Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just read this in the BBC News Online and my jaw dropped. Here's the article below, and you have to pray and hope our new leader doesn't read the papers because this sort of thing could happen here or anywhere. I have never heard of such a thing, but apparently it is happening. The prime misister of India did this w/ only 4 hours notice.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,744 posts, read 58,102,528 times
Reputation: 46232
Have you done much business in India lately?
It is a 'cash' economy built on corruption. India MUST act to bring benefit to their country, for India to tackle this problem... they NEED "demonetis(z)ation".
from the article...(BBC)
There is no limit to the amount of old notes that people can deposit in bank accounts until the end of December
Mr Modi says he is simply delivering on his pre-election promise to tackle corruption and tax evasion.
1) Be glad you are in U.S. of America (as bad as that seems to many)
2) Consider what the REST of the world deals with daily (usually worse than USA)
3) Participate in how YOU can improve the overall economy / success of your chosen nation (preferably legally contribute...)
4) Encourage other businesses, groups, and individuals to do the same.
5) Each day is a STEP, make it a forward step.
6) Do THIS so USA will not need such drastic remedies as Demonetization.
Last edited by toosie; 11-19-2016 at 07:37 AM..
Reason: TOS - copyright - just the link and brief snippet please
"And, so far at least, the policy seems to be popular, in spite of the long queues and the fact that much day-to-day business in India has ground to a juddering halt. Most Indians resent the fact that many of the richest among them have used black money to evade paying their fair share of tax and are happy to suffer a few weeks of what Mr Modi called "temporary hardships" to see them face justice. They also recognize the benefits of drawing more people into the income tax net."
I just read this in the BBC News Online and my jaw dropped. Here's the article below, and you have to pray and hope our new leader doesn't read the papers because this sort of thing could happen here or anywhere. I have never heard of such a thing, but apparently it is happening. The prime misister of India did this w/ only 4 hours notice.
Agree, there is no reason to suspect this would ever happen in America. The only all Cash transactions I see are haircuts, tips for services, scalping tickets, and the selling of parking spots or drugs. Oh, unless you also count being 12 years old and shoveling driveways in winter or mowing lawns. Overall, the IRS ALWAYS has it's hands in our pockets. There is very little hiding going on.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,260,275 times
Reputation: 57825
Quote:
Originally Posted by ChiGuy2.5
Agree, there is no reason to suspect this would ever happen in America. The only all Cash transactions I see are haircuts, tips for services, scalping tickets, and the selling of parking spots or drugs. Oh, unless you also count being 12 years old and shoveling driveways in winter or mowing lawns. Overall, the IRS ALWAYS has it's hands in our pockets. There is very little hiding going on.
Thinking about it, I only pay cash for my haircuts. They charge $17 and I give them a $20. Everything else is debit card, and most of that is paid online. I don't remember the last time I used a check.
Have you done much business in India lately?
It is a 'cash' economy built on corruption. India MUST act to bring benefit to their country, for India to tackle this problem... they NEED "demonetis(z)ation".
.
I have several coworkers from India, and they were praising this move. After hearing their POV, I agree with them.
Doesn't really affect the average citizen much, but for those gov't officials sitting on a ton of cash (assumed bribe money) they now either have to declare it, or pretty much watch it turn into useless paper.
Doesn't really affect the average citizen much, but for those gov't officials sitting on a ton of cash (assumed bribe money) they now either have to declare it, or pretty much watch it turn into useless paper.
Bold move, but needed for that country.
It is not only the govt officials. There are lots of traders and self employed professionals in India who do not pay income taxes. Per reports, only 1% of the population in India pays taxes.
Doesn't really affect the average citizen much, but for those gov't officials sitting on a ton of cash (assumed bribe money) they now either have to declare it, or pretty much watch it turn into useless paper.
Bold move, but needed for that country.
Per data from the Bank for International Settlements, circulation figures for banknotes in India are less than $195 equivalent per capita . That is slightly over 13,000 rupees. You can exchange 4500 rupees into new banknotes, and only bank deposits over 250,000 rupees are being investigated for tax fraud.
While this action may seem a little shocking, countries are always trying to alter cash flow to reduce the underground economy. USA pledged to destroy all notes over $100 that came into possession of the government in 1969. Sweden declared the 10,000 SEK banknote in 1991 and has reduced circulation of the 1,000 by 94% after the year 2000. Canada stopped producing the CAD$1000 banknote in 2000 (although they are still legal tender). Singapore has stopped making the 10,000SGD banknote this year. The ECB will stop producing the 500Euro banknote in a few years. United Kingdom has not announced a date when they plan to convert the 50 pound banknote to polymer, leaving some people to speculate that the government may declare them invalid within the next decade.
I personally believe that the Federal Reserve should stop producing the new $100 color banknote once they reach $1 trillion. I think this unlimited paper money is a crack habit of the government, and just a minimum of self control is needed.
Currency is a lubricant that reduces wasteful friction in the real economy. You simply print however much of it you need. It's all backed by the national output of goods and services which are the actual coin of every realm.
Black market economies exist at some level everywhere, and officials everywhere at least try to rein them in. India has a much worse problem than we do, but it is still true that IRS receives only about 85 cents out of each dollar in taxes that is actually owed in a given year. Much of our problem stems form crooked small businesses who deliberately misrepresent the nature of their receipts and outlays. But if you try to combat that, there will be vigorous political opposition. In some quarters, defending tax cheats is a matter of flag-waving national pride and honor.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
