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You have to deposit all these notes in your bank account, from which you can get new notes. Anyone hoarding huge amount of black money in cash can't go to bank
by blackoil 10y ago
You have to deposit all these notes in your bank account, from which you can get new notes. Anyone hoarding huge amount of black money in cash can't go to bank with it, and his money will turn worthless. Diluting such money will easily erode 20-40% value. So definitely a bold move.
- dx034 10y agoThey'll probably buy houses above market value. The seller can declare the money and pay taxes on it. The houses can be sold again one by one over the next years and the money legalized. Basically an easy way of laundering it. Still good for the state as the money is taxed.
- deleted 10y ago[deleted]
- ohyes 10y agoHe can still go to the bank with it, assuming it is legally obtained, would have to pay income tax, however.
- dump121 10y agoif it is accrued over years, they'll have to pay some percentage as penalty over the regular tax rate.