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But 90% you are true about "Who owns the money part" but certain terms and conditions apply.
Foreign trade is done in US dollars. We convert our Indian Rupees to US Dollars and then Singaporean banks give us Singapore Dollars.
If we direct convert our Indian rupees for Singapore dollar then the scenario will be different. India is already trying to create a direct Indian rupee-Singapore dollar trading mechanism. It will take time. Till then we lose our US dollar foreign reserve on any type of foreign transaction.
A_J wrote:Well, we'll talk some other time.
Bro, once again, the currency, physical form of it belongs to the government, not the value. Please read what it says on the note.
"I promise to pay the bearer the sum of __ rupees" - signed Governor
The note is an agreement that tbf government has with the bearer saying if you own this, I'll pay you 500/1000. It doesn't say, if you own this, you owe me, the Governor, 1000 rupees. It's just like if I owe you 500 and I give you a legal document saying I owe you 500, signed A_J.
The money in your pocket is a form of government debt. That debt's owed to you, as the bearer. So you own it. The government can't "own" its own debt.
The government "repays" its debt to you by accepting the currency when you pay your taxes. That's why, if the government says you have a 1000 rupees tax debt, it can be paid with a 1000 rupees note. The tax debt is your debt to the government, and the bill is the government's debt to you. The two cancel out when they meet.
I'm not going to try to explain this any further, because I don't think I can make it any simpler. For proof just look at the INR Note in your purse and read what it says. And if you are still not satisfied, Please do your own research.
How do we lose our foriegn reserves when we travel? When we go to Singapore, we exchange Indian rupees for Singapore dollar. We supply rupees and demand Singapore dollars. Too much supply of rupees and too little demand for rupees means it decreases our currency's value, it doesn't affect our foreign reserves. When we go to any foreign country, we increase the value of their currency and decrease the value of our currency by a very small percentage because of demand and supply. USD has nothing to do with it. USD is the preferred way of storing foriegn reserve and us not visiting Japan ain't going to change that.
But 90% you are true about "Who owns the money part" but certain terms and conditions apply.
Foreign trade is done in US dollars. We convert our Indian Rupees to US Dollars and then Singaporean banks give us Singapore Dollars.
If we direct convert our Indian rupees for Singapore dollar then the scenario will be different. India is already trying to create a direct Indian rupee-Singapore dollar trading mechanism. It will take time. Till then we lose our US dollar foreign reserve on any type of foreign transaction.
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You know there are some good people who declare their foreign visits in ITR as required by law.
Then there are few people who earn additional income by finding loopholes and curb in foreign visits, obviously not declaring in ITRs.
Could be a measure to find out such people who pay minimal to no tax but spends money equivalent to someone's annual salary in a single foreign visits.
I just thought of recent foreign visitors from my family network amd can say at least 3 families did this.
Not a big deal.... You can claim a credit for this TCS in tax returns!!!!
You're making 'Rai ka Pahad' 🤦♂️
Typical youtube clickbait title! 😆