Around the nights November 8, 2016, heritage was made. The country went right into a madness as our mitr PM Narendra Modi reported that denominations of ₹500 & ₹1000 could halt to become appropriate sore in the following day on. Some individuals called it a masterstroke although some weren't also pleased with it to curb the circulation of black income.
Today, as long as you arenot sitting over a truckload of 500 or 1000 Rupee records, you don't have much to be worried about. But think of all those sods who do possess a wide range of income put inside their residences, or maybe hidden someplace in Escobar- style. Of course, with authorized remains and correct terms, you've nothing to worry about. But when it's income that is dark that you've stocked, well let us simply state that you're going to have many sleepless nights ahead.
So, what are you going to do with your black money? Well, the process has begun! And there have been some desperate attempts...
UP: Sacks full of burnt Rs 500/1000 notes found on roads in Bareilly after Govt's announces its decision to scrap Rs 500/1000 notes(9/11/16) pic.twitter.com/kYxs4vN3Ox— ANI UP (@ANINewsUP) November 10, 2016
So a user on Reddit (ARflash) asked others how people around them, who have black money, are dealing with the change. Some of the replies are definitely worth a read. Have a look:
Friend's uncle is a senior IAS. He had some 4-5 cr of black money deposited with various middlemen. Now the middlemen have told him to take it back or forget about it. He is trying to split the money into lots of 40-45k and ask his maid, driver, house help to deposit in their accounts so that he can withdraw later.
His salaried relatives might help with 1-2 lakhs each. Still, he will lose almost 80% of his unaccounted money because there is only so much you can get back in the system this way.
There is a property deal going on with two of my neighbours (one is moving so he sold his property to another one). Buyer paid around 30-40 lakh (black money) to sellers 3-4 days back and now seller is in tension as what to do with the money. You know the fun part they both were doing this for the first time (neither brought or sold property earlier, their properties were brought by their parents).
Property dealer gave them idea of black money to save taxes. Buyer had to ask money from his relatives as he didn't have black money of his own but the idea of saving huge amount of tax lured them both.
This happened to our family, was in the midst of selling an apartment, 25% was black. We wanted white anyway since we would've bought another property immediately and long term capital gains wouldn't matter, the buyer bitched and bitched saying he doesn't have that big a white source. So we took the money few weeks ago. Today we called him up and asked him to take back the money and give us in white or cancel the sale, we've no written agreement. So he's screwed.
My in-laws. I don't know how much but they said they have lot of raddi now. My wedding is in less than a month so not sure how they'll manage but I am not going to feel sorry for them. I'm really happy that my father chose the lifestyle that he did. He worked for 2 decades for a semi-govt entity and never did anything illegal. His co-workers (who were friends from college days) accepted bribes, and his family never reported income from business and stored in black. Surely, it wasn't pretty growing up being a middle class family and having people around who rode in four-wheelers flaunting wealth, but I have newfound respect for raising me the way he did.
There is a definite dignity and pride in living a life of honesty and my father has dignity (at least from me) and money. Him being the only one from our relatives who immigrated out of India and earned money the right way in both countries.
My cousin works in a bank. Bank was closed today but the employees had to go,so he got back and was telling me about this boy he knew from schooldays. They are not exactly friends but more of acquaintance. So the boy called my cousin in a panic today and asked him a favour to help him by giving tips to somehow make 25 lakhs of his into white money. Lol. My cousin was even more surprised and straight out told him No. This boy earlier apparently used to make fun of my cousin and other friends in govt/central jobs for having to pay complete tax while he got away with declaring his income as just 3 lakh. He was known as a big ass among their circle.
And the fact that he was swindling the 25 lakhs from his own father makes it even worse. He worked for his dad's construction company and was stealing from his own father!! Now he cant even share his problems or ask "help" to his family members. Sucker. Lol.
A dad's friend lost close to 100 Cr. I have seen gunny sacks full of old notes in their room, no account of how many were there. The room got flooded once, and he lost close to 50Cr based on weight of the notes. Not a bead of sweat. Not any now too, as they will find some other way to take ahem ahem gifts from their clients.
I had once got drunk and told him that govt was paying him off my tax payments. Really churned his gears. My salary was around 5L that time and he had maybe 50-60 sack full of higher denomination currencies.
I would have called him today, if our families hadn't had a falling out.
My best friend's marriage is in next 12 days. Yesterday noon (3 hours before announcement) they were given a gift by the bride's father , of some odd 25 lacs, for managing marriage functions smoothly and to make it lavish.
Last night his father and he called me to manage it. ( I'm a CA ) it was really funny because every function's arrangements and payments were made in advance due to marriage season availability issues. And now it's just a rack of cash that won't see the light of the day. Not until after his marriage.