Friends, parliament has been disrupted since 9days. its not first time for opposition parties marauding the parliament for frivolous reasons. Without any shame or sorrow,the entire band wagon of political crooks opposing the clean up task of the govt. why they are supporting the black money and dirty economy? why they prefer to support the inequality and corruption in the society? what could be done by intellectual groups in this hour of crisis? first of all let us talk... let us try to understand the Modi's Policies.
Let us talk about our citizen’s earning capacity. let us find why our country is still lagging behind other countries in median household incomes, though it is a huge economic power on the globe. let us think one minute why our govt demonetize big value notes, even at the cost of suffering of common man ? let us understand the intricacies of unequal distribution of economy and poverty and lesser quality of life for which the main culprits are corruption, materialism, heaping of black money which crippling us through ballooning of inflation and avalanche of parallel economy.
Let us talk about our citizen’s earning capacity. let us find why our country is still lagging behind other countries in median household incomes, though it is a huge economic power on the globe. let us think one minute why our govt demonetize big value notes, even at the cost of suffering of common man ? let us understand the intricacies of unequal distribution of economy and poverty and lesser quality of life for which the main culprits are corruption, materialism, heaping of black money which crippling us through ballooning of inflation and avalanche of parallel economy.
we must not forget, In
our country,the average income of those not working in agriculture was 5 times more than those working in agriculture. we are still one of the poorest large countries
in the world on a per capita basis. The average Chinese citizen is over
four times richer than the average Indian.
You
know, as per National Sample Survey report,that out of every 10 Indian adult men, 8
were economically active while the figure for women was just 4.Adding to this,
the women potential is reduced due to
uneven wage structures. The average monthly salaries in india, is meager 300$ or Rs.20000/-. We also take note here that, a world citizen's
monthly average wage is $1500(Rs.1lac/month) while an Indian citizen's monthly average wage is
$300(Rs.20000/-).
We must answer for these desperate facts and
sorrowful situation that slows our growth… ..,
You know, Rs.5,000 per month per household with an average household size of five would also mean an income of Rs.33 per person per day in the rural areas. we must digest this bitter truth and find the answers for this ghastly fact that 70 crore indian’s daily income is just Rs.33/- & 10crore households are live in kuchcha houses.
· 35%(7crore) of households do not have mobile phones or any form of communication.
You know, Rs.5,000 per month per household with an average household size of five would also mean an income of Rs.33 per person per day in the rural areas. we must digest this bitter truth and find the answers for this ghastly fact that 70 crore indian’s daily income is just Rs.33/- & 10crore households are live in kuchcha houses.
· 35%(7crore) of households do not have mobile phones or any form of communication.
Even though
,govt implements few welfare Projects such as Mahatma
Gandhi National Rural Employment Guarantee Act (MGNREGA), National Rural
Livelihoods Mission (NRLM), Pradhan Mantri Gram Sadak Yojna (PMGSY) and Swachh
Bharat Mission,Rural India continues to be trapped in a
vicious circle of poverty.
In 2013, the median annual income at Rs.45000/-was around 60% lower than
the mean income or the per capita income at Rs.95000/- . you see if we consider
only the per capita income,its misleading us to conclude that every Indian
citizen’s annual income is 95000/-. But in reality its not like that. It’s just
12000/- to Rs.45000/-.
This is
indeed a great cause of worry.
What is the cause and who are the main culprits
for this socioeconomic havoc?
It’s an
open secret that the difference of income is polarized towards very few
powerful hands i.e. black money hoarders. Roughly 75% of this black (since
independence) converted in to mainly real estate, gold, luxurious goods
and services and institutes of costly professional courses and companies and
the remaining 25% is in the form of currency of various countries hoarded in
our country and also in those tax haven countries.
That’s
why modi concentrated initially on the currency form of the illicit money. IDS
and the present big note demonetization are two such steps.
Then
as a second step he is going to target on real estate and gold, by notifying
the binami transaction act and real estate regulation act and gold monetization
®ulation acts.
Indian
companies are reportedly misusing public trusts for money laundering. India has no centralized repository
( like the registrar of companies for corporate) of information about public trusts. That’s why modi already has clamped the funding
tunnels of about 10000 suspicious trusts.
So,
in this trans formative process, the majority of the public
whose livelihood depending on daily cash transactions going to hit
hard for short period along with reduction in national GDP for a few months.
so,
what steps have to be taken to mitigate the travails of the common man?
1. Turn
towards less cash transactions by encouraging the e-pos machine installation at
all vendors of goods&services ( from road side vendors to hospitals to
kirana shops) and allowing card transactions without any fees.
2. By
encouraging the youth and educated citizens to turn completely towards
digital transactions through various types of interfaces- UPI,IMPS,Mobile
wallet,vodafone M-pisa,Airtel Money,Chillr etc....
3. At
rural level- train the VRO&VAO&Panchayat secretaries and DWACRA groups,
ASHA and ANGANWADI workers to use the IMPS through feature phones,the count of
which exceeds almost 80 crores in our country.
4. Cash
transactions may only be limited to goods and services of the unorganized
sector ( to masons,plumbers&electricians,carpenters,farm labour,rural vendors)
Demonetization
of big notes and voluntary disclosure of unaccounted money are two types of
schemes usually adopted by our govts every 10years since independence to ease
the load of dirty money in the economical system.
But in the past, the impacts of demonetization was very meager, as the component of the canceled notes was very little fraction of the total currency circulated at that time. But now, 86% of the circulating currency is demonetized ,the impact is severe on hoarders of Black money along with economy and GDP of the country and common man, who is suffering with cash crunch.
But in the past, the impacts of demonetization was very meager, as the component of the canceled notes was very little fraction of the total currency circulated at that time. But now, 86% of the circulating currency is demonetized ,the impact is severe on hoarders of Black money along with economy and GDP of the country and common man, who is suffering with cash crunch.
when there are no ATMs,
no net banking,no phone banking,no internet,no communication facilities except
radio, the demonitization process announced by Morarjee Desai over the advises
of vaanchoo committe has given very little impact on the economy as well as
black money hoarders.
Effects
of Demonitization
- Demonitization
Improves fiscal resources for the government and also has a positive
impact for the RBI's balance sheet.
- There is likely to be
some gain in direct tax collections as people deposit cash and get taxed
on the higher income that they are forced to declare.
- The flipside,
however, is that the last two quarters of this fiscal will see some dent
in demand, which could have a bearing on the indirect tax collections. So,
on a net basis, the government's tax revenues may not significantly rise
in fiscal 2017.
what other measures
could be done to control the black money?
- constant scrutinizing of
foreign currency accounts, benami property, under-invoicing/
over-invoicing in trading,
- strict implementation of
GST will definitely bring in more transparency.
- widen the tax rate,
lower the rate, make the interface frictionless,
- focus on
disinvestment.
- Parliament should pass a
law mandating that all donations to parties be made digitally.
- And most
importantly,digital transactions must be encouraged at any cost.
How the digital skills
can be imparted to vast uneducated people?
- 1. By using the services of students. 80 crore phones have been used by our people. Every student can train 3 people.
- 2. Every teacher in village can impart skills to 3 people.
- 3. Every Mee seva center,every cell phone service center can actively play major role.
What are some useful interfaces?
Unlike
NEFT, where the transfers are executed in batches every hour, resulting in a
lag, IMPS transfers are instantaneous and is available at all times, throughout
the year.
Mobile wallets: open and closed type.
out of India's 1.2
billion people, only around 24crore have bank accounts and 25 crorehave recently opened jan dhana accounts..
Amongst that massive
unbanked population, many hundreds of millions have mobile phones, and for
them, mobile money/wallet is likely to be hugely beneficial.
Open wallets are the ones that allow you to buy goods and services, withdraw cash at ATMs or banks and transfer funds. These services can only be jointly launched with a bank. M-Pesa by Vodafone and ICICI is one such example.
Major difference
between Chillr & PayTm (or any other wallet for that matter) is that Chillr unlike wallets links directly to your bank
account. While using Chillr, you don’t have to move money from your account
to top-up the wallet balance before a transaction. All transactions happen
directly between bank accounts. It makes the transactions easier.
we can still use net
banking or cash or card. Plus, there is a limit to the amount you can deposit
in mobile wallets and daily spend, which means mobile wallets are useless for
high value payments.but they are most handy for majority of Indians,especially of rural areas.
"Let us move to a society in which cash is used less frequently, and mainly for small transactions, will have a positive impact on corruption by public officials, terrorism financing, the drug trade, tax evasion, human trafficking, informal employment, money laundering and extortion".
Wishing all success to Modi and indian citizens...
Jai Hind.
"Let us move to a society in which cash is used less frequently, and mainly for small transactions, will have a positive impact on corruption by public officials, terrorism financing, the drug trade, tax evasion, human trafficking, informal employment, money laundering and extortion".
Wishing all success to Modi and indian citizens...
Jai Hind.
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