Demonetisation and its Aftermath

Status
Not open for further replies.
hotshot05 said:
Not sure what you wanted to say.
Your calculation shows that he has more profit if he charges Rs.1000 + Rs.20 (as CC charge) rather than charging Rs.1000 (including Rs.20 as CC charge)
Click to expand...

Exactly.

Bake in the CC charge for his overall bill. The transaction is clean, he makes more profit and does not need to say to the client "you will need to pay 2% because of a plastic payment". Self working professionals have the liberty to charge what they want. It is how they put it across to their clients..right..? You said why should they, when I said bake it into their business model. Of course they can justify this overall "fee" to their client. Will it work..? Why do they not do it. Because they follow option 3. To go scot-free.
 
guys discussing here will do nothing people should mass protest. What this govt is doing is 100% corruption. They want to recover the loans which they have waived off. With peoples money invested in banks they will recover that amount by gaining interest.
 
asingh said:
Exactly.

Bake in the CC charge for his overall bill. The transaction is clean, he makes more profit and does not need to say to the client "you will need to pay 2% because of a plastic payment". Self working professionals have the liberty to charge what they want. It is how they put it across to their clients..right..? You said why should they, when I said bake it into their business model. Of course they can justify this overall "fee" to their client. Will it work..? Why do they not do it. Because they follow option 3. To go scot-free.
Click to expand...
I said "why should they" with respect to why should the doctor prefer to take his fee via CC rather than cash. Whatever he takes as cash, he can decide not to show in his ITR. So the doctor gives incentives when the patient pays via cash. (No extra CC charge)

CC charges are small (Rs.20 in this case). So if he asks the patient to pay Rs.1020 as fee, invariably the patient would ask why such a strange number. Why not a whole number like Rs.1000. So then the CC charge info would anyway be mentioned.

Currently they are being transparent. In my opinion, that is good.
 
asingh said:
Exactly.

Bake in the CC charge for his overall bill. The transaction is clean, he makes more profit and does not need to say to the client "you will need to pay 2% because of a plastic payment". Self working professionals have the liberty to charge what they want. It is how they put it across to their clients..right..? You said why should they, when I said bake it into their business model. Of course they can justify this overall "fee" to their client. Will it work..? Why do they not do it. Because they follow option 3. To go scot-free.
Click to expand...

By baking the CC fee into the bill and charging every customer instead of only those who pay though CC, they will indeed make a profit, but then, they might just as well charge Rs 500 more to offset the 30% income tax they need to be paying and make the fee Rs 1500 instead of 1000. But then they will think why pay to govt when they can keep it all themselves. There will be no end to that cycle of reasoning.

It is a good idea to have a breakup and customers too prefer to have a break up. For instance, if you have to stay at a hospital for a day or two and the hospital hands you a bill for Rs 50,000 without an itemized breakup, would you be alright with such a receipt? In fact, in many cases, itemized break ups are mandated by govt.
 
Tried to pay online for booking HP gas cylinder, 4 attempts failed. I tried both netbanking as well as debit card. The payment gateway was sbi e-pay so no surprise I guess.
 
Both are similarly worded. They should have just given a tldr at end saying the demon... drive was a money grabbing scheme.
 
It's pure politics.
I'm yet to come across a professional economist who has endorsed this move.
None of the holes for black money have been plugged.
No new anti-counterfeit measures have been employed.
By this time next year, the 'shadow economy' will be back.
Hawala operators and counterfeiters got a hold of the new currency before anybody i know.
New notes have already been found on terrorists.
Compared to land and jewelry, cash constitutes the smallest portion of undeclared wealth.
The biggest users of black money are political parties.
We all know how much money is blown on elections and all parties will have large stocks of cash for the same.
By doing this the ruling party has effectively pulled the rug out from under the other parties. Elections are coming to UP after all.
The very nature of politics is such that to get anywhere ahead in it, you will HAVE to be corrupt.
Choosing between political parties in India is like choosing between cancer or aids.
 
uber said:
guys discussing here will do nothing people should mass protest. What this govt is doing is 100% corruption. They want to recover the loans which they have waived off. With peoples money invested in banks they will recover that amount by gaining interest.
Click to expand...

In a scenario, what will happen if everyone starts to withdraw cash of what they have deposited?
 
The short term goal may be political domination, especially in the UP etc. elections. But the long term strategy is about money. Loads and loads of it. Extracted bit by bit from every gullible Indian who still doesn't realise what the party is up to. Given that they were and are backed by India's wealthy and corporate elite, they don't seem likely to lose anytime soon.

They first got 86% of OUR cash into the system. Then made it really hard to get it back out. THEN are coming up with newer plans everyday to discourage cash txns. So basically people will never be able to retrieve and 'hoard' the cash they deposited in the first place.

What every Indian needs to stop and think about is this. For example, my money which I earned from my employer, and paid income tax on, is now mine to use freely. The govts. part is over when I paid my taxes. No why are they forcing me to keep it in the banking system? I should be free to keep it in cash in my cupboard, or under my mattress or wherever. If i paid tax on it, it's white. Doesn't matter the denomination.

Today my friend tells me a story. He applied for a new cheque book with his SBI. They charged him Rs. 50 + tax for it. Apparently it came home when he was out and was returned. He went to the bank to check and they asked him to pay another Rs 108. There was no phone call, no re-attempt at delivery. Just plain and simple loot. They've got us by our (cash) balls and now they are freely charging for nonsense.

Another story, this time mine. My 9 year old bike's 3rd party insurance was Rs. 604 last year. This year it's Rs. 855. I figure less than 1% of people actually claim from the other person's 3rd party cover given that claim cases take 5-10 years to resolve sometimes. Most people just claim from comprehensive if they have it or pay out of pocket if they don't. But leave all that aside. Even if they system worked flawlessly, how is a 40% increase on 3rd party premium (including tax) in a year justified?

As a softly spoken wise man recently said, this is nothing but legalised loot and plunder. When they said acche din, who did people really think they meant?
 
My PayTM story:

Like I usually do, i logged into the irctc android app to book a train ticket. To my pleasant surprise they waived off the IRCTC service charge of about Rs. 20 (on a Rs. 1200 3rd AC ticket) citing promotion of cashless and demon etc.

In the payment options page, there were wallets like mobikwik, payumoney etc. At the bottom was the common credit/debit card/netbanking option. But it was powered by paytm. No other options. Next page there was a paytm service charge of Rs. 22 !!. I was like fcuk this, i'll travel one hour to the train station and book a paper ticket but i aint paying paytm sh!t. When i mentioned this to my friend, he said, but I booked a ticket on the irctc website and there was no charge. So i went to the site and sure enough, there was no IRCTC charge and also the old payment systems were in place. I directly used my ICICI card payment gateway. So FU paytm.

About a week later i needed to book another ticket and decided to check out the IRCTC app again. This time there was no paytm charge mention. So I thought they finally came clean. The total amount was 1080 on the final page. But on the verified by visa 2FA page the amount was now 1102. Just like that. So they decided to not even openly reveal the charge and instead silently add it on the VFV page thinking most people won't notice.

Bottom line is the govt, indian railway, banks, paytm, they're all in cahoots, ripping off the public bit by bit. India's biggest asset is it's huge population, so why not use that to their benefit, instead of targeting the 1%?
 
Increase weekly withdrawal limit to Rs 2 lakh for candidates contesting polls: EC to RBI

The Election Commission Wednesday wrote to the Reserve Bank of India, requesting it to hike the weekly withdrawal limit for candidates contesting in the upcoming assembly elections in five states. The poll panel proposed that the withdrawal limit must be hiked from the existing Rs 24,000 per week to Rs 2 lakh to allow the candidate to meet the expenditure costs incurred during campaigning. According to the EC website, a candidate contesting for an assembly seat from bigger states, such as Uttar Pradesh, must not exceed Rs 16 lakh towards campaign expenses. The limit is set at Rs 8 lakh for smaller states like Goa. However, in 2014, the government agreed to increase the limit from Rs 16 lakh to Rs 28 lakh. It appears that the information has not been updated in the EC site’s FAQs section.
Click to expand...

http://indianexpress.com/elections/...-of-india-candidate-withdrawal-limit-4491525/
 
Minor hiccup with Paytm, added some 4K to my account to transfer to a shopkeeper whom I could not physically meet and give cash. The money was deducted, but not added to my Paytm a/c. Some 15-20 mins later the money got added and transferred it ASAP. It would have cost me some 100 odd bucks to meet the chap in person plus time, which I did not have.
 
^ They other day I paid for a new cycle for my cousin - Rs. 12.5k. The store didn't have a card POS machine, so I asked for his a/c no. and IFSC, and paid him via IMPS using my icici app. Could have done the same via NEFT.

So why on earth are people pushing these useless wallets which just add an extra step in between your bank and the merchant, AND rip us off on top of it all? paytm is one of the biggest aspects of the current mega-scam going on.[DOUBLEPOST=1485715424][/DOUBLEPOST]
Mr.J said:
http://indianexpress.com/elections/...-of-india-candidate-withdrawal-limit-4491525/
Click to expand...

Blatant abuse of power and authority. But of course, everyone will keep singing the govts. praises.
 
^^ Because payment options like NEFT and IMPS are not convenient. For instance, in order to do NEFT or IMPS, I have to add the person as a beneficiary and wait for several hours for it to activate and even after that, I have severe restrictions on max transactions for 48 hours. Every bank has its own rules and security measures in place for these services.
 
Status
Not open for further replies.
Back
Top