100% penalty for cash txns over 3L
If you pay 6 L to someone, you will be charged 6L in penalty. The dealer/seller will be liable.
India will have a difficult time adjusting to new reality. I fully support it. But the transaction cost must really come down. Credit Card companies are squeezing us. Request circles and the related ministries to take actions and get these charges reduced. more
Babus sitting in AC chambers of North and South Block are sons/daugters of Britishers. No feeling for the problems of India which lives in villages. They want to bring more regulations so that they can use their POWERS more strongly. Indians are their slaves and Babus master of India. Goodbye India more
I appreciate the view of Suresh Gopinathan. The beaurocracyi just to satisfy its ego should not bring such penalties. I personally feel that we are living in a continent and not in a country with so much diversities and gap in scale of education, livelihood, income, internet connection,etc. I my self feel that being a part of such big country has made our life difficult. One person sitting in Mumbai cheats some people and the Government of India changes rule for the whole country. Each day people are subjected to new rules/notifications/laws just because somewhere some person had done some mischief and the whole country is made to suffer. The new income tax amendment whrein income tax officers are empowered to enter any house,commercial establishment any time without getting aporoval from their higher ups is a DARCONIAN LAW and must be opposed tooth and nail. Now that so much information are available to Income tax department because of internet age , they can easily find the culprit and penalise him. Instead the Government and the Parliament chooses that an atmosphere of fear be developed in the country by allowing free entry of income tax officer in your home. If such pursuits of encroaching private life of people is continued, the day is not far off when the Indians living in different parts may be compelled to ask delinking from the country itself. These are dangerous signals. The current power/rules/regulations are enough to penalise the culprits. Donot burden people with more rules/regulations and Babu Raj. Donot make India HELL. more
The changing of old 500 and 1000 rupee notes should be allowed at all bank branches as there are huge ques in front of RBI and senior citizens can not stand for hours together. more
I think we need to take a balanced view. There are villages in the interior where even mobile connectivity is not there. Most of the rural economy is cash based. So the move is ill timed and perhaps premature. Of the merits of the move there cannot be any doubt. But remember, even countries like US has substantial cash transactions. And more importantly, to my knowledge nobody has penalised cash transactions anywhere in the world . more
We would like to move towards cashless transaction system,that is excellent.However 1.The hardware and software required to make it works at a speed,we need to replace present towers with powerful one.Internet speed should be of higher order. 2.Due to Poor Machinery to handle POS units,delay of transaction,make buyer and seller,uncomfortable.Many time signals are so poor,transaction does not go through. 3.We need to address this issue,and,jet speed. more