3 ms·

This seems like a push for digital payments.

by fooker 3y ago

bigcloud1299 3y ago
No it’s not. This is to eliminate all the fake notes and illegally collected money (via bribes) as depositing the money or exchanging them will force corrupt politicians and others to have to show tax receipts for where did they earn it from. Hahahaha. This is so awesome. Indian culture is full or corruption where you have to bribe to get anything done.
- throwaway384629 3y ago
  Oh, but are you saying they didn't take care of all the fake notes and corruption by banning 80% of the currency in 2016? And do the people have fake notes of the currency that was launched in 2016? Whats the plan going forward? Denomination every couple of years? Hassle the whole country instead of catching the corrupts. May be thats why they have speed breakers installed even on the major roads. I guess its fun if one does not have to line up in the banks.
- unmole 3y ago
  The original demonetization resulted in 99.3% of old notes being returned. This time the notes in question aren't even demonetised but merely being pulled out of circulation. The idea that this will somehow eliminate corruption is moronic.
throwaway384629 3y ago
Earlier this month, Indian Government also imposed 20% tax on international purchased made through credit cards by Indians. They can apply for tax claim when they submit their income tax return but that is after the end of financial year. [1] [1] https://economictimes.indiatimes.com/markets/expert-view/20-tcs-on-international-credit-card-spends-rbis-solution-is-like-cutting-off-head-to-cure-headache-says-tax-expert/articleshow/100408189.cms https://economictimes.indiatimes.com/markets/expert-view/20-...
- unmole 3y ago
  1. I don't understand why you think this is relevant to TFA. 2. The tax only applies to purchases exceeding 7 lakhs in a year: https://pib.gov.in/PressReleasePage.aspx?PRID=1925592 https://pib.gov.in/PressReleasePage.aspx?PRID=1925592
  - throwaway384629 3y ago
    1. This was in response to "This seems like a push for digital payments." 2. Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there.
    - unmole 3y ago
      Why are you conflating digital payments with Forex transactions? > Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there. The limit was always there. The notification is simply a clarification because the earlier rules were ambiguous.
      - throwaway384629 3y ago
        Following is the text from the link that you shared. They took the decision to raise the limit to Rs 7 lakh per financial year after public concern. This limit was definitely not there before. >> To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.
- jeswin 3y ago
  > Indian Government also imposed 20% tax on international purchased made through credit cards by Indians. They can apply for tax claim when they submit their income tax return but that is after the end of financial year. Adding some details. It's been revised to apply only to foreign transactions above 700k INR a year, which exempts the vast majority of people. I agree it's not great for those who spend above 700k INR abroad; but then again you get it back at the end of the year.

This seems like a push for digital payments.

by fooker 3y ago

This seems like a push for digital payments.

No it’s not. This is to eliminate all the fake notes and illegally collected money (via bribes) as depositing the money or exchanging them will force corrupt politicians and others to have to show tax receipts for where did they earn it from. Hahahaha. This is so awesome. Indian culture is full or corruption where you have to bribe to get anything done.

throwaway384629 3y ago
Oh, but are you saying they didn't take care of all the fake notes and corruption by banning 80% of the currency in 2016? And do the people have fake notes of the currency that was launched in 2016? Whats the plan going forward? Denomination every couple of years? Hassle the whole country instead of catching the corrupts. May be thats why they have speed breakers installed even on the major roads. I guess its fun if one does not have to line up in the banks.
unmole 3y ago
The original demonetization resulted in 99.3% of old notes being returned. This time the notes in question aren't even demonetised but merely being pulled out of circulation. The idea that this will somehow eliminate corruption is moronic.

throwaway384629 3y ago

Earlier this month, Indian Government also imposed 20% tax on international purchased made through credit cards by Indians. They can apply for tax claim when they submit their income tax return but that is after the end of financial year. [1] [1] https://economictimes.indiatimes.com/markets/expert-view/20-tcs-on-international-credit-card-spends-rbis-solution-is-like-cutting-off-head-to-cure-headache-says-tax-expert/articleshow/100408189.cms https://economictimes.indiatimes.com/markets/expert-view/20-...

unmole 3y ago
1. I don't understand why you think this is relevant to TFA. 2. The tax only applies to purchases exceeding 7 lakhs in a year: https://pib.gov.in/PressReleasePage.aspx?PRID=1925592 https://pib.gov.in/PressReleasePage.aspx?PRID=1925592
- throwaway384629 3y ago
  1. This was in response to "This seems like a push for digital payments." 2. Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there.
  - unmole 3y ago
    Why are you conflating digital payments with Forex transactions? > Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there. The limit was always there. The notification is simply a clarification because the earlier rules were ambiguous.
    - throwaway384629 3y ago
      Following is the text from the link that you shared. They took the decision to raise the limit to Rs 7 lakh per financial year after public concern. This limit was definitely not there before. >> To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.
jeswin 3y ago
> Indian Government also imposed 20% tax on international purchased made through credit cards by Indians. They can apply for tax claim when they submit their income tax return but that is after the end of financial year. Adding some details. It's been revised to apply only to foreign transactions above 700k INR a year, which exempts the vast majority of people. I agree it's not great for those who spend above 700k INR abroad; but then again you get it back at the end of the year.