Lokprabha: 22 July 2011:
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Author,
Yamaji Malkar
regarding transaction in cash
Sir,
My name is Mahesh Patil staying at navi mumbai(kalamboli). I have attended Anil Bokil sirs lecture in azad maidan. Whatever arthkarti has proposed is owesome. "Now we can see the new revolution in India. Hume garv hai ke humare desh aaj kuchh aise bhi log hai jo desh ke bhavishya ka vichar kar rahe hai. We thought that after Rajiv Bhai Dixit everything is stopped. But We were wrong, still we are able to see many rajivbhai in people like u all."
My question to arthkranti is that
Q. If we r saying that on every transaction people have to pay the 2% of tax. Then people will prefer cash transaction instead of doing it by banks. And if the cash transaction is limited to 2000 Rs. then what is the method to limit the transaction upto only Rs 2000 and not more than Rs 2000?
Thanks n regards
Mahesh Patil
8898549775
maheshpatil.3g@gmail.com
Rewarding honesty highly is the way!
Hello Mahesh,
The question is very valid.
* If legal protection to high value (say more than 2000) transaction is required then people will have to transact through bank. In the proposal there is one point that to limit cash transaction to certain limit as Rs. 2000/-, cash transactions beyond that will not have any legal protection: For example, if one will try to buy a mobile worth Rs. 3000/- in cash, then he would not get any receipt & warranty for the same, if one would try to buy a motorcycle worth Rs. 25000/- in cash, it will not be registered by RTO etc
* Secondly & more importantly, by doing high value transactions through banks, the person's credit history will grow stronger and the person would be eligible for higher loan amount from the bank, at interest rates as cheap as 3%
* Also there is always cost associated with storing and utilizing the black money. If against that cost with just 2% fees as transaction tax, if one will get peace of mind and other benefits of legal support, enhanced credibility etc what do you think will be obvious inclination of people?
Regards,
Bhushan Patil
It is inconvinient and
It is inconvinient and unaffordable for many to follow the system at now, else you cannot prosper. The participation in cash transaction is not by will but by compulsion and convinience.If there is a system wherein following the system is more beneficial than by not following it, atleast common man like me would prefer to follow the system.
I am ready to pay a fee[say 2%] for such a vaulable transaction, which is going to give me leveraging and sustainable results in future for, not only me, but for all society !
The limit of cash transaction does not seems to me a purposly put constraint but it still gives us a freedom for doing cash transactions below this limit ! isnt this great !
May be we cannot stop cash transactions above this limit, but it wont be fruitfull in lines for which at now it is being done !