goDofWar_skr Posted November 18, 2016 Report Share Posted November 18, 2016 People save up for weddings. In a lot of communities, those can be savings over years, decades. Especially if you have a girl. Almost all of that saving is usually cash. Or withdrawn in cash months before the wedding. Now those guys are sitting on life savings in cash that they have to give an explanation to the tax man for. Good luck explaining that you saved for 15 years and this is that saving, especially since only a fraction of a fraction of India gets payslips. And to add insult to injury they have no way to pay for the wedding since trying to change even 3-4 lakhs in cash right now is an absolute nightmare. Then there is the dowry aspect of it where some communities/places give cash, but TBH maybe that one is a good thing. That disgusting practice needs to die fast. That's from one side of the coin. Then you have the other side of the coin. The people that provide services to weddings. Horse wallah, band people, caterers, tent guys etc etc etc. They have these 3-4 months to make like 80% of their money since this is the peak wedding season. They arent gonna make a fraction of what they normally would have made last year or the year before. Totally agree with the problems related to taking out money which is limited to 2.5lac.. Apart from that still don't get the idea on how exactly are people losing money.. Saved up since 15 years, sure.. But if the money saved up is from authentic source of income, then ideally income tax should have been already paid for it and it would reflect in the income tax payment history.. No need of payslips n all to prove that.. But if the savings is from under the table income, then that is what is called black money! Dowry is ILLEGAL.. so if you don't have the cash to pay it, then it is plus side to it.. May be buy a car/fridge/4k tv/ps4pro/xboneS whatever instead, if the groom is so desperate from dowry.. Or better yet, give dowry as online bank transfer and write "DOWRY" in the transaction comments.. Payment to tent walla, caterers etc could be made via online transfer.. If the guy is not accepting it, then you know he is not gonna pay tax on it so then again comes the black money into picture.. I know that this will be a PITA in the last moment for a lot of people.. But soon enough these caterers, tent wallas etc will realize it and slowly start moving towards taking other forms of payment.. Competition will ensure that others follow the suit.. Finally what would be achieved is that the income is accounted for and taxes are paid for it.. Why should it be that only salaried people like us pay the taxes? Even in cases where we are earning less than what the caterers, tent guys are making.. Link to comment Share on other sites More sharing options...
goDofWar_skr Posted November 18, 2016 Report Share Posted November 18, 2016 Man I really wish my current work building was like my last work building. They had an ATM inside their building and you couldnt get in unless you had a valid company ID card. I bet those guys are doing just fine for cash. Actually things are not so great either.. The ATM is loaded with only 2lac cash in form of 100rs notes on some days.. So only 100 transactions of 2000 each are possible.. Now if you consider some people having more than 1 atm cards, then the number is even less.. Another problem is that in my office, my so-called educated colleagues are behaving as if an apocalypse is near and are hoarding cash bu queuing unneccessarily.. So people in actual need are unable to get it.. Link to comment Share on other sites More sharing options...
The Wolfy among us Posted November 18, 2016 Report Share Posted November 18, 2016 Hope they don't rollback the demonetisation....Talked to a few guys in queue today, people are happy with the decision in spite of troubles. A few of them just came for adventure sakes....they just want to be able to recount this experience to their children. That being said I simply can't find anytime to exchange the old currency. My local grocery wala has shut shop too. A friend just handed me 5k but seems it won't last long. May I know why you had to spend 5k when you could have found ways to use your card? Link to comment Share on other sites More sharing options...
CarbonCore Posted November 18, 2016 Report Share Posted November 18, 2016 Am I the only one here who hasn't withdrawn/deposited anything so far? I mean my entire family. Only my dad who is in Nagpur deposited 10k odd on first day. Since then no one has gone to bank or ATM. I have 350 rs cash with me since the announcement and haven't spent a single ruppee. All groceries and vegetables are bought by card as always. And I don't even live in a metro and not even in posh are. Surely I am not the only one on this forum. I haven't withdrawn anything in last 3 months, but then I have a luxury of living alone and being surrounded by shops who all take cards. Its come to a point where I actually don't feel comfortable dealing in hard cash for large amounts like 10k and above. Travelling to Saudi next week and apparently i can only withdraw Riyal equivalent of upto 2500 rs in ATM's there. No idea what logic is behind this. f**k this sh*t. Wait what? That can't be true. The limit is on the ATM, not on your card. Link to comment Share on other sites More sharing options...
Big Boss Posted November 18, 2016 Report Share Posted November 18, 2016 Actually things are not so great either.. The ATM is loaded with only 2lac cash in form of 100rs notes on some days.. So only 100 transactions of 2000 each are possible.. Now if you consider some people having more than 1 atm cards, then the number is even less.. Another problem is that in my office, my so-called educated colleagues are behaving as if an apocalypse is near and are hoarding cash bu queuing unneccessarily.. So people in actual need are unable to get it.. Yeah. Couple of colleagues stood in line for 2 hours and withdrew 10k each just because they wanted to hoard it. They won't even use it completely for months. Such people are unnecessarily hoarding money. Typical paranoid mentality. Link to comment Share on other sites More sharing options...
AflyingKiwi Posted November 18, 2016 Report Share Posted November 18, 2016 Yeah. Couple of colleagues stood in line for 2 hours and withdrew 10k each just because they wanted to hoard it. They won't even use it completely for months. Such people are unnecessarily hoarding money. Typical paranoid mentality.Also lot of people asking others to stand in line for them and exchange as much as they can from their black money. Also its really hard to see any problem for those who have cards and netbanking at their dispatch Sent from my SM-N920G using Tapatalk Link to comment Share on other sites More sharing options...
Walker Posted November 18, 2016 Report Share Posted November 18, 2016 Another problem is that in my office, my so-called educated colleagues are behaving as if an apocalypse is near and are hoarding cash bu queuing unneccessarily.. So people in actual need are unable to get it.. This so much. Link to comment Share on other sites More sharing options...
sobbii Posted November 18, 2016 Report Share Posted November 18, 2016 Umrah? Sent from my SM-N910F using Tapatalk ya How did you get 6%? I am in Jeddah only I helped out a family last week.. They were from my neighbourhood they couldn't get their Indian currencies exchanged so helped them out here... Many many many who are traveling are having problems... One of the exchanges were taking old notes by that was coverting to 700 of 1000... Sent from my SM-N910F using Tapatalk Link to comment Share on other sites More sharing options...
Cash Posted November 18, 2016 Report Share Posted November 18, 2016 I haven't withdrawn anything in last 3 months, but then I have a luxury of living alone and being surrounded by shops who all take cards. Its come to a point where I actually don't feel comfortable dealing in hard cash for large amounts like 10k and above. Wait what? That can't be true. The limit is on the ATM, not on your card. Yup. Checked with the bank manager, the limit is on the card apparently. f**ked up. My cousin studying in Dubai uses indian account. He had lend money from his friends because he couldn't withdraw. Stupid system i would say, no point in limiting withdrawals abroad. Link to comment Share on other sites More sharing options...
CarbonCore Posted November 18, 2016 Report Share Posted November 18, 2016 That is fked up. Why would you put limit on withdrawal in foreign countries? Link to comment Share on other sites More sharing options...
AflyingKiwi Posted November 18, 2016 Report Share Posted November 18, 2016 DP Link to comment Share on other sites More sharing options...
AflyingKiwi Posted November 18, 2016 Report Share Posted November 18, 2016 Maybe its not possible to put limit only on one currency so the only option left is to put the limit on card, And if thats not the case then its just plain stupid Sent from my SM-N920G using Tapatalk Link to comment Share on other sites More sharing options...
blitzkreiig Posted November 18, 2016 Report Share Posted November 18, 2016 May I know why you had to spend 5k when you could have found ways to use your card? 1. Local doodh wala 2. Maid Have like a little more than 2k left. But I'm not complaining. I'm okay with waiting in line. I firmly believe that salaried people shouldn't be the only ones paying taxes. Link to comment Share on other sites More sharing options...
CarbonCore Posted November 18, 2016 Report Share Posted November 18, 2016 Maybe its not possible to put limit only on one currency so the only option left is to put the limit on card, And if thats not the case then its just plain stupid Sent from my SM-N920G using Tapatalk No its possible to put limit on one currency by putting limit on ATMs in the country of that currency. Link to comment Share on other sites More sharing options...
hope Posted November 18, 2016 Report Share Posted November 18, 2016 Is there a way this can be taken back?A PIL was filed few days ago by someone and now opposition is shouting the same for recall.Considering BJP has total power now,is it possible in any which way?In no way this should be recalled ever. Link to comment Share on other sites More sharing options...
harsh1387 Posted November 18, 2016 Report Share Posted November 18, 2016 Recalling will be a political suicide and knowing Modi so far there is no way in hell he will roll it back. Also with Supreme Court also backing the decision this is here to stay. Sent from my Redmi Note 3 using Tapatalk Link to comment Share on other sites More sharing options...
Big Boss Posted November 18, 2016 Report Share Posted November 18, 2016 Seems legit? Link to comment Share on other sites More sharing options...
Chewie Posted November 18, 2016 Report Share Posted November 18, 2016 How did you get 6%? many reports out there in the papers Link to comment Share on other sites More sharing options...
Bhpian Bali Posted November 19, 2016 Report Share Posted November 19, 2016 Seems legit? Never have known them to be so fast with such things. Usually these things come into picture later in the scrutiny. And usually the give you time till minimum 15 days or even a month. This dosent look fake due to reference number and stamps which can be verified. If they start calling people for amounts such as 4.5 lacs for a business when the reporting figure is above 12.5 lacs for current accounts then next lines will be at income tax offices. Maybe cuz it is a small place so easier for scrutiny. I do not see this happening at metro cities considering over 5 lac crore rupees have been deposited. That means an average transaction of 500000lac crore/125 crore. Link to comment Share on other sites More sharing options...
Bhpian Bali Posted November 19, 2016 Report Share Posted November 19, 2016 This is what a CA friend has to say on it :- Seems this is false. The heading is not of tax dept. Also specific section not quoted. N is there any such bank? Link to comment Share on other sites More sharing options...
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