500 & 1000 rs notes stopped from tonight

[beetle]

5 hours ago, jf1gp_1 said:

I did expect usual suspects from congress, mulyam, mamata to lash out against the change what i wasnt expecting was kejriwal who ran on anti corruption platform to react in such a crappy way or mamta so majorly impacted that she is willing to join hands with left.

 

I knew this scheme would bring out black money, i however also have faith in our 'judad' mentality and knew we have plently who wont let this scheme successed however with every passing day intensity of negative reaction is increasing so i guess its working better than expected.

Was surprised to see Mamta's reaction.She is taking it personally like he took her name  ....was screaming"kisko dhamki deta hai,Kisko dhamki deta hai"

[tweaker]

The demonetisation is likely to effect:

 

1) Tax: Having closed the voluntary disclosure window for undisclosed money, it has been reported that government will keep a close watch on deposits over Rs 2.5 lakh in cash. This would mean increased tax net, higher tax collection and a better tax to GDP ratio. 

 

2) Interest rates: Apart from lower inflation, the bigger impact on interest rates will be the liquidity with which banks will be flushed. Higher deposit growth and continuing weak credit growth would create opportunities for lending rate cuts and investment activities to pick-up.

 

3) Liquidity: Movement of goods and money will be hit in the short. Due to overall tightening of the cash-liquidity in the supply chain, consumer firms may be forced to offer easier credit terms to the distributors in the near term. 

 

4) GST: Demonetisation comes at an important time as the country heads to a new tax regime with the implementation of GST. Demonetisation would increase the tax net and along with GST result in reduction of black money generation. 

 

5) Financial assets: As money lying idle comes in the main economy it would move to higher yielding and liquid assets. Money is likely to move to financial assets from gold, precious metals, real estate and plain cash. 

[beetle]

8 hours ago, tweaker said:

Government is looking into sudden 'popping up' of money into zero-balance Jan Dhan accounts, after an unprecedented Rs 2 lakh crore of cash flooded the banking system within just two days of demonetisation of high value currency.

Govt should freeze the unaccounted money in BPL accounts as long term FDs that cannot be broken.Let the poor people get the benefit of the interest .This is a good way of distributing the money amongst the poor. Let these black moneyed crorepattis turn the poor people into lakhpatis.

[tweaker]

The government on Sunday raised daily cash withdrawal limits from ATMs to Rs 2500 from Rs 2000 and eased other rules as Prime Minister Narendra Modi held a late night review meeting with Finance Minister Arun Jaitley and other officials on the fallout of “demonetisation”.

 

The limit for exchanging old Rs 500 and Rs 1000 notes at bank and post-office counters have been raised from the existing Rs 4000 to Rs 4500.

 

The weekly limit of Rs 20,000 for withdrawal from bank accounts has been increased to Rs 24,000.

 

The existing daily cash withdrawal limit of Rs 10,000 from bank branches has been removed.

 

The issuance of the new series of the Rs. 500 notes has already commenced.

[jalebi_bhai]

11 hours ago, radhika said:

Was surprised to see Mamta's reaction.She is taking it personally like he took her name  ....was screaming"kisko dhamki deta hai,Kisko dhamki deta hai"

She is barking because some of her henchmen are involved in the fake currency note racket. Unki dukhaanein ab band ho chuki hain. She probably lost some chit fund scam money as well.

[coffee_rules]

Just got my money deposited and withdrawn in 15 mins on Sun. Thanks to Bank emps who are working on Sat and Sun. Still a lot of people without bank accounts stand in lines for hours to exchange only Rs 4000 per day. ATMs were the only problem ..2000 limit is too less. It should get better in a week's time. Too many whingers who are anti-Modi on Social Media, but on the street everybody is supporting the move. This is common man sending a 'up yours' to business/rich class for not paying taxes and hoarding cash. 

 

 

[chewy]

Relatives phoning each other asking for spare bank accounts lol 

[beetle]

PM has also performed a medical miracle with this....the shock woke up the queen !!!

[Malcolm Merlyn]

2 hours ago, chewy said:

Relatives phoning each other asking for spare bank accounts lol 

 

You have??

[mishra]

4 hours ago, chewy said:

Relatives phoning each other asking for spare bank accounts lol 

Aparently a person with multiple PAN accounts is linked with single PAN card.

 

8 hours ago, coffee_rules said:

Just got my money deposited and withdrawn in 15 mins on Sun. Thanks to Bank emps who are working on Sat and Sun. Still a lot of people without bank accounts stand in lines for hours to exchange only Rs 4000 per day. ATMs were the only problem ..2000 limit is too less. It should get better in a week's time. Too many whingers who are anti-Modi on Social Media, but on the street everybody is supporting the move. This is common man sending a 'up yours' to business/rich class for not paying taxes and hoarding cash. 

 

 

Black money owners will buy queues. Aparently contractors are sending workers with black money to stand in queue and wages are paid once they got a change for 4,000

On 11/11/2016 at 3:39 PM, jalebi_bhai said:

Director of the ED probably, since ED deals with money laundering. 

Few RBI employees would have known it. There is a whatsapp news verified by ABP news where a Netaji along with RBI employee is distributing Rs 3 lakh per person/org as loan just one day before the announcement. Amount looks in terms of several hundred millions

Edited November 14, 2016 by mishra

[mishra]

On 12/11/2016 at 7:11 PM, Tibarn said:

Our media should be reporting things like this. This will encourage/give clues to people to help people in queues, Like distributing free water or food, or something. They seem to be reporting "Peoples patience is now running thin". i.e. people should start protesting.

 

But I am sure media house owners have black money too

Edited November 14, 2016 by mishra

[Rohit S. Ambani]

Why Modi why ?

 

We Baniyya's, small traders, shopkeepers voted for you and you back-stabbed us like this.

 

How can you explain your laws and tax rules to poor roadside burger seller, who purchased 3-4 plots in TIER III city by selling single cheese burger at Rs.40?  You are cheered by educated and elites, from city like Bangalore where 90% of money is already white. My maid and her 4 sons earn 70,000 per month, each of them works in 5+ homes. Its combined family income, they managed to save 2 million rupee in last few years and now struggling to explain their hardships to bank manager, they are scared. Such people voted for Modi, they expected Modi to go after TATAs, Birlas.

 

I urge all ICFers to vote out Modi in next elections. Give poor people chance to enter middle class.

 

Middle class people like me will not be to able to buy cars like Ford Endevour, Toyota Fortuner now. It will be reserved for netas and babus.

 

Modi is single, no family, no tension. BJPs vote bank is poor and middle class urban population, why he is harrassing them?

 

My father has instructed my brother to get work permit after study visa in Australia, we are fed up of Modi government. 

[tweaker]

Two officials of a state-run bank here, were today booked on the charge of cheating and criminal breach of trust after they allegedly deposited Rs 6 lakh demonetised currency in the bank without ID proof and withdrew equal amount of new currency without intimating their manager, police said.

 

Mallesh, the clerk colluded with cashier Radhika, and deposited the demonetised currency amount yesterday without ID proofs and withdrew an equal amount of new notes, Saroornagar Police Station Inspector S Lingaiah said based on a complaint lodged by the bank manager.

[tweaker]

Kolkata: Amid the chaos over the Narendra Modi-led central government's demonetisation move, citizens here on Sunday spotted two sacks stuffed with torn Rs 500 and Rs 1,000 currency notes in a garbage dump.

 

Torn and damaged currency notes of the banned denominations were found in a garbage bin in south Kolkata's Golf Green area on Sunday morning, a spectator said. "We saw a crowd of people at the garbage dump at around 8.30 a.m. It is clear it is black money," he said.

[tweaker]

 Income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into banks. 

Firms are clearing dues to suppliers, depositing cash in bank accounts to repay old loans, and buying memberships of clubs, SPAs and gyms; in all these cases their books would show that cash changed hands before Tuesday evening when demonetization of 500 and 1000 rupee bills was announced. On the other hand, taxmen in several cities have told their superiors that there is no provision in the law to automatically slap penalty on such cash being deposited in banks, according to I-T officials, tax practitioners and bankers ET spoke to. 

“There can be penalty on escaped income. But what do you do if someone deposits a crore with bank, pays 33% tax, and discloses the amount as income in his tax return filed for the assessment year ’17-18? Even if it’s driven by demonetization, this is technically voluntary declaration and shown as `income from other source’. This has been discussed in our meetings over the past few days

… To impose penalty on this money, there has to be retrospective amendment of the income tax law,” said a senior tax official. 

A 200% penalty would mean the entire declared amount going into the state coffer. 

The questions troubling those with large, unexplained cash deposits are: Will the I-T office come after them if they are unable to spell out the fund source? Even if i-T spares them, will the service tax and other indirect departments chase them? And finally, will the I-T office share the information with Enforcement Directorate who in turn can invoke the harsh anti-money laundering law?

“If the source of the fund relates to an admitted activity which is subject to levy of indirect tax, then even if the IT department accepts the source there is always the possibility that other agencies may step in,” said senior chartered accountant Dilip Lakhani. 

Indeed, the swelling bank deposits could pose challenge for the I-T department. Several small and mid-sized businesses, traders and individual borrowers in the farm sector have deposited cash to resolve their non-performing loans and initiate one-time settlements. “These are typically small borrowers with loan liability ranging from Rs 5-10 lakhs to Rs 5-10 crores. We have also had an instance of an individual borrower depositing cash of Rs 20 crore to clear his dues," said the CEO of a southern bank. "As part of our compliance, we are filing suspicious transaction report on such deposit beyond permissible limits," said the compliance head of a Mumbai-based private sector bank. 

It is not just banks which are witnessing inflows. “Many companies have undertaken prepaid sales for a year; health centres, SPAs, and hotels have offered prepaid packages -- all have been sold without discounts but using earlier currency notes. NGOs and trusts are receiving calls for anonymous donations. Some are in a dilemma whether to accept,” said Mitil Chokshi, senior partner at audit firm Chokshi & Chokshi. 

On Friday, income tax officials surveyed large bullion dealers to assess their respective cash in hand and make a note of the last bill number. This was done to stop the transfer of cash to bullion dealers and jewelers that began since Tuesday evening. But it’s impossible to keep a track of all establishments which are accepting cash. Such cash transfers are easier in case of retail outlets and jewelers where the names of buyers are not mentioned, but more difficult in transactions where the identity of the cash giver is revealed – such as club and holiday membership deals. While government authorities may not be able to prove that the cash transfer took place post Nov 7, they can always question the fund source.

[coffee_rules]

Don't believe the rumors spread on Whatsapp/FB. I got on saying a telugu bidda big data analyst was responsible for Trump win. 

[maniac]

23 minutes ago, coffee_rules said:

Don't believe the rumors spread on Whatsapp/FB. I got on saying a telugu bidda big data analyst was responsible for Trump win. 

Trump win in Arizona....Exaggerated yes....but partly true.

[beetle]

3 hours ago, Rohit S. Ambani said:

Why Modi why ?

 

We Baniyya's, small traders, shopkeepers voted for you and you back-stabbed us like this.

 

How can you explain your laws and tax rules to poor roadside burger seller, who purchased 3-4 plots in TIER III city by selling single cheese burger at Rs.40?  You are cheered by educated and elites, from city like Bangalore where 90% of money is already white. My maid and her 4 sons earn 70,000 per month, each of them works in 5+ homes. Its combined family income, they managed to save 2 million rupee in last few years and now struggling to explain their hardships to bank manager, they are scared. Such people voted for Modi, they expected Modi to go after TATAs, Birlas.

 

I urge all ICFers to vote out Modi in next elections. Give poor people chance to enter middle class.

 

Middle class people like me will not be to able to buy cars like Ford Endevour, Toyota Fortuner now. It will be reserved for netas and babus.

 

Modi is single, no family, no tension. BJPs vote bank is poor and middle class urban population, why he is harrassing them?

 

My father has instructed my brother to get work permit after study visa in Australia, we are fed up of Modi government. 

If your earning is in the taxable bracket...you bloody well shell out some money as taxes........yeah ,go to Australia or any damn place because they are  so easy on people who avoid taxes. Good luck to you and to us.

[maniac]

Heard people have swiping(Point of sale) machines in weddings...if true 

[chewy]

9 hours ago, Malcolm Merlyn said:

 

You have??

Yup, reserved it for  relative, but only allowing upto 2.5 lakh deposit that's it