Post Office Deposit: Fill & Download for Free

Let’s see.#1: Till end of the year, people will exchange or deposit existing 500 and 1000 notes at banks and post office. However, you need to show a valid government ID proof and the banks and post offices will have to maintain proper transaction records for the same.For smaller amounts, there should be no issue. But if someone comes and deposits 1L in cash, it might be highlighted and escalated to the government. Modi government might have advised banks and post offices to escalate all transactions above a certain threshold.All of these folks will have their background checks done and can expect a tax audit next year if their tax returns, income details etc do not justify the amount they have in black.#2: Political parties can no longer disburse cash to poor people in exchange for votes.#3: People in the real estate market will be hurt the most.I recently saw a hoarding advertising the price of a new flat for possession at Rs 1.2 Cr. However, the hoarding said, “Rs 1.1 Cr if you pay cash”.The maths is simple. In the first arrangement, you pay 1.2 Cr, of which some 30L goes to government as tax, and 90L goes to the builder. In the second, you pay 1.1 Cr (saving yourself a sweet 10L) and all of it goes to the builder (who nets 20L more). All of it at the loss of the government.Brokers too can no longer ask people to pay in cash. I, as recently as Feb, had to pay 35,000 as the brokerage. All in cash, as the broker would simply not accept an online transfer.#4: All currency hoarded with terrorists and corrupt folks is now simply useless. “A terrorist walked into the bank branch with a briefcase full of cash and a fake ID…” just doesn’t sound funny.#5: All counterfeit currency production comes to a grinding halt. Counterfeiting Rs 100 and below currency notes does not make sense as it is economically unprofitable. So almost all fake currency is in the form of 500 and 1000 notes and no one is going to accept them now, so they are cut off from the money market.Going forward, it would be harder to counterfeit the new 500 and 2000 currency notes as they come with a whole set of new security features.#6: Forces people to resort to the banking system.Majority of the Indian populace isn’t corrupt. They don’t hoard money at home because they want to chat on their taxes. They just do it because they do not trust “online banking” or the banking system. Now these people will be forced to let go of their unfounded fears, slowly moving the nation on the path of becoming a cashless economy.The more people transact online, the easier it would be for the government to keep track of all money movement and catch hold of those who abuse the system.

Believe it or not, most-if not all- US warships have a store.The ship’s store on my ship was about the size of a newspaper stand.There was a crew member inside who grabbed whatever you asked for, rang it up and worked the cash register. Next door was a barber shop and next to that was the post office-all the conveniences of a small town.So, what sort of items were stocked in that tiny store?Tobacco productsGe-dunkSkivvies and T-shirtsUniform itemsWriting suppliesPocket knivesAs another answer said, it’s just too far to swim to get these things. These items are not provided by the Navy, but a sailor at sea needs them. Any profit is deposited into the ship’s Morale Welfare and Recreation fund.Oh, and wait until we are 12+ miles out to buy your stuff. No sales tax!EDITED: OK, it wasn’t sales tax. All sales were sales tax exempt no matter where in the world we were. Tobacco Excise taxes, however, disappeared outside the 12 mile limit.

Older you get, lesser is the risk you will be willing to take. Pension income, what one relies on after retirement, and most often than not, prohibits us from living the same lifestyle we lived before retiring. However, if you invest prudently, making sure to invest in schemes which protect your principal, and at the same time give consistent if not very high returns, you avoid making drastic changes to your lifestyle. Some of the good options available for a retired person are as follows:a) Debt oriented mutual fundsb) Senior Citizens Savings Schemec) Senior Citizens Pension Pland) Fixed depositse) Any A+ and above company bondsf) Post Office Time Depositg) Post Office Monthly Income SchemeWhat you should avoid:a) Investing directly in stocks without research and knowledgeb) Investing in properties