241–250 of 336 posts
not sure about economics , but is NGC proposed ( Nano GPS Chips) a privacy concern?
> NGC proposed ( Nano GPS Chips) Such a thing is neither possible nor wise, and thus, doesn't exist. Where did you get something like this from? Check your sources.
shouldve thought abt that first :)
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This isn't true at all. You can't buy an auto ride, but USD and Euro are used as reserve currencies. If nothing else, inflation is significantly lower than for rs. A surprising number of people have asked me if they could change their black money with me for dollars at favorable rates.
Can you use USD as currency in India? I haven't seen a single place that would accept that.
While this sounds great on face value, I doubt this'll solve the root of the problem. Why did we have so much black money in India? Coz people didn't want to pay taxes. Why didn't people want to pay taxes? Because they got nothing in return. Governments (esp Indian) have been historically self serving and power hungry. Tax money is usually either lost by PSUs loaning to the Mallyas of the world or other corrupt bulls…
> Why did we have so much black money in India? Coz people didn't want to pay taxes. Why didn't people want to pay taxes? Because they got nothing in return. Sorry, I don't buy this argument. People in every country, regardless of how good their government is, want to personally pay as little taxes as possible. If people in XYZ-Amazing-Country knew that they could reduce their personal tax bill by 30% in a way that's…
You know what would motivate me to pay taxes ? Crystal clear development plans with additional gurantees that It would not be used to support bloated bureaucracy and subsidies.
Also who said governements are the only one who has to develop infrastructres ?
500 and 1000 Ruppee note cease to be legal tender as of today midnight. Everyone who has them can get it exchanged for 100 ruppee notes in banks,post offices etc until Dec 31. You need to provide a valid id to do an exchange, which means that the transaction will be traceable and Income Tax department (Indian version of IRS) will be matching them to declared income. ATM and banks are closed for the next couple of day…
I would imagine that most of the wealthy Indian tax evaders have their money in Swiss bank accounts rather than large stacks of rupee banknotes hidden in their basement.
Even that is a step forward.
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I would imagine that most of the wealthy Indian tax evaders have their money in Swiss bank accounts rather than large stacks of rupee banknotes hidden in their basement.
Most wealthy tax evaders have long since brought their money back and laundered it already. Tax Windows have been open for a long while, people seem to forget that there's been multiple amnesty Windows, the oldest being in the 90s iirc (could be late 80s).
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> I think this withdrawal limit is too low and would inconvenience lot of folks Yup. If someone needs to pay for medical emergencies, they will suddenly have to ask for help from lot of people.
Or use a credit card. When I had my back surgery a few years back, I just swiped for 1.2 lac. Of course, most people don't have a CC with that high a limit...
In India, no body has a CC, even debit card is only 22%
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> I think this withdrawal limit is too low and would inconvenience lot of folks Yup. If someone needs to pay for medical emergencies, they will suddenly have to ask for help from lot of people.
Hospitals and pharmacies are accepting the older bills for a longer window.
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Changing $100 notes to $200 notes will open a new black market for converting 2 x $100 notes to $200. I think just removing the $100 note is safer.
2K notes are not just piece of paper, it does have NGC (Nano GPS Chip) by which income tax department can track the location and exact amount have stashed nearby that location. So sending that amount to some other country or keeping that money underground will be the most foolish thing one can do.
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>actually not that significant or deleterious, but a convenient political talking point. This is not true. This is a problem that significantly impacts the economy and visibly changes the equation for the middle class. Real estate, cars, and other things you'd consider somewhat essential to an average household are artificially priced because of the purchasing power of people with "Black money". It is more than a pol…
Do you have a scientific study backing this up? You just restated the claim that it is a problem.
As opposed to the "impression" you got that this was a convenient political talking point?
I've bought real estate in India and visibly saw the effects in the last decade - inflation without commensurate change in infrastructure.
As to your question of studies, here are some starting points (some dating as far back as 1995). The problem is serious enough for the government to have set up 10+ independent commissions to investigate the issue (which are cited in the paper by the Ministry of Finance) - the net cost of the black economy is estimated to be ~12-20% of the GDP, which in my books counts as a serious issue
http://finmin.nic.in/reports/WhitePaper_BackMoney2012.pdf
https://rbidocs.rbi.org.in/rdocs/publications/pdfs/73533.pdf
https://rbidocs.rbi.org.in/rdocs/publications/pdfs/73533.pdf
http://www.idosi.org/mejsr/mejsr23(3)15/17.pdf
http://www.jnu.ac.in/SIS/CITD/DiscussionPapers/Financial_Rep...
http://www.nipfp.org.in/media/medialibrary/2014/10/BLACK_MON...
[Edit: Typo]
Earlier quoted context omitted.
Changing $100 notes to $200 notes will open a new black market for converting 2 x $100 notes to $200. I think just removing the $100 note is safer.
2K notes are not just piece of paper, it does have NGC (Nano GPS Chip) by which income tax department can track the location and exact amount have stashed nearby that location. So sending that amount to some other country or keeping that money underground will be the most foolish thing one can do.