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Demonetisation: News, Updates & Discussions

Discussion in 'World Economy' started by Mercury, Nov 8, 2016.

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Vote For or Against Demonitisation

Poll closed Nov 18, 2016.
  1. Good Idea, Well Executed

    19 vote(s)
    67.9%
  2. Bad Idea, Badly Executed

    1 vote(s)
    3.6%
  3. Good Idea, Badly Executed

    8 vote(s)
    28.6%
  1. BlackOpsIndia

    BlackOpsIndia Developers Guild Developers -IT and R&D

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    SrNair, R!CK and Dagger like this.
  2. Butter Chicken

    Butter Chicken 2nd Lieutant FULL MEMBER

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    I was there when raid took place!(in another bank in same market)
     
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  3. stephen cohen

    stephen cohen 2nd Lieutant FULL MEMBER

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  4. stephen cohen

    stephen cohen 2nd Lieutant FULL MEMBER

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  5. Mercury

    Mercury 2nd Lieutant FULL MEMBER

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    ATMs empty? That's because large banks are giving 90% cash only to wealthy customers

    MUMBAI: Long queues in front of the ATMs (Automatic Teller Machines) are not necessarily due to lack of currency supply alone, but banks, which get the supplies from the Reserve Bank, are hoarding the cash themselves to service their own customers instead of putting them in the vending machine, say executives.

    Companies which manage the ATM network of the country and transport cash say that they are receiving less than 10% of the currency that is being supplied into the system by the Reserve Bank of India. That hoarding at the bank level is holding back ATMs getting replenished even though most of the 2.2 lakh ATMs have been recalibrated to dispense new currency notes.

    The government, which has been driving banks to ease the pain of the citizens, warned banks not to indulge in such practices and directed them to be fair by making cash available at ATMs.

    Economic affairs secretary Shaktikanta Das said the practice of banks servicing own customers ahead of common interest through replenishing ATMs is prevalent. “Larger number of ATMs are working,” said Das. It is not correct that only 13% ATMs are working. Have advised banks to focus on loading money in ATMs also.”

    More than a month after Prime Minister Narendra Modi banned the use of Rs 500 and Rs 1,000 currency notes for transactions, there is not sufficient cash to replace the withdrawn notes. While the RBI may be deliberately reducing the cash availability to boost digital payments, banks are helping their preferred, priority customers with cash.

    “Initially we were not getting cash because there was a serious shortage of supply, but now supply has gone up significantly but the ATM network of the country is still running dry, because banks are keeping the cash with their branches and not giving to us,” said an official from a company which manage a major ATM network, but who did not want to be identified.

    Industry sources say that the larger banks in the country are keeping 90% of the cash that they are receiving in their branches to be distributed only to their customers, with wealthier ones getting preference. A questionnaire sent to ICICI Bank, HDFC Bank, State Bank of India and Axis Bank remained unanswered.

    [​IMG]

    “If they put money in the ATMs they fear that smaller bank customers will take away the cash, hence they are keeping it in their branches so that they can service their own customers,” said the person quoted above.

    As per data released by the Reserve Bank of India currency worth Rs 4.6 lakh crore has been released to the public through bank counters and ATMs between November 10 and December 10, which shows that around Rs 15,000 crore was pumped in every day. “Now the number has gone up beyond Rs 20,000 crore, still we are not getting our share to replenish the ATM network,” said an official with a cash logistics company. “This is causing the ATMs to remain empty,” he added.

    Further they said that instead of filling up ATMs with Rs 50 lakh which was the norm previously, now banks are not putting more than Rs 5 lakh per ATM. “This is causing most of the ATMs to get empty within few hours of starting service,” said one of the officials quoted above.
     
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  6. BlackOpsIndia

    BlackOpsIndia Developers Guild Developers -IT and R&D

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    Maybe true, the ATM in my house is now closed for over a month. Guard is sent on holiday, shutter is down completely. What was expected to be a great move seems to be heading towards cash catastrophe. You can never rely on Indian system for any earth shattering change, they will defeat any move irrespective of how strong the driving force is.

    Whole countries good will and honesty of a PM can't make these scums work with honesty, how innovative they get in stealing! Axis bank is doing these things long before demonetization, have seen first hand how they rip apart RBI guidelines.
     
  7. Sathya

    Sathya Lieutenant FULL MEMBER

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    HDFC district head branch ATM is still with closed shutters , but the bank provides withdrawal of 24k per week , elsewhere ie other banks they don't give more than 8k in withdrawal itself..
     
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  8. Sathya

    Sathya Lieutenant FULL MEMBER

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    if we have to revote the poll conducted here at the top, I wonder how many votes change..

    Let's do again at the end of December.
     
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  9. Zeus_@21

    Zeus_@21 Major SENIOR MEMBER

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    http://www.indiatvnews.com/business...olders-one-last-chance-till-march-2017-361208

    Govt gives black money holders one last chance, rolls out new income declaration scheme till March 2017
    Currently reading: Govt gives black money holders one last chance, rolls out new income declaration scheme till March 2017
    #Government, #Black Money, #Demonetisation Move, #Narendra Modi,#Hasmukh Adhia
    India TV Business Desk, New Delhi [Updated:16 Dec 2016, 19:48:56]
    [​IMG]
    blackmoneyinfo@incometax.gov.in (for the purpose)," he said.

    Black money holders have been given one last chance by the government to come clean until March-end next year by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.

    Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme - Pradhan Mantri Garib Kalyan Yojana (PMGKY) - which kicks in from tomorrow, Revenue Secretary Hasmukh Adhia today said non disclosure of deposits made in banks after the Rs 500 and Rs 1000 notes were junked will attract stiffer penalties as well as prosecution.

    Not declaring the black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution, he said.

    Adhia said President Pranab Mukherjee last night gave his assent to the Taxation Laws (Second) Amendment Bill and the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 scheme will open tomorrow and end on March 31.

    CBDT Chairman Sushil Chandra said tax department is keeping an eye on all suspicious activities.

    "So the assessees should know that their deposits in bank accounts are being watched. We are examining whether it is explained money or not. Therefore, they should come very very clean under this scheme which is the last window available for anyone," he said.


    http://www.indiatvnews.com/business...olders-one-last-chance-till-march-2017-361208

    How's that?? :D
     
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  10. Pundrick

    Pundrick 2nd Lieutant FULL MEMBER

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    Pathetic just pathetic. :angry::angry:

    Either Government FM or PM should resign or I want those RBI & Bank Managers who are culprit of this mess in jail for very long time. They just can't provide service to their privileged customers/Black money hoarders like this.

    If my cheque gets bounced, they'll fine me for that, but if they can't provide me cash then no fine for them ???:angry::angry:
     
  11. BlackOpsIndia

    BlackOpsIndia Developers Guild Developers -IT and R&D

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    1.PNG

    RBI, Finance ministry gone full mental! WTH is this 5,000 deposit limit? The promise was till 30 December why the hell can I not deposit into my own account my own money if I waited before to get the queues shorter and they are not yet shorter!

    Why do I need to go thru the harassment of Bank Officials questioning me for 5,000 Rs and if they deny then what? Jaitley lost control of mind or RBI want riots on streets? Who in the right mind will make rule like that? Jailtley is preparing coffin for Modi with this buffoonery.

    Rule:
    2) If you are depositing over Rs 5,000 in your bank account, it will be credited to your account only after at least two bank officials question you, on record, on why the amount could not be deposited earlier and receive a "satisfactory explanation."

    WTH is this? Satisfactory explanation and how will you measure satisfaction? the same inch tape with which they measure the IQ of Jaitley? Want to jam the banks completely? Is this some kind of sadistic clown running our finance ministry?
     
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  12. Golden_Rule

    Golden_Rule 2nd Lieutant FULL MEMBER

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    This is filtering. First making all existing currency of Rs. 500 and Rs. 1000 come back to the bank; the counterfeit will be filtered out. Along with, the undeclared black money will come back into the system after paying penalties. Once this 50 day period is over, Modi will pump currency nation wide, but he will also declare that there will be no blanket amnesty of Rs. 2.5 lakh this time, every Rs. deposited will have to be accounted for. And the Rs. 2000 will be withdrawn from circulation in 6-9 months during which time he will give time to every citizen to go digital. He may introduce Rs. 200 notes and print more volume in Rs. 100 and Rs. 50 notes. Let's wait and watch
     
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  13. randomradio

    randomradio Mod Staff Member MODERATOR

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    http://www.ndtv.com/india-news/can-...plus-only-once-till-dec-30-government-1639399

    The government has in new restrictions said that deposits of more than 5,000 rupees in old 500 and 1,000-rupee notes can be made in a bank account only once from now till December 30, the deadline for depositing old notes. The Reserve Bank of India or RBI has also said more than Rs. 5,000 in old notes will be credited into accounts only after customers have given a "satisfactory explanation" to two officials on why they had not deposited old notes earlier. Prime Minister Narendra Modi had on November 8 suddenly abolished Rs. 500 and 1,000-rupee notes to combat corruption and black money.

    The government had said at that time that people could deposit the old notes they were holding till December 30, while also allowing in phases the use of the banned notes at petrol pumps and some government utilities. All such use of old notes ended on December 15.

    The new restrictions on bank deposits are aimed at checking large deposits of black or undeclared money into bank accounts as the deadline for deposits nears. With only 11 days to go, the new restrictions will allow only limited deposits and will also allow close scrutiny of the money deposited.
    [​IMG]
    The RBI has said that more than Rs. 5,000 in old notes will be credited only in bank accounts that are KYC complaint.

    The RBI has said that more than Rs. 5,000 in old notes will be credited only in bank accounts that are KYC compliant - KYC or Know Your Customer is a process by which banks get information about the identity and addresses of clients.

    The government has earlier said that any single deposit in old notes of over Rs. 2.5 lakh in an account will attract income tax scrutiny. Since demonetisation was announced on November 8, a number of fake accounts with large deposits in banks have been unearthed by investigators.

    It has given people holding black money one chance to come clean by declaring their old notes and paying 50 per cent in tax and penalty under what the government calls the Pradhan Mantri Garib Kalyan Yojana 2016.

    The ban on 500 and 1,000-rupee notes had taken out 86 per cent of the money in circulation or 15.44 lakh crores. Almost 13 lakh crores in old notes has returned into the system.
     
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  14. randomradio

    randomradio Mod Staff Member MODERATOR

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    It's a pretty clever move. People with black money will be in a tight spot. People with legal money will not.
     
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  15. Agent_47

    Agent_47 Admin - Blog Staff Member MODERATOR

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