Author Topic: Black Money in India Predictions  (Read 26635 times)

Ravi Varma

Black Money in India Predictions
« on: November 09, 2016, 12:08:23 AM »
Terrorism at its PEAK !!
...
Black Money will be curbed within India. New higher notes can come. Thailand can smuggle fake currency through sea.
...



I guess the latest decision to ban Rs 1000 and Rs 500 currency notes in India is because of 2 urgent reasons (untaxed money rotation in India is least reason here)
Reason 1 : Huge amount of fake currency caught in a ship that landed on Indian coast recently.
Reason 2 : Terrorists in India are being funded by this black money and some part if printed outside the country (fake currency)

If fake currency is not stopped with immediate effect, Indian economy will collapse in 2017.

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Black Money in India Predictions
« Reply #1 on: Today at 06:09:53 AM »

Anoo

Black Money in India Predictions
« Reply #1 on: November 09, 2016, 12:41:55 PM »
What are ppl doing with their existing ₹ 500 and ₹ 1000 notes.
If someone has declared it under Income Declaration Scheme, which ended on 30 sept 2016, they are safe after paying tax.
Others are caught in a web :-X :-[ :( :o

Varenya

Black Money in India Predictions
« Reply #2 on: November 09, 2016, 01:12:54 PM »
If you have not declared cash before 30 sept, you can deposit in bank accounts now and pay tax in april 2017 (but you have to show source of income).
if you cannot do that or have huge amounts which cannot be disclosed, then do this  8) :D

Shree

Black Money in India Predictions
« Reply #3 on: November 10, 2016, 01:04:42 AM »
How much black money is in form of cash ? People who have black money have invested in gold, real estate etc and wouldnt be hoarding cash (unlike its shown in 1970 bollywood movies). People who earn black money are shrewed people and would invent some fake schemes to get out of this. Already some commission agents are converting old to new currency with 20% cut.

LEO

Black Money in India Predictions
« Reply #4 on: November 10, 2016, 06:55:06 AM »
If you have kept some cash at home for daily needs, fuel, shopping, payment to maids, drivers, auto/cab commuting etc, then it must be in thousands and you need not worry.
You can deposit it in your bank account and withdraw ₹ 100 notes or use debit cards.
Any amount <= ₹ 2,50,000 is okay. Anything above that is taxable (according to existing slab rates)

If you have few lakhs (suppose 5-10 lakhs) at home or in form of loan given to someone and getting it back in ₹ 500 or 1000, then better deposit in account and pay tax as per existing slab rates :
Income from Rs 2,50,000 – Rs 5,00,000   - 10%
Income from Rs 5,00,000 – 10,00,000 - 20%
Income more than Rs 10,00,000 - 30%
Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.

suppose you have 10 lakhs cash, 2.5 lakh can go to bank account without any worry. For the rest 7.5 lakh you need pay 20% tax which is 1.5 lakh, and you can use total 8.5 lakh legally.
This is better than paying 20% to commission agents and creating more black money again. (unless you have too many lakhs or crores stacked up)

There are 2 main targets behind this announcement.
1. to stop fake currency sent from across border to sponsor terrorism and disturb economy.
2. to permanently eliminate money saved in huge amounts, made through corruption. this is mainly targeted at big political parties, politicians, builders, benamis, movie financiers etc.
Spending cash in elections will stop now. Banks have limited ₹ 100 notes, thats why the cap of 4000 per person per day is imposed for conversion and even cap on ATM withdrawls is imposed.
In sept, one dosa bandi wala declared 50 crores in income tax declaration scheme. Whose benami is he ? or did he really make 50 crores by selling dosas on street ?

The move will definitely hit con-grass who built India based on corruption for 60 yrs. UP, Punjab elections will be interesting.
anyone shouting foul or unable to sleep since last 2 nights is having stacks of ₹ 500, 1000 notes

All political parties, politicians etc keep huge cash ready for maintaining party workers, bribing ppl, election campaign etc.

msrhprasad

Black Money in India Predictions
« Reply #5 on: November 10, 2016, 06:06:15 PM »
Good Info. Leo  :)
 and very daring step taken by Mr.Modi, then why congress is crying? such worse party ruined country with corruption.
and what about block money in foreign countries? shall we get it ever in future?
if congress comes in power by god curse :-X, it never come to India.

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Black Money in India Predictions
« Reply #6 on: Today at 06:09:53 AM »

Virinchi

My First ₹ 2000 note
« Reply #6 on: November 10, 2016, 08:52:03 PM »
My first ₹ 2000 note, which i got from bank today morning  8)


Did not understand the logic behind printing higher denomination currency.
In future it would be easy to stack up piles of ₹ 2000 notes easily, but maybe after 5-10 years.

It would be better if paper currency is kept to ₹ 100 or less and any bigger transaction done through cheque/DD/NEFT/RTGS/IMPS etc
This will stop corruption
Wanting to learn vast ranged Astrology only to predict few sport events is like Marrying only for Sex !

The greatest mistake you can make in life is to be continually fearing you will make one !

Star Dust

Black Money in India Predictions
« Reply #7 on: November 11, 2016, 07:23:52 AM »
₹ 2000 notes will be given only through bank withdrawals, not through ATMs (also their size is not compatible with current ATM trays) and also they will be less in circulation.
So, banks and RBI can keep a track of how many were drawn and how many spent or in circulation. If there's mismatch, then it can be understood as ₹ 2000 notes being stacked up somewhere by someone and in future, they can be demonitised in similar way, when it becomes an issue or fake ₹ 2000 notes are again printed and circulated in excess.

I think the present decision will make every small vendor and worker open a '0' balance bank account and most retailers can also get a business/current account along with a card swiping machine.
Over a period of few yrs, when ppl get used to plastic money or online transactions, then next POA can be implemented.

But the immediate effect is corrupt politicians like Y.S.Jagan giving away 2 x ₹ 500 notes for each 5 x ₹ 100 notes or new ₹ 500 notes at their party offices.
So in this way, they are still making 50% of their unaccounted cash and stacking it up.
UP and Punjab elections are first target and congrass which has highest amount of black money will suffer
In a day..when u dont come across any problems... you can be sure that you are traveling in wrong path - SWAMI VIVEKANANDA

Paanchajanya

₹ 2000 Scam !
« Reply #8 on: November 13, 2016, 07:11:31 PM »
Did anyone see a bigwig, a politician, a police officer, an MRO, collector, builder stand in a line outside bank/ATM to exchange ₹ 4000 old currency or withdraw ₹ 10000 ?
(except for RaGa who came for selfie publicity).
They are getting ₹ 2000 notes directly through backdoor and without any obstruction, exchanging old notes.
All those who deposit ₹ 2,00,000 or above in their bank accounts till Dec 30th will lose LPG subsidy from january 2017.
More to come...

Rohit Jain

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Black Money in India Predictions
« Reply #9 on: November 14, 2016, 09:20:15 PM »
I see a major loophole in implementation of this conversion. All banks have our KYC docs available with them. Also, our IDs are available with local mobile operator offices. Who can stop them from creating multiple copies of it and getting the notes converted from backdoor (off course with the help of bank managers and bank officers). Is there a check on this? I do not see any..
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