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> What kind of business is your family in that caused "personally suffered significant monetary loss on our 100% tax paid cash"? I'm curious to know and underst

> What kind of business is your family in that caused "personally suffered significant monetary loss on our 100% tax paid cash"? I'm curious to know and understand. I am a NRI, me and my family have significant amount of Indian currency in US. All of it is 100% tax paid. Indian Government has provided us no way to exchange currency or deposit it in our account if we are outside India. Modi declared our hard earned money as black money, and labelled us as criminals. My father in India runs a cash and carry wholesale businesses. His typical customer is a street vendor in some remote village. When they come to my father's to buy inventory, they pay in cash because that is the only way for them to accept and make payments in villages. Most of them don't even have a bank account. When Modi announced demonetization, his business dropped to almost zero. Two months since, it still hasn't recovered much. His business is seasonal (woolen products), most of it is in winter months only. Demonetization has turned this whole year into a major loss for him and it has literally crashed their Industry, which is resulting in layoffs. Modi ji gave immunity to Politicians, so Political parties can deposit unlimited amount of cash tax free. I thought demonetization was a scheme, but it turns out it is a major scam.

shripadk 10y ago
> Indian Government has provided us no way to exchange currency or deposit it in our account if we are outside India. Modi declared our hard earned money as black money, and labelled us as criminals. This is a blatant lie. RBI allows you (a.k.a NRIs only) to deposit this money till 31st of March 2017 in it's branches. Modi never declared your hard earned money as black money or labelled you criminals. I'm now beginning to wonder why you have significant amount of Indian currency in the US. What use is it for you there? RBI has strict rules about how much INR you can take outside India (Rs. 25000 per person). This rule was made to ensure that if/when you return to India you have enough INR for lodging/transportation/flight expenses etc. You don't need INR to transact outside India anyways so this whole thing of having a "significant amount of Indian currency in US" is suspicious to me. > My father in India runs a cash and carry wholesale businesses. His typical customer is a street vendor in some remote village. When they come to my father's to buy inventory, they pay in cash because that is the only way for them to accept and make payments in villages. Most of them don't even have a bank account. When Modi announced demonetization, his business dropped to almost zero. Two months since, it still hasn't recovered much. His business is seasonal (woolen products), most of it is in winter months only. Demonetization has turned this whole year into a major loss for him and it has literally crashed their Industry, which is resulting in layoffs. I would have believed this story if it wasn't prefixed with your excuse to not be able to deposit your INR stash just because you are an NRI. This whole thing sounds really fishy to me. > Modi ji gave immunity to Politicians, so Political parties can deposit unlimited amount of cash tax free. I thought demonetization was a scheme, but it turns out it is a major scam. No he did not. Mayawati and her brother are already under investigation for a deposit of 104 crores into their party bank accounts. AIADMK chief secretary was arrested for laundering black money. More such political arrests have happened (including some BJP workers and party members who were showing off to the entire World that they were clean but were actually hoarding black money). This argument is also not convincing. I'm sorry but I'm beginning to doubt your story. Especially when you mentioned that you are an NRI and have significant amount of INR in the US. It just doesn't add up. RBI notifications prohibit you to carry so much INR outside India and this rule existed for many years. How much INR do you have with you?
- RealGeek 10y ago
  > This is a blatant lie. RBI allows you (a.k.a NRIs only) to deposit this money till 31st of March 2017 in it's branches. Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. > This rule was made to ensure that if/when you return to India you have enough INR for lodging/transportation/flight expenses etc. You don't need INR to transact outside India anyways so this whole thing of having a "significant amount of Indian currency in US" is suspicious to me. We have a big family in US, and almost everyone have 20-25k INR for travel expenses. That makes a total of 1.5L in my household. All my NRI friends and relatives are suffering this loss. > I would have believed this story if it wasn't prefixed with your excuse to not be able to deposit your INR stash just because you are an NRI. This whole thing sounds really fishy to me. I just busted your propaganda of NRI's allowed to exchange money, but you ignore the fact that you would have to travel to India and spend over 1 lakh per person to exchange money. Clearly, you have neither have experience exchanging money has a NRI nor running a local cash business. Yet, you accuse others of lying. From your post history, you sound like a BJP propagandist.
  - shripadk 10y ago
    I have replied in detail to your comment above.
shripadk 10y ago
Oh it looks like it is not even March 31st 2017 for NRIs but it is June 30th 2017 as per RBI notification: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10808&Mode=0 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1080... So you have 6 months time to deposit your old 500 and 1000 notes which even resident Indians don't enjoy as a privilege. Why are you whining?
- RealGeek 10y ago
  > So you have 6 months time to deposit your old 500 and 1000 notes which even resident Indians don't enjoy as a privilege. Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. I don't want any privilege, I just want my hard earned money back. > Why are you whining? I am not a blind bhakt. I lost 1.5 lakhs in this Modi's scam, this scam also destroyed my father's business in India. Modi killed over 100 people and destroyed millions of jobs, so he can write off bad loans worth billions for his cronies.
  - shripadk 10y ago
    > Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. > My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. You shouldn't have kept so much INR with you in the first place. What is the necessity to keep 1.5 lakhs hard cash in US when you can't even use it? Most of my NRI friends don't even carry cash. Even when I travel abroad I normally use International Debit/Credit cards issued by my bank. If there is a dire need to carry cash I normally convert it to dollars as soon as I land in the destination country. You kept this stash of money without converting it to the dollar equivalent. It makes no sense to me at all and raises even more suspicions. Also, most of my NRI friends have NRO accounts which they have already used to deposit their old notes when they visited India during the demonetization phase. So it is purely your own doing to hoard INR in a country where it is not even recognized for trade. > I don't want any privilege, I just want my hard earned money back. In all possibility, you won't get it back. You had all the time in the World to convert your INR to USD through a local money exchanger. But you chose not to and decided (for whatever reason) to hoard it instead. If I were you, I would have converted my INR to USD as soon as I landed in US. I would rather have US dollars than have INR. If I needed INR I could have easily converted it back when I landed in India. > I am not a blind bhakt. I lost 1.5 lakhs in this Modi's scam, this scam also destroyed my father's business in India. Modi killed over 100 people and destroyed millions of jobs, so he can write off bad loans worth billions for his cronies. Nobody killed anyone or destroyed "millions of jobs". It is your own doing. You chose to stash INR instead of converting it to USD as soon as you landed in US. He never said he will "write off bad loans". You are now spreading pure propaganda. He only classified these bad loans as NPA. Learn the difference between a loan write off and an NPA before spouting nonsense.

shripadk 10y ago

> Indian Government has provided us no way to exchange currency or deposit it in our account if we are outside India. Modi declared our hard earned money as black money, and labelled us as criminals. This is a blatant lie. RBI allows you (a.k.a NRIs only) to deposit this money till 31st of March 2017 in it's branches. Modi never declared your hard earned money as black money or labelled you criminals. I'm now beginning to wonder why you have significant amount of Indian currency in the US. What use is it for you there? RBI has strict rules about how much INR you can take outside India (Rs. 25000 per person). This rule was made to ensure that if/when you return to India you have enough INR for lodging/transportation/flight expenses etc. You don't need INR to transact outside India anyways so this whole thing of having a "significant amount of Indian currency in US" is suspicious to me. > My father in India runs a cash and carry wholesale businesses. His typical customer is a street vendor in some remote village. When they come to my father's to buy inventory, they pay in cash because that is the only way for them to accept and make payments in villages. Most of them don't even have a bank account. When Modi announced demonetization, his business dropped to almost zero. Two months since, it still hasn't recovered much. His business is seasonal (woolen products), most of it is in winter months only. Demonetization has turned this whole year into a major loss for him and it has literally crashed their Industry, which is resulting in layoffs. I would have believed this story if it wasn't prefixed with your excuse to not be able to deposit your INR stash just because you are an NRI. This whole thing sounds really fishy to me. > Modi ji gave immunity to Politicians, so Political parties can deposit unlimited amount of cash tax free. I thought demonetization was a scheme, but it turns out it is a major scam. No he did not. Mayawati and her brother are already under investigation for a deposit of 104 crores into their party bank accounts. AIADMK chief secretary was arrested for laundering black money. More such political arrests have happened (including some BJP workers and party members who were showing off to the entire World that they were clean but were actually hoarding black money). This argument is also not convincing. I'm sorry but I'm beginning to doubt your story. Especially when you mentioned that you are an NRI and have significant amount of INR in the US. It just doesn't add up. RBI notifications prohibit you to carry so much INR outside India and this rule existed for many years. How much INR do you have with you?

RealGeek 10y ago
> This is a blatant lie. RBI allows you (a.k.a NRIs only) to deposit this money till 31st of March 2017 in it's branches. Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. > This rule was made to ensure that if/when you return to India you have enough INR for lodging/transportation/flight expenses etc. You don't need INR to transact outside India anyways so this whole thing of having a "significant amount of Indian currency in US" is suspicious to me. We have a big family in US, and almost everyone have 20-25k INR for travel expenses. That makes a total of 1.5L in my household. All my NRI friends and relatives are suffering this loss. > I would have believed this story if it wasn't prefixed with your excuse to not be able to deposit your INR stash just because you are an NRI. This whole thing sounds really fishy to me. I just busted your propaganda of NRI's allowed to exchange money, but you ignore the fact that you would have to travel to India and spend over 1 lakh per person to exchange money. Clearly, you have neither have experience exchanging money has a NRI nor running a local cash business. Yet, you accuse others of lying. From your post history, you sound like a BJP propagandist.
- shripadk 10y ago
  I have replied in detail to your comment above.

shripadk 10y ago

Oh it looks like it is not even March 31st 2017 for NRIs but it is June 30th 2017 as per RBI notification: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10808&Mode=0 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1080... So you have 6 months time to deposit your old 500 and 1000 notes which even resident Indians don't enjoy as a privilege. Why are you whining?

RealGeek 10y ago
> So you have 6 months time to deposit your old 500 and 1000 notes which even resident Indians don't enjoy as a privilege. Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. I don't want any privilege, I just want my hard earned money back. > Why are you whining? I am not a blind bhakt. I lost 1.5 lakhs in this Modi's scam, this scam also destroyed my father's business in India. Modi killed over 100 people and destroyed millions of jobs, so he can write off bad loans worth billions for his cronies.
- shripadk 10y ago
  > Previously, we could simply exchange Indian currency to any other currency abroad. But now there is no way for us to exchange money in US. > My whole family will have to go to India to exchange money, one person can only carry a maximum of Rs. 25,000. So six members of my family would have to take time off from work and go to India to exchange 1.5 lakh Rupees. Moreover, it would cost us around Rs. 6 lakhs to make a trip to India. You shouldn't have kept so much INR with you in the first place. What is the necessity to keep 1.5 lakhs hard cash in US when you can't even use it? Most of my NRI friends don't even carry cash. Even when I travel abroad I normally use International Debit/Credit cards issued by my bank. If there is a dire need to carry cash I normally convert it to dollars as soon as I land in the destination country. You kept this stash of money without converting it to the dollar equivalent. It makes no sense to me at all and raises even more suspicions. Also, most of my NRI friends have NRO accounts which they have already used to deposit their old notes when they visited India during the demonetization phase. So it is purely your own doing to hoard INR in a country where it is not even recognized for trade. > I don't want any privilege, I just want my hard earned money back. In all possibility, you won't get it back. You had all the time in the World to convert your INR to USD through a local money exchanger. But you chose not to and decided (for whatever reason) to hoard it instead. If I were you, I would have converted my INR to USD as soon as I landed in US. I would rather have US dollars than have INR. If I needed INR I could have easily converted it back when I landed in India. > I am not a blind bhakt. I lost 1.5 lakhs in this Modi's scam, this scam also destroyed my father's business in India. Modi killed over 100 people and destroyed millions of jobs, so he can write off bad loans worth billions for his cronies. Nobody killed anyone or destroyed "millions of jobs". It is your own doing. You chose to stash INR instead of converting it to USD as soon as you landed in US. He never said he will "write off bad loans". You are now spreading pure propaganda. He only classified these bad loans as NPA. Learn the difference between a loan write off and an NPA before spouting nonsense.