India politics thread
- Thread starter Shiva87
- Start date
This is just shit stirring.
Let me moan about the government not doing anything about black money, but when they do (even if its a small step) then I will criticize them because it causes inconvenience to me for a few days. feck the government, this should have been done in a better way where I should have been able to sit on my arse at home smoking a cigar and everything would fix itself automatically.
Let me also moan about Swach Bharat and blame the prime minister everytime I see garbage on the road, but feck the prime minister and feck the government as I will continue to spit on the road and litter all over the place, the way I like.
Let me also moan about Swach Bharat and blame the prime minister everytime I see garbage on the road, but feck the prime minister and feck the government as I will continue to spit on the road and litter all over the place, the way I like.
This.
What a cnut you are lolzy
Did I really have to add the tongue in cheek smiley?
Naah, you had to notice the white text
What are the requirements in order to change the old notes into new? My interest is not entirely academic - I got back from a two week holiday in India last weekend and would like to think that the well-deserved tip (paid in cash, comprising 1,000 and 500 Rupee notes) I gave to our very nice but seriously overworked driver is not now worthless without invoices and official paperwork.
The only problem i have with this is, there are no raids on Income tax officers,C.A's, politicians,Police. Basically their own black money is safe. You have to pay sums to these people to keep them away. Isnt that black money too? I remember an uncle having to pay 5 lakhs to resolve a scrutiny case under income tax to the assessing officer and his team + a penalty of 30000 that went to the government. C.A's are anotrher profession who charge exhorbiant amount of money and not all of it is white.
I am not sure if the government will go after politicians or big names of business oin the country who probably had secrtet tip regarding what was going to happen. I mean there pics of jagran in lucknow and in another language telling this was happening in pctober. I think the most people who are effected are small traders who employed themselves in business and earn enough to run there family and run a decent standard of Living.
Its a good step but its going to make a lot of the nation unhappy. It isnt going to affect the black money that much unless you are in real estate, if you are you are fecked.
I am not sure if the government will go after politicians or big names of business oin the country who probably had secrtet tip regarding what was going to happen. I mean there pics of jagran in lucknow and in another language telling this was happening in pctober. I think the most people who are effected are small traders who employed themselves in business and earn enough to run there family and run a decent standard of Living.
Its a good step but its going to make a lot of the nation unhappy. It isnt going to affect the black money that much unless you are in real estate, if you are you are fecked.
Small amounts (like upto 20k) would be converted no questions asked (only 4K per person in a day). It's not worthless. It's still technically valid money.
The problem though is as people have pointed out, it's a pain to go and get it excjanged due to huge crowds in banks and no one seems to have the ability to give you balance amount if you pay 2k.
How is it safe? They have 2 options
Either get the money converted and in the process draw attention or don't convert and money goes to waste anyway.
I also had one crazy thought, what if the pm had announced, all the black money can be deposited in banks without any reprcussions till 30 december? Yes its not what would you call the politically right thing to do, but it would eliminate black money completely. After that you impose a tax regime that links all the money in country and hence you have all money in white? Surely a more popular way but not probably the more diplomatic one?
You really think BJP had no idea what its leaders were doing? You really think anyone will dare question income tax authorities? I know what you mean by worthless, but this is a corrupt country, there will be internal "Setting" by people of political parties and tax authorities who will probably have most of their money safe.
Cheers. All very confusing but presumably it will catch out some of the smaller fish (based on my experience in Russia, I doubt the serious crooks have brown envelopes full of rupees).
Obviously nothing is 100%. There would be definitely few people who will still have unaccounted money through one way or another but a major part of black money would get wiped off. Even 80% would be a tremendous success.
And donations to temples are exempt too.
That would be wrong on many levels. Basically that could be seen as the government colluding with the corrupt by telling them 'It's ok that you had black money. Just put it back, no questions asked, and you don't have to pay any penalty either'.
That window was already there - not tax free but reduced taxes, till October I think.
They can get it converted easily. Unless they need to convert it immediately, they can just wait for some time till the hysteria settles down and then get it converted without waiting for long queues.
Are petrol pumps really taking old notes? Govt has extended the date till Nov 14.
The one I use was today, but no change.
If I put say 1000 crore of black money now, wouldn't I need to pay truck loads of tax on that from next year?
Government had come out with a scheme that allowed you to declare your undisclosed income and pay tax on that. This scheme ended on September 30, 2016. If you didn't take the benefit of the scheme and chose to avoid declaring your black money, you have no cause to complain right now if that black money has become useless.
Wont call 45 % + cess as reduced taxes! It was an impossiblity anyone would agree to declare on that amount. Had it been the way i said, you would have so much money in the market that you could make up any lost taxes swiftly in the coming years. Yes it would be politically bad, but economically it would make much sense.
45% + cess, and i do my business in white so i have no effect of this ruling bar little money which was saved over the years and we have enough provision for that.
I am talking about bringing all the black money in. Even in the scheme that govt has offered right now there will be some exploitable loopholes if you have an intelligent enough C.A.. I mean that is what they are paid for? save tax! If black money for 3 months was tax free to be taxed at normal slab rates from next year without reprucusion it would eliminate it completely,yes you might get initial diplomatic problems, but the amount of liquidity you ensure in the market would mean you are more likely to make most of the taxes avoided in previous years in next few years + the taxes you were already gonna make.
What govt could have done
- All black money legal till 30 dec
- Tax as per slab from next year
- Introduce new notes to solve the terror printing
I do 100 % support the decision as for me country comes first but i am just providing an alternative view of What if?
The problem is that you are basically providing no deterrent to people who keep black money. Once the money comes in, the cycle will continue and this time on a much larger scale as they know in the end they can get away scot free without paying anything.
Exactly - Govt sponsored legalised laundering is a genuine solution?!
That can't work. Any scheme as you have suggested would be challenged in the courts and most likely shot down by the courts.
Normal penalty for tax evasion is close to 3 times the amount evaded plus possible prison terms. 45% is not even half. Of course it's an incentive. If you evade 10 you would in Normal case pay 40. Instead you pay 17 or so. Isn't that a better option? It would have been okay for those people who ended up with black money due to necessity rather than an intention to cheat the government.
Plus once the money is brought in during this year and isn't taxable, then next year you can't tax at all. Govt gets no revenues. Govt may get money in bank but they have to pay interest on it. So effectively people get paid for having black money.
This is what i am talking about. Modi will be hated for this, there will be a change in people especially common public stance now. They will know that modi's top dogs would have gotten away with their own money and now only normal or the ones who have no connections would be hurt. This is one of many that is being rt'd on twitter.
Whatever money in the country on april 2017 will be taxed and hence more revenues will ensure. Just like the govt says little pain before lot of gain. Also they could simply lower rates and any shortage of money will be balanced out by multifold increase in GDP.
Elections are still quite far off. The response to this step has been overwhelmingly positive even though it is a nuisance to the common man. Don't expect anything more than criticism from AAP tbh.
Nah. Don't see there being too much outrage. There is always a vocal minority that will oppose any change. Even more in a case like this where they are going to lose money.
He'll be fine.
He'll be fine.
Anyone at a reasonable level in Bjp Knew about this, hence the scheme is unfair to common public
The hypocracy and the PR machine from Modi wont last long, there is less substance to his dealings, i thought he had come for 10 years, i think the affect o this move will be long felt and it will hit BJP hard.
Quite a 180 you are doing here from '100% supporting the decision'.
There is no outrage because its not on social media. Let me tell you a situation, A factory owner with 100 employees, offers 6 months advance salary to all his employees (10k each) in 500 and 1000 rs notes, they will take it. How do you stop this? He basically gives away 60 lakhs of "black money ". The outrage will be from people who dont matter, as people who are uneducated and unbanked will be the real sufferers and sadly they cant post shit on twitter and organize riots.