- 10 May 2020
- Reaction score
I think this will only encourage CASH transactions... I feel buying Godrej safety locker is much better and cheaper than using bank accounts in the long run. Yes, in banks you pay Rs40+ 18% Tax for fourth deposit onwards. But in safety locker, it will be UNLIMITED FREE (including the withdrawals)..I guess it’s being done to encourage digital transactions
Let them charge as much as they want for withdrawal of cash above any limit. I get lots of cash in my counter sales, even though I have POS machine as well as BHIM QR. I sell goods with bill and GST. I file them and pay my Taxes. The cash I have collected is PURE WHITE. I can give PAN number for every deposit, if asked. But still, if the bank and govt eats my money for depositing, then safety locker is the way to go.
To promote digital transactions, Govt must allow the circulating cash to enter banks freely without restriction (of course with PAN) and RESTRICT THE FLOW AWAY FROM THE BANK, via charges. Restricting cash entry as well as exit will only make Banks rich, which will anyway loose those money to the defaulters...