Do you know what happens to the currency notes (both old and new) seized during such enforcement? If you are aware of that, and the source from which such information is gathered, I think you will not make the rhetorical statement that "The enforcement could have stopped black money without demonetisation"
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Demonetisation: Will it lead to a corruption free India?
- Thread starter vgane
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Do you know what happens to the currency notes (both old and new) seized during such enforcement? If you are aware of that, and the source from which such information is gathered, I think you will not make the rhetorical statement that "The enforcement could have stopped black money without demonetisation"
GANESH65
Active member
[h=1]Demonetisation and scramble for political gains: Congress could end up as a has-been[/h]
Prime Minister Narendra Modi’s demonetisation move has led to a mad scramble among political parties to tap the impatience, resentment and growing anger of the common people who have been forced to queue up, often for days together, outside ATMs and banks to withdraw their own money to beat the crisis of liquid cash for day to day expenses.
The Congress is the largest party in Parliament with 44 MPs in the Lok Sabha — though it does not enjoy the official status of leader of opposition — and another 60 in the Rajya Sabha. This adds up to a hefty 104 MPs which is considerably more than the 50 of the AIADMK and the 46 of the Trinamool Congress, its immediate non-NDA opposition parties.
The 130-year-old party has been raising its voice against the tardy implementation of demonetisation by stalling the proceedings of the two houses of Parliament, protesting in front of the Gandhi statue in the complex and leading a delegation of opposition leaders to submit a memorandum to President Pranab Mukherjee. Congress vice president Rahul Gandhi stood outside ATMs and banks in solidarity with the common people who were facing hardships in accessing their own money.
[FONT="]Representational image. AFP
[/FONT]
And even here he and the Congress have had to compete with parties like the Trinamool Congress whose chief Mamata Banerjee is leading her own charge against the Modi government by demanding a rollback of demonetisation — a demand articulated also by Aam Aadmi Party leader and Delhi chief minister Arvind Kejriwal.
The Congress was overshadowed by her fiery presence and tough stand when on the opening day of the winter session of Parliament on November 16 she marched to Rashtrapati Bhavan, with the BJP’s ally the Shiv Sena in tow, and later held a rally at Jantar Mantar with AAP and some other leaders.
It is easy for the Congress to register its protest in Parliament and capture the headlines or for Rahul to come out with quotable quotes like PayTM means Pay To Modi, demonetisation is the country’s biggest scam, notebandi was intended to help Modi’s corporate friends, there would be an "earthquake" if he is allowed to speak in the Lok Sabha or the country is tired of the PM’s monologue .
All this has helped Rahul capture the headlines and acquire a profile. It has also given him a handle to chip away at Modi’s image.
So far, so good.
But what after the Parliament session?
The big question is what will the party do once the session gets over as scheduled on December 16? Will its hyperactivity fizzle out? Or will it take out street level campaigns to empathise with people hit hard by the withdrawal of the old Rs 500 and Rs 1000 notes and the non-availability of the new currency in adequate quantities? Will it commiserate with the farmers who have found sowing difficult in the rabi season? More pertinently, will Rahul, who led a 26-day Deoria to Delhi Kisan Yatra to make a pitch for the Congress in next year’s assembly polls in UP, traverse the countryside and the hinterland where the bulk of India’s voters reside?
Indeed, this is where the Congress’s problems really lie.
The Congress’s strength at the grassroots level has been rapidly depleting over the years. This is reflected in its electoral track record. The party was rejected by the electorate in 2014 because of the UPA’s mega scams, its inability to check price rise and the paralysis in decision making in government. It got just 44 Lok Sabha seats in 2014 and drew a blank in as many as 19 states and union territories. It could win just 261 seats of the last 2226 seats , including those for the Lok Sabha, for which elections were held.
The party presently rules just seven states — Himachal Pradesh, Uttarakhand, Karnataka (the biggest of the lot), Arunachal, Manipur, Mizoram and Meghalaya — and shares power in Bihar and Puducherry. Over the years, it has been systematically ejected from vast stretches across the country. In Tamil Nadu it was overrun by Dravidian parties 50 years back. Even in states like Madhya Pradesh and Chhattisgarh where it once held sway, it has been dislodged by the BJP for almost a decade and a half now. Its place has been taken over time by the BJP, a host of regional outfits, region-based parties and new forces including the SP, BSP, JD-U, RJD, BJD, TRS, TDP and newbie AAP.
No leg to stand on
What hurts the Congress most perhaps is the fact that it does not have a social base to call its own. Its erstwhile coalition of upper castes-minorities-scheduled castes has been hijacked by other parties. Its success in 2004 and 2009 in bypassing the caste affiliations by winning over the poor, the middle classes and the aspirational youth through the combined appeal of Sonia Gandhi, Manmohan Singh and Rahul Gandhi has long dissipated. With Sonia now poised to hand over the mantle of party president-ship to her son, Rahul will be confronted with the triple task of strengthening the organisation, building a social coalition for his party and improving his and his party’s image, credibility and appeal if the Congress is to recapture the popular mind and vote.
[FONT="]File image of Rahul Gandhi. PTI
[/FONT]
It hopes to do this partially by its intensive campaign against Modi’s poorly -implemented and half-baked demonetisation drive. But then there are drags like charges of corruption in defence and other deals during the UPA tenure. The recent arrest of former Air Chief SP Tyagi for irregularities in the Rs 3600 crore AgustaWestland deal has not only stoked those memories but also threatens to widen the net as the former air force officer has alleged that the specifications of the helicopters were tweaked at the behest of the PMO, that is the office of Prime Minister Manmohan Singh. This in turn would drag the Gandhi family into the controversy. Until the people and the voters are able to forget or overlook the sins of omission and commission of the UPA regime, the Congress can only be an also-ran in the battle to extract political gains from Modi’s adventurism.
Parties which dominate their states will have the advantage of harnessing the anti-BJP sentiment arising out of demonetisation there. This would mean, for instance, Mamata’s Trinamool in West Bengal, Mulayam Singh Yadav and Akhilesh Yadav’s SP and Mayawati’s BSP in Uttar Pradesh. Even parties that have not gone the whole hog in opposing Modi’s move — like the BJD or the AIADMK, which is grieving over the loss of its leader J Jayalalithaa — are unlikely to cede space to the Congress.
Indeed, in many of the states where the regional parties hold sway, the local sentiments for the home grown outfit would perhaps weigh more with the people than that of a 'national party' like the Congress which is notional at best given its present condition. The Congress however believes that since it is as an all India party with its footprint across the country it would automatically attract those who are disgruntled with or disillusioned by the BJP.
But this could turn out to be a pipe-dream unless the Congress manages to reconnect with the people, enhances its political profile and improves its performance in the elections. Voting will take place in 15 states before the country moves into another general election in 2019.
In 2017, there will be elections in seven states including SP-ruled Uttar Pradesh, Akali-BJP ruled Punjab, BJP ruled Gujarat and Goa and Congress-ruled Manipur, Uttarakhand and Himachal. In 2018 votes will be cast in eight states: BJP- ruled Chhattisgarh, Madhya Pradesh and Rajasthan and Congress-ruled Mizoram and Karnataka. Meghalaya, Tripura and Nagaland are the other three states.
It is a long road ahead for the party before it can re-emerge as an alternative.
http://www.firstpost.com/politics/d...gress-could-end-up-as-a-has-been-3155436.html
Prime Minister Narendra Modi’s demonetisation move has led to a mad scramble among political parties to tap the impatience, resentment and growing anger of the common people who have been forced to queue up, often for days together, outside ATMs and banks to withdraw their own money to beat the crisis of liquid cash for day to day expenses.
The Congress is the largest party in Parliament with 44 MPs in the Lok Sabha — though it does not enjoy the official status of leader of opposition — and another 60 in the Rajya Sabha. This adds up to a hefty 104 MPs which is considerably more than the 50 of the AIADMK and the 46 of the Trinamool Congress, its immediate non-NDA opposition parties.
The 130-year-old party has been raising its voice against the tardy implementation of demonetisation by stalling the proceedings of the two houses of Parliament, protesting in front of the Gandhi statue in the complex and leading a delegation of opposition leaders to submit a memorandum to President Pranab Mukherjee. Congress vice president Rahul Gandhi stood outside ATMs and banks in solidarity with the common people who were facing hardships in accessing their own money.
[FONT="]Representational image. AFP[/FONT]
And even here he and the Congress have had to compete with parties like the Trinamool Congress whose chief Mamata Banerjee is leading her own charge against the Modi government by demanding a rollback of demonetisation — a demand articulated also by Aam Aadmi Party leader and Delhi chief minister Arvind Kejriwal.
The Congress was overshadowed by her fiery presence and tough stand when on the opening day of the winter session of Parliament on November 16 she marched to Rashtrapati Bhavan, with the BJP’s ally the Shiv Sena in tow, and later held a rally at Jantar Mantar with AAP and some other leaders.
It is easy for the Congress to register its protest in Parliament and capture the headlines or for Rahul to come out with quotable quotes like PayTM means Pay To Modi, demonetisation is the country’s biggest scam, notebandi was intended to help Modi’s corporate friends, there would be an "earthquake" if he is allowed to speak in the Lok Sabha or the country is tired of the PM’s monologue .
All this has helped Rahul capture the headlines and acquire a profile. It has also given him a handle to chip away at Modi’s image.
So far, so good.
But what after the Parliament session?
The big question is what will the party do once the session gets over as scheduled on December 16? Will its hyperactivity fizzle out? Or will it take out street level campaigns to empathise with people hit hard by the withdrawal of the old Rs 500 and Rs 1000 notes and the non-availability of the new currency in adequate quantities? Will it commiserate with the farmers who have found sowing difficult in the rabi season? More pertinently, will Rahul, who led a 26-day Deoria to Delhi Kisan Yatra to make a pitch for the Congress in next year’s assembly polls in UP, traverse the countryside and the hinterland where the bulk of India’s voters reside?
Indeed, this is where the Congress’s problems really lie.
The Congress’s strength at the grassroots level has been rapidly depleting over the years. This is reflected in its electoral track record. The party was rejected by the electorate in 2014 because of the UPA’s mega scams, its inability to check price rise and the paralysis in decision making in government. It got just 44 Lok Sabha seats in 2014 and drew a blank in as many as 19 states and union territories. It could win just 261 seats of the last 2226 seats , including those for the Lok Sabha, for which elections were held.
The party presently rules just seven states — Himachal Pradesh, Uttarakhand, Karnataka (the biggest of the lot), Arunachal, Manipur, Mizoram and Meghalaya — and shares power in Bihar and Puducherry. Over the years, it has been systematically ejected from vast stretches across the country. In Tamil Nadu it was overrun by Dravidian parties 50 years back. Even in states like Madhya Pradesh and Chhattisgarh where it once held sway, it has been dislodged by the BJP for almost a decade and a half now. Its place has been taken over time by the BJP, a host of regional outfits, region-based parties and new forces including the SP, BSP, JD-U, RJD, BJD, TRS, TDP and newbie AAP.
No leg to stand on
What hurts the Congress most perhaps is the fact that it does not have a social base to call its own. Its erstwhile coalition of upper castes-minorities-scheduled castes has been hijacked by other parties. Its success in 2004 and 2009 in bypassing the caste affiliations by winning over the poor, the middle classes and the aspirational youth through the combined appeal of Sonia Gandhi, Manmohan Singh and Rahul Gandhi has long dissipated. With Sonia now poised to hand over the mantle of party president-ship to her son, Rahul will be confronted with the triple task of strengthening the organisation, building a social coalition for his party and improving his and his party’s image, credibility and appeal if the Congress is to recapture the popular mind and vote.
[FONT="]File image of Rahul Gandhi. PTI[/FONT]
It hopes to do this partially by its intensive campaign against Modi’s poorly -implemented and half-baked demonetisation drive. But then there are drags like charges of corruption in defence and other deals during the UPA tenure. The recent arrest of former Air Chief SP Tyagi for irregularities in the Rs 3600 crore AgustaWestland deal has not only stoked those memories but also threatens to widen the net as the former air force officer has alleged that the specifications of the helicopters were tweaked at the behest of the PMO, that is the office of Prime Minister Manmohan Singh. This in turn would drag the Gandhi family into the controversy. Until the people and the voters are able to forget or overlook the sins of omission and commission of the UPA regime, the Congress can only be an also-ran in the battle to extract political gains from Modi’s adventurism.
Parties which dominate their states will have the advantage of harnessing the anti-BJP sentiment arising out of demonetisation there. This would mean, for instance, Mamata’s Trinamool in West Bengal, Mulayam Singh Yadav and Akhilesh Yadav’s SP and Mayawati’s BSP in Uttar Pradesh. Even parties that have not gone the whole hog in opposing Modi’s move — like the BJD or the AIADMK, which is grieving over the loss of its leader J Jayalalithaa — are unlikely to cede space to the Congress.
Indeed, in many of the states where the regional parties hold sway, the local sentiments for the home grown outfit would perhaps weigh more with the people than that of a 'national party' like the Congress which is notional at best given its present condition. The Congress however believes that since it is as an all India party with its footprint across the country it would automatically attract those who are disgruntled with or disillusioned by the BJP.
But this could turn out to be a pipe-dream unless the Congress manages to reconnect with the people, enhances its political profile and improves its performance in the elections. Voting will take place in 15 states before the country moves into another general election in 2019.
In 2017, there will be elections in seven states including SP-ruled Uttar Pradesh, Akali-BJP ruled Punjab, BJP ruled Gujarat and Goa and Congress-ruled Manipur, Uttarakhand and Himachal. In 2018 votes will be cast in eight states: BJP- ruled Chhattisgarh, Madhya Pradesh and Rajasthan and Congress-ruled Mizoram and Karnataka. Meghalaya, Tripura and Nagaland are the other three states.
It is a long road ahead for the party before it can re-emerge as an alternative.
http://www.firstpost.com/politics/d...gress-could-end-up-as-a-has-been-3155436.html
prasad1
Active member
Demonetisation worked just opposite to what was intended.
It created a new order of corruption.
Bank officials were the hardest hit - and the most loudly praised - lot after 8/11. But a few bad apples are giving the entire community a bad name - even as new notes are being pumped into the system, some corrupt managers and official are diverting the money, forcing the common man to stand in serpentine queues.
RBI officer K. Michael's arrest has shown how a handful of corrupt people are holding the entire country to ransom. After sifting through registered cases and conversing with many bank managers, both serving and retired, Bangalore Mirror lists seven ways in which some bankers are cheating the system.
1. Identity theft of genuine customers
2. Whet your appetite with dry ATMs
3. Abusing Jan Dhan accounts
4. DD's comedy show
5. Currency on commission basis by cashiers
6. Fake accounts
7. SHGs, co-operative banks
http://timesofindia.indiatimes.com/...ir-seven-deadly-sins/articleshow/55972639.cms
It created a new order of corruption.
Bank officials were the hardest hit - and the most loudly praised - lot after 8/11. But a few bad apples are giving the entire community a bad name - even as new notes are being pumped into the system, some corrupt managers and official are diverting the money, forcing the common man to stand in serpentine queues.
RBI officer K. Michael's arrest has shown how a handful of corrupt people are holding the entire country to ransom. After sifting through registered cases and conversing with many bank managers, both serving and retired, Bangalore Mirror lists seven ways in which some bankers are cheating the system.
1. Identity theft of genuine customers
2. Whet your appetite with dry ATMs
3. Abusing Jan Dhan accounts
4. DD's comedy show
5. Currency on commission basis by cashiers
6. Fake accounts
7. SHGs, co-operative banks
http://timesofindia.indiatimes.com/...ir-seven-deadly-sins/articleshow/55972639.cms
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prasad1
Active member
Yes you are right.
But if you know the environment, you must think of all eventuality. If you create a rule then it must be enforced properly.
Yes it was a noble idea to eradicate corruption and black money. But the present situation did neither. It created more corruption and more new black money. The law enforcement and justice system is too lax and slow.
When famous people were found guilty and the higher courts overturns why anybody will have faith. When you see disproportinate assets, and nothing is done obviously you lose faith.
IF you touch hot stove and gets burnt, why would you think the results will be different the second time around, unless you put on the protective clothing.
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prasad1
Active member
What a contrast! Will the patient survive? Hope he will!!
Source: Times of India
In 2013, 2014 economy was not dead it was booming. Yes corruption was rampant, that is not different now, but the economy is also shaky now.
Hope Income Tax rate reduction comes as a relief to the honest tax payer!
Income tax rate is expected to come down, says Mos Finance
December 14, 2016 21:47
Income tax rate as well as interest rate are expected to come down as a result of demonetisation of high value currency notes, Minister of State for Finance Arjun Ram Meghwal said today.
"I cannot reveal everything which will be part of the budget, but interest rate will come down...it will definitely come down", the minister said.
He also indicated there is a possibility of income tax rate cut in the upcoming budget which is expected on February 1.
"There are two issues with income tax-- exemption limit, and another is slab. Both of them will be looked into," he said while addressing an event organised by Laghu Udyog Bharti in New Delhi.
Assuring relief to the MSME sector, Meghwal said the next budget will look into their concerns.
Spelling out advantages of demonetisation, Meghwal said that it will help lower interest rate.
http://news.rediff.com/commentary/2...-mos-finance/5885e6cd4b90d50ccba2bcff1696a8ab
Income tax rate is expected to come down, says Mos Finance
December 14, 2016 21:47
Income tax rate as well as interest rate are expected to come down as a result of demonetisation of high value currency notes, Minister of State for Finance Arjun Ram Meghwal said today.
"I cannot reveal everything which will be part of the budget, but interest rate will come down...it will definitely come down", the minister said.
He also indicated there is a possibility of income tax rate cut in the upcoming budget which is expected on February 1.
"There are two issues with income tax-- exemption limit, and another is slab. Both of them will be looked into," he said while addressing an event organised by Laghu Udyog Bharti in New Delhi.
Assuring relief to the MSME sector, Meghwal said the next budget will look into their concerns.
Spelling out advantages of demonetisation, Meghwal said that it will help lower interest rate.
http://news.rediff.com/commentary/2...-mos-finance/5885e6cd4b90d50ccba2bcff1696a8ab
prasad1
Active member
Demonetisation has resulted in serpentine queues outside banks, ATMs and at other places dispensing cash. While the rich and affluent have somehow managed to dodge the long queues, it is the poor who is at the receiving end of this colossal transition process.
A photograph of an elderly man breaking down after missing his spot at a Gurgaon bank has gone viral on social media. The photograph, clicked by Hindustan Times photojournalist Parveen Kumar is emblematic of the hardships being faced by people across the country.
http://www.hindustantimes.com/india...a-raw-nerve/story-lWft5KIHyDEjZpVnrx9SiI.html
prasad1
Active member
The government’s surprise move to abolish high-value rupee notes has undermined the central bank’s reputation for competence and independence, even as it remains a credible institution, Standard & Poor’s director Kyran Curry said on Wednesday.
The comments from the global credit rating agency come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initiative in November, abolishing 500 and 1,000 rupee notes, which accounted for 86% of the currency in circulation.
The slow replacement of the abolished bills has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the decision.
At the same time some policy makers, including former Prime Minister Manmohan Singh, now part of the Opposition, have also questioned the RBI’s independence for agreeing to implement the action without much preparation.
Curry, in a teleconference with media, said demonetisation had undermined confidence in the predictability and effectiveness of policymaking in India, including of the RBI.
“Demonetisation has cast a shadow over the RBI’s competence and independence,” Curry said.
http://www.hindustantimes.com/busin...ence-in-rbi/story-zph5GrSyUK1D9ekv0MwV4K.html
Under the previous Governor it would not have happened. Rajan was intelligent and independent.
May be the initial enthusiasm has gone. It becomes apparent that those who led Modi up this garden path had not done their research well as to the implementation of the simply intimidating and massive scale of operation needed to address the issue precipitated and the sheer and massive difficulties to which the common people have been thrown to face. To add insult to injury the well of and the influential are able to siphon of the entire lot of currencies with connivance of unscrupulous bank officials. If this so and there seems no immediate end to the chaos and cacophony created what would become of the people?The RBI must be said to have failed in keeping their trust
The comments from the global credit rating agency come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initiative in November, abolishing 500 and 1,000 rupee notes, which accounted for 86% of the currency in circulation.
The slow replacement of the abolished bills has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the decision.
At the same time some policy makers, including former Prime Minister Manmohan Singh, now part of the Opposition, have also questioned the RBI’s independence for agreeing to implement the action without much preparation.
Curry, in a teleconference with media, said demonetisation had undermined confidence in the predictability and effectiveness of policymaking in India, including of the RBI.
“Demonetisation has cast a shadow over the RBI’s competence and independence,” Curry said.
http://www.hindustantimes.com/busin...ence-in-rbi/story-zph5GrSyUK1D9ekv0MwV4K.html
Under the previous Governor it would not have happened. Rajan was intelligent and independent.
May be the initial enthusiasm has gone. It becomes apparent that those who led Modi up this garden path had not done their research well as to the implementation of the simply intimidating and massive scale of operation needed to address the issue precipitated and the sheer and massive difficulties to which the common people have been thrown to face. To add insult to injury the well of and the influential are able to siphon of the entire lot of currencies with connivance of unscrupulous bank officials. If this so and there seems no immediate end to the chaos and cacophony created what would become of the people?The RBI must be said to have failed in keeping their trust
prasad1
Active member
Only a 3rd of people have had access to new 500 rupee notes
Dec 15, 2016 16:33 IST
what happened: A survey of more than 15,000 people across cities shows 68% have yet to access new 500 rupee notes
what it means: The delay in making available Rs 500 notes limits circulation of Rs 2,000 notes. As a result, the rush at ATMs and the long wait for cash chaos continue unabated.
what next: Situation unlikely to change, consumer spend may keep falling, as the localcircle.com survey shows
http://www.hindustantimes.com/
When the demonetization was introduced there was a talk about Rs 5 lac crores that will not be returned to the banking system...Now the rich guys who were wallowing in notes decided to part with a 30% commission....If a person had Rs 1 crore he would distribute 1 lac to 100 persons....Each of these 100 people put that money in their own account , wife's account & parents account by dividing the total and taking their share....In that way the money is split into 4 & gets deposited as Rs 25000 per person...They will then withdraw the money and take a 30% commission and return 70K in the form of new notes to the original donor..In a way demonetization has made the poor richer and rich poorer..Can we say that this is PM's way of ushering in a egalitarian society?? So do not assume that poor people are unhappy standing in queues...Many are getting richer & are happier!!
More benefits will accrue as interest rates will go down, inflation will moderate and Income tax rates will go down!! This will revive the growth!!
The above may be wish list but let us wait & watch!!
More benefits will accrue as interest rates will go down, inflation will moderate and Income tax rates will go down!! This will revive the growth!!
The above may be wish list but let us wait & watch!!
prasad1
Active member
May be Indian are used to standing in line. It is foolish and waste of time.
Union Minister of Science and Technology Harsh Vardhan today said standing in lines is not new for Indians and now people were standing in queues to ensure a "corruption-free India".
"Standing in lines is not new for us Indians. We lined up for getting ration card, then ration. We lined up for getting cinema or cricket tickets, for getting a phone connection and then to pay its bill," Harsh Vardhan said after launching the Nukkad Natak campaign to educate people about mobile banking in central Delhi's Chandni Chowk area.
"Today, we, the common people, are standing in lines to ensure a corruption-free India and a better future for our children," the Minister said.
Harsh Vardhan's remarks come after a severe cash crunch forcing people to stand in queues for hours outside banks and ATM kiosks across the country following the government's November 8 decision to demonetise Rs. 500 and Rs. 1,000 currency notes.
prasad1
Active member
So you are promoting corruption for socialist goal. You think the local goondas using this method is going to pay 30% commision? It is harebrained idea, and also assumes that the poor people have no morality. Poor people are proud and god fearing people, majority will not do it for the money, but might do it for family and friends.
Sir, This is reality! Isn't communism all about that? There were people who wondered why there were no riots...
V
V.Balasubramani
Guest
A good move indeed.
SC refuses to interfere with Centre’s policy on demonetisation at this stage
After referring questions related to the policy to a five-judge constitution bench, the court said the government should try its best to honour commitment on weekly withdrawal of Rs 24,000 per person.
The Supreme Court Friday, in its interim order on demonetisation, refused to interfere with the Centre’s decision firmly underlining that “these are matters of fiscal policies”. The court further restrained all high courts from examining the issue, stayed proceedings there and transferred them to itself. Stressing that the government is the best judge, the court also refused to extend dates for exemption of old Rs 500 and Rs 1,000 currency notes for certain services. After referring questions related to the policy to a five-judge constitution bench, the court said the government should try its best to honour commitment on weekly withdrawal of Rs 24,000 per person.
Read more at: http://indianexpress.com/article/in...terim-order-narendra-modi-government-4430110/
Last edited by a moderator:
prasad1
Active member
There is no official estimation of black money either before or after November 8 -- the day government announced scrapping of old Rs 500 and Rs 1,000 notes, Finance Minister Arun Jaitley said today."There is no official estimation of the amount of black money either before or after the government's decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9," he said in a written reply in Lok Sabha.The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assess led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, he added.Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.
http://www.deccanchronicle.com/busi...ck-money-either-before-or-after-nov-8-fm.html
Great, if you do not know the problem, you can claim you solved it any time you want.
http://www.deccanchronicle.com/busi...ck-money-either-before-or-after-nov-8-fm.html
Great, if you do not know the problem, you can claim you solved it any time you want.
V
V.Balasubramani
Guest
Modi delivers sucker punch, takes on Opposition at parliamentary meet
Excerpts…..
Modi had used the opportunity to blast Congress, citing documented evidence since the time of Indira Gandhi and sending out the message that the main opposition party and its leaders were self-centred who gave more importance to the electoral survival of the party than the nation. This was, which Modi pointed out, was in contrast to BJP's "nation first" stance.
Citing excerpts from former home secretary Madhav Godbole's book Unfinished Innings: Recollections and Reflections of a Civil Servant, the Prime Minister said that demonetisation was the need of the hour in 1971 but Indira Gandhi with an eye on coming elections chose to take the populist path: "When YB Chavan told her (Indira) about the proposal for demonetisation and his view that it should be accepted and implemented forthwith, she asked only one question, "Chavanji, are no more elections to be fought by Congress?"" Chavan got the message and the recommendation was dumped.
Modi also referred to the Wanchoo committee report recommendations stressing on the need for demonetisation in 1971.
Indira Gandhi's reference and her snub on demonetisation of high denomination currency notes were aimed to serve twin purposes — that Congress or more particularly her daughter-in-law and grandson and their new found allies were patently wrong in acting rough against Modi. Second, his comparisons with Indira Gandhi was to drive home the point that while she always had Congress' electoral gains in mind before taking a decision Modi always have the guts to take bold and tough decisions for the country irrespective of electoral implications.
While going out strongly against the Congress, Modi didn't spare other opposition parties either, which had lately aligned with Congress on the issue: "Disruption of parliamentary proceeds have been taking place earlier also but this time it was far too much. The difference between earlier occasions and winter session disruptions is that while earlier disruptions had taken place because some corruption cases had come up and some expose had happened. The opposition would unite to fight on the issue of integrity and honesty but this has happened for the first time that the treasury benches had taken steps to fight corruption and most in opposition had united to support the corrupt."
……………………..
Source: http://www.firstpost.com/politics/m...-meet-as-opposition-unity-cracks-3159640.html
prasad1
Active member
A survey by an RSS affiliate on the impact of demonetisation on the medium and small scale industry shows that nearly 70% of the respondents complained of their business being affected by the move.
Conducted by Laghu Udyog Bharati, the survey findings, shared with the government on Wednesday, indicate that as many as 69.9% of the respondents stated that they find the demand for products decreased post demonetisation while over 60% complained of slow debt recovery.
As opposed to the government’s claims of public support for the move, the LUB has cautioned that if the cash crunch caused by demonetisation is not immediately addressed, it could lead to layoffs.
Respondents of the survey — mainly LUB’s members across 400 districts in the country — have also stated that it will take more than six months for the industry to recover.
The findings also counter the government’s claims that the move will eradicate graft, as 57% of the respondents stated they did not notice any decrease in corruption among government employees since the announcement was made on November 8.
Tax officials will not examine “old records” of small traders and factory owners should they go digital with their business, Prime Minister Narendra Modi said on Friday, seeking to allay fears of harassment among a chunk of the BJP’s traditional voters.
Modi’s comments came after the Rashtriya Swayamsevak Sangh (RSS) and several BJP lawmakers warned the party leadership this week that the cash crunch following the recall of high-value banknotes could harm the party’s prospects in next year’s assembly polls. RSS is the BJP’s ideological fount.
Also, an internal survey on medium and small scale industry by an RSS affiliate showed that nearly 70% of respondents complained their business was hurting from the scrapping of 500-and 1000-rupee notes.
“Some traders think after going digital they will register higher turnover. And then tax people will come and say, if in December you have done business of Rs 2 lakhs then why did you show just Rs20,000 turnover in July,” Modi said at the BJP’s parliamentary party meet.
“I have told officials not to do post-mortem of old records. Otherwise, you can’t bring anyone into the mainstream.”
Modi said factory owners also pay many workers in cash to hide their scale of operations and avoid legal hassles.
“I have told labour ministry no records before 8 November will be reopened. This officershahi will not be done. We want to make people free from officershahi.”
The Prime Minister refuted allegations that demonetisation was done without homework.
http://www.hindustantimes.com/india...ban-pm-modi/story-Hw2mWXPhylo8ITtW1L0nrM.html
Wink wink nod nod.
sarva-dharmån parityajya måm ekaµ çara√aµ vraja
ahaµ tvåµ sarva-påpebhyo mokßayißyåmi må çuca˙
Translation:
Abandon all types of dharma (crime) – come and surrender unto Me(My Party) alone! Do not fear, for I will surely deliver you from all (retributions) reactions.
Conducted by Laghu Udyog Bharati, the survey findings, shared with the government on Wednesday, indicate that as many as 69.9% of the respondents stated that they find the demand for products decreased post demonetisation while over 60% complained of slow debt recovery.
As opposed to the government’s claims of public support for the move, the LUB has cautioned that if the cash crunch caused by demonetisation is not immediately addressed, it could lead to layoffs.
Respondents of the survey — mainly LUB’s members across 400 districts in the country — have also stated that it will take more than six months for the industry to recover.
The findings also counter the government’s claims that the move will eradicate graft, as 57% of the respondents stated they did not notice any decrease in corruption among government employees since the announcement was made on November 8.
Tax officials will not examine “old records” of small traders and factory owners should they go digital with their business, Prime Minister Narendra Modi said on Friday, seeking to allay fears of harassment among a chunk of the BJP’s traditional voters.
Modi’s comments came after the Rashtriya Swayamsevak Sangh (RSS) and several BJP lawmakers warned the party leadership this week that the cash crunch following the recall of high-value banknotes could harm the party’s prospects in next year’s assembly polls. RSS is the BJP’s ideological fount.
Also, an internal survey on medium and small scale industry by an RSS affiliate showed that nearly 70% of respondents complained their business was hurting from the scrapping of 500-and 1000-rupee notes.
“Some traders think after going digital they will register higher turnover. And then tax people will come and say, if in December you have done business of Rs 2 lakhs then why did you show just Rs20,000 turnover in July,” Modi said at the BJP’s parliamentary party meet.
“I have told officials not to do post-mortem of old records. Otherwise, you can’t bring anyone into the mainstream.”
Modi said factory owners also pay many workers in cash to hide their scale of operations and avoid legal hassles.
“I have told labour ministry no records before 8 November will be reopened. This officershahi will not be done. We want to make people free from officershahi.”
The Prime Minister refuted allegations that demonetisation was done without homework.
http://www.hindustantimes.com/india...ban-pm-modi/story-Hw2mWXPhylo8ITtW1L0nrM.html
Wink wink nod nod.
sarva-dharmån parityajya måm ekaµ çara√aµ vraja
ahaµ tvåµ sarva-påpebhyo mokßayißyåmi må çuca˙
Translation:
Abandon all types of dharma (crime) – come and surrender unto Me(My Party) alone! Do not fear, for I will surely deliver you from all (retributions) reactions.
prasad1
Active member
Was choking black money the main goal of this demonetisation? While the government has shifted goal posts on the aim of wiping out 86% of India’s currency — and is now emphasising digital payments more than netting the big sharks — at least initially the decision was pitched as a “surgical strike on corruption”. However, given that only an estimated 6% of India’s black money — certainly less than 10% is the consensus — is in cash, why is this pain worth the gain? If most tainted or hoarded money has already been channeled into gold, real estate, Swiss banks and other tax havens, isn’t the primary hardship to those who pay their taxes or don’t even earn enough to qualify as the real targets of an anti-corruption programme?
• If there is greater chance of black money being hoarded in higher currency notes - the logic for targeting the Rs 500 and Rs 1,000 notes — then why print Rs 2,000 notes? By your own logic wouldn’t the higher denomination notes restart the same cycle again — as is already evident in the series of cash seizures where much of the money hoarded has been found in new notes? RSS ideologue S Gurumurthy, believed to be in the loop on all demonetisation decisions, has said his personal view is that even Rs 2,000 notes should be phased out, arguing that they are an interim arrangement to meet the demand-supply mismatch.
• Hasn’t demonetisation created an elaborate opportunity for money laundering — and enabled more corruption? Either that or the government miscalculated the black money in circulation in Rs 500 and Rs 1,000 notes. Take a look at the latest numbers: The Reserve Bank of India confirms that Rs 12. 44 lakh-crore (of nearly Rs 15 lakh-crore which is the monetary value of the now-banned notes) is back in bank deposits since the November 8 announcement. In other words, the government’s hope of a black money windfall that could have been transferred to welfare schemes has been belied. And if all of this money is not “white” and depositers have conned the system is the taxman now going to scrutinise every single transaction to scan for discrepancies? Similarly, a gigantic ₹37,000 crore surge in Jan Dhan accounts since November 8 underlines how many of India’s poor are probably being used as vehicles by their employers or by other touts — to take a commission — and whitewash the rest of the money with colours of legitimacy. Economists such as Jagdish Bhagwati have contentiously argued that this should be seen as a “redistribution” of wealth, which will have an “expansionary” impact; the prime minister himself has in a Robin Hood-esque manner urged the poor to keep the money that is being funneled through them. But this militates against the bombastic claim of ending corruption; in fact, it’s just another de-facto amnesty for those who have evaded taxes while leaving law-abiding citizens standing in ATM queues.
• Finally, what happened to the Modi motto of minimum government, maximum governance? Those who argued that the 2014 victory would usher in a modern right-of-centre economics must concede they were wrong. Not just is the PM not a privatiser (focusing instead on increasing efficiency of PSUs), his demonetisation decision has given the State overweening powers of the kind not seen in years. In some ways this phase could well be the return of “raid raj”; where an I-T officer will now prowl around your home and bank locker to determine whether you — as an unmarried, single woman — have more gold than you should. Philosophically what disturbs me about demonetisation is the State having so much say in how tax-paying citizens access their own money. Yes, upper-middle class can survive on plastic and are not suffering like those who earn (legitimately) in cash but even we have the right to worry about what sweeping powers to the tax authorities may mean for an India that was meant to minimise the intrusion of the State in our daily lives.
http://www.hindustantimes.com/colum...-disruption/story-5LjsivFJJ8Rk8EpbAw4RWI.html
• If there is greater chance of black money being hoarded in higher currency notes - the logic for targeting the Rs 500 and Rs 1,000 notes — then why print Rs 2,000 notes? By your own logic wouldn’t the higher denomination notes restart the same cycle again — as is already evident in the series of cash seizures where much of the money hoarded has been found in new notes? RSS ideologue S Gurumurthy, believed to be in the loop on all demonetisation decisions, has said his personal view is that even Rs 2,000 notes should be phased out, arguing that they are an interim arrangement to meet the demand-supply mismatch.
• Hasn’t demonetisation created an elaborate opportunity for money laundering — and enabled more corruption? Either that or the government miscalculated the black money in circulation in Rs 500 and Rs 1,000 notes. Take a look at the latest numbers: The Reserve Bank of India confirms that Rs 12. 44 lakh-crore (of nearly Rs 15 lakh-crore which is the monetary value of the now-banned notes) is back in bank deposits since the November 8 announcement. In other words, the government’s hope of a black money windfall that could have been transferred to welfare schemes has been belied. And if all of this money is not “white” and depositers have conned the system is the taxman now going to scrutinise every single transaction to scan for discrepancies? Similarly, a gigantic ₹37,000 crore surge in Jan Dhan accounts since November 8 underlines how many of India’s poor are probably being used as vehicles by their employers or by other touts — to take a commission — and whitewash the rest of the money with colours of legitimacy. Economists such as Jagdish Bhagwati have contentiously argued that this should be seen as a “redistribution” of wealth, which will have an “expansionary” impact; the prime minister himself has in a Robin Hood-esque manner urged the poor to keep the money that is being funneled through them. But this militates against the bombastic claim of ending corruption; in fact, it’s just another de-facto amnesty for those who have evaded taxes while leaving law-abiding citizens standing in ATM queues.
• Finally, what happened to the Modi motto of minimum government, maximum governance? Those who argued that the 2014 victory would usher in a modern right-of-centre economics must concede they were wrong. Not just is the PM not a privatiser (focusing instead on increasing efficiency of PSUs), his demonetisation decision has given the State overweening powers of the kind not seen in years. In some ways this phase could well be the return of “raid raj”; where an I-T officer will now prowl around your home and bank locker to determine whether you — as an unmarried, single woman — have more gold than you should. Philosophically what disturbs me about demonetisation is the State having so much say in how tax-paying citizens access their own money. Yes, upper-middle class can survive on plastic and are not suffering like those who earn (legitimately) in cash but even we have the right to worry about what sweeping powers to the tax authorities may mean for an India that was meant to minimise the intrusion of the State in our daily lives.
http://www.hindustantimes.com/colum...-disruption/story-5LjsivFJJ8Rk8EpbAw4RWI.html
V
V.Balasubramani
Guest
Tax officials unearth Rs 2,600 cr black money post-demonetisation, seize Rs 393 cr
The head of India's Income Tax Department said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.
Post the November 8 demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases, an official said on Friday.
"Admitted concealed income on the basis of our survey of data till date is Rs 2,600 crore," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said briefing reporters in New Delhi on the demonetisation drive designed to curb black money, counterfeiting and financing of terrorism.
"We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases," he said.
"We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore," added.
The head of India's Income Tax Department said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.
He cautioned those trying to launder black money that the tax authorities were checking all data on deposits made in banks after November 8 and having these scrutinised by expert data analysts.
Read more at: http://www.thenewsminute.com/articl...ney-post-demonetisation-seize-rs-393-cr-54384
prasad1
Active member
Authorities across New Delhi, Kolkata, Midnapore and Rajkot seized over Rs 3 crore including Rs 32 lakh in new Rs 2000 bank notes on Friday.
In the national capital, the Income Tax department seized Rs 1.4 crore, including Rs 8 lakh in new currency in searches on the premises of a civil contractor as part of its anti-black money drive post demonetisation.
Officials said the seizure was made from a civil sub contractor identified as PL Soni in Karol Bagh area.
‘The seizure of new currency was made in the denomination of Rs 2000 notes. The old notes that were seized include the demonetised currencies of Rs 1000/500 and also the legal tender of Rs 100,” they said.
The department also conducted a survey operation at the Krishna Nagar branch of Axis bank here in connection with a probe, they said.
In West Bengal, police seized Rs 1.48 crore in demonetised notes in Kolkata and Rs 8 lakhs in Rs 2,000 notes in West Midnapore district, arresting five people in the two cases.
Kolkata police seized Rs 1,48,50,000, entirely in old Rs 500 notes, from an organisation in central Kolkata and arrested three people in connection with this case, a senior officer of the city police said.
During questioning, the trio allegedly said that the amount was meant to be delivered to one Govinda Agarwal as part of a business deal.
“We are probing whether this was part of a hawala deal or not,” the officer said.
In West Midnapore district, the police seized Rs 8 lakh in Rs 2,000 notes near Debra and arrested a man who runs an NGO, and his driver.
Police said the force intercepted Purna Sankar Ganguly’s car and seized Rs 8 lakh in Rs 2,000 notes, which he allegedly exchanged for Rs 10 lakh in demonetised notes.
Ganguly was returning from Debra and heading to Midnapore after exchanging the notes from someone who took Rs 2 lakh as commission.
Police said they were investigating how Ganguly obtained so much cash in Rs 2,000 notes and if any bank official was involved in the case.
In Rajkot, police seized Rs 16.35 lakh cash in valid currencies in two separate incidents and detained three people.
The cash comprised Rs 16 lakh in denomination of 2000 rupee and rest in Rs 100 bill, police said.
In the first incident, one Hiren Joshi was nabbed with 400 notes of Rs 2000.
“Based on a tip off, we intercepted Joshi near Kothariya colony area late last night. Upon searching his bag, we found Rs 8 lakh in cash. All notes were of Rs 2000 denomination,” said Bhaktinagar police sub-inspector M J Dhadhal.
According to police, Joshi told them he has been asked by a person to deliver these notes to an auto spare parts dealer.
“Since Joshi could not give any specific details about the source of cash, we have detained him and informed Income Tax department about the cash seizure. We have also launched a hunt to nab the supplier as well as receiver of these notes,” Dhadhal added.
In another incident on the outskirts of the city, police nabbed two persons with Rs 8.35 lakh cash, including Rs 8 lakh in Rs 2000 bills and Rs 35,000 in Rs 100.
http://www.hindustantimes.com/india...e-recovered/story-Lx5A5CrzVQrhrXDCNvhfAO.html
The op expected that India will have less corruption, due to demonetisation. Is this the sign of less corruption. On the contrary a new form of added corruption has creeped into the system.
In the national capital, the Income Tax department seized Rs 1.4 crore, including Rs 8 lakh in new currency in searches on the premises of a civil contractor as part of its anti-black money drive post demonetisation.
Officials said the seizure was made from a civil sub contractor identified as PL Soni in Karol Bagh area.
‘The seizure of new currency was made in the denomination of Rs 2000 notes. The old notes that were seized include the demonetised currencies of Rs 1000/500 and also the legal tender of Rs 100,” they said.
The department also conducted a survey operation at the Krishna Nagar branch of Axis bank here in connection with a probe, they said.
In West Bengal, police seized Rs 1.48 crore in demonetised notes in Kolkata and Rs 8 lakhs in Rs 2,000 notes in West Midnapore district, arresting five people in the two cases.
Kolkata police seized Rs 1,48,50,000, entirely in old Rs 500 notes, from an organisation in central Kolkata and arrested three people in connection with this case, a senior officer of the city police said.
During questioning, the trio allegedly said that the amount was meant to be delivered to one Govinda Agarwal as part of a business deal.
“We are probing whether this was part of a hawala deal or not,” the officer said.
In West Midnapore district, the police seized Rs 8 lakh in Rs 2,000 notes near Debra and arrested a man who runs an NGO, and his driver.
Police said the force intercepted Purna Sankar Ganguly’s car and seized Rs 8 lakh in Rs 2,000 notes, which he allegedly exchanged for Rs 10 lakh in demonetised notes.
Ganguly was returning from Debra and heading to Midnapore after exchanging the notes from someone who took Rs 2 lakh as commission.
Police said they were investigating how Ganguly obtained so much cash in Rs 2,000 notes and if any bank official was involved in the case.
In Rajkot, police seized Rs 16.35 lakh cash in valid currencies in two separate incidents and detained three people.
The cash comprised Rs 16 lakh in denomination of 2000 rupee and rest in Rs 100 bill, police said.
In the first incident, one Hiren Joshi was nabbed with 400 notes of Rs 2000.
“Based on a tip off, we intercepted Joshi near Kothariya colony area late last night. Upon searching his bag, we found Rs 8 lakh in cash. All notes were of Rs 2000 denomination,” said Bhaktinagar police sub-inspector M J Dhadhal.
According to police, Joshi told them he has been asked by a person to deliver these notes to an auto spare parts dealer.
“Since Joshi could not give any specific details about the source of cash, we have detained him and informed Income Tax department about the cash seizure. We have also launched a hunt to nab the supplier as well as receiver of these notes,” Dhadhal added.
In another incident on the outskirts of the city, police nabbed two persons with Rs 8.35 lakh cash, including Rs 8 lakh in Rs 2000 bills and Rs 35,000 in Rs 100.
http://www.hindustantimes.com/india...e-recovered/story-Lx5A5CrzVQrhrXDCNvhfAO.html
The op expected that India will have less corruption, due to demonetisation. Is this the sign of less corruption. On the contrary a new form of added corruption has creeped into the system.
V
V.Balasubramani
Guest
Demonetisation is good, for many reasons: Surat CA's videoexplaining velocity of money goes viral
A chartered accountant fromSurat, who pennedan open letterto Delhi Chief Minister ArvindKejriwal explaining Prime Minister Narendra Modi's demonetisation move using two imaginary, butinteresting scenarios, is back with another videoon note ban.
Mehul Shah in the video, produced by Tax Origin, explainshow the decision to demonetise will increase 'velocity of money'. Velocityof money denotes the number of times a unit of money in an economy changeshands during a certain period. Shah says that cash is not supposed to behoarded because it is not a commodity, instead, cash is meant to be used as a"medium of exchange" for goods and services to be received. "Asingle note of Rs 1,000 is worth Rs 10,00,000 if it passes through 1,000citizens across the country in a year and is worth only Rs 1,000 if it is keptidle in a locker. This is called the velocity of money."
Asserting that demonetisation will increase veloctiy of money,Shah adds a rider.
"It is true that theeconomy may surely be benefited if the velocity of money increases andtheoretically the move of demonetization and move towards cashless economyshould help to increase the Velocity of Money but it cannot be proved withcertainty because we never knew the velocity of money in parallel economybecause those transactions were never captured in accounts or publicrecords."
Read more at: http://www.firstpost.com/india/demo...ing-velocity-of-money-goes-viral-3160742.html
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