500,1000 Rs Note no longer legal tender!!

[Kshatriya87]

Hi hi hi hi.

I have a classic case. A chartered accountant friend has 2 brothers. One elder and one younger but both were not as good in studies. The elder one ended up in some chota mota business. Minor lendings and Kirana shop. He had about 10 lac INR in cash deployed alongwith some inventory. To save on inventory you have to use a lot of prompt buying and selling methods which requires cash. This cash became useless and he had to deposit it. So he got a notice.

This much cash was essentially the profits he had earned over 2-3 years. The day demonetisation was announced and no arrangements were made by Modi for giving cash to people. This elder brother, without consulting his CA brother apparently accepted demonetized notes too from his Kirana clients. So now this guy is the one who will pay the taxes for his foolishness at not having seen the bigger foolishness unleashed by Modi.

He thought he was helping people. And he ends up with a notice. And the CA friend has to manage it all for him.

My CA friend was really fed up with both his own brother and with Modi.

I am wondering how many kirana shop owners, who helped people by accepting the notes that Modi could not and could not have exchanged, will have a CA bothers.

Ask yourself, whose fault is that? Why didn't he pay his taxes in time? He did? Then no problem, show the paper work. Does he have receipts for all the profits in those years? Then again no problem, he can show those to IT. As for the people's money, he shouldn't have taken it. That's his mistake.

 

[Khagesh]

Ask yourself, whose fault is that? Why didn't he pay his taxes in time? He did? Then no problem, show the paper work. Does he have receipts for all the profits in those years? Then again no problem, he can show those to IT. As for the people's money, he shouldn't have taken it. That's his mistake.

Fansi machli jaal mein.

Arre bhai where is the question of maintaining paper work. The Rs. 10 lac was essentially income for last few years and some chota mota cash loans taken.

And didn't the GoI representative in chief the Finance Minister, specifically say that they do not intend to put in the same amount of currency back into the system. Obviously people with old cash would never get to see enough cash. But they did need it for their daily needs during Nov. and Dec. when the Jedi council thought that they do not need to do anything and just sit around hooka in hand. During those difficult times the Kirana shop guys literally acted as the emergency ATMs.

Now instead of calling a chori a chori you are saying beta shukr karo abhi seena zori nahi hui!

Kamal hey bhai.

Oh I forgot to mention - both the CA and the Kirana shop bother were BJP voters and supporters. So when I used to argue with the CA friend he used to ridicule me. Gone friday he admitted his brother got this needless notice. Off course, I was laugh-phing.

 

[Khagesh]

@Kshatriya87 ,

You mentioned the books and receipts thing.

You probably don't know that the requirements for books of accounts are so attrocious and so unjustified that small time businessmen (mostly arthmetic oriented and not law oriented) find it hard to do it.

Here try this simple test. The following compliance is meant for Doctors who are educated members of society. Now go and check with your family doctor if he is.

http://bpcindia.in/forms/itforms/itrForm3C.pdf

Mind you this is a prescribed register as in you have to maintain it in this form only not as in a bunch of carbon copies of receipts issued. IT dept. cannot be expected to file through each and every one of the receipts books.

 

[Kshatriya87]

@Kshatriya87 ,

You mentioned the books and receipts thing.

You probably don't know that the requirements for books of accounts are so attrocious and so unjustified that small time businessmen (mostly arthmetic oriented and not law oriented) find it hard to do it.

Here try this simple test. The following compliance is meant for Doctors who are educated members of society. Now go and check with your family doctor if he is.

http://bpcindia.in/forms/itforms/itrForm3C.pdf

Mind you this is a prescribed register as in you have to maintain it in this form only not as in a bunch of carbon copies of receipts issued. IT dept. cannot be expected to file through each and every one of the receipts books.

And hence the cashlessness. No country can become entirely cashless. Not in the present scenario. But it can achieve it considerably. If we start going cashless, all these transactions can be recorded and such extreme paperwork wont be needed.

 

[Khagesh]

And hence the cashlessness. No country can become entirely cashless. Not in the present scenario. But it can achieve it considerably. If we start going cashless, all these transactions can be recorded and such extreme paperwork wont be needed.

Nahi sir ji, cash-less-ness has nothing to do with Accounts-less-ness. All the bigger businesses maintain both accounts and they do their banking too with CTS cheques. And this is not likely to change even if you get Banking Transaction Tax.

You see the Tax Departments, can never be sure if the banked amounts are the only transactions in trade. IT dept is also interested in extra-ordinary incomes, deferred structure incomes (progress based/construction based etc). Because they are not interested in just the banking that is why the concept of Self-Assessment in the first place. The banking focus is only to generate 'new points' of policing and not to support some lonely fellows wish for a paperless office.

In fact the rules that provide for that doctors day book also provide that even a new business (notified) must maintain books even if they do not hit the threshold limit such that the IT assessor can assess his income for the low profits first year.

Actually I suspect that most people who support cashless economy are supporting it because they are working under the mistaken belief that they won't have to do a lot of paperwork. When the reality is exactly the opposite. Both the paper work and the corruption are set to explode in a big way with the new direction in Indian economy.

Additionally it seems the cashless focus itself is floundering badly. Here read this:
http://gadgets.ndtv.com/apps/opinio...lem-thats-stopping-it-from-taking-off-1652093

Big Problem:

Instead of a single, easily-identifiable logo, over 20 UPI apps that are operational today are competing to make their brand known. But how many stickers do you think a typical business is going to be able to affix on its door or wall, to let customers know that it is open to UPI payments?

Littler but needless problem because of poor execution:

What's worse, there's already strange infighting between the UPI platforms, and the NPCI doesn't seem capable of bringing quick resolution. Recently, ICICI decided to block UPI access to Yes bank - and specifically Flipkart's PhonePe app which is Yes Bank's UPI platform, because of "security issues". Since then, the NPCI supposedly spoke to both ICICI and Yes Bank, and requested changes to resolve the issue.

That should have been an end to things, but then ICICI stated that it will only stop blocking after Yes Bank followed orders, and most recently, PhonePe's team put up a blog post boldly stating, "Noteworthy to mention here is a little legal fact that NPCI has no direct legal jurisdiction to 'direct' PhonePe or Flipkart to do anything". With something like this happening, it's difficult to imagine a united effort to promote UPI.

 

[Kshatriya87]

Nahi sir ji, cash-less-ness has nothing to do with Accounts-less-ness. All the bigger businesses maintain both accounts and they do their banking too with CTS cheques. And this is not likely to change even if you get Banking Transaction Tax.

You see the Tax Departments, can never be sure if the banked amounts are the only transactions in trade. IT dept is also interested in extra-ordinary incomes, deferred structure incomes (progress based/construction based etc). Because they are not interested in just the banking that is why the concept of Self-Assessment in the first place. The banking focus is only to generate 'new points' of policing and not to support some lonely fellows wish for a paperless office.

In fact the rules that provide for that doctors day book also provide that even a new business (notified) must maintain books even if they do not hit the threshold limit such that the IT assessor can assess his income for the low profits first year.

Actually I suspect that most people who support cashless economy are supporting it because they are working under the mistaken belief that they won't have to do a lot of paperwork. When the reality is exactly the opposite. Both the paper work and the corruption are set to explode in a big way with the new direction in Indian economy.

Additionally it seems the cashless focus itself is floundering badly. Here read this:
http://gadgets.ndtv.com/apps/opinio...lem-thats-stopping-it-from-taking-off-1652093

Big Problem:



Littler but needless problem because of poor execution:

What your solution then?
........................................

 

[sukhish]

What your solution then?
........................................

this GOI has to pack up for any solution to emerge. a guy who is barely a BA pass cannot be expected to provide solutions to the complex economy as simple as that. till then enjoy the cool aid of your master.

 

[Ancient Indian]

this GOI has to pack up for any solution to emerge. a guy who is barely a BA pass cannot be expected to provide solutions to the complex economy as simple as that. till then enjoy the cool aid of your master.

Yeah it's true. A guy who is barely a BA pass can't run the country.
But a bar maid with no degree can run the country.
And what about crooks like Kejri? He is true sold out person. His character is much more cheaper than prostitute.
At least prostitutes have some professional integrity. Kejri has nothing like that.

As long as Indians encourage item girls, there will be no hope.

 

[ezsasa]

this GOI has to pack up for any solution to emerge. a guy who is barely a BA pass cannot be expected to provide solutions to the complex economy as simple as that. till then enjoy the cool aid of your master.

Finally!!!!

Such a elitist mindset!!!!

 

[tharun]

Yeah it's true. A guy who is barely a BA pass can't run the country.
But a bar maid with no degree can run the country.
And what about crooks like Kejri? He is true sold out person. His character is much more cheaper than prostitute.
At least prostitutes have some professional integrity. Kejri has nothing like that.

As long as Indians encourage item girls, there will be no hope.

Yes a barely BA pass guy cannot run a country..so does a bar dancer or a crook
But an idiot sitting somewhere can predict about our economy and comments about our country....

 

[Khagesh]

Dekho bhai yeh degree-vigree chodo. Ache ache degree wale fail bhi ho gaye aur successful bhi hue. And people like General Grant, Marshal Suvorov, Indira Gandhi and Sardar Patel and Ho Chi Min would never have qualified for anything other than a BA degree. But they did their jobs and came from some very different social backgrounds. Success does come to those who slog for it.


@Kshatriya87, suggestion are for friends. Sanghis are agents of foreign powers. They are not friends. Sanghis are just Dr. Jekyll in Saffron colours to a Mr. Hyde of Congressis in Green colours. Both of you are here only to fool Hindus and Muslims respectively.

Besides Bhagwan Krishan gave Gita - Uski to izzat kari nahi. What to say for advisory of a small man like myself.

Anyways let us start the flame war - again. My favourite passtime.

Here is a criticism by a western educated and successful fellow who could have been consulted, given that India is today run from a basement room in West Wing, but obviously was not. This blindness was regardless of the fact that the ‘advisors’ of this govt. come from the same stock schooling that this guy Steve H Hanke, comes from.

http://economictimes.indiatimes.com...omist-steve-h-hanke/printarticle/57002282.cms

#Demonetizationis for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.pic.twitter.com/h1z2pesjsG
— Prof. Steve Hanke (@steve_hanke)February 5, 2017

A Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, Hanke had earlier said that "India simply does not have the infrastructure to adapt to Modi's demonetisation...he should have known."

Even among the foreigners these Sanghis have picked up the most servile politicized idiots who will put in a token article in show of support for these equally idiotic Sanghis.

You could be excused for believing that these Sanghis were independent minded and would not work under the yoke of a foreign power. But then, did they listen to their own people at all.

Bharatiya Mazdoor Sangh had reported problems early on. Just a week back another ally Swabhimani Paksha – Shetkari Sanghatan has also differed.

http://indianexpress.com/article/ci...nomy-says-bjp-ally-swabhimani-paksha-4496516/

Did you see any main stream or social media acknowledge this. Why?

Don’t exert. The answer is that Sanghi is the new Congressi. Sanghis control the news media and they will not allow such damaging dissent to promoted.

So what happens ulitmately – the budget makes no mention of the demonetisation dividend despite the fact that a reasonable dividend is going to be there. Why was this dividend not taken into account while sanctioning funds for the established system? For whom is this dividend being saved? A saving that cannot be put into the regular system? Picture abhi baaki hai.

 

[Kshatriya87]

Dekho bhai yeh degree-vigree chodo. Ache ache degree wale fail bhi ho gaye aur successful bhi hue. And people like General Grant, Marshal Suvorov, Indira Gandhi and Sardar Patel and Ho Chi Min would never have qualified for anything other than a BA degree. But they did their jobs and came from some very different social backgrounds. Success does come to those who slog for it.


@Kshatriya87, suggestion are for friends. Sanghis are agents of foreign powers. They are not friends. Sanghis are just Dr. Jekyll in Saffron colours to a Mr. Hyde of Congressis in Green colours. Both of you are here only to fool Hindus and Muslims respectively.

Besides Bhagwan Krishan gave Gita - Uski to izzat kari nahi. What to say for advisory of a small man like myself.

Anyways let us start the flame war - again. My favourite passtime.

Here is a criticism by a western educated and successful fellow who could have been consulted, given that India is today run from a basement room in West Wing, but obviously was not. This blindness was regardless of the fact that the ‘advisors’ of this govt. come from the same stock schooling that this guy Steve H Hanke, comes from.

http://economictimes.indiatimes.com...omist-steve-h-hanke/printarticle/57002282.cms

Even among the foreigners these Sanghis have picked up the most servile politicized idiots who will put in a token article in show of support for these equally idiotic Sanghis.

You could be excused for believing that these Sanghis were independent minded and would not work under the yoke of a foreign power. But then, did they listen to their own people at all.

Bharatiya Mazdoor Sangh had reported problems early on. Just a week back another ally Swabhimani Paksha – Shetkari Sanghatan has also differed.

http://indianexpress.com/article/ci...nomy-says-bjp-ally-swabhimani-paksha-4496516/

Did you see any main stream or social media acknowledge this. Why?

Don’t exert. The answer is that Sanghi is the new Congressi. Sanghis control the news media and they will not allow such damaging dissent to promoted.

So what happens ulitmately – the budget makes no mention of the demonetisation dividend despite the fact that a reasonable dividend is going to be there. Why was this dividend not taken into account while sanctioning funds for the established system? For whom is this dividend being saved? A saving that cannot be put into the regular system? Picture abhi baaki hai.

So you think I'm a sanghi? Or is it just that you are trying to make fools of sanghis?

 

[Kshatriya87]

this GOI has to pack up for any solution to emerge. a guy who is barely a BA pass cannot be expected to provide solutions to the complex economy as simple as that. till then enjoy the cool aid of your master.

You cannot judge political decisions based on the educational degree of the politician. Even different highly qualified economists have different opinions about demonetisation. Who will you go with? Point is simple, no decision is loved by all. There is always collateral damage no matter what decision you make at a national level.

 

[Khagesh]

So you think I'm a sanghi? Or is it just that you are trying to make fools of sanghis?

Arre bhai you have to read something in context too. Merely because several different issues are dealt with in a single post does not mean things are all linked up.

Only para 2 and 3 are in the context of your post. And once I have written 'Anyways', it implies a new line of thought progresses therefrom.

But tell me something, why the hell are you bothered, at all, when Sanghis are referred to. Are you a closet Sanghi or an disgraced Ex-Sanghi or an active Sanghi generally confused hiding it all in his bravado or do you wish to be a Sanghi but are defensive about it because of some 'mis-steps'.

While in India, only India is supreme or alternatively if you wish to give recognition by words or actions to any one part of India (say the Sangh) then you should be willing to give recognition to all other parts too, each off course in their own character.

BTW I am not against you or anybody joining Sangh - better to face an overt enemy than a covert one. I developed a hate for their supra-nationalism, only lately, after having seen them in action and on ground - perfect case of kahin par nigahen kahin par nishana, kind of grouping. Who can fool them when in fact the whole of India is sought to be fooled by them.

So chull na kar, chill maar chill bhai. Chill it chill it some more.

 

[Khagesh]

You cannot judge political decisions based on the educational degree of the politician. Even different highly qualified economists have different opinions about demonetisation. Who will you go with? Point is simple, no decision is loved by all. There is always collateral damage no matter what decision you make at a national level.

So when you are confused about the views of the economists (which BTW are sought after by the current dispensation) then you ought to go to the people.

So how many people were involved in the decision?

 

[Kshatriya87]

So when you are confused about the views of the economists (which BTW are sought after by the current dispensation) then you ought to go to the people.

So how many people were involved in the decision?

If people were involved, there would be no point of demonetisation.

 

[Ancient Indian]

Some one is so picky about what nationalism should be and what it shouldn't be.

Such a spoiled attitude. Wonder how many people in their family worked for the so called nationalism.
People who can't lift a small finger for the nation cause becomes experts when given platform to harp on.

 

[Kshatriya87]

Arre bhai you have to read something in context too. Merely because several different issues are dealt with in a single post does not mean things are all linked up.

Only para 2 and 3 are in the context of your post. And once I have written 'Anyways', it implies a new line of thought progresses therefrom.

But tell me something, why the hell are you bothered, at all, when Sanghis are referred to. Are you a closet Sanghi or an disgraced Ex-Sanghi or an active Sanghi generally confused hiding it all in his bravado or do you wish to be a Sanghi but are defensive about it because of some 'mis-steps'.

While in India, only India is supreme or alternatively if you wish to give recognition by words or actions to any one part of India (say the Sangh) then you should be willing to give recognition to all other parts too, each off course in their own character.

BTW I am not against you or anybody joining Sangh - better to face an overt enemy than a covert one. I developed a hate for their supra-nationalism, only lately, after having seen them in action and on ground - perfect case of kahin par nigahen kahin par nishana, kind of grouping. Who can fool them when in fact the whole of India is sought to be fooled by them.

So chull na kar, chill maar chill bhai. Chill it chill it some more.

Not bothered. I'm neither a sanghi nor a bhakt. Just my own man with my own opinions.

 

[Khagesh]

"There are many people like me who couldn't die for the nation during the freedom struggle but we are living for India and serving India,"

Batao kaun bola:
1) Obama
2) Trump
3) Arvind Pangariya Bhawati waghera waghera
4) Modi

 

[sukhish]

You cannot judge political decisions based on the educational degree of the politician. Even different highly qualified economists have different opinions about demonetisation. Who will you go with? Point is simple, no decision is loved by all. There is always collateral damage no matter what decision you make at a national level.

i know not all decisions can agreed upon. but then again the main reason was to flush out money, till now no account of how much black money has been flushed out? also the narrative is changed from black money to less-cash economy with in a span of two weeks.

I think this just a way to siphon money into the coffers of BJP . Since congress has rules for a long period, they have steady coffers. But BJP saw this as a last resort to stuff up its coffers. temples were allowed to take old notes as they could easily convert them legally. the whole system is rigged, only smoke screen to play with the public sentiment. but as long as public buys it they will sell it. and this forum is a prime example of people drinking the cool aid.