They keep it in USD as far as I know.. The money is sent thru to Swiss bank thru Hawala... i.e someone pays the money in cash in India and funds are deposited in Swiss Bank by someone else in cash in any of the currencies. The actual cash still remains as cash in India and changes hands for someone who is looking to bring the money back into the country... but remains unaccounted and black more
Hi Vinay ji, I agree with you. But what you are saying might take years to happen. We are a country of 1.2 billion with over 300 million relatives outside India. The money could be stashed in anyone's name... it will be extremely hard to track. My idea to change the currency will deposit huge amount of unaccounted funds directly into Reserve bank - since all the missing money or unaccounted / unclaimed funds will become property of the RBI if the funds are not exchanged in given year. Before this happens a "Vol Disclosure Scheme" could be launched just to give the last chance to the people who wish not to loose all the money once the currency is changed to "Indian Dollars"? Regards Ashish more
there are analysis in the market that the govt won't be able to get the money stashed abroad back because of legal hassles. however, i am of the view that the point of treason is above any law and person who so ever had sent the money out should be treated like a traitor. i am of the view that the govt agencies can start tracking money even from the present position. even if the govt is able to catch one person and sets example rest shall follow the precendent. any body who has become rich and famous overnight can be the most suspicious person more
Are you paying rent in cash? My friend Rajiv did the same last financial year. (And was shocked) He paid Rs.20,000 as rent every month. Half in cash, half via online transfer....
Your efforts LC Manager on creating awareness about instant loan extortion and malpractices is working RBI finally says all personal loans will, from Oct 2024, need to carry a Key Financ...
VIP culture is still a major issue in india. The latest move of no free pass for VIPs at tolls is a good move and instead they claim reimbursement makes sense. But what is being done abo...
A month or two back the Hindu newspaper had reported the LocalCircles survey on plight of travellers with airline baggage handling. On google of baggage survey LocalCircles I found the circle repor...
Commerce ministry of India has issues advisory to all e-commerce websites to remove all drinks/beverages, including bournvita, from the category of health drinks on their platforms. Attached. ...
I remember we repeatedly raised the issue of Patanjali misleading consumers before and after covid and the media never wrote about it due to advertising revenues but finally they are facing the mus...
Not only the school uniform loot, state Govts and education boards need to quickly attend to the issue of school fee increases. See the LocalCircles own survey
Schools in Coimbatore are making kids wear blazers during this scorching summer exhibiting a total lack of basic human empathy. Conducting classes in April is already challenging, but it's even mor...
Sincere thumbs up to all members and especially LC Manager for taking up this issue of standardisation of hospital bills. Can now this be escalated to Govt for action to create a b...
By Shikha Chhabra
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