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Thread: Gossip of the week~ Demonetisation

  1. #16
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    Quote Originally Posted by Roger69 View Post
    There are lots of people having black money...big or small...

    Almost every trader, businessman, politicians, builders.....

    Except Agriculturalist (whose income is exempt, so no chance of creating black money), Salaries employees whose tax is deducted at source and persons not earning anything...(obviously)

    What really happened after initial shock?
    Govt declared limit of Rs. 2.50 lacs for non inquiry in saving accounts and Rs. 12.50 for current accounts (Remember, this limit is only for Banks to not to send details of these accounts through AIR (Annual Information Returns). but not exempted from investigation if found by other leads.
    So, people thought that its safe to deposit Rs. 2.50 lacs in every account. Those who were holding small unaccounted money, deposited in their own and family members accounts.
    Those who were holding higher amounts, say above 20-25 lacs..have to use some friends and distant relatives..
    More high amount holders say Rs. 1 cr or above, have obviously greater contacts everywhere, picked some close relatives, friends etc and given them task to park Rs. 1 cr each.. These middlemen used their contacts to distribute this cash for deposit..
    Commission got by account holder was nearly 20-25%, where middlemen earned 5-10%..
    These amounts to be returned in 6 months to 1 year..
    One person known to me deposited Rs 10 lacs in his family members accounts, at 20% commission. He don't know the real owner.
    Some people deposited cash taken from others in their loan account, in the misconception that its safer. (actually limit of Rs. 2.50 lacs for non inquiry is applicable to all accounts except current accounts)...
    Everyone know about Jan Dhan accounts..

    Petrol pumps, hospitals where old notes were accepted, used this opportunity to earn some extra. Like at a Petrol Pump, 100 people fill the petrol in motor cycles, more than half were giving Rs. 100 -200. While depositing, those were exchanged by Petrol Pumps for Rs 500/1000 notes at commission.

    In our city, most of big traders sell by proper invoice. But, in many markers, specially Delhi side, people pay by cash, invoice is thrown in dustbin.
    These buyers forced the sellers to accept old notes, otherwise threatened not to make payment for 2-3 months.

    This is what I actually experienced. There are many issues.
    Scheme would have given great results if it was implemented properly. But, due to need of maintaining secrecy, Govt has little choice to discuss with more people.
    Govt forgot that even if its black money or grey money, earned by whatever source, is hard earned money. No one is going to throw it in river or burn it, except Govt officer or politicians who want to play safe or don't believe others..Every one will try to save his money, even by giving small part of it. Many bank officers helped it and the result is not as expected, at least for me...
    If you say farmers don't have black money, as they can not make it, remember land is a great source to invest and create black money.

    Moreover even after TDS money is converted to black, for e.g. a civil contractor who gets all his payment of work done directly in his account after deduction of TDS, but he has to deliver the cuts to the persons who help him to get contracts.

    Yes I agree about the implimentation, my matriage was during this period only. It affected us but to a little extent only as every one is either ready to take cheque or can delay payment. But they should have make few rules a bit easy for these kind of emergencies.

  2. #17
    >>>INDIAN<<< Captain me-jon's Avatar
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    अपने को कोई फर्क नई पड़ता .
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  3. #18
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    Quote Originally Posted by Roger69 View Post
    There are lots of people having black money...big or small...

    Almost every trader, businessman, politicians, builders.....

    Except Agriculturalist (whose income is exempt, so no chance of creating black money), Salaries employees whose tax is deducted at source and persons not earning anything...(obviously)

    What really happened after initial shock?
    Govt declared limit of Rs. 2.50 lacs for non inquiry in saving accounts and Rs. 12.50 for current accounts (Remember, this limit is only for Banks to not to send details of these accounts through AIR (Annual Information Returns). but not exempted from investigation if found by other leads.
    So, people thought that its safe to deposit Rs. 2.50 lacs in every account. Those who were holding small unaccounted money, deposited in their own and family members accounts.
    Those who were holding higher amounts, say above 20-25 lacs..have to use some friends and distant relatives..
    More high amount holders say Rs. 1 cr or above, have obviously greater contacts everywhere, picked some close relatives, friends etc and given them task to park Rs. 1 cr each.. These middlemen used their contacts to distribute this cash for deposit..
    Commission got by account holder was nearly 20-25%, where middlemen earned 5-10%..
    These amounts to be returned in 6 months to 1 year..
    One person known to me deposited Rs 10 lacs in his family members accounts, at 20% commission. He don't know the real owner.
    Some people deposited cash taken from others in their loan account, in the misconception that its safer. (actually limit of Rs. 2.50 lacs for non inquiry is applicable to all accounts except current accounts)...
    Everyone know about Jan Dhan accounts..

    Petrol pumps, hospitals where old notes were accepted, used this opportunity to earn some extra. Like at a Petrol Pump, 100 people fill the petrol in motor cycles, more than half were giving Rs. 100 -200. While depositing, those were exchanged by Petrol Pumps for Rs 500/1000 notes at commission.

    In our city, most of big traders sell by proper invoice. But, in many markers, specially Delhi side, people pay by cash, invoice is thrown in dustbin.
    These buyers forced the sellers to accept old notes, otherwise threatened not to make payment for 2-3 months.

    This is what I actually experienced. There are many issues.
    Scheme would have given great results if it was implemented properly. But, due to need of maintaining secrecy, Govt has little choice to discuss with more people.
    Govt forgot that even if its black money or grey money, earned by whatever source, is hard earned money. No one is going to throw it in river or burn it, except Govt officer or politicians who want to play safe or don't believe others..Every one will try to save his money, even by giving small part of it. Many bank officers helped it and the result is not as expected, at least for me...
    Good summary roger nd welcome back

    one positive I've thing happened is ppl realised that they were wasting money on many things ..
    Thank you bala

  4. #19
    >>>INDIAN<<< Captain me-jon's Avatar
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    & u
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  5. #20
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    Quote Originally Posted by basanti<<< View Post
    Good summary roger nd welcome back

    one positive I've thing happened is ppl realised that they were wasting money on many things ..
    Well basu, what about those who were on cashless mode since back of this whole drive? Or those who can manage to get plenty of cash even today??

    There is no escape for them yet

  6. #21
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    समय बदल रहा है और आप ?
    Change Your Think

  7. #22
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    Quote Originally Posted by me-jon View Post
    समय बदल रहा है और आप ?
    AAP punjab aur Goa me election lad rahi hai

  8. #23
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    Day to night many cup tea
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  9. #24
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    Exam of the week
    Thinking all of political people
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