The recent demonetisation is collective punishment for honest tax payers, the poor and middle class Indians as a whole. Its impact on curtailing black money will be almost very less, and it will be known over a period of time.
Black money is leagaly earned money, but on which tax has not been paid.
This will create negative shock to the nation, this is already felt.
- Stock market is already crashing
- Value of rupee goes down
- Price rise, in general commodity
- Production halt in industries
- Business are stalled, due to no change
- Reprinting cost of new currency
- Tourism will get hurt
- all important peoples suffering
- Adani, Ambani had prior info on demonetisation, says BJP MLA Rajawat
- Janardhana Reddy’s spends Rs 550 crore for his daughter’s marriage
- 47+ is the latest count of reported deaths across India and couting
- Indian Rupee touched a record low of 68.86/USD, expected to cross 70
- Locjam - Oppositions asks Modi to come-up and speak, but Modi absconding. Due to this both parliamentary houses are blocked.
- 50% Income Tax On Unaccounted Deposits
- 85% Income Tax If Caught [do not save in your home]
- India’s Top economists opposing demonetization - former Prime Minister of India, Dr Manmohan Singh, former governor of RBI, Raghuram Rajan and Nobel laureate in economics, Amartya Sen.
India Is Rich, But The People Are Poor
Its not due to Economic its all because of corruption
What is BLACK MONEY ?
- When a money transaction is done without paying tax, is called unaccounted cash or black money
- When a person hides his total income, and thus avoids tax creates black money
In reality these are not black money, when government robs people legally, people will hide it from the government. This behavior is natural, after paying INCOME TAX why the hell should someone pay high INDIRECT TAX on everything while we buy or sell.
The best solution is to Reducing the TAX rate, If the tax is less everyone will be happy to pay the minimal tax and enjoy their earnings.
The real black money is
- those take bribes when making government deals
- Those who have 70 Lakhs crores in Swiss bank accounts
- The willful defaulters (SC ask for the list, RBI won’t give)
- corporates and companies who steel and destroy our natural resources
- Politicians and their binamis
- Leading lawyers who back the corruption and corporates
- casinos, prostitution brothels
Black money comes mainly from India
- Julian Assange, WikiLeaks Founder
Another reason said by the Modi Govt is to curb fake Indian currency notes.
Do you know how the fake currency comes into India,
Via Pak boarder and Bangla boarder
If it comes in container, then Govt and military is in full cooperation mode.
Don’t punish for not using dustbin, before placing the dustbin
Correct the law, then bring the change. until then it is now use baby.
Don’t use currency for savings, especially India Rupees
RBI governor Urjit Patel is the Scapegoat
Now RBI governor Urjit Patel is the Scapegoat, The All India Bank Officers Confederation has called for the resignation of Reserve Bank of India governor Urjit Patel for being a party to demonetization, which it claims has brought havoc in economy and in the life of common public.
May be this is the reason why the Raguram Ranjan was changed.
Black Money to Go Cashless
In Mann Ki Baat broadcasted on 27, Nov 2016 PM Modi changed his tone, from black money, corruption and counterfeit currency to cashless economy. BJP govt was stressing people to go for cashless mode from day one as alternative, but now PM, FM and the Govt circle started openly promoting (marketing) App payment, Credit Card, Debit Card, etc. Its a major shift to cashless economy
Most of the India is still run on Cash, this irks the FDI when where they come and setup super duper store, e-conmmerce and but no people show up there. Now your cash is gone, you are not allowed to withdraw above cap limit.
The real message is either use Credit/debit/app payment or Die.
Reply of an X Army men
A retired Indian Army veteran has something to say about demonetization. What he has to say is a tight slap on all those who drag our soldiers to defend their lame arguments to hide truth.
Lieutenant Colonel Darshan Dhillon retired from the Indian Army in 2006. Currently living in Punjab’s Ludhiana, Colonel Dhillon went to an ATM in the city to withdraw some cash.
In a Facebook post, Dhillon said,
“I was standing in long ATM queue and getting irritated on mismanagement on a good issue. The fellow Modi bhakt behind gave me a quick reaction by saying, why are you perturbed think about about army persons standing 20 hrs in day on border.”.
Narrating how his reply removed the man’s “nationalism with a jolt,” he wrote, “my curt reply removed his deshbhagti with a jolt when I told him that I did that on border for 20 years and standing here to withdraw my pension on that account. He should show his deshbhagti in getting us actual OROP and CPC from Modi ji rather than issuing certificates in ATM lines [SIC].”
Black Money is Gone
Yes, really the black money is gone, now every thing is white. On 8th Dec, 2016 in a press conference after the monetary policy, R Gandhi, one of the deputy governors of the Reserve Bank of India, said that Rs 11.55 lakh crore (close to 75% of total) of demonetised notes had made it back to the banks. There is more time, till December 30, 2016, convert demonetised notes
This means either
All money is not black money, and all black money is not in cash.
Black money is converted into white, and most Indian’s helped to convert black to white (this means people across the country are ingenuien)
It was expected that black money in the form of cash would not submit it to the banks for the fear of generation of an audit trail. And this is how black money would be destroyed.
This also shows that Indians are smarter and clever than top govt. and officials.
The people who converted black to white should thank Modiji, yes he earlier created scheeme called Pradhan Mantri Jan-Dhan Yojana and- created Jan Dhan accounts every one, without Jan Dhan accounts it would be very difficult to convert the black to white.
Demonetisation is The Biggest Failed Economic Experiment in Indian History
Next what..> Go Cashlessssssss
Like this govt. biggest failure schemes like Make in India and Skill India, demonetisation will also become a big failure.
Lets wait and watch - because its not just over, but the worst may yet to come.
‘It’s easier to fool people than to convince them that they have been fooled.’ - Mark Twain
On 8th Nov, the government maded Rs 500 and Rs 1000 notes illegal. The intention was to curb black money, but now it looks diffrent or it is drifting away to terrorist funding, then now to casheless economy.
Bank Staffs and Employees are new ScapeGoat
Today I came across below news, bank employees are crying I am not one of them
All the best, let the game continue.
New notes are easier to
The govt said, the new notes will abolish the black curreny, but the reality is it is easy to make fake notes, all you need is a color coppier
- 4 held with photocopies of Rs 2000 notes
- Bengaluru: 4 arrested for using photocopy of new Rs 2,000 notes
- 9 of 10 cards used at ATMs to withdraw, not for purchases
- Stretched, banks complain: Being made villain of the piece
- Slowdown signal: 16 top firms show sharp dip in advance tax
- Decoding post-demonetisation boom in the Jan Dhan balance
- Demonetisation’s rude shock: There may not be any black money
- Onion Rates Halve, Farmers Have No Cash, Can’t Go Cashless
- Vadde calls Modi Modern Day Tughlaq
- Lack of preparedness by govt led to cash crisis, admits Subramanian Swamy
- Demonetisation as flawed as Indira’s emergency move: P Chidambaram
- 90 per cent of scrapped notes back in system, no black money in the contry
If the solution or the idea is right, it will go like a hot knife through butter. If the idea is not working, for example demonetisation, don’t blame execution. I think your idea itself is wrong - Rajiv Bajaj (BAJAJ AUTO) Managing Director said at the annual Nasscom Leadership Forum, February 17, 2017