On the night of November 8, 2016, history was made. The country went into a frenzy as our mitr PM Narendra Modi announced that denominations of ₹500 & ₹1000 would cease to be legal tender from the next day on. Some people called it a masterstroke to curb the flow of black money, while others weren't too happy with it.
Now, as long as you aren't sitting on a truckload of 500 or 1000 Rupee notes, you don't have much to worry about. But think about all those poor sods who do have a large amount of cash stashed in their houses, or perhaps buried somewhere in Escobar-esque fashion. Of course, with proper declarations and legal deposits, you have nothing to worry about. But if it's black money that you have stocked, well let's just say 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
There were also reports of a weird incident where robbers snatched a guy's wallet, found only 500 Rupee notes, returned it to him. They even slapped him for not keeping 100 Rupee notes! That's the extent of the affect this ban is having.
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.
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).
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.
Story time ladies and gents! Today we went for diwali milan at a relatives place, we know the family has a lot of black money as they have lived beyond the means of a government servant for years. On top of that, this uncle has always been boastful of his money. These things have never been a problem, they are still family and are great hosts, but I have always despised how he brags about his obvious black money.
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.
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.
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.
15. But there are some honest people out there too.
They just got served!
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