the de-monetization of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. More than Rs. 130 Crore in cash and jewellery has been seized and approximately Rs.2000 Crore of undisclosed income has been admitted by the taxpayers.

Detecting serious irregularities beyond the Income-tax Act, the CBDT decided to refer such cases to the ED and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI.

The Bengaluru Investigation Unit of the Income Tax Department has sent maximum references (18) to ED. These are cases where undisclosed cash in new high denomination notes was seized by the Department. The Mumbai unit has referred a case where Rs. 80 lakh in new high denomination currency notes were seized. Ludhiana Unit has referred 2 cases, where seizures of USD 14000 and Rs. 72 lakh in cash were made. Hyderabad, shared a case involving seizure of Rs. 95 lakhs cash from 5 persons travelling in a Tata Indica. Pune’s reference stems from a seizure of Rs. 20 lakhs cash, including 10 lakhs in new currency notes from an un-allotted locker of urban cooperative bank, the key of which was in the possession of the CEO of the bank. Two cases referred by the Bhopal unit are of jewelers against whom evidence of large scale pre-dating of bills and flouting of PAN reporting norms were detected during searches conducted. The cases referred from the Delhi unit include the Axis Bank, Kashmiri Gate in which complicity of officers of the bank in the malpractices was detected.

The concerted and coordinated enforcement action of the Income Tax Department, ED & CBI in detecting the malpractices and taking swift action is going to continue in the coming days.

SRoy wrote:I will repeat it again that I have posted several times.

2. No oversight on bank workings. Free for all run ins at banks have made genuine account holders returning dejected from long queues to teller counters and ATMs. Not only did this allow black money to be deposited as white money by proxy depositors, in the initial rush it edged out elderly and infirm from bank queues. It angers everyone when they queue up to ATM of own bank to find that random people have entered with 5-6 ATM cards and have emptied it out.

These will invite negative vote.

The scientists found 78 pathogens and 18 antibiotic resistant-genes in the samples they tested.

The results of their analysis, reported in the June issue of the scientific journal Plos One, showed that out of the discovered microbes, 70% were eukaryota (which include fungi and protozoa), 9% were bacteria, and less than 1% were archae (single-celled organism lacking nucleus in the cells) and viruses.

Pathogens and other micro-organisms can thrive in paper notes because of the rough surface which allows them to settle for long periods. The level of contamination depends on how long the note has been in circulation, its capacity to absorb moisture, and its texture.

Recently, several attempts have been made to investigate the microbial population in currency notes in various parts of the world.

But neither the RBI Act, nor the Banking Regulation Act, 1949, empower the government to impose restrictions on cash withdrawals or deposits in the manner it has been done, and to discriminate between holders and non holders of bank accounts, as the present notification has done. Such actions require an authorising legislation, either an Act of Parliament or an Ordinance. Both in 1946, and in 1978, similar actions were authorised by an ordinance. The failure to issue an ordinance to provide the legal basis for the demonetisation notification this time renders the demonetisation exercise illegal. Even if the act of demonetisation is severed from the restrictions placed on people’s access to their cash and bank accounts, the latter stipulations are both illegal and unconstitutional on several counts.

26. Legal tender character of notes.
(2) On recommendation of the Central Board the 6[Central Government] may,
by notification in the Gazette of India, declare that, with effect from such date
as may be specified in the notification, any series of bank notes of any
denomination shall cease to be legal tender 7[save at such office or agency of
the Bank and to such extent as may be specified in the notification].

manjgu wrote:a CA friend of mine tells that it is possible that the collection of old demo 500 and 1000 notes could exceed govt calculation of 14/15 L crores ?? !! this he says is on account of large cache of notes which are printed for election purposes during UPA times but never entered RBI / banking system. he says the collections are going to be very high and govt may not get the kind of windfall it expected.

manjgu wrote:a CA friend of mine tells that it is possible that the collection of old demo 500 and 1000 notes could exceed govt calculation of 14/15 L crores ?? !! this he says is on account of large cache of notes which are printed for election purposes during UPA times but never entered RBI / banking system. he says the collections are going to be very high and govt may not get the kind of windfall it expected. This Demo excercise has allowed much black money to be converted into white.

yensoy wrote:This kind of conspiracy theory is starting to get tiresome. So your CA friend is actually accusing the RBI of printing fake notes? Printing notes, releasing them to public without noting the liabilities on the balance sheet is the same as printing fake currency.