Tuesday, 15 November 2016

5 mistakes you can do after Rs. 500 and Rs. 1000 ban


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Indian government's announcement regarding the abolition of ₹500 and ₹1000 rupees notes created restlessness across the country, which can be seen on banks and ATMs. One can see endless queues outside the banks and ATMs and only brave ones can dare to stand in them. I tried to dare but eventually I abandoned the idea because I asked myself “Did it really important to waste our productive and precious time by standing in queues (Especially without any dire need of cash)?”
After noticing some tussles at banks and ATMs where people lost their temper after standing in queues for long time, RBI is urging that it has given enough time to deposit cash so don’t rush to banks by skipping your important day-to-day duties.
Rs. 500 and Rs. 1000 latest news
Besides all difficulties and criticisms, it’s a historic decision and it will certainly help our nation to cope with corruption, counterfeit notes, and black money menace.
On the contrary, those who have stashed money are exploring ways to convert black money into white, which can be seen through Google trends where most people searched, “how to make black money into white?” They’re clueless and trying hard to get rid of this trouble.
In this post, I have highlighted five mistakes that most of us can do. Some of the mistakes may put you in serious trouble so avoid such mistakes at all costs. Read on to know more.
Become Selfish
If you’re a generous type of person then a crook minded person may approach you to take advantage of your generosity. Such person may urge you to help him/her to settle his/her unaccounted money. So just straightly say big ‘NO’ to this kind of person, whether you feel selfish but don't get emotionally trapped.
Let me add some more words, most of us earn by doing slog over and we never think of corruption no matter how hardly we meet with our day-to-day expenses. But all of our sacrifices vanish when we help a corrupt person.
Let alone everything if you still dare to help a person, who allegedly kept illicit money, by considering deep and old relationships with him/her then you’re unnecessarily putting yourself and your loved ones into a soup because income tax department is monitoring all transactions with an eagle eye. Therefore, if you come into their radar then you would have to prove them how have you earned that much amount. If you fail to do so then I don’t think so, I need to explain what would happen next.
Maintain Records of Your Hard Earned Money
A majority of small entrepreneurs ignore to keep records of their hard-earned earnings. If you’re one of them then maintain records of your earnings before depositing it to your bank account. I have come across some people are advising to not deposit your cash at once but I’m totally disagree with it. Because the authority (RBI) said that cash deposits above ₹2.5 lacs threshold under the 50-day window could attract tax plus a 200 percent penalty in case of deposits do not meet with your income stream.
Ask Expert Rather Than Everyone
If you have any confusion then consider advice of an expert like financial advisor. Avoid asking everyone because he/she might not help you but certainly can spread your words everywhere. A famous quote for you, “Never tell your problems to anyone…20% don’t care and the other 80% are glad you have them,” by Lou Holtz.
Declare Any Unaccounted Cash Timely
PM Narendra Modi has warned for further action against black money. Therefore, you couldn’t imagine what would happen next like; no one could have imagined demonetization of ₹500 and ₹1000 notes. It would be beneficial for those who have illicit cash, to declare it timely before it is too late. If you feel panic that authority may put you behind the bars then as discussed above you can take advice of a financial advisor.
Don’t Stand in Queue Unnecessarily
You can deposit your ₹500 and ₹1000 rupees notes till December 30 so ultimately RBI has given you enough time to do so. So do not panic! Stay calm! And don’t stand up in long queues unnecessarily.
Tip: You can visit your nearest ATM in late night to withdraw some cash. I had tried this trick and it worked for me. I had withdrawn some cash from ATM without standing in any queue. But, don’t forget to bring someone with you especially if you’re a woman and avoid if no ATM is near you.
Conclusion:
Honestly speaking, now I can feel the power of being honest, probably you too. I can go anywhere fearlessly and all people who have illicit cash banging head against wall. You don’t need to panic if you have clear records of your undeclared cash. You can save yourself by paying extra 200% penalty on your stashed money; if it is more than ₹2.5 lacs. Cash below ₹2.5 lacs is exempted from any type penalty and tax.
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