BeautifulGame Posted November 20, 2016 Share Posted November 20, 2016 From tomorrow banks will also withdrawal of 250000/- for narrative purposes. Conditions are that only the bride/bridegroom or his/her parents can withdraw the money . They must possess pan card and should also bring their wedding card .Also submit the declaration form (below) tweaker 1 Link to comment Share on other sites More sharing options...
Singh bling Posted November 20, 2016 Share Posted November 20, 2016 2 minutes ago, BeautifulGame said: From tomorrow banks will also withdrawal of 250000/- for narrative purposes. Conditions are that only the bride/bridegroom or his/her parents can withdraw the money . They must possess pan card and should also bring their wedding card .Also submit the declaration form (below) Many people which have marriages in their home have approached banks, they are hardly giving money, this scheme is just on papers banks simply don't have money to give tweaker 1 Link to comment Share on other sites More sharing options...
BeautifulGame Posted November 20, 2016 Share Posted November 20, 2016 Move is to nudge people start doing that. I think BJP and its spin doctors are intentionally letting opposition and media make all these absurd claims so can tear apart publicly on later date 70% of India don't have active bank account .If u think this will force us to cashless economy not sure what u are dreaming seriously. Link to comment Share on other sites More sharing options...
Mariyam Posted November 20, 2016 Share Posted November 20, 2016 51 minutes ago, Rohit S. Ambani said: Bhai sahab Qaddu was for raita, I don't like Qaddu ki sabzi at all. lekin raita to phail gaya hai Link to comment Share on other sites More sharing options...
BeautifulGame Posted November 20, 2016 Share Posted November 20, 2016 Many people which have marriages in their home have approached banks, they are hardly giving money, this scheme is just on papers banks simply don't have money to give Most of the changes like 50000 to current account holders , farmers have been implemented mostly.S o they have no reason to refuse this one The problem is banks themselves do not have cash .As long as they have cash they have no reason to refuse this. Link to comment Share on other sites More sharing options...
Singh bling Posted November 20, 2016 Share Posted November 20, 2016 Quote Currency Ban Hits Tourism In Delhi, Foreigners Left Helpless http://www.ndtv.com/delhi-news/currency-ban-takes-a-hit-at-tourism-sector-in-delhi-foreigners-left-helpless-1627650 We can't use the taxis and rickshaws because we can't pay for them," says Sharon, a British tourist in her fifties who has been coming to India for many years now. Her partner, Graham, adds, "One is supposed to spend money to get money back, that's the only way you can get rupees!" "We were without food for two days in Rajasthan because nobody could sell us anything," says 24-year-old Chernakova from Russia. Desh ka naam roshan ho raha duniya mein. Link to comment Share on other sites More sharing options...
Singh bling Posted November 20, 2016 Share Posted November 20, 2016 8 minutes ago, BeautifulGame said: Most of the changes like 50000 to current account holders , farmers have been implemented mostly.S o they have no reason to refuse this one The problem is banks themselves do not have cash .As long as they have cash they have no reason to refuse this. woho to main baat hai cash hai kahan aur jo hai woh black market mein jaa raha hai Bahar jaake dekho , labour class , poor are doing just one job and that is deposit cash and take new currency.Kis kis ko roko ge tweaker 1 Link to comment Share on other sites More sharing options...
Singh bling Posted November 20, 2016 Share Posted November 20, 2016 Quote http://aajtak.intoday.in/crime/story/police-head-constable-demands-bribe-in-ban-currency-to-get-out-his-family-member-from-jail-in-rajasthan-1-897919.html But but these type of people should have been worried most , but still they are taking bribes in old currency tweaker 1 Link to comment Share on other sites More sharing options...
Tibarn Posted November 20, 2016 Share Posted November 20, 2016 (edited) WTF kind of nonsense is being posted in this thread, this will lead to an economic depression in India. By all means, criticize the move if you want, but don't resort to hyperbolic fear-mongering. Edited November 20, 2016 by Tibarn maniac and mishra 2 Link to comment Share on other sites More sharing options...
mishra Posted November 20, 2016 Share Posted November 20, 2016 1 hour ago, BeautifulGame said: 70% of India don't have active bank account .If u think this will force us to cashless economy not sure what u are dreaming seriously. No it wont. As i gave the fact. Only 1% sale was recorded by the businesses. And profit used to again distributed among every member by the CAs. So effectively they were paying only paying tax on 0.5%. People even on this thread seem to blame corporate world but its them whi have been paying the bill for indian admin. 1% indian pay income tax. That 1% doesnt think its fair. Link to comment Share on other sites More sharing options...
mishra Posted November 20, 2016 Share Posted November 20, 2016 27 minutes ago, Tibarn said: WTF kind of nonsense is being posted in this thread, this will lead to a economic depression in India. By all means, criticize the move if you want, but don't resort to hyperbolic fear-mongering. Logic is if you can pay people with fake currency, why stop it. If you stop it, it is effecting liquidity Link to comment Share on other sites More sharing options...
Singh bling Posted November 20, 2016 Share Posted November 20, 2016 53 minutes ago, Tibarn said: WTF kind of nonsense is being posted in this thread, this will lead to an economic depression in India. By all means, criticize the move if you want, but don't resort to hyperbolic fear-mongering. Quote The Deep Shock of Demonetisation May Devastate the Economy http://thewire.in/81150/deep-shock-demonetisation-may-devastate-economy/ Nobody is saying that Economic depression will happen in India sureshot. TBH nobody knows what will be the effect , but most economists are worried and not favourable for this as no country apart from ruined countries did this type of move. An economy that is growing 7% pace never ever did that This move is like taking an untested medicine for illness. That medicine could cripple , no effect or positive effect. But the fact very few people will be ready to take that medicine Link to comment Share on other sites More sharing options...
mishra Posted November 20, 2016 Share Posted November 20, 2016 This moove is not to boost economy. So, medicin is taken here is for different illness. Any boost to economy in 2017 will be a bi product. Tibarn 1 Link to comment Share on other sites More sharing options...
Tibarn Posted November 20, 2016 Share Posted November 20, 2016 (edited) 1 hour ago, Singh bling said: Nobody is saying that Economic depression will happen in India sureshot. TBH nobody knows what will be the effect , but most economists are worried and not favourable for this as no country apart from ruined countries did this type of move. An economy that is growing 7% pace never ever did that This move is like taking an untested medicine for illness. That medicine could cripple , no effect or positive effect. But the fact very few people will be ready to take that medicine Sure, but with the article you posted regarding a depression, the US was on a gold standard during the Great Depression. India has a fiat system currently, so the effects of a decreased money supply should not be similar at all. A gold standard has a relatively fixed amount of currency in the system based on gold holding of the government. A fiat system can hypothetically have unlimited money, at the risk of inflation. The article also states that the US Federal Reserve didn't pump money into the system, and just let the supply fall. It didn't state how a country with a gold standard is mostly incapable of pumping money into said system. In our case, the center isn't cutting money supply, not completely, only unaccounted for money is going to disappear. They are replacing the old notes with new notes, so the money supply should not fall much at all. If there is a serious drop in supply after replacement of current notes, they can print and inject an increased supply into the system at the cost of possible inflation. In terms of effects on the economy, I think it will clearly decrease nominal GDP growth for at least this fiscal quarter, and possibly the next. However, the effect on real gdp growth is possibly going to be minimal as this move should decrease inflation overall in the long term. In regards to other countries trying this, they are mostly failed countries because failed countries, with failed economic policies usually have more black money. Countries with transparent, free economic systems, don't tend to have much black money. Socialist economic-hellholes, like were traditionally, have black money as the governments want to take all the citizens money. We were on the verge of bankruptcy ourselves in the 90s, thanks to our moron leaders economic policies. However, if I remember correctly, Australia and Sweden did this before as well. Edited November 20, 2016 by Tibarn mishra 1 Link to comment Share on other sites More sharing options...
mishra Posted November 20, 2016 Share Posted November 20, 2016 6 hours ago, Singh bling said: Just Switch on TV AND WATCH aaj tak. Railway gave 5000 rupees of old notes to victims of Patna Indore express.This is the amount of cash shortage in country where Govt itself is distribuiting old notes That is false as per below news http://m.timesofindia.com/india/Train-accident-Some-injured-mysteriously-get-scrapped-cash/articleshow/55529607.cms Hope now you understand why India today group viewership shifted to other channels Link to comment Share on other sites More sharing options...
Tibarn Posted November 20, 2016 Share Posted November 20, 2016 (edited) Not sure if true; how reliable is Deccan Chronicle? Edited November 20, 2016 by Tibarn tweaker 1 Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 Prime Minister Narendra Modi on Sunday said his government's demonetisation drive will push banks to cut lending rates significantly, triggering a revival in economic activity in the country. "Over Rs 5 lakh crore deposited with banks (so far after the decision to scrap old Rs 500 and Rs 1,000 currency notes) are not going to be kept idle. Banks will have to extend loans for all sorts of economic enterprise...for which they will have to bring down their interest rates," Modi said at a BJP rally in Agra, resuming his campaign for UP assembly polls next year. mishra 1 Link to comment Share on other sites More sharing options...
tweaker Posted November 21, 2016 Author Share Posted November 21, 2016 (edited) Imagine how good it is if Income Tax is abolished in India? No tax means more money to every individual. You must be thinking is it a joke or what? Well, it is not a joke. No income tax in India is expected to be Modi’s next move. After demonetization of old high denomination notes, the government is expected to roll out next economic reforms and No Income tax could be one of them. Let’s discuss how this dream can be turned into reality. No Income Tax in India is Modis next move In order to make India “Sone Ki Chidiya” (golden bird) again Shri Narendra Modi has started a fight against black money and corruption. Recalling high denomination currency of Rs.1000 and Rs.500 was the first step towards that. This step was in accordance with reviving Indian Economy – Arthakranti Proposal. The ArthaKranti proposal is a well-researched scientific approach designed to completely transform the current Indian socio-economic scenario. “Arthakranti Proposal” has been given by a Pune (Maharashtra) based “Arthakranti Sansthan” which is an Economic Advisory body constituted by a group of Chartered Accountants and Engineers. This funda has been patented by the Sansthan. The government is planning to execute this proposal in two parts. Part A – Recall and scrap old high denomination notes Rs.500 and Rs.1000. Introduction of new Rs.500 and Rs.2000 Notes Old Rs.500 and Rs.1000 notes to be deposited into account. In 50 days bring around 15 Lac Cr in banks. Part B – Reduce Interest rate on saving bank account from 4% to 2% or less. Reduce fixed deposit rates drastically. Reduce home loan rate and keep it up to 7-8%. Implement GST by 1st September, 2017. Abolish Income Tax for individuals. Reduce corporate tax rates. Introduce new Banking Transaction Tax. It is claimed that if economic reforms mentioned in Part A and Part B is successfully implemented India, India will be like USA. The government has already started implementing part A. It is expected that by 30th December, 2016 around 15 Lakh Cr old high denomination notes will be deposited into various banks. From the year 2017 implementation of Part B will commence. In the new year 2017 bank will have enough cash on hand hence saving bank interest rate will be reduced from 4% to 2%. In addition to that fixed deposit, rates will be reduced to 5% -7%. Home loan and car loan interest rate will be reduced to 7% to 8%. The reduction in a home loan interest rate will straight away benefit real estate sector and affordable housing scheme project. The price of real estate will reduce and will be affordable to common man. By September 2017 the government will introduce GST reforms where all tax will be replaced by single tax system called as GST. In addition to the introduction of GST, it is expected that corporate tax rate will be reduced to 30%. Once all these steps will be executed Prime Minister Narendra Modi will give a gift to Indians by removing Income Tax. Income of every individual in India will be income tax-free then onwards. No Income Tax will be the biggest gift ever by any prime minister in the history of India. Now a question arises that once the income tax is removed how the government will get money to run the nation. Well, once all cash will be deposited into banks everyone will be enforced to use banking system for every transaction. New banking transaction tax will be introduced. Every transaction such as cheque, Demand draft, RTGS, NEFT, Credit Card, Debit card etc will come under this new tax system. The rate of the new banking transaction tax will be 0.10% to 7%. Everyone including farmer will be covered under new banking transaction tax system. The government will directly get the income based on transactions. No black transaction will be entertained. The strict rule will be formulated for unaccounted money and nonbanking transaction. It is expected that implementation of above steps will give following benefits. Benefits of Implementation Transparency in Economy More purchase power to individual Saving in amount of tax paid Drop in commodity prices Availability of Loans from bank at lower rates Terrorist and anti-national activities will be eliminated Significant growth in the employment Indian economy and business will be globally competitive It is indeed a very good concept. If it is implemented effectively India will surely become a global economy with a competitive edge. As of now, no confirmation is received on the removal of income tax and implementation of banking transaction tax. However, it is indicative that Modi government will take steps suggested above after demonetization move. Edited November 21, 2016 by tweaker Link to comment Share on other sites More sharing options...
Singh bling Posted November 21, 2016 Share Posted November 21, 2016 Quote Stranded trucks, unpaid workers: India Inc counts cost of demonetisation http://www.hindustantimes.com/business-news/stranded-trucks-unpaid-workers-india-inc-counts-cost-of-cash-crunch-after-demonetisation/story-SbqqvkDpSMhqpBtEMFwlkO.html Link to comment Share on other sites More sharing options...
Singh bling Posted November 21, 2016 Share Posted November 21, 2016 Quote Demonetisation will lead to 6 months of chaos: Ex-RBI deputy guv Chakrabarty http://www.hindustantimes.com/business-news/demonetisation-will-lead-to-six-months-of-chaos-ex-rbi-deputy-guv-chakravorty/story-GbZaYU4zckCClqVHaflERK.html Link to comment Share on other sites More sharing options...
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