eCharcha.Com   Support eCharcha.Com. Click on sponsor ad to shop online!

Advertise Here

Go Back   eCharcha.Com > Current Affairs > Taaza Khabar - Current news

Notices

Taaza Khabar - Current news Discuss the latest news making waves...

Reply
 
Thread Tools Display Modes
  #1  
Old January 22nd, 2014, 01:47 PM
kalidas's Avatar
kalidas kalidas is offline
Super eCharchan
 
Join Date: May 2012
Location: Caves of Karakoram
Posts: 3,479
kalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond repute
Attention, Black Money Operators!!

RBI to withdraw all pre-2005 currency notes
Mumbai, Jan 22, 2014 (PTI)



The Reserve Bank today decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

"After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement.

The public can easily distinguish the currency notes issued before 2005 as they do not have the year of printing on reverse side. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.


Asking people not to panic and cooperate in the withdrawal process, the Reserve Bank of India (RBI) said old notes will continue to be legal and can be exchanged in any bank after April 1.

"From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication," the RBI said.

From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.

Although the RBI did not give any reason for withdrawal of pre-2005 currency notes, the move is expected to unearth black money held in cash.

As the new currency notes have added security features, they would help in curbing the menace of fake currency.

At present, currency notes in denominations of Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are issued.

http://www.deccanherald.com/content/...-pre-2005.html
Reply With Quote
  #2  
Old January 22nd, 2014, 01:56 PM
kalidas's Avatar
kalidas kalidas is offline
Super eCharchan
 
Join Date: May 2012
Location: Caves of Karakoram
Posts: 3,479
kalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond repute
Re: Attention, Black Money Operators!!

My view is that this is an outstanding effort on RBI's part to flush out the menace of black money and fake currencies from India. This is clearly a brainchild of Raghuram Rajan.

This may sound like a trivial exercise, but it is going to impact black money hoarders big time. Imagine having Rs 5 crores locked up in a foreign bank. Now, they will be forced to change it if they would like to put it to use.

After July 1st, nobody will want to deal with currencies before 2005. My take is that black money operators are going to try and unload their cash hoard. I would expect Real Estate to shoot through the roof between now and July - especially high end properties. This might create a "trickle down" wealth effect and stock markets might see a significant spike.

Prepare for Sensex, Gold, USD, Swiss Franc, and Real Estate to rise. Black Market operators might offload their hoard and convert into alternate currencies, so prepare for INR to drop.
Reply With Quote
  #3  
Old January 22nd, 2014, 01:57 PM
swami's Avatar
swami swami is offline
Super eCharchan
 
Join Date: Mar 2009
Posts: 12,846
swami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond repute
Re: Attention, Black Money Operators!!

RBI satiya gaya hi,its not that easy and I am sure banks will be opposing this move.
31st March is too early a deadline.
__________________
There are four kinds of people to avoid in the world: the assholes, the asswipes, the ass-kissers, and those that just will shit all over you.
Reply With Quote
  #4  
Old January 22nd, 2014, 02:04 PM
kalidas's Avatar
kalidas kalidas is offline
Super eCharchan
 
Join Date: May 2012
Location: Caves of Karakoram
Posts: 3,479
kalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond reputekalidas has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by swami View Post
RBI satiya gaya hi,its not that easy and I am sure banks will be opposing this move.
31st March is too early a deadline.
This is going to be an interesting story to follow. This should make money laundering difficult, so I'm curious to see how the cards unfold.
Reply With Quote
  #5  
Old January 22nd, 2014, 02:07 PM
Gr8_Hindustani's Avatar
Gr8_Hindustani Gr8_Hindustani is offline
Senior eCharchan
 
Join Date: Apr 2001
Posts: 1,878
Gr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond reputeGr8_Hindustani has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by kalidas View Post
This is going to be an interesting story to follow. This should make money laundering difficult, so I'm curious to see how the cards unfold.
I thought you only laundry your cloths
__________________
HINDUSTANI

Ek he ulloo kafi hai barbade gulistan kee liya,
Anjamye gulistan kya hoga jab har daal pee ulloo bethe hoon
Reply With Quote
  #6  
Old January 22nd, 2014, 02:10 PM
swami's Avatar
swami swami is offline
Super eCharchan
 
Join Date: Mar 2009
Posts: 12,846
swami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond repute
Re: Attention, Black Money Operators!!

I think something similar was started by the then PM Morarji Desai but the currency notes then in circulation was just a fraction of what it is today and Rs.1000 notes were only with the rich then.
Today 1000 and 500 notes are so common,yes blame it on the inflation that exchanging them would not be possible in such a short notice and is RBI ready with the new notes to give in exchange of the pre 2005 notes ?
__________________
There are four kinds of people to avoid in the world: the assholes, the asswipes, the ass-kissers, and those that just will shit all over you.
Reply With Quote
  #7  
Old January 22nd, 2014, 06:35 PM
sgars's Avatar
sgars sgars is offline
 
Join Date: Jan 2007
Location: Mid West
Posts: 7,407
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by swami View Post
Indian politics is now unpredictable
Another twist here.
Baba Ramdev says he may support Congress in Lok Sabha polls

India Today Online New Delhi, January 20, 2014 | UPDATED 09:29 IST



Yoga Guru Baba Ramdev said on Monday that he may support Congress in the upcoming Lok Sabha polls provided the party supports his proposal to replace all taxes with single tax on banking transactions.

"..If Congress accepts our proposal of single window taxation and single tax we will support it... we give Congress support but first they take initiative," Ramdev told reporters on the sidelines of a conference organised by the Institute of Chartered Accountants of India.

Ramdev has proposed a single Banking Transaction Tax (BTT) to replace all direct and indirect taxes.







Read on here
Now, this Banking tax is surely going to shift all the tax burden to the 'Service Class'. All the Bijness men would bypass the banks and go for the cash transactions.
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang

Last edited by sgars; January 22nd, 2014 at 06:38 PM.
Reply With Quote
  #8  
Old January 22nd, 2014, 08:05 PM
khaski_khopari's Avatar
khaski_khopari khaski_khopari is offline
Senior eCharchan
 
Join Date: Aug 2006
Posts: 1,238
khaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond reputekhaski_khopari has a reputation beyond repute
Re: Attention, Black Money Operators!!

Just curious what exactly is a Swiss bank account ? Is it a kinda locker where you can put your INR currency or what?

Anyone here has first hand experience of it ?
__________________

Reply With Quote
  #9  
Old January 22nd, 2014, 09:45 PM
swami's Avatar
swami swami is offline
Super eCharchan
 
Join Date: Mar 2009
Posts: 12,846
swami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond reputeswami has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by khaski_khopari View Post
Just curious what exactly is a Swiss bank account ? Is it a kinda locker where you can put your INR currency or what?

Anyone here has first hand experience of it ?
Maybe thats what RBI thinks
__________________
There are four kinds of people to avoid in the world: the assholes, the asswipes, the ass-kissers, and those that just will shit all over you.
Reply With Quote
  #10  
Old January 22nd, 2014, 10:40 PM
marvelous's Avatar
marvelous marvelous is offline
Senior eCharchan
 
Join Date: Sep 2006
Location: Desert
Posts: 3,137
marvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond reputemarvelous has a reputation beyond repute
Re: Attention, Black Money Operators!!

The Feku's party outsourced currency printing to foreign countries in 1998. Then they stashed away black money. Now when RBI ending all notes before 2005...
This type of decisions called a real political decision. Only congress can do this. India is safe under congress only that's why people do support congress.

In Gujarat the Feku got 44% of vote share in 2012 it means that still 56% Gujjus are rejecting the Feku.
__________________
nobody is perfect, perfumes that smell the best taste the worse.
Reply With Quote
  #11  
Old January 23rd, 2014, 07:46 AM
sgars's Avatar
sgars sgars is offline
 
Join Date: Jan 2007
Location: Mid West
Posts: 7,407
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by khaski_khopari View Post
Just curious what exactly is a Swiss bank account ? Is it a kinda locker where you can put your INR currency or what?

Anyone here has first hand experience of it ?
It is like a bank account, but swiss have tough secrecy laws and if someone has an account there, no one knows about it easily.

No, not a first hand experience - i could only dream of being 1% as rich as those who may be have accounts in swiss banks

A piece from a Jeffrey Archer novel -


Ignatius Agarbi is the new Financial Minister of Nigeria. He begins a sweep on corruption and makes a name for himself. He is extremely honest, even insisting that his family vacations be billed to himself and not to his ministry. He is entrusted by his President to find out how many Nigerians have stashed their bribes in Switzerland.
He arrives at the Swiss Bank with a briefcase. Despite his greatest persuasion, the Swiss refuse to break their code of privacy. In the end, Ignatius places a gun to the head of the Swiss banker and threatens to kill him. Still the banker refuses to divulge any confidential information.
Ignatius, who is actually extremely corrupt, was only checking to find out if the Swiss Banks would actually reveal the name of an account holder. Delighted with their secrecy, Ignatius invests nearly $5 Million in cash which he has skimmed during his period as Financial Minister.
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #12  
Old January 23rd, 2014, 07:48 AM
sgars's Avatar
sgars sgars is offline
 
Join Date: Jan 2007
Location: Mid West
Posts: 7,407
sgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond reputesgars has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by khaski_khopari View Post
Is it a kinda locker where you can put your INR currency or what?
?
The amounts that are being talked about will not fit in any locker
__________________
This is quite a game, politics. There are no permanent enemies, and no permanent friends,only permanent interests. - Some Firang
Reply With Quote
  #13  
Old January 23rd, 2014, 07:49 AM
sarv_shaktimaan's Avatar
sarv_shaktimaan sarv_shaktimaan is offline
Moderator
 
Join Date: Aug 2005
Location: satva aasmaan
Posts: 14,763
sarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond reputesarv_shaktimaan has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by sgars View Post
Another twist here.
Baba Ramdev says he may support Congress in Lok Sabha polls

India Today Online New Delhi, January 20, 2014 | UPDATED 09:29 IST



Yoga Guru Baba Ramdev said on Monday that he may support Congress in the upcoming Lok Sabha polls provided the party supports his proposal to replace all taxes with single tax on banking transactions.

"..If Congress accepts our proposal of single window taxation and single tax we will support it... we give Congress support but first they take initiative," Ramdev told reporters on the sidelines of a conference organised by the Institute of Chartered Accountants of India.

Ramdev has proposed a single Banking Transaction Tax (BTT) to replace all direct and indirect taxes.
this is good news for BJP.. now they can take his expenses out of their election spending.
Reply With Quote
  #14  
Old January 23rd, 2014, 07:56 PM
AmthaLal's Avatar
AmthaLal AmthaLal is offline
Chaiman Of the Board.
 
Join Date: May 2004
Location: .
Posts: 10,601
AmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond reputeAmthaLal has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by kalidas View Post

This may sound like a trivial exercise, but it is going to impact black money hoarders big time. Imagine having Rs 5 crores locked up in a foreign bank. Now, they will be forced to change it if they would like to put it to use.
You mean to say locked up in safe deposit vault? In "foreign" bank? 5 crores? How?



Quote:
Originally Posted by kalidas View Post
This is going to be an interesting story to follow. This should make money laundering difficult, so I'm curious to see how the cards unfold.



Agree with you.
__________________
Sansaar chhe.....Chalyaa kare..........
Reply With Quote
  #15  
Old January 23rd, 2014, 08:42 PM
GpeL's Avatar
GpeL GpeL is offline
Pelu Pelu
 
Join Date: Jun 2001
Location: Yahaan vahaan jaahaan tahaan
Posts: 19,162
GpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond reputeGpeL has a reputation beyond repute
Re: Attention, Black Money Operators!!

Quote:
Originally Posted by kalidas View Post
Imagine having Rs 5 crores locked up in a foreign bank. Now, they will be forced to change it if they would like to put it to use.
Kallu and his gullak theory!! Bhai tu purush nahi hai.. tu to...
__________________
GpeL a day
Keeps mischief away.
Reply With Quote
Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Why didn't BJP bring back black money during its rule?: Sonia swami Indian Politics 9 February 26th, 2012 07:14 AM
Indian Black Money: The Swindler’s List Indian Taaza Khabar - Current news 11 December 14th, 2011 05:28 PM
Tintin in the land of Black Money echarcha Indian Politics 1 June 16th, 2011 06:23 AM
Legitimise Black money by paying 15% tax PeaceSeeker Taaza Khabar - Current news 6 May 29th, 2011 04:53 AM
Foreign Account - Black Money Shringarey Indian Politics 5 February 4th, 2011 11:50 AM


All times are GMT -7. The time now is 09:47 AM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Site Copyright © eCharcha.Com 2000-2012.