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Originally posted by futureguy

Demonetisation has been a huge failure so far.

https://www.bloomberg.com/news/articles/2016-12-05/black-money-estimates-shot-as-india-said-to-validate-82-of-cash

So far 82 % of the old notes have already been deposited and laundered into the bank accounts. More than 90 % is going to be deposited in the banks by the deadline.

So the gov calculations of old notes will be wasted and destroyed and corrupt people will be scared to deposit the old notes have been wrong.

So unless something is done about the illegal and suspicious deposits of old notes under different names and fake accounts, its business as usual. So all it means they have all reentered the system through various corrupt means and have been laundered and black has been turned into white.

The number of Rs. 49,000 deposits made by poor and illeterate people in crores of Jan Dhan accounts is staggering. Rs. 50,000 or above you need a PAN card. So obviously their accounts are being used for money laundering.

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Originally posted by futureguy

Demonetisation has been a huge failure as far as catching the black money is concerned. Now the gov and Modi is changing the tune and talking about cashless society and the talks of corruption and black money is in the back ground.

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“The word 'politics' is derived from the word 'poly', meaning 'many', and the word 'ticks', meaning 'blood sucking parasites'.” Larry Hardiman
The politicians are all spin doctors. Their job is to keep people's attention away from govt., away from inconvenience the public faces every day to make money and to come up senseless castles in the air a.k.a slogans like make America great again and ache din BS.
ordinary Indians are getting crushed due to ridiculously poor inept implementation of this move. There is absolutely no chance of NRIs getting any help.
I hope the NRIs will remember this in future.

Can I convert CAD into INR at Delhi airport. I will be going to Delhi from Toronto.

64,275 People who declared by disclosing Rs 65,250 Cr. black money are now being investigated: Jaitley

New Delhi, Oct 1 (PTI): In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding the government Rs 29,362 crore in taxes.

While the black money declarations will go up once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get nearly Rs 14,700 crore or half of the due taxes, during this fiscal period.

Announcing the declarations made under the Income Declaration Scheme (IDS), Finance Minister Arun Jaitley said 64,275 declarants disclosed an amount of Rs 65,250 crore.

"Some disclosures have not been tabulated yet... This figure could be revised upward once the final tabulation is done," he told a news conference here.

Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent.

On the declarations compiled so far, the government will get Rs 29,362.5 crore in tax and penalty. The declarants can pay this amount in two installments up to September 30, 2017. Half or Rs 14,681.25 crore will accrue this fiscal.

Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes.

"We will maintain secrecy of these declarations," Jaitley said, adding the tax would accrue to the Consolidated Fund of India and would be used for welfare of public.

The average declaration per declarant comes to Rs 1 crore.

A total tax of Rs 9,760 crore was collected under the Voluntary Income Disclosure Scheme (VIDS) amnesty scheme brought by the then Finance Minister P Chidambaram in 1997.

"In 1997, the tax collected was Rs 9,760 crore," Jaitley said, adding that VDIS and IDS cannot be compared as the two schemes are different.

While IDS is not an amnesty scheme, VDIS provided blanket amnesty, he said. Taxation under IDS is charged at the rate of 45 per cent while the effective rate of tax in the 1997 scheme was in single digit.

Jaitley also listed out the steps taken by the government to unearth unaccounted money in over two years, including Rs 56,378 crore during search operation and Rs 16,000 crore from non-filers of tax returns.

The government, he said, did not want to give a person who hasn't paid tax easier term than one who has been honest in paying taxes and so a 50 per cent penalty of the 30 per cent tax was added.

"It was 30 per cent tax, but the value of asset was taken not for 1997, but for 1987. So the effective rate of tax was single digit rate of tax. And this is a 45 per cent rate of tax. So the two schemes are entirely different," he said.

Refusing to draw a parallel between the two schemes, he said the two are different and the effective rates are also different.

"This kind of declaration is a positive step because more and more people in the higher tax income are wanting to become more and more tax compliant," he said.

Asked about what course of action the Income Tax Department would take against those holding black money but not declaring in the four-month window, Jaitley said the department has no intention of being vindictive.

"But if the department finds that there is an evasion somewhere, whatever normal activity they have to do they will do," he said.

The Finance Minister said India was not in general a tax compliant nation.

"At 45 per cent tax, when the average declaration was one crore, it means there were no small traders. These were people with significant resources.

"With so many people declaring money it shows significant number of people want to become tax compliant. It's a very 'good figure' and if you take as part of all the steps that the government has taken cumulatively, these are very significant amounts," he said.

The Income Tax Department had virtually burnt midnight oil to make the IDS a success by remaining open till midnight on the last day to facilitate filings.

Like the foreign black money scheme, the Income Declaration Scheme 2016 is not an amnesty scheme. These schemes extended an opportunity to come clean by paying more than the normal tax.

Between 1951 and 1997, 10 amnesty schemes were announced to declare unaccounted money, most of which were misused. Dishonest tax payers got away in those schemes by paying lesser than normal taxes, with all immunities.

Only two of the past schemes were seen as successful: the income declared under amnesty circular 1985/86 was Rs 10,778 crore, and under VDIS, 1997, Rs 33,000 crore.

But the real value of the assets declared was double the value considered for tax purposes. Taxes were paid at less than 50 per cent of the normal rate, with zero interest and penalties.

The Remittances of Foreign Exchange and Investment in Foreign Exchange Bond (Immunities & Exemption) Act, 1991 saw about Rs 2,200 crore of income being declared, with zero taxes payable.

The India Development Bonds, 1991, were also issued under this scheme, with subscribers enjoying immunity from declaring the source of income. They got 9 per cent tax-free interest on the 5-year bond.

IDS 2016 provided opportunity to undeclared wealth holders to escape prosecution by paying 45 per cent tax, including a penalty of 7.5 per cent and surcharge of 7.5 per cent.

From.. : DH : http://www.deccanherald.com/content/573472/64275-declarants-disclose-rs-65250.html
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We have seen a Banker's list with a lot of names and the money against their names and Nothing has ever come out of it. We also heard about the PANAMA LEAK, an expose, which is still being looked into and is still on the shelves. Now.. we still see in a somber and silent mode, watching Black money getting hoarded ......and multiplying by itself everywhere.

At least the PM had the guts to think and begin this new implementation ..while glitches are everywhere, the measures are being put in place to minimize the unwanted damage for the money in circulation, that has played havoc all these years within the four walls, there in India. IT is my view that these individuals were given a chance first to come clean and for those who failed in their first chance, they are given a SECOND Chance to redeem themselves and be honest tax paying Citizens.

Just wondering what if actual deposit + conversion of old notes come to be higher than Rs 15 lakh crore (value of old notes as per the Govt and RBI)? As 12 lakh Crores Rs have already been deposited in a month. And with 20 days left, there is a good chance of that happening.

I can think of two possibilities:

1) Either past corrupt governments did some cash /note printing scam and actual cash in the system is higher than RBI records. Frankly it is unlikely. AND

2) Second and more likely possibility is that fake currency in the system was/is so real that Banks as well as RBI are not able to differentiate. The Govt and the whole world would see how vulnerable our economy was becoming with such finely printed cash coming from our neighbouring countries with anti-nationals helping them there within the country.

All of this is from a little bit of information that gets analysed over the Internet. This is provided here for your thoughts and inputs.

FH.

EDIT..: As requested by FEBPREET

FH,

Just a suggestion: While reading your posts, it's difficult to draw a line between the real News story iand where your own comments/opinions start from. Can you please make it more clear about the source of the story as well as delineate your comments from the News?

Sorry to say, but at present it's not quite legible.

Thanks

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Originally posted by futureguy

Paytm has a major Chinese investor, Jack Ma of "Ali Baba". Huge massive E commerce, Mobile payment, Online auction company in China and rest of the world too.

We are sharing our banking information with a company which has major Chinese holding & our Indian government is promoting it's usage.

The amount of information gathered by PayTM on you is staggering under the guise of KYC documents - Know Your Customer. Your PAN card, Aadhaar card, SIM card, Phone IMEI, Your spending, Your physical location, Your banking info, all this will be on some Chinese server somewhere.

Plus PayTM has as high a commission and transaction fees as 4 % on some transactions.

Indias economy is $ 2 Trillion US dollars. Most of which is cashless. All these PayTM, Visa, Mastercard, American Express want a cut of it in transaction fees and commissions.

In India Credit cards like Visa, MC have a 40 % interest rate, if you don't pay on time. Plus they have annual fees just to have a credit card. Plus they charge merchants, vendors, shopkeepers 2 % - 3 % in transaction fees just for using their machines. Imagine how much profit they will make when 130 crore Indians are forced on to it

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