PSA -- Showcase notice from ED - prevention of money laundring act

[0b110]

Found this post on reddit
I know this is against the whole fabric of our community but we must all be very careful while trying to manufacture spends on credit cards. With all systems such as Aadhar, Pan and mobile number linked together, it takes a simple sql query for the authorities to find out everything someone has been up to.

Please be mindful of the expenses you make on your cards and try to make as much genuine purchases as possible. Do not be penny wise and pound foolish.

 

[WhoU]

This is scary!

 

[shashifed]

Damn I'm now scared to pay rent via cc

 

[Harry1]

Lol ED for 50K😅.

One of my friend works in ITD. He says they don't even look at anyone below 1 CR😂.

 

[anirban.choudhury]

Lol ED for 50K😅.

One of my friend works in ITD. He says they don't even look at anyone below 1 CR😂.

True .
ED only intervenes in cases on money loundering and not for spend more than income , that is handled by IT . Some serious shit has happened thats because ED intervened

 

[luckymurari]

Looks unreliable. The guy posted the CC to cashback in PayTM method on another post just 6 days ago. i think he is just trying to play around spreading panic

 

[0b110]

Lol ED for 50K😅.

One of my friend works in ITD. He says they don't even look at anyone below 1 CR😂.

Can you ask him how much of their process is automated? What I am worried about is now that so many things are reported to the ITD including if your annual bills are more than 10lk. It is very easy for them to pull all your accounts via mobile number and get a consolidated list of transactions and compare that with the AIS and if thr discrepancy is say more than


What does he mean by "look" at anyone below 1cr? Audit the returns of someone with income more than 1cr or something else?

 

[gurbina]

Play stupid games, win stupid prizes.

Those who are first in line are those forging docs and faking transactions like rent payments that even below annual threshold for taxability can land you in fraud or tax evasion as that's what they're doing. Same goes for fake or misleading invoices/purchases on services, products and anything else.

Believe it or not India has one of the most convoluted systems in the world when it comes to finance and taxation systems. Even professionals in the industry have a hard time dealing with it.

The more sensitive topics are related to merchants, foreign currency transactions (it is very troublesome for those who travel and spend a lot overseas), international transfers, and nearly anything that involves large sums of money (consider annual and monthly thresholds) like rentals, property purchases, etc.

There's clear RBI/IT guidelines for all of these with clear information on types of accounts you must hold and their restrictions, limits/restrictions on foreign purchases and international transfers, taxability, etc.

While it is only a smaller amount of people that might need to make themselves familiar with these RBI/IT regulations the bottomline is simple:

Do NOT forge or lie on anything, specially anything related to financial transactions, banks, credit lines, etc.

Forgery and lies aren't ignorance. These are wilfully committed and will come with their consequences. That isn't a slip or unknownly making a mistake which everyone does and from time to time might run into issues but nothing major if there's no bad intentions or will.

The ones that need to take this as a warning is all these people people doing fake rent payments, fake invoices/purchases, forging documents, passing someone else's business as your own, using someone else's PAN card or having several PAN, using family/friends accounts/ID for financial transactions, impersonating, providing fake addresses, etc.
All these can land you in the fraud, tax evasion and whatever other charges.

Getting cash by a credit card via a wallet or some other methods is NOT illegal and shouldn't case any issues other than a clarification if any notice arises.