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  • Category: Miscellaneous

    How they are managing that much cash?

    We are all talking about online transactions for small payments also and thinking that there is control over cash transactions. But yesterday I have seen a news item in which they mentioned that police has recovered 1.5 crores of rupees from a car.

    Still, the real estate business is going on with cash transactions only. The online transactions are for 1/3rd or 1/4th of the value only. The remaining transaction is in cash only. How the cash is managed by the people? I fail to understand. Banks are not allowing to withdraw heavy cash? How to control these cash transactions is a point for discussion always.
  • #704573
    Rao Garu,
    You are still thinking that the world is a small ball-like thing. While we are talking about trillions, 1.5 crore is nothing.
    1.5 crore can be in 15000000/2000 = 7500. What is required is 7500 currency notes of 2000 rupee denomination which can be made into 75 bundles, and can be stored in a small handbag and can be carried and transported easily.

    No life without Sun

  • #704575
    My question is not that? How they are drawing that much money from the bank and how they are showing in their account books.
    drrao
    always confident

  • #704576
    In a poor country like India, it is not possible to completely restrict cash transactions but rules must be strictly implemented to stop such a large amount of transaction through cash. It can be something like cash transactions are allowed for such and such things and completely forbidden for such and such items. The main problem here is the unholy nexus between the businessmen, criminals and the politicians. It seems the intention of all is to accumulate money through dubious means and are helping each other. This has to stop. Otherwise, corruption will only increase day by day.
    Sankalan

    "Life is easier when you enjoy what you do"

  • #704581
    Rao Garu,
    Most of the real estate business dealers don't keep their money in banks. They have it in their own home lockers. Also, most rich Indians don't operate bank accounts. The cash would be spread under their bed. I am sure, 75 percent of the rich don't deposit their money in the bank. They rotate their unauthorized cash outside the bank.





    Th

    No life without Sun

  • #704594
    Not just real estate and gold, but many other trades are also happening in fully or maximum by cash only. The vegetable trade, fish and meat trade etc -wholesale and retail- do it only by cash transactions. But we never see them in bulk. As we are habituated to see them only as small retail vendors we do not take them serious. These sectors involve a huge turnover and somehow escape tax net. There are many sectors like that. The plywood business, aluminium fabrication business (service sector) and such service and many many like that also thrive by cash dealings only.
    It will invite strong resistance if the government wants to strictly implement accounting or digitalising of all such deals and transactions.
    Of course, not to say about donations to political parties as they have a blanket protection as they are not needed to disclose much.

  • #704796
    The concern shown through your thread is the one that many people like us wonder as we are not even able to withdraw more than 10-25K from our account or need to inform the bank for the above cash transaction and there will be forms that we need to fill. When common people find it difficult to manage such a small amount for even for functions like marriage, etc, these people can transfer the huge amount in crores. Now the same question arises that how come they can get such a big amount in cash without proper evidence or proof. When such huge amount is caught by the police, what is the next step that the banks or government need to make to reduce such huge cash transaction when we want to make a cashless transaction to eliminate black money? Sometimes I feel that only lower and middle class are made the target or to suffer as the upper class or the businessmen still have or deal in huge cash transaction which is questioned only when caught but they may be doing hundred of transaction but only 1-2 gets caught. We have seen the marriage of Ambanis where they had given money in each invitation when it was just after the demonetisation phase. How did they manage such a huge sum when people were standing in long queues to make a deposit and get change, etc.
    “The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz


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