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by RealGeek
3453 days ago
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> You shouldn't have kept so much INR with you in the first place. It's my hard earned tax paid money, and its my choice in what form I want to keep it. The currency note says "I promise to pay the bearer the sum of one thousand rupees." The Government and RBI are defaulting on their debt obligation against the promissory note. It is plunder and loot of massive proportion, even Congress wasn't this corrupt. > So it is purely your own doing My fault is that I trusted Indian Government and economy. After suffering through this Modi scam; my #1 priority is to close all my accounts in India, liquidate all my assets in India and withdraw all investments from India. I will never make the mistake of trusting Indian Government and economy again. |
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Sure you can. But you need to bear the consequences as legal tender does not have unlimited liability (in other words: the debt obligation is not absolute). Because the Section 26, sub-section (2) of the Reserve Bank of India Act, empowers the Union Government on the recommendation of Central Board to declare that "any notes issued by the Reserve Bank will no longer be legal tender."
Also, Section 26, sub-section (1) of the Reserve Bank of India Act states that: "Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in 4[India] in payment or on account for the amount expressed therein, and shall be guaranteed by the 5[Central Government]."
It clearly states that the bank note will be legal tender at any place in India and shall be guaranteed by the Central Government. It does not say that the bank note will be legal tender outside India and does not give any guarantees. Yet, the Government opened a window for NRI's to deposit their notes (if they have any) with their respective Indian banks in India.
> The Government and RBI are defaulting on their debt obligation against the promissory note. It is plunder and loot of massive proportion, even Congress wasn't this corrupt.
That's your opinion. I don't believe it is plunder or loot. Hoarding of cash (whether tax is paid or not) is equivalent to loot as it stops the money from being in circulation thereby causing the RBI to print more and more notes to compensate for an increasing demand for these paper notes. If you had deposited in the banks the Government would have used it for public good (and guaranteed you interest + principal amount). Notes that have been hoarded are neither useful for the Government, for the public nor for the hoarder thereby putting a huge stress on the overall economy. Unfortunately for you, you fall in the basket of hoarders who paid tax rather than basket of hoarders who did not pay tax (black money hoarders). But you hoarded nevertheless and there in lies the problem. You may say it's only 1.5 lakhs. But just imagine if every single of the 1.25 billion Indians think the same way. Like I said earlier, all my NRI friends used to deposit their money into their NRO/NRE accounts and if they carried cash they would convert to equivalent USD as soon as they landed in US. I mean, who in their right mind would not want USD in favor of INR? Especially outside India where it has no legal value (except in Nepal and Bhutan)?
> My fault is that I trusted Indian Government and economy. After suffering through this Modi scam; my #1 priority is to close all my accounts in India, liquidate all my assets in India and withdraw all investments from India. I will never make the mistake of trusting Indian Government and economy again.
But you will trust a Government that prints "In God we Trust" on it's own notes? Was it not Roosevelt who passed the "Executive Order 6102" in 1933 which "forbids the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States"? The reason given by Roosevelt: "Hoarding of Gold stalled economic growth and made depression worse".
Also read up on "The Crime of 1873".