Rs 500 and Rs 1,000 notes pulled out of circulation immediately: PM Narendra Modi

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Deleted member 118788

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icebags said:
this this is probably not intended for reliance.

this is for professionals (doctors / advocates / private tutors / self employed ) & middle/ lower tier businessmen, who serve their clients without registering official transactions & dont bother paying the income / service taxes. Also for all the jaali notes, as , when bank will retrieve the notes, they will check for all sort of jaali notes.

i heard only 2% of indian working population pays income tax. but it's hard to believe only that small percentage of people actually have enough income to reach tax slabs.

anyways, whoever stored raw black money in their secret trunks & under their beds will either loose the money now, will have to make them white by paying fines.

but this is hardly the permanent solution. after 2 years market will be flooded by black cash money again.
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Such professionals do not keep black money as cash anywhere. These guys are enough educated about the consequences of black money cash. They have already invested such cash by buying gold in multiple transactions or property. There are many more ways as you know.
 
icebags

icebags

Technomancer
Geek-With-Lens said:
Such professionals do not keep black money as cash anywhere. These guys are enough educated about the consequences of black money cash. They have already invested such cash by buying gold in multiple transactions or property. There are many more ways as you know.
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true, its a flaw. but chandni chawk businessmen always keep few lakh cash in their hand all the time at the end of the day, after selling electronics all in cash whole day.

so modi pm announced this in the evening and gave only few hours time, so that they don't get time to buy property or gold. its his surgical strike. estimate is a few hundred crore black money will get nullified in this process.

+ all those jaali bills will get wiped out, bank wont accept them. agents from our friendly neighbouring country, who were getting paid so far in jaali notes will fast as few days as well.
 
Inceptionist

Inceptionist

Journeyman
And corrupt babus who have lost their money will double down on bribes. Gotta earn that cash back in new notes. What a brilliant move!
 
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Deleted member 118788

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icebags said:
true, its a flaw. but chandni chawk businessmen always keep few lakh cash in their hand all the time at the end of the day, after selling electronics all in cash whole day.

so modi pm announced this in the evening and gave only few hours time, so that they don't get time to buy property or gold. its his surgical strike. estimate is a few hundred crore black money will get nullified in this process.

+ all those jaali bills will get wiped out, bank wont accept them. agents from our friendly neighbouring country, who were getting paid so far in jaali notes will fast as few days as well.
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Agreed. It won't wipe out the major black money but will wipe out the fake notes completely as well as create a fearful environment for the corrupts.

Inceptionist said:
And corrupt babus who have lost their money will double down on bribes. Gotta earn that cash back in new notes. What a brilliant move!
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Who told you Babus lost their money? Actually, they are the big investors. :p One of our local neta built thousand crore empire using his black money. His hotels, schools, real estate projects, trusts, etc etc are all doing business legally. Few months back, he gifted his wife a Lamborghini which he bought using the name of his trust. The irony is that he was caught for taking bribe of 25K a decade back and the case is still pending. :p

I was also reading how babus get their huge black money converted using Mauritius funds who officially invest in Indian equities. These Mauritius FIIs buy the share at much higher price than the current market price. If you guys want to see a real example then you can read about "Nandan Denim" stock and all the activities done by Mauritius FIIs in last few years in this stock. It is pretty evident that these companies help Babus to get their black money converted into white. Such companies then will go on capex expenditure to use the newly got cash every year but the same don't reflect in their sales. So, it is pretty obvious the money gets flown somewhere else in the name of expansion. If somebody interested to understand more of it then can watch the video here. How Listed Companies Launder Money - YouTub
 
icebags

icebags

Technomancer
i wonder if indian business runs without corruption at all ? black money dealers have gone crazy from past few days.

also, other crazy things happening in country.

[YOUTUBE]YipJRi5E0K0[/YOUTUBE]
 
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bssunilreddy

bssunilreddy

Chosen of the Omnissiah
[STRIKE]Let us assume that a country has $63 trillion in debt[/STRIKE]
mod edit: No country has $63 trillion debt,the largest debt is presently of USA at $19 trillion
What it does to repay it?
Anybody tell me...

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theterminator

Wise Old Owl
bssunilreddy said:
Yes precisely. Now the economy will be rekindled + the debt can be repaid not entirely but to some extent.

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Its a good move but I deeply feel saddened for the country's bankers. They get peanuts as salaries & their social status is degrading day by day.


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bssunilreddy

bssunilreddy

Chosen of the Omnissiah
theterminator said:
Its a good move but I deeply feel saddened for the country's bankers. They get peanuts as salaries & their social status is degrading day by day.


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Our country bankers do get good salaries.
That is why there is so much demand for bank exams buddy.

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icebags

icebags

Technomancer
yah bankers salary is good and bank managers hold quite a reputation in society. bank prob officers are not very much behind either.

but u kinda of get pressurized like any private / high profile govt employee gets. currently there is no solution to that.


p.s. today i read in newspaper, sabji sellers & auto wallas at some places have started accepting paytm money. it's a good move.
 
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Deleted member 118788

Guest
icebags said:
yah bankers salary is good and bank managers hold quite a reputation in society. bank prob officers are not very much behind either.

but u kinda of get pressurized like any private / high profile govt employee gets. currently there is no solution to that.


p.s. today i read in newspaper, sabji sellers & auto wallas at some places have started accepting paytm money. it's a good move.
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Many people died as they didn't got the proper healthcare treatment required as many hospitals didn't accepted 500/1000 notes. What do you have to say about that? Don't say that to make a change few people must die. It is a very bad move by government. People didn't earned black money in a day and they have been earning since years which is already invested in different places. The move is majorly only affecting the lives of the normal people. Government also made many technical blunders here. Majority of the ATM doesn't work properly. You can see reports related to it. Another thing is that the attachment to store INR 100 notes is of small capacity. Also, new notes have different size specification. If they wanted to make such a move, they should have first got all the public banks ATM upgraded. We are yet to see the bad effect on the economy which will be seen soon.
 
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theterminator

Wise Old Owl
bssunilreddy said:
Our country bankers do get good salaries.
That is why there is so much demand for bank exams buddy.

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demand is mainly coz of stability of job , remuneration is much less compared to peer jobs considering the risk factors involved


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