One Year of Demonitisation - Page 8
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  1. #71
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    One year after demonetization, the government has data to show it worked.

    The government’s crackdown on shell companies shows that around 35,000 of the 2.24 lakh shell companies deposited Rs 17,000 crore post the demonetisation drive only to withdraw it later, thus raising suspicions of ‘wrong entries’.

    In one such case an account with a negative balance just before the demonetisation day saw Rs 2,484 crore being deposited and withdrawn soon after. Other examples were also shared by the Finance Ministry and Corporate Affairs Ministry to showcase how the money entered the banking system.

    The Income Tax Department, which is responsible to track down the deposits, has rolled up its sleeves. It will start dispatching notices under the Income Tax Act to nearly 70,000 entities that deposited over Rs 50 lakh each in old notes into bank accounts but did not care to reply to data uploaded in their accounts or even file returns. A total of 2 lakh such accounts were identified; 1.3 lakh account holders have already responded to the inquiry.

    Assuming that the average deposit in the 70,000 accounts is at the minimum level of Rs 50 lakh then we are talking of Rs 35,000 crore of money that has entered the banking system but there is no money trail to it. This money is over twice the amount that went missing post-demonetisation.
    ……………………

    Apart from this, the IT department has identified 18 lakh cases which it believes feature suspect deposits. Out of this, around 12 lakh accounts have already responded. The focus is now on the remaining 6 lakh-odd accounts.

    The government is checking other data points which signal how unaccounted wealth could be used. One such is the sharp surge in overseas travel expenditure from USD 36.2 million in November 2015 to USD 246.6 million in November 2016.

    Further, post demonetisation, gold consumption shot up to more than double the normal monthly consumption. This was followed by gold prices in the unofficial market doubling. Exchange rates of dollar and euro had also shot up post demonetisation.
    Having faced criticism in the lead-up to the first anniversary of demonetisation, the government now holds all the cards in its hand. It will disclose the numbers slowly, probably as it collects more evidence but also because it wants to capitalise on the election season.

    Source:
    moneycontrol.com


  2. #72
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    There was a deep conceptual error behind the move which held that individuals with “kala dhan” would not return to banks to deposit the 500 and 1000 rupee notes in their possession. The amount of currency not deposited back would constitute a net gain to the banking system.The reality was otherwise. Barring a tiny fraction of these currency notes, virtually all of it has returned to the banking system. This is proof enough that the strategy of trying to identify black wealth with high-value currency notes was a failure.

    It would be erroneous to think of “kala dhan” as a stack of currency notes. It may be more useful to think of the flow concept which suggests that an activity may be regarded illegal or ‘black’ if it evades taxes.


    The real difficulty with the move was the sheer scale of the misadventure. It hit 86% of the value of currency in circulation and, therefore, instantly crippled the economy. The entire range of farming, construction and informal sector, for example, run on a cash basis, and they affect the vast bulk of the population. This particularly hit the poor and the vulnerable. Across India there was a sharp fall in the prices of agricultural goods in all the major mandis, which hit farm incomes in an unprecedented manner.

    When the demonetisation strategy was soon found to lead to a dead end, the government changed the narrative to the desirability of a cashless, digital economy. There is nothing in economic theory that suggests that one should eschew cash. There is a substantial body of economic theorising that provides a clear rationale for the use of paper currency. A cash economy is desirable because it facilitates exchange and encourages economic activity. It has other uses too. Cash can be used as a store of value and it also enables agents to conduct their economic activities with greater stability.

    One final point: There was hardly any transparent consultation of this rather momentous decision. From all accounts, the top most functionaries in the ministry of finance and the RBI were not kept in the loop. This raises serious and disturbing questions regarding the nature of decision-making in our parliamentary democratic system.

    http://www.hindustantimes.com/opinion/demonetisation-may-have-pushed-digitisation-but-cash-encourages-economic-activity/story-18mD8kn273ZhnRfaM6CQhL.html
    Last edited by prasad1; 14-11-2017 at 10:23 PM.
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  4. #73
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    Why Tirupur’s Rs 42,000 crore textile hub fears a wipeout

    http://indianexpress.com/article/exp...itley-4927238/
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  6. #74
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    Quote Originally Posted by Heritage India View Post
    Why Tirupur’s Rs 42,000 crore textile hub fears a wipeout


    http://indianexpress.com/article/exp...itley-4927238/
    hi

    There are a lot of NaMo bhaktas here......Hero worship......common man always suffer...
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
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  8. #75
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    Quote Originally Posted by tbs View Post
    hi

    There are a lot of NaMo bhaktas here......Hero worship......common man always suffer...
    The common man has the power to vote.. to vote out..... use that power..
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  10. #76
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    Quote Originally Posted by tbs View Post
    hi

    There are a lot of NaMo bhaktas here......Hero worship......common man always suffer...
    Dear Sri tbs,

    I have high regard for you and value your views . But this type of accusations from a senior member and a veteran of the forum disturbs me. I strongly feel that we should stick on to the subject while expressing our views.
    Even some one favours a leader, there is nothing wrong. It will be that person's will and pleasure. This forum has placed no restriction on any one to express his views without hurting others .
    Further I wonder how "hero worship" will add to the suffering of commonman ! All of us have heroes to worship and we continue the same as "Bhaktas" from time immemorial.
    In another thread, you have expressed
    "some times hero worship more dangerous often ....may be arrogant ....i like simple man like shri Kamaraj....in somewhat
    shri Annadurali and Shri Ramakrishna Hegde....Shri Lal bahadur shastri/Dr Rajendra prasad are far better than Nehru...
    just my opinion..".
    Well, that's your opinion and I value the same. I do not understand how greeting a greatman on the 128th birth anniversary will be considered as hero worship or dangerous and arrogant ?

    At my age, It is not my intention to enter into any argument, neither to hurt anyone's feeling.

    Warm regards,
    Brahmanyan
    Bangalore.
    Last edited by Brahmanyan; 15-11-2017 at 11:16 AM.
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  12. #77
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    Quote Originally Posted by athimber View Post
    The common man has the power to vote.. to vote out..... use that power..
    hi

    let's wait gujarat election......i know that himachal election is different from gujarat...
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
  13. All views expressed by the Members and Moderators here are that of the individuals only and do not reflect the official policy or view of the TamilBrahmins.com Website.
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  14. #78
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    Quote Originally Posted by tbs View Post
    hi

    let's wait gujarat election......i know that himachal election is different from gujarat...
    Even Hitler won elections, An electoral result is not a measurement of any governments competence
  15. All views expressed by the Members and Moderators here are that of the individuals only and do not reflect the official policy or view of the TamilBrahmins.com Website.
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  16. #79
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    Elections are the only mechanism to judge performance of any Government. If there is an incompetent one, it is the opportunity for the general public to show them the door. Unfortunately many a times, people get caught there is not much to choose between the candidates/parties. That is the main problem in India. May be one or a few leaders in a party are competent and they are leading a team of less competent people thus affecting their effeciency.
  17. All views expressed by the Members and Moderators here are that of the individuals only and do not reflect the official policy or view of the TamilBrahmins.com Website.
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  18. #80
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    Quote Originally Posted by Brahmanyan View Post
    Dear Sri tbs,

    I have high regard for you and value your views . But this type of accusations from a senior member and a veteran of the forum disturbs me. I strongly feel that we should stick on to the subject while expressing our views.
    Even some one favours a leader, there is nothing wrong. It will be that person's will and pleasure. This forum has placed no restriction on any one to express his views without hurting others .
    Further I wonder how "hero worship" will add to the suffering of commonman ! All of us have heroes to worship and we continue the same as "Bhaktas" from time immemorial.
    In another thread, you have expressed
    "some times hero worship more dangerous often ....may be arrogant ....i like simple man like shri Kamaraj....in somewhat
    shri Annadurali and Shri Ramakrishna Hegde....Shri Lal bahadur shastri/Dr Rajendra prasad are far better than Nehru...
    just my opinion..".
    Well, that's your opinion and I value the same. I do not understand how greeting a greatman on the 128th birth anniversary will be considered as hero worship or dangerous and arrogant ?

    At my age, It is not my intention to enter into any argument, neither to hurt anyone's feeling.

    Warm regards,
    Brahmanyan
    Bangalore.
    hi sir,

    i can understand your point....but other side of the coin is different view....sorry for that...i dont want hurt you...
    asato maa sadh gamayaa, tamaso maa jyotir
    gamayaa, mrityor maa amritham gamayaaa..
    om shanti, om shanti, om shanti...upanishad
  19. All views expressed by the Members and Moderators here are that of the individuals only and do not reflect the official policy or view of the TamilBrahmins.com Website.
    If you are having a problem with a particular thread or user, please use the "REPORT POST" button beside the offending post to inform us or raise a complaint.
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