Try Tips From the Dinar Café:
Submitted By Author Chase Carlton "The Dinar Date"
While recently in a ‘café’, that seems more like a private club for Dinarians, I overheard some interesting conversations. It would seem that most of the people in the place go there to exchange ideas about their investments. What caught my attention were several ‘post RV’ conversations.
Let me caution anyone that these are not recommended or represented as anything other than theories or responses to questions that were being posed. So these are nothing more than Try Tips packaged and displayed alongside all the other options for your selection.
The question was asked about the best way to give gifts to family members, friends and charities. Someone complained about having to pay taxes on the money before they could give it away. The following was an intriguing response from someone who was clearly a creative problem solver. I believe his name was George and I do not know about his qualifications or background.
Read More Link On Right
George said: “ I intend to give the currency away as dinar and dong. That allows each recipient to deal with the tax issues according to their circumstances. Be it non-profit, or someone that might well be in a much lower tax bracket than mine and possibly have tax losses they could use.
If I want to give smaller donations than the bill size allows then I will simply take the time to exchange larger denom bills for a number of smaller ones before converting to dollars. Once it is a traded currency that should become simpler and as long as I do not convert to dollars there are no tax implications on my side.
Why would I pay taxes and thus potentially reduce my charitable giving amounts when I could give the entire amount to the recipient and let them potentially pay less?
If you are worried about them not knowing how to deal with the cash in process, it is simple and easy enough to write up some detailed suggestions/options that they can follow so they get a good deal. If you give them the directions post RV you will be able to supply specifics based on what you have already done or learned about the actual existing conditions.
There will be time to accomplish all this, the currency is going to remain live and tradable like other currencies.
His response to the question of authenticity and cash in also seemed to make sense. “We are dealing with cash, no different than having Euros, Pounds or whatever once it is a recognized and traded currency. It will be run through a machine to determine its authenticity the same way they test other currencies.
The letters and proof of purchase might help you go back to the dealer if they stand behind their product but it is irrelevant to the bank that runs it through a vetting process (De La Rue machine).
If you go to a store with a $100. US.bill and it tests fine no one cares where you got it. If the bill is bad then you are out of luck unless you have some proof that you got it from a source that registers each serial number and is certifying they will guarantee authenticity.
You may want to be ultra-sure about your money before giving it away or taking anyone else’s word on its value. Following the frequently recommended steps - take the money to a location with the technology to validate authenticity – watch your bills be validated in person. Now you will know 100% for sure that what you are giving away or holding is legal currency.
If you don’t have the time or patience for doing that then the next best step is copying all the bills front and back together with your banker. Get them to sign off on the copies being what is being submitted.
If you have some sort of authenticity guarantee from the seller then you have the means and grounds to ask for a refund if certain bills don’t pass muster. You also want to inquire, in advance, what the bank procedure is, should the currency fail inspection.
If your seller requires return of the bills for a refund or replacement you want to be sure your bank will accommodate you. Always a good idea to get these things in writing since a single 25K bill could easily be worth more than popcorn and a ticket to the movies!