Once all your money becomes accountable naturally the black money levels come down. As of now black money hoarders are trying to convert their Money into white by giving g others to get their large notes converted and go in them an incentive. Many are willing too becaof the extra money they earn. The limit of course will be 2,50,000 only..

usha manohar wrote:

Once all your money becomes accountable naturally the black money levels come down. As of now black money hoarders are trying to convert their Money into white by giving g others to get their large notes converted and go in them an incentive. Many are willing too becaof the extra money they earn. The limit of course will be 2,50,000 only..

Many loop holes are here to exchange notes. Agriculture earning is one of them. Limit of 2,50,000 is not for farmers. 

I was surprised to see bank accounts for sale in Malada close to Bangladesh border. One news channel covered it. The poors are being offered money by the rich black money holders to sell their accounts. 

The intentions are good but execution needs improvement. I wonder if Modified thought of all pro and cons

I am sure they have looked into everything possible and things have gone well so far, as expected . Let people realise and value money rather than take it for granted and black money in the system causes a vicious cycle  of bribes and corruption, all of which will come down at least for a while. India is a totally disorganised nation and one cannot expect clock work precision in carrying out an operation of this magnitude. But full marks to Modi and his team for the way they have done it. By evening today all ATMs in my town were functional and more importantly with all the difficulties of long ques and shortage of cash that people faced, there were hardly anyone who was against the move..they were all for it !

To add on, the old 500 and 1000 notes can be used until November 14th to pay certain utility bills..

http://timesofindia.indiatimes.com/india/Rs-500/1000-notes-valid-for-key-utilities-till-November-14/articleshow/55374675.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI

usha manohar wrote:

I am sure they have looked into everything possible and things have gone well so far, as expected . Let people realise and value money rather than take it for granted and black money in the system causes a vicious cycle  of bribes and corruption, all of which will come down at least for a while. India is a totally disorganised nation and one cannot expect clock work precision in carrying out an operation of this magnitude. But full marks to Modi and his team for the way they have done it. By evening today all ATMs in my town were functional and more importantly with all the difficulties of long ques and shortage of cash that people faced, there were hardly anyone who was against the move..they were all for it !

To add on, the old 500 and 1000 notes can be used until November 14th to pay certain utility bills..

http://timesofindia.indiatimes.com/india/Rs-500/1000-notes-valid-for-key-utilities-till-November-14/articleshow/55374675.cms?utm_source=facebook.com&utm_medium=referral&utm_campaign=TOI

I agree. . Kudos to Modi for his tireless and consistent efforts to  remove once and for all Black Money Holders  from India.  Black Money is a socioeconomic evil. Rapidly growing Black Money in our economy has grave and disastrous consequences. Modi is a leader of Vision.

It is good old notes are allowed to be accepted for payment of fees, charges, taxes, penalty to central and state Governments including Municipalities and local bodies. additionally toll charges. For all the above, November 14 is the last date. ATMs are gradually started functioning.

India has this chalta hai attitude. Corruption was OK as the inconvenience was not there, you could pay and bribe and move swiftly in line. But the aam aadmi stood in line always for everything due to his inability to bribe and move ahead. Who is cribbing about this queue?? Not us who always stood in line for our rights. At least this time we are standing to support a cause for us.

And those coming up with alternate solutions to fight black money, were they hibernating for 60 long years?? Or their intellectual and generous brains were holidaying on corrupt money??

The government is carefully looking into all those last minute Jewelry sales that took place soon after Mr Modis announcement and before midnight. They have asked for CC Tv footage of all these Jewelry shops, which is a good thing. Here in my own town several MLAs were apparently distributing 500 and 1000 currency notes to poorer section of the people saying that the govt was helping them out to  pay bills..My maids husband came home with Rs 8000 and now asking  me to convert it through my account ..I dont know whether or not to do it ?

usha manohar wrote:

The government is carefully looking into all those last minute Jewelry sales that took place soon after Mr Modis announcement and before midnight. They have asked for CC Tv footage of all these Jewelry shops, which is a good thing. Here in my own town several MLAs were apparently distributing 500 and 1000 currency notes to poorer section of the people saying that the govt was helping them out to  pay bills..My maids husband came home with Rs 8000 and now asking  me to convert it through my account ..I dont know whether or not to do it ?

Government is very keen on arresting Black Money. People are rushing to buy Gold Biscuits and other jewellery. In Nellore AP in one single Day, Gold worth 550 crores was sold. Government is closely watching such Jewellery shops.

Simply watching has no meaning. Also only collecting fine on undeclared income is not enough they should also be jailed for some time. Then dear may be installed. Otherwise such as now will come after many years till then black money will continue to be generated.