what is bad with black money?
unequal distribution of wealth.
parallel economy runned by terror groups and crime syndicates.
not only that, the dirty political parties funded by anti-national groups. for ex. Entire funding of AAP in last two years came in ‘black’ through Hawala via Ford foundation, dubious NGOs like Greenpeace, Saudi petro dollars, Pro Khalistani organisations of Canada etc.
About 30 lac crores black money crossed our country boarders in the last decade as per one estimate.(global financial integrity). Out of this,approximately 10 lac crore came back in to equity market as debentures, bonds and shares.
How the congress party and its allies make india as dump of dirty money?
whenever a major scam took place in the country, Benami property transactions witnessed a boom. Right from fodder scam to telecom scam to 2G-scam to coal scam and others — each scandal contributed to the growth of Benami property transaction, as huge amounts of money involved in these scams were quickly invested in properties across different states. In Delhi, NCR, Pune, Mumbai and tier II and tier III towns, money gained through scams was used in the purchase of property in unknown names ostensibly with a view to escape the long hand of the law.
The main culprit is UPA govt. Under its regimen, the outflow of black money from India to foreign countries has increased 10 fold from $10 billion in 2003 to $100 billion in 2012.
How cancellation of old notes helpful to economy and prosperity?
Demonetisation removes fake currency (when properly scrutinised while being exchanged or credited to accounts) and it reduces the quantity of black money in the system,when black money should be taxed heavily, and with penalty.
The IT department is planning to use data analytics tools to examine the investment and consumption pattern of people depositing Rs 50,000 or more in a single day.
Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised,
kept the deadline for banks for furnishing the statement of financial transaction by January 31, next year.
How much it costs to the govt to implement demonetisation ?
The demonetisation invalidated 86% of the Rs 17.8 lakh crore of currency that was in circulation on
October 28. The govt has to bear a cost of Rs 16,800 crore, largely on account of printing new currency notes and transporting them to banks, ATMs and post offices.
RURAL PUSH .
unequal distribution of wealth.
parallel economy runned by terror groups and crime syndicates.
not only that, the dirty political parties funded by anti-national groups. for ex. Entire funding of AAP in last two years came in ‘black’ through Hawala via Ford foundation, dubious NGOs like Greenpeace, Saudi petro dollars, Pro Khalistani organisations of Canada etc.
What is black money?
Unaccounted money (money not declared as income and hence no tax paid) is black money. Ideally about 30-40% would go to govt as taxed and rest 60-70% is in the hand of user as legitimate white money. This money is printed by Reserve bank.
the money on which no tax is paid becomes black.its produced by the people who avoids taxes on their legitimate earnings and by those culprits those used to take bribes and loot the govt budgetary funds.so,illegitimate acts,corruption creates hoards of money that is naturally doesn't come under the net of direct taxation. But no money escapes indirect taxation.
To clarify clearly, direct tax is on the incomes of the people,where as indirect taxes are over the produce(goods&services) and expenditure of the people .
How much black money is circulating in the system?
as per one estimate (National Institute of Public Finance and Policy),whose report is still not submitted to parliament but Revealed by one of the news paper, black money's value is pegged at almost 75% of our GDP. (in 2015 our GDP is 100 lac crore rupees).
the total black money generated by indians in the last 50yrs, is mind boggling at 100 lac crores, of which 76 lac crores was stashed safely in tax heaven countries and the remaining has been pumped back in to indian stocks.
Black Fake currency is 100% fake.
Black Fake currency is 100% fake.
How black money circulated discretely in the system?
After Western Onslaughts of Mohamad of Ghauri, Mohamad of Ghazni, around 1000 CE .and The Colonial Plunder which drain of Indian wealth, primarily by the East India Company of the British between 1600 CE to 1947 CE,now its The Home-Grown Plunder –a 3rd wave of plundering that has been happened to india.
- about 5lac crore black money is used in real estate transactions every year, .
- about 9000 crores black money has been used in Medical seats purchase every year, .
About 30 lac crores black money crossed our country boarders in the last decade as per one estimate.(global financial integrity). Out of this,approximately 10 lac crore came back in to equity market as debentures, bonds and shares.
How the congress party and its allies make india as dump of dirty money?
whenever a major scam took place in the country, Benami property transactions witnessed a boom. Right from fodder scam to telecom scam to 2G-scam to coal scam and others — each scandal contributed to the growth of Benami property transaction, as huge amounts of money involved in these scams were quickly invested in properties across different states. In Delhi, NCR, Pune, Mumbai and tier II and tier III towns, money gained through scams was used in the purchase of property in unknown names ostensibly with a view to escape the long hand of the law.
The main culprit is UPA govt. Under its regimen, the outflow of black money from India to foreign countries has increased 10 fold from $10 billion in 2003 to $100 billion in 2012.
How cancellation of old notes helpful to economy and prosperity?
Demonetisation removes fake currency (when properly scrutinised while being exchanged or credited to accounts) and it reduces the quantity of black money in the system,when black money should be taxed heavily, and with penalty.
The IT department is planning to use data analytics tools to examine the investment and consumption pattern of people depositing Rs 50,000 or more in a single day.
Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised,
kept the deadline for banks for furnishing the statement of financial transaction by January 31, next year.
How much it costs to the govt to implement demonetisation ?
The demonetisation invalidated 86% of the Rs 17.8 lakh crore of currency that was in circulation on
October 28. The govt has to bear a cost of Rs 16,800 crore, largely on account of printing new currency notes and transporting them to banks, ATMs and post offices.
How much loss to the nation due to this demonetisation ?
- People standing in queues to exchange or deposit old currency notes bear 12% of the total cost and could lose Rs 15,000 crore in foregone wages during the period.
- the impact of low liquidity, broken supply chains and loss of confidence in consumers is likely to impact the economy over a longer period,
That demonetisation announcement is sudden strike of blow. is it not unlawful or awful?
Its not unlawful but its awful to hoarders of black money and terror money and fake Money.
yes, the common man suffers a lot for a short period of say one month.
Its not unlawful but its awful to hoarders of black money and terror money and fake Money.
yes, the common man suffers a lot for a short period of say one month.
To reduce the stress and suffering of common man, What measures have been taken by the govt?
RURAL PUSH .
- Cash being provided to rural bank branches & 1.55 L post offices
- Banking correspondents can withdraw & dispense Rs 50,000 at one go
- Micro-ATMs being installed
PROTECTING RABI CROP.
- Nabard to provide Rs 21,000 crore to District Central Cooperative Banks
- These banks will disburse crop loans .
- RBI and banks asked to make cash available to DCCBs under limit sanctioned .
RELAXATION FOR SMALL BORROWERS .
Relief for small borrowers ( with loans up to Rs 1 cr) Additional 60 days for repayment of dues.
ENCOURAGING CASHLESS PAYMENTS.
Relief for small borrowers ( with loans up to Rs 1 cr) Additional 60 days for repayment of dues.
ENCOURAGING CASHLESS PAYMENTS.
- All transaction charges waived on debit cards till Dec 31
- Monthly e-wallet limit for likes of Paytm raised to Rs 20,000
- Service charge on online train bookings waived till Dec 31 .
- Levy on mobile banking and payments waived till Dec 31 .
- All govt bodies to make digital payments .
RECALIBRATION OF ATMS
Over 1 lakh of 2.2 lakh ATMs recalibrated to dispense new Rs 2000 & Rs 500 notes.
POINT OF SALE CASH .
Over 1 lakh of 2.2 lakh ATMs recalibrated to dispense new Rs 2000 & Rs 500 notes.
POINT OF SALE CASH .
- 258 Big Bazaar stores to dispense cash against card
- Withdrawal subject to the regular restrictions .
NEW CURBS .
- RBI has said no cash can be deposited in small savings schemes; however, small savings accounts can accept deposits
- for those depositing unaccounted cash in banks under demonetisation. They will have to pay 50% tax and also forego the use of half of their money for four years.
- Anyone not availing of this scheme and gets subsequently caught will face a higher penalty. This could be over 60% to 90%.
But one shouldn't forget the draconian loot maar rule of UPA govt for one degrading decade.
Remember, this act of demonitization is to correct the UPA's corrupted crooked rule.
Manmohan ji is right that even 50 days is too long for the poor to suffer due to crunch of currency. But, in that case, was it right to let them suffer for 3650 days between 22 May 2004 and 26 May 2014?
The annual average consumer price inflation was 10.1% in that period (based on CPI-IW) and food inflation was 10.5 % per annum. The poor suffered enormously. The rupee plunged 50 percent. Businesses collapsed. Telecom licenses were handed out to cronies. Supreme Court canceled them. Mining licenses were allotted arbitrarily. Supreme Court banned mining. Economic growth, which was flying high due to the global boom pre-2008 collapsed to 5-6 percent, thanks to UPA missteps, loot and plunder.
so,The 50-days that the current prime minister is talking about must be seen in this perspective."
Remember, this act of demonitization is to correct the UPA's corrupted crooked rule.
Manmohan ji is right that even 50 days is too long for the poor to suffer due to crunch of currency. But, in that case, was it right to let them suffer for 3650 days between 22 May 2004 and 26 May 2014?
The annual average consumer price inflation was 10.1% in that period (based on CPI-IW) and food inflation was 10.5 % per annum. The poor suffered enormously. The rupee plunged 50 percent. Businesses collapsed. Telecom licenses were handed out to cronies. Supreme Court canceled them. Mining licenses were allotted arbitrarily. Supreme Court banned mining. Economic growth, which was flying high due to the global boom pre-2008 collapsed to 5-6 percent, thanks to UPA missteps, loot and plunder.
so,The 50-days that the current prime minister is talking about must be seen in this perspective."
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