I am pretty sure that people dying due to lack of immediate care or being struck at private hospitals without treatment ,medicines and food and in pain is just minor inconvenience for you when its not hapenning to you or your own family members., But the question to ask is whether this severe and potentially life threatening situation was even a necessity for curbing black money in the first place
I myself could not buy medicines in last two days and I am mostly stuck to eating only once per day due to lack of money and the online delivery services staying too busy to deliver. I am getting a few things from big basket by tomorrow through online purchase, but imagine the plight of people with who are struck without credit and debit cards and internet banking access.
Nobody is denying that removing the bigger denominations is a great move. The only reason big denominations of currency are introduced by govt's is mostly just for the convenience of black money hoarders most of whom are people who are part of the govt's or close to them. You can simply assume that introduction of any currency > Rs 500 by any govt is only to aid black money hoarding. Such higher denomination currencies can be found only in countries with rampart corruption.
leaving aside the fact that the govt is again introducing even higher denomination notes now, the way the ban has been handled is not acceptable at all. Apparently, it was planned quite a while back that these currency notes would be phased out and it was just a matter of when. So why was it done in such an unprepared manner? They could have easily started moving the Rs 100 and 50 notes and even the newer currencies into the banks before they even announced the ban publicly. There are long queues in Banks and ATM's and most people are unable to get any currency as its running out. Some of the banks are handing out 2000 Rs notes which currently are as worthless as the older notes due to not enough smaller change being in circulation.
Also from what I heard from a colleague who is connected to BJP political circles, this info was leaked to the big wig politicians and those close to BJP and and even to other parties and even tough they didn't have an exact date when its going to happen, most of them already got rid of their hoarded Indian currencies or at least to the extent they could. So they are not as hugely affected as people think. In any case, the largest scale hoarders will have their investments in foreign currency or properties outside the country.
Non political hoarders like most doctors, lawyers, Chartered accountants, businessmen etc did have a major shock and that is definitely a great thing, but its not acceptable for it to come at the expense of inconvenience to public at large.
I personally hate dealing in cash and only keep small amounts of money in cash for emergencies. Even for my flat registration, I paid online though it meant paying Rs 4000 extra as transaction charges. But now, I am struck without cash for anything including paying the wages to the maid. Imagine what her situation is like. Even If I would like to help them, I have no means of helping currently.
I am really concerned about your situation, we belong to the same City, is there anyway I can help ? I have instructed my front office not to send the people without correct denominations away, Luckily this has brought all fiends and relatives together everyone is more than willing to their part to help the Other (BLAME ME I ALWAYS SEE THE SILVER LINING).
Luckily my hospital accepted the 500Rs notes for wifes' surgery or I had to write a cheque. I did find it inconvenient to buy food from restaurant as I need to stand in Q for ATMs, We cooked at home instead.
Great way for banks to improve their balance sheets considering the huge amount of NPAs. Now they're going to lend this money again to industrialists.
This is what I was thinking too, Banks will have better books this year, for working hard for these 2 months. But, they have cancelled Sunday holidays, so lets applaud them for the time being.
So yesterday early morning, the first thing I did was rush to the bank. At 8:30 AM, I was first in line and was able to get 10k in 100rupee notes. Also, mom had a hidden stash of 50 and 10 rupee bundles. Of the 10k, 5k will be going to my brother who is travelling to Bangalore and doesn't own a debit or credit card. Have handed him one of my cards for use and advised him to use the card as much as possible and hold on to the cash for emergencies.
The major problem I am seeing is that people are trying to hold on to the cash, just like I advised my brother.
Till now, haven't had to use any cash as I opted to go to shops which accepted payment by card. Disposed off a few of the older notes at a petrol bunk. But life has been tough for a lot of people. Small businessman are not ready to change their habits. They are ready to give products on credit, but not ready to accept cheques. Then there are so many people in my small town/village who don't have either ATM card or cheque book. The cash influx is very poor. Banks are getting very few notes to disburse and majority of their workload is receiving older notes for deposit. I had a lot of construction work going on and that has come to a screeching halt, as despite me paying with white money, the builder is bound to be dealing in black money and so have the people involved in construction supplies. As pointed above, not only are those people not ready to change their habits, right now they are in damage control mode and hence least interested in fulfilling their professional obligations. I am even a little worried that they might face huge losses ( as most of construction business runs on black money) and I might up losing my money in the process, despite having paid all money in white.
Truthfully, I am seeing regular life coming to a halt and I am not liking it one bit. The intentions might have been good and it might have some effects, but the execution is really poor and having a lot adverse effects on honest people who don't deserve to be treated that way.
Though we may not be the hoarders of Black money, but our Ignorance in aiding the accumulation of Black money is enormous.
We never realized how much we are contributing to Black money economy by our day to day deals, had we been strict enough to ask bills everytime, this day need not have come. We cannot wash off our responsibility in knowingly or unknowingly aiding Black money economy. We will be paying the price for 2 months now.
The 100 people who will help a hoarder to convert his stash of 2cr are equally culprit as hoarder himself. We never realize our contribution to this ongoing crime.(' Sab Chalta Hai' attitude has hit aroad block 'Sivaaye 500 aur 1000 ke alawa).
have been reading this thread for a while now and just wanted to chime in my opinion as well...also anyone reading this thread might think that most people on this forum are against this....but i am definitely not one of them and i want to highlight that
I am totally in favor of this...for years i have seen people boasting about not paying taxes when so-called poor normal aam salaried people bear the grunt of it..i am one of those humble ones...obviously i am facing issues as some of you are but i dont mind one bit...the way i see it ...this is going to save me 30% of my money over time...let me explain...till now i had to earn 150 rs to have the same purchasing power as some1 who was earning 100rs and cheating on taxes....
Now if this rule helps me recover even 5% more parity quite soon if not the ideal 30% which i suspect would happen in 2-4 years...why wont i be willing to bear the small problems...i would probably be willing to give 1 month of my salary in a year to make this happen...
i am not sure if there is an alternate way which is better....all the posts in this thread seem to point out the problems and the horrendous situations being caused:
- Does anybody know a better solution to eradicate black money?
- How about 100s or 1000s or maybe lakhs of lives that have been lost because people havent paid taxes for past 6-7-8 decades? if the govt had that money or even if that money was available to be legally earned in the economy for some1 instead of being stashed away...wouldnt that have saved at least some of the lives?
- There is always an opportunity cost to everything. Every day governments delay and take no action just accepting the black money as a given...they ARE sacrificing someone's life/hard earned money/opportunity for some1 to rise from poverty
Very correct.
The problem is the all alternate and less harsh suggestions to curb black money are either ineffective or can be easily circumvented by good old Indian JUGAAD ! Even this move will be met with the resistance of Good old Indian Jugaad ! Let's see.
In order to deposit over 50k in one go, your account needs to be KYC compliant. Otherwise, you would not be allowed to deposit over 50k at a time. Also, regardless of whether you make single deposit or make multiple deposits in same account or into different accounts, All deposits of Rs 500/1000 till Dec 30th will be tracked by banks against PAN number. If the total amount exceeds 2.5 Lac, it would be notified to IT dept for scrutinizing against tax returns
Yeah Govt has made it very strict this time, though they're telling that deposits below 2.5L need not worry, but they will be scrutinized too. Because they can aid a person convert a unaccounted money.
No cash deposit of unaccounted currency is safe period.
Many of friends called on pretext of what to do with the money , Most of the CAs advice seems to be unanimous - BURN IT ! why would you want to go to prison for mere say < 2cr !
People will horde again, that is the Indian mentality. Kirana owners are big crooks, all ready making profits. When will India learn..?
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Yes very true, If you leave the Hobbesian qualities (putting oneself above the interests of everything else) , Hoarding mentality is the another Worst quality we Indians have. Nothing is ever Enough for us.
The chance of hoarding newer 2000Rs currency is a definite probability but it won't be as rampant as it is now, at least for the time being.
I firmly believe that this move is more effective than mere Changing the Gandhiji's DP from 1000Rs to 2000Rs Notes !
As with Odd& Even formula it has brought the Black Money to the discussion table of every Indian. The amount of awareness created is the biggest plus of this campaign, which will go a long way in building the nation.
Suddenly Kejrival, RG aren't bothered about missing JNU student, UP Uncle -Nephew aren't fighting anymore, Delhi Pollution isn't bothering anyone, One soldier martyred no discussions from Bhakts, PM signed a historic Nuclear deal with Japan ; no widespread social media forwards by Bhakts on them - Everyone busy with counting money.
"BAAP BADA NA BHAIYYA , SABSE BADA RUPAIYYA "
