Jewellers against Digital India
Everyone see attached how one of India’s top jewellers is saying they will not take credit or debit card or digital payments if anyone wants to buy coins of silver gold etc. may I ask why - because u dont want accountability or is it because u want to evade taxes by dealing in cash.
Can everyone today on dhan teras if they go to a jeweller please share ur experience on acceptance of digital or card payments by them. more
Can everyone today on dhan teras if they go to a jeweller please share ur experience on acceptance of digital or card payments by them. more
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This is one of the industries where black money thrives on. Jewellers make open offer to customers of not levying taxes on cash payments and customers opt for the same. In some cases, customers opt for cash payment as jewellers charge 2 to 5% as service charges since banks charge jewellers while settling card payments. Again purity of gold is also in question. Customers go by the jewellers word. In short, it is a good money making business which the government is aware of. But who should bell the cat. more
Apr 23
If such openly blatant Ads which go against the Law are left unpunished, then one wonders what "governance" means !!! more
Nov 10
To the extent that Government is able to directly credit beneficiaries to their bank account, that is good. Otherwise, there is no good reason for the large scale brading of "digital India" and dreams of doing away with currency. "Digital" also means "virtual"!! It can melt away any time. Just as companies gain or lose market share and share prices, the results of our hard work and toil cannot be virtual. People need to have REAL wealth, REAL cash. more
Nov 04
Credit cards have nothing to do with black money. You can have black money and still use credit cards. The real reason is that cash is the most convenient and reliable mode of payment. Banks charge between 2 to 5% on credit card transactions as their fee. Then, one has to make sure than the funds get credited (lot of accounting and reconciliation). Many places in India do not have reliable power suplly to have a computer system or POS terminal running. So, people like to keep it simple. Before the mid-80's credit cards were virtually non-existent in India and salaries used to be paid in cash. Was everyone having black money by the logic some people are mentioning? Jewellers do high value transactions and charges often play a spoil sport as the government insists on other documentation like PAN/Aadhaar etc to be collected from the customer and retained. If any record is not produced while checking by the authorities, the jewellers get penalised. With cash there are no hassles. Some jewellers may also evade taxes (pass on a bit to the customer also) and generate black money, if they choose. more
Nov 03
Why we are talking only about jewellers - In my city Gorakhpur no one is ready to except CREDIT CARD and they are not only demanding but pasted notice in their shop that customer have to pay 1.9% extra if they want to pay by CREDIT CARD ? more
Nov 03
