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Maids, drivers, nannies, and cooks in India are experiencing unusual politeness from their employers. Beyond the work they do every day, they suddenly have another use – to launder the undeclared cash which the rich have been hoarding in steel wardrobes, under the mattress and in under-bed storage.
This sudden outbreak of niceness is the outcome of India's current crackdown on "black money" - income in the form of cash that has not been declared to the tax authorities. On November 8, the day before Sharma's employer became a lamb, Indian Prime Minister Narendra Modi scrapped 500 and 1000-rupee notes to root out corruption and force more Indians into the tax net.
In one fell swoop, the tens of millions of rupees that the rich kept at home in these denominations became worthless. If they deposit the money in the bank tax officials will pounce, imposing staggering penalties and taxes.
However until December 30, each Indian is allowed to deposit a smallish sum of 250,000 rupees in such defunct notes in their bank accounts without questions being asked. That is why the rich need the service of the poor.
Why Larry Summers wants to kill the $100 bill
www.marketwatch.com...
originally posted by: seasonal
a reply to: MiloTheMarauder
This is a situation that is under consideration in many countries, US included.
Why Larry Summers wants to kill the $100 bill
www.marketwatch.com...
originally posted by: Syphon
Interesting tactic, but a little extreme maybe? 1000 rupees is the equivalent of $15 USD. Are those really high denomination notes?
originally posted by: MiloTheMarauder
originally posted by: seasonal
a reply to: MiloTheMarauder
This is a situation that is under consideration in many countries, US included.
Why Larry Summers wants to kill the $100 bill
www.marketwatch.com...
Does anybody in the US have a lot of 100 dollar bills laying around besides criminals? I mean we got rid of large denominations in '69.