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You need one of Aadhaar Card, Pan Card, Ration Card etc to open a bank account. I give up arguing about "nobody will have undeclared cash of more than 10 lacs"

by eklavya 10y ago

You need one of Aadhaar Card, Pan Card, Ration Card etc to open a bank account. I give up arguing about "nobody will have undeclared cash of more than 10 lacs". It's hard to challenge faith with reason.

kranner 10y ago
Let's not get into faith vs reason. I can accuse of you being closed to reasonable arguments since it is plain you haven't read or responded to specific points I have made, or are caught up on the news. You need a PAN card as of Nov 17. No other card will do: http://www.thehindu.com/news/national/Centre-further-opens-the-cash-tap/article16667474.ece?css=print http://www.thehindu.com/news/national/Centre-further-opens-t... Your figure of 10 lakhs has no basis in fact. The threshold is 2.5 lakhs. You can't divide 10 lakhs into four family members (including yourself) with 2.5 lakhs each and be under the limit. This is not how income tax is computed. This kind of trick invites every depositee to be prosecuted under the Prohibition of Benami Property Act: http://www.business-standard.com/article/economy-policy/all-you-should-know-about-new-benami-act-that-comes-into-effect-from-nov-1-116103100343_1.html http://www.business-standard.com/article/economy-policy/all-... You can't even deposit more than 2.5 lakhs (cumulative) without a PAN card even if you had opened an account before. 20% of the country has PAN cards so far. What are the rest to do? Is there a guarantee that new cards will be issued in time to new applicants? Approx. time in the past has been 3 weeks to issue a PAN card. Edit: The deadline to deposit old notes is Dec 30. What choice do people without PAN cards have? Play dodge between the deadline and the issuance of a new PAN card, or find their nearest new-currency-launderer (changing old notes for new illegally, for a premium) and take a 30% hit on their savings, a percentage which will only go up as the deadline approaches?

by eklavya 10y ago

kranner 10y ago

Let's not get into faith vs reason. I can accuse of you being closed to reasonable arguments since it is plain you haven't read or responded to specific points I have made, or are caught up on the news. You need a PAN card as of Nov 17. No other card will do: http://www.thehindu.com/news/national/Centre-further-opens-the-cash-tap/article16667474.ece?css=print http://www.thehindu.com/news/national/Centre-further-opens-t... Your figure of 10 lakhs has no basis in fact. The threshold is 2.5 lakhs. You can't divide 10 lakhs into four family members (including yourself) with 2.5 lakhs each and be under the limit. This is not how income tax is computed. This kind of trick invites every depositee to be prosecuted under the Prohibition of Benami Property Act: http://www.business-standard.com/article/economy-policy/all-you-should-know-about-new-benami-act-that-comes-into-effect-from-nov-1-116103100343_1.html http://www.business-standard.com/article/economy-policy/all-... You can't even deposit more than 2.5 lakhs (cumulative) without a PAN card even if you had opened an account before. 20% of the country has PAN cards so far. What are the rest to do? Is there a guarantee that new cards will be issued in time to new applicants? Approx. time in the past has been 3 weeks to issue a PAN card. Edit: The deadline to deposit old notes is Dec 30. What choice do people without PAN cards have? Play dodge between the deadline and the issuance of a new PAN card, or find their nearest new-currency-launderer (changing old notes for new illegally, for a premium) and take a 30% hit on their savings, a percentage which will only go up as the deadline approaches?