Re:India's Misguided War on Cash
by NTDF9 on Tuesday November 22, 2016 @04:49PM
(#13017979)
>> They are punishing the person who lost at musical chairs or am I missing something?
There was an amnesty window leading up to this. Until Sept 2016, all black money could have been deposited in bank accounts in India, no questions asked, taxed at usual income rates.
The people suffering now are the ones who took the Indian Tax system for granted.
>> How does this prevent it from happening again with the new notes? Tax system is still broken.
Fear of losing more than half your net-worth again.
There was an amnesty window leading up to this. Until Sept 2016, all black money could have been deposited in bank accounts in India, no questions asked, taxed at usual income rates.
The people suffering now are the ones who took the Indian Tax system for granted.
>> How does this prevent it from happening again with the new notes? Tax system is still broken.
Fear of losing more than half your net-worth again.