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Banks charging inflated fees for cash transactions
- Thread starter Sushubh
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"Paise kamane ke tarike hai".
Chit Fund will rise again in India.
Chit Fund will rise again in India.
ghpk
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so why this move ?
Let me shed some light on this.
This is also a move towards pushing the Card Usage, as card usage will become accountable and users who don't have Income Tax filed properly would be easily nabbed.
I think this is going to be a panic situation just like empty ATM's as it has already helped Tax Dept. to nap tax evaders, with such a hefty fee for a single transaction over allowed transaction would leave no other option than to present your card to get charged for goods and services you have been paying in cash till now for ages.
I would expect a surge on Card Based fraud as this will lead to more cards to go from one hand to another, out of which a small percentage handlers would be dubious and may copy your card info while processing it for swipe.
My own recent such incident made me more cautious, shopkeeper took card for swipe and handed to one who was sitting way behind the cash counter, he asked me loudly to speak the PIN CODE, I told him, its not only illegal, but I can smash your face on personal risk for asking my card pin publicly.
He got the hint about how aware I was, and without loosing a second, he brought his swipe machine to me to enter the PIN.
I tool his machine and did the transaction, but this raised flags, I am not letting my card pass on like this ever again from one hand to another.
coming back to topic, charging such a fee even on savings & salary accounts gonna give birth to more issues to start with.
Those who would continue to use Cash would need to take a larger sum of cash home, exposing them to higher value of getting pick pocketing, and a much greater chance of getting robbed.
Even if home cash-box is targeted the thief will have hands on bigger transaction value as people would keep more cash to avoid hefty transaction value.
However after 3+ months of demonetization we still have Empty/Cash out ATMs and this move is just another nail in the head that you are
not going to get cash currency that easily you have been used to for decades now.
Let me shed some light on this.
This is also a move towards pushing the Card Usage, as card usage will become accountable and users who don't have Income Tax filed properly would be easily nabbed.
I think this is going to be a panic situation just like empty ATM's as it has already helped Tax Dept. to nap tax evaders, with such a hefty fee for a single transaction over allowed transaction would leave no other option than to present your card to get charged for goods and services you have been paying in cash till now for ages.
I would expect a surge on Card Based fraud as this will lead to more cards to go from one hand to another, out of which a small percentage handlers would be dubious and may copy your card info while processing it for swipe.
My own recent such incident made me more cautious, shopkeeper took card for swipe and handed to one who was sitting way behind the cash counter, he asked me loudly to speak the PIN CODE, I told him, its not only illegal, but I can smash your face on personal risk for asking my card pin publicly.
He got the hint about how aware I was, and without loosing a second, he brought his swipe machine to me to enter the PIN.
I tool his machine and did the transaction, but this raised flags, I am not letting my card pass on like this ever again from one hand to another.
coming back to topic, charging such a fee even on savings & salary accounts gonna give birth to more issues to start with.
Those who would continue to use Cash would need to take a larger sum of cash home, exposing them to higher value of getting pick pocketing, and a much greater chance of getting robbed.
Even if home cash-box is targeted the thief will have hands on bigger transaction value as people would keep more cash to avoid hefty transaction value.
However after 3+ months of demonetization we still have Empty/Cash out ATMs and this move is just another nail in the head that you are
not going to get cash currency that easily you have been used to for decades now.
cash transaction in bank are ON PAR with card usage. Every transaction can be seen by IT department.
Cash transaction in bank are NOT part of black money.
There is no reason to block it.
EXCEPT that ALL THESE CARD companies would make lots of money in form of transaction cost!
Cash transaction in bank are NOT part of black money.
There is no reason to block it.
EXCEPT that ALL THESE CARD companies would make lots of money in form of transaction cost!
