IMPORTANT: Reserve Bank to withdraw all pre-2005 currency notes from circulation

Akira

Akira

Augmented Nerd
WTF????:shock::shock::mad:

I get that this is supposed to curb the black money(which, face it-everyone in India has), but seriously, this will be a big hassle. Now you'll have to check every note to see whether it's older than 2005.

:enforcer::facepalm: How many notes will the rich people(Netas like Mayawati); actors, businessmen will have to exchange:p; truckloads I guess.

Reserve Bank to withdraw all pre-2005 currency notes from circulation - The Times of India

 
bubusam13

bubusam13

Human
Akira said:
WTF????:shock::shock::mad:

I get that this is supposed to curb the black money(which, face it-everyone in India has),
Click to expand...

everyone ? justify it

They don't stock notes at their homes. This will effect nothing.

Guys start collecting pre 2005 notes. You can sell it as a antique note.
 
Ronnie11

Ronnie11

Judgement Time!!
to be honest, its a brilliant move..will keep a check on black money and the new notes are supposedly harder to fake. I actually believe this is a bold move by RBI. Anyways enough time has been given. Sure it will inconvenience people a bit but a small price to pay really.
 
Vyom

Vyom

The Power of x480
Staff member
Admin
Love the kind of headlines News channels put up.

"Rupya ho jaega Raddi".... really?... lol way to grab attention... :lol:
 
OP
Akira

Akira

Augmented Nerd
bubusam13 said:
everyone ? justify it
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Sure. Maybe I was too generalising; I didn't mean to offend :oops:. That being said, black money is accumulated by (almost) everyone who is not on a daily wage-or a monthy salary-where the income is in form of cheques, and the income tax is already deducted. With the insane rates of income tax(it's 30% for above 10lakh annual income), people are naturally hesitant of giving a hefty cut from their income to the government. That's why so many people have parallel accounts, tracts of property, investments in assets like gold or bonds; a way of storing the black money(in something other than cash).

Almost everyone in the upper middle class-and the High class-don't pay 100% of their income tax. That means everyone from a very-well earning shopkeeper, to a doctor(say,a surgeon)/laywer(with their own practices-not employed on a monthly salary), or some businessman who has a coaching institute of his own, or the big shots like Ambani have a LOT in black money. Our spearhead against Black Money-Baba Ramdev-has declared assets worth Rs 1100/- crores. And he bought an island worth 2 million pounds a few years back :p. (I bet that he doesn't have a dime less than 3000 crores.)

bubusam13 said:
They don't stock notes at their homes. This will effect nothing.
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You'd be surprised. While it's easy to say that a person can invest his/her black money in gold/property, it's truly not feasible to keep track of and maintain it all. More than a few keep it in cash. Iam not implying anything, ofcourse :wink:

The sh!tstorm over this will only grow in the upcoming days. The hassle does not lie in exchanging all the pre-dated notes you might have. It's in explaining where you earned them from-and whether the tax is paid.

BTW, I am not endorsing not paying taxes. Au contraire, one should always pay them. I am just putting forward my view of our society,albeit rather cynical.
 
OP
Akira

Akira

Augmented Nerd
bubusam13 said:
There is a difference between Black money and Counterfeit money
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Uhh, I know?:? I wasn't talking about counterfeit money at all. But this measure is really good to root all the fake notes out. Only question is, who will be responsible if you are caught with fake notes?? You can't possibly check each one of the notes before 2005(100s and 50s and whatnot).
 
Desmond

Desmond

Destroy Erase Improve
Staff member
Admin
Thank God, I never withdraw more than 200 Rs at a time from the ATM.

But seriously, how do they expect everyone to turn over their cash? Unless they are giving alternative notes in exchange for the old notes.
 
$hadow

$hadow

Geek in making
You can exchange the notes at any bank but the condition is that if they are more than 10 than you have to provide a indenting of yours. Elections are near I think it is a great move by RBI to get a hold on black money.
 
Flash

Flash

Lost in speed
It's a good move, i say..
For those, who don't know how to check:

*www.hindustantimes.com/Images/popup/2014/1/banknote500a.jpg
 
Desmond

Desmond

Destroy Erase Improve
Staff member
Admin
Black Money is money gained from illegal activities. Counterfeit money is fake currency notes.
 
flyingcow

flyingcow

Shibe
$hadow said:
You can exchange the notes at any bank but the condition is that if they are more than 10 than you have to provide a indenting of yours. Elections are near I think it is a great move by RBI to get a hold on black money.
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10k, right?
 
N

noob

Cyborg Agent
If RBI want to do anything, stop all the high currency notes 500 & 1000 . this will give people a problem for time being but fake currency will be stopped. It can force the business to accept card & this will reduce black money to certain extent.
 
sujoyp

sujoyp

Grand Master
this is a great move ...common people like us have max 10-20k at home to check ...netas and business man specially builders will have lots of them...donno about neta but business man will run to there bank to deposite the money and pay the taxes to make it white and get notes printed later then 2005...this way govt will get huge amount of taxes
 
root.king

root.king

geek in action
noob said:
If RBI want to do anything, stop all the high currency notes 500 & 1000 . this will give people a problem for time being but fake currency will be stopped. It can force the business to accept card & this will reduce black money to certain extent.
Click to expand...

Yup that's for sure:thumbup:
 
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