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500 & 1000 rs notes stopped from tonight

tweaker

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velu Mentor

velu

Posted
Posted

my apartment owner is demanding that rent should be paid in cash ( new currency ) .. no online transfers or cheques

 

140 odd apartments in the block + some commercial property at the ground floor .. 30 to 40L in cash and he is the single owner ..   

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vayuu1 Mentor

vayuu1

Posted
Posted
my apartment owner is demanding that rent should be paid in cash ( new currency ) .. no online transfers or cheques

 

140 odd apartments in the block + some commercial property at the ground floor .. 30 to 40L in cash and he is the single owner ..   

Income tax zindabad.

Sent from my SM-N900 using Tapatalk

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mishra Mentor

mishra

Posted
Posted
17 hours ago, velu said:

my apartment owner is demanding that rent should be paid in cash ( new currency ) .. no online transfers or cheques

 

140 odd apartments in the block + some commercial property at the ground floor .. 30 to 40L in cash and he is the single owner ..   

tell him you will pay in cheque or come and collect next month.

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Mariyam Grand Master

Mariyam

Posted
Posted (edited)

This has been making the rounds now:

 

A word the Oxford dictionary is seriously considering adding in 2017

 

MITRON

 

Noun

 

1. A large group of unsuspecting people, about to be hit by something they will take a long time to recover from.

        usage:      ' Mitron, from midnight of November the 8th, the poor will get poorer'

2. A precursor to bad news for large groups of people.

 

Origin

India: from the Hindi word Mitron, ironically meaning 'friends', In recent times, however, it has been used to brutal effect to make a series of anti-people announcements.

 

Pronunciation mit-rohn

Edited by Mariyam
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Singh bling Proficient

Singh bling

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‘Suspended’ Bengal BJP leader held with Rs 33L, most of it in Rs 2,000 notes

http://www.hindustantimes.com/india-news/bengal-bjp-leader-arrested-with-rs-33-lakh-most-of-it-in-new-rs-2000-notes/story-zBWOXNLG4JqD3WSEdV0RzL.html

How come these small BJP leaders are getting so much cash when common man is not allowed to withdraw more than 24k per week?

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Singh bling Proficient

Singh bling

Posted
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16 minutes ago, mishra said:

Real question is, why only BJP leaders?

If these tatpondia BJP leaders can get lakhs of rupees of new notes then imagine leader like Rajnath would have got which you named earlier not happy.

 

And it doesn't matter why only BJP Leaders. as long the source is flowing of new currency notes to corrupt then every corrupt leader from any party will take advantage.

 

BTW RBI today released figures tha 4 lakh crores of new notes distributed. That is 50% of total money in circulation but situation on ground is very bad . It is not at all looking that 50% currency in circulation is back , so where is currency going

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mishra Mentor

mishra

Posted
Posted (edited)
20 minutes ago, Singh bling said:

If these tatpondia BJP leaders can get lakhs of rupees of new notes then imagine leader like Rajnath would have got which you named earlier not happy.

 

And it doesn't matter why only BJP Leaders. as long the source is flowing of new currency notes to corrupt then every corrupt leader from any party will take advantage.

 

BTW RBI today released figures tha 4 lakh crores of new notes distributed. That is 50% of total money in circulation but situation on ground is very bad . It is not at all looking that 50% currency in circulation is back , so where is currency going

Why? Why it doesnt matter?

Todays news was ED raid on 50 branches of various banks.

 

I have few bank managers as friend and family member. They say are being offered 50%+ as cut. They are also saying that they are scared of their phones being listened to and all. No one want to be caught with cash.

 

So, Bottom line is, demonitisation done. Seeds of fear of breaking law allready sown . One more similar radical step from GOI and i can guarantee, everyone will fall in line.

 

 

 

Edited by mishra
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sandeep Grand Master

sandeep

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My brother-in-law just returned from India, some of his college buddies are into business - transport, chemical etc - They all told him that they were able to access new cash with relative ease - 15% conversion rate is reportedly available for conversion.  That's a bit depressing to hear.  Also disappointed, but not surprised to hear that people with 'big' accounts had bank staff providing home delivery of new cash.  While the little guys have to line up.  

 

Cat and mouse game to find loopholes was expected, but I'm not sure what the govt - treasury dept, tax etc are doing all they could be to minimize the loopholes.  Which govt authority oversees the banks anyway?  Who has the jurisdiction and power to go after banks and bank staff commiting white-collar crime in India?  

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mishra Mentor

mishra

Posted
Posted (edited)
1 hour ago, sandeep said:

My brother-in-law just returned from India, some of his college buddies are into business - transport, chemical etc - They all told him that they were able to access new cash with relative ease - 15% conversion rate is reportedly available for conversion.  That's a bit depressing to hear.  Also disappointed, but not surprised to hear that people with 'big' accounts had bank staff providing home delivery of new cash.  While the little guys have to line up.  

 

Cat and mouse game to find loopholes was expected, but I'm not sure what the govt - treasury dept, tax etc are doing all they could be to minimize the loopholes.  Which govt authority oversees the banks anyway?  Who has the jurisdiction and power to go after banks and bank staff commiting white-collar crime in India?  

This bit is depressing. Going after every bank employee is fruitless. What it needs is a big hefty fine to those Banks. Specially the private ones in the event of failure on part of employess. It should come from top. Even now it is not late. They could put that threat to these banks.

And tell public banks that they will privatise them and may be fine them too

Edited by mishra
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BeautifulGame Newbie

BeautifulGame

Posted
Posted
My brother-in-law just returned from India, some of his college buddies are into business - transport, chemical etc - They all told him that they were able to access new cash with relative ease - 15% conversion rate is reportedly available for conversion.  That's a bit depressing to hear.  Also disappointed, but not surprised to hear that people with 'big' accounts had bank staff providing home delivery of new cash.  While the little guys have to line up.  

 

Cat and mouse game to find loopholes was expected, but I'm not sure what the govt - treasury dept, tax etc are doing all they could be to minimize the loopholes.  Which govt authority oversees the banks anyway?  Who has the jurisdiction and power to go after banks and bank staff commiting white-collar crime in India?  

RBI .

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Singh bling Proficient

Singh bling

Posted
Posted
5 hours ago, mishra said:

Why? Why it doesnt matter?

Todays news was ED raid on 50 branches of various banks.

 

I have few bank managers as friend and family member. They say are being offered 50%+ as cut. They are also saying that they are scared of their phones being listened to and all. No one want to be caught with cash.

 

So, Bottom line is, demonitisation done. Seeds of fear of breaking law allready sown . One more similar radical step from GOI and i can guarantee, everyone will fall in line.

 

 

 

Black money in India is with  two kind of people 

1) Sadar bazaar type businessmen

 

2)  Mafia

 

1st category is definately afraid , but 2nd category is using this oppurtunity to make more money. The mafia is not afraid of IT department because several criminal cases are always slapped on them. The mafia also have very big influence on regional politics and parties.As law and order is state subject and they have politicians in their pocket.If you really think that all this will change in 1-2 years , good luck

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kosingh Collaborator

kosingh

Posted
Posted (edited)

Just got to India a few days ago. I am surprised that there still seem to be long lines at ATMs, with many ATMs not functioning. Most people in these lines seem to be from lower class. Although I was optimistic about this demonetization, I am finding it hard to say it is working. Some people may get caught, and some people may lose their stocks of money, but the illegal flows continue. The local cops still want their chai-paani, and the politicians and IS-IAS officers still get their bribes.  Property sellers as well as buyers want half the transaction in black.

 

But poor people seem to be suffering. They can't access their own money. Will they trust the banking system? In the short term they may have been forced to deposit the few 500s and 1000s they had (but worth A LOT to them) into bank accounts. But in the future will they want to use banks at all knowing that they can't easily access their own money?

Edited by kosingh
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Singh bling Proficient

Singh bling

Posted
Posted
30 minutes ago, kosingh said:

Just got to India a few days ago. I am surprised that there still seem to be long lines at ATMs, with many ATMs not functioning. Most people in these lines seem to be from lower class. Although I was optimistic about this demonetization, I am finding it hard to say it is working. Some people may get caught, and some people may lose their stocks of money, but the illegal flows continue. The local cops still want their chai-paani, and the politicians and IS-IAS officers still get their bribes.  Property sellers as well as buyers want half the transaction in black.

 

But poor people seem to be suffering. They can't access their own money. Will they trust the banking system? In the short term they may have been forced to deposit the few 500s and 1000s they had (but worth A LOT to them) bank accounts. But in the future will they want to use banks at all knowing that they can't easily access their own money?

Very well said. An honest labourer who has put his 40-50 in jan dhan account k for his daughter's marriage or children's education cannot withdraw it because Govt is assuming that money is black money.Now how many poor in future will trust putting their money in bank

 

The logic of supporters of this move is same that  is always from communists  and dictators that present suffering is for greater cause so lets bear it, future will be great

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Rohit S. Ambani Newbie

Rohit S. Ambani

Posted
Posted (edited)
10 hours ago, Singh bling said:

 

Brawl also took place when I was in line at Corporation Bank, a guy came with his mother. Guard told him 'I can allow your mother to go inside', but if you want to accompany her then you have to stand in line like others. Account holder was his mother, but guy was adamant. He started ranting and created huge scene, first it was fine but when guy went back to his motorcycle parked about 50 meter away from bank on 4 lane road, he shouted maa-behen abuses at guard plus targeted his faith, Guard was a Sikh. Guard lost cool and threatened to shoot the guy then and there, mata-ji started crying, bank officials came outside. Now guard took a firm stand and simply told I will not let this guy inside no matter what, public who were standing in line told manager who was at fault. Guards day was ruined by impatient maniac.

Edited by Rohit S. Ambani
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