Bharat Rakshak

LokeshC wrote:

nachiket wrote:While I'm by and large extremely happy with this nuclear strike on black money by Modi, I do have one thing to critique. I don't think they should have publicized that cash deposits of 2.4 lakh will come under I-T dept. scrutiny or that deposits of 10 lakh or more will invite a 200% penalty.
I-T dept. does not need to publicize what they are going to do. They could have waited till after Dec 30 and then dropped another bombshell on those who thought they could get away with depositing the cash and suddenly found that their account was "frozen pending investigation" or something. This would have ensured that more black money would enter the banking system and higher windfall to the govt. in terms of penalties. Now a higher percentage of the money is going to get burnt or discarded.

Which btw will lower inflation.

Rishi Verma wrote:Arun Jaitley was on cnn-18 today, he mentioned that depositors up to Rs2L won't be asked any questions. Why?? Even 20,000 should be asked "bhaiyya kisne diya, bua ne ya chacha ne"

nachiket wrote:While I'm by and large extremely happy with this nuclear strike on black money by Modi, I do have one thing to critique. I don't think they should have publicized that cash deposits of 2.4 lakh will come under I-T dept. scrutiny or that deposits of 10 lakh or more will invite a 200% penalty.

MohdKav wrote:
Grudge ?

I need to raise cash for my business, my option of selling my land moreover gone and getting loans look bleak. Ofcourse, as any person who is in position, would be worried; its quiet natural especially when you are a small businessman with no black money with salaries to pay and with govermant servants who want to harass you because they lost money in this event.

If those with black money do not convert all their R500/1,000 notes to new ones for fear of the taxman discovering their hoards, the government could reap a rich bonanza.

Assume that, of the R14 lakh crore worth of R500/1,000 notes, R2 lakh crore are not converted, but are burned. With R2 lakh crore less of currency to redeem, RBI’s currency liabilities will reduce by this amount. This effectively allows the central bank to print a broadly similar amount of fresh money without it affecting anything. This can, theoretically, be parked in a contingency fund and later transferred to the profit and loss account and, over a period of time, given to the government — effectively then, the government can get a windfall to recapitalise banks. This is what the chief economic advisor meant when he said, on Thursday, that the demonetisation could be seen as a transfer of black assets from private individuals to the government — the size of the transfer depends on how much currency is not converted and that, in turn, depends on the size of the black economy.

putnanja wrote:

sudarshan wrote:
Yup, and people will book anonymously, I'm sure . You still need to give your name, address, etc. right? You give a false name and address, how do you cancel and get your money back?

You book with your actual name/family/relatives, and when you cancel it, you get back money in new currency that you can still keep at home. Railways doesnt take PAN number when you book tickets.

This move will make people scared to stash cash at home going forward,! Hopefully it will scare them into keeping it white after paying taxes

Suraj wrote:It wasn't posted, but it's been described the same way across the last several pages here.

Suraj wrote:Airlines have stated that tickets bought with old currency notes are non-refundable.

MadhuPurnima Kishwar ‏@madhukishwar
I celebrate crackdown on black money.But disheartened 2 hear from people in the know that smart ones already found ways to convert & hide.

Karthik S wrote:It will be huge loss if notes are invalidated so frequently as well, considering the amount of money spent on printing each note.

saip wrote:Banks are open this Saturday and Sunday, it appears.

sohamn wrote:I still don't understand -
1) Why selling your land looks bleak? - the demand doesn't go down in the medium term ( > 6 months )

2) Why is getting loan looks bleak? - the bank would still take your property at market value as a reverse mortgage

Suraj wrote:Why would getting loans be bleak ?

Lets have some perspective here. There are a lot of people like you who are impacted short term. On the other hand there are a lot of big fishes who accumulated thousands of crores in benami cash who are currently sitting on piles of what's worth less than toilet paper. Those lakhs of crores of money can no longer push up the price of every daily essential from dal to milk to bananas, all the way to the prices of houses and other immovable property.

You assert that your concerns are selfish. Fine. None of us are obligated to take further time to address that, though. There are a large number of people who are impacted and seek some clarity. It's only been two days. No one can help you right now, except yourself.

shiv wrote:

MohdKav wrote:
Grudge ?

I need to raise cash for my business, my option of selling my land moreover gone and getting loans look bleak. Ofcourse, as any person who is in position, would be worried; its quiet natural especially when you are a small businessman with no black money with salaries to pay and with govermant servants who want to harass you because they lost money in this event.

Would you have been able raise cash by selling land in such a hurry? I can understand the issue if you were on the brink of a sale which got killed by demonetization.

Not suggesting anything but to my knowledge the fastest legal way to raise cash from land is to get a bank loan against the land.

Suraj wrote:Madhu Kishwar is rumor mongering . There hasn't even enough new cash printed to replace even a fraction of a percent of the BM out there .

In order to succeed you have to park the old cash, get back new cash of same face value and have absolutely no trace of your identity known . It's physically impossible to accomplish because there's not enough new cash in circulation . Even having cash in hand doesn't guarantee you won't be caught when they analyze the deposit data .

Suraj wrote:It's not the governments responsibility to hold up the real estate market . That is the markets own job, once the government acts decisively to remove the distortion caused by black money . There are no 'easy and gradual' solutions . Such attempts only give black money people time to hide or manage things . Your pain is temporary . None of us can offer you any further empathy or help . In the long term you also benefit . In the short term your concerns are your own to manage yourself . If you want to vent please use the whines thread .

...
One of the most brazen efforts at lending a divine hand to whitewash money was reported from Karnataka where a religious head has spread the word that unaccounted money can be deposited in his mutt’s cash collection box. The sum would later resurface in official documents as donation from an anonymous donor and will be deposited in banks, and will eventually make its way back to the “donor” after a handsome commission to the mutt head.

In some cases black money hoarders are getting rid of their wealth at a steep discount and in some cases the commission is up to 50%.
The temples managed by the private persons are also being used to convert substantial amount of black money into white. The managements offer to return 50%-70% of the money to the "donors" after a few months.
Rural and urban cooperative banks and non-banking financial institutions too are being pressed into service to bring the worthless currency back to life across India.

In one instance that News18 independently verified in Kolar, Karnataka, more than Rs 5 crore was divided into a bundle of Rs 2.5 lakh each – villagers were given individual bundles that were later deposited in cooperative societies.
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The government will also monitor the sudden spurt in cash reserves in the nearly 1,000 cooperative banks and credit societies in Maharashtra. Some temple managements are "close to political parties, making such transactions possible," he alleged.
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Schmidt wrote:Neighbour comes in and says their doctor friend has 2 Cr lying in cash ,ad wanted to know if we can help in converting to gold etc

I refused , and told the also not to help

Today , they said that the said friend went to Salem and got their cash converted to gold by paying a premium of 6000 Rs per gold sovereign