On 8th November 2016, Modi Govt banned issued new 500 and 2000 rupee notes and banned old Rs 500, Rs 1000 notes is surgical strike on terror funding and black money. To move towards less cash economy, govt has asked banks to provide POS terminal to all business outlets by 31.3.2017. In unprecedented outcome, approx Rs. 500 crores in cash and jewellery seized and approximately Rs. 8,000 crore of Undisclosed Income admitted by the taxpayers. Income Tax Department is carried out investigations in more than 6000 cases
PM Modi's emphasis on the "transfer of wealth" from the "corrupt" to the poor was materialized with remonetization which came after his move to provide zero balance free savings accounts to every poor. Remonetization casted him as the architect of transfer of money from rich to poor.
Benefits of Re-monetization.
1. Labourers who sold photocopy of their adhaar card for Rs 500-2500.
2. poor who converted black money of rich by
depositing it in their bank accounts against commission
3. Bankers who opened accounts on the basis
of somebody else's adhaar account with fake signatures of black money holders.
4. Senior bankers who thus helped black money
laundry.
5. General Public who took 10%-30% commission
for converting black money into white by depositing black money in their
accounts
6. Employees who took 10%-30% commission for converting black money into
white by depositing black money of employers in their accounts.
7. Black money holders who paid one time 10%-
30% for conversion of their black money to white instead of paying 30 % tax
every year.
8. Govt received almost entire money into
banking system. No loss of money, no gain.
9. Govt personal tax revenue increased by 30%
in that fiscal corresponding to AY 2017-18.
10. Outstanding debts of lakhs of people running
into lakhs of crores paid off by old currency.
Other Benefits of demometization;
11) Earlier a lot of figures of black money were thrown around whereas no one was actually aware of how much was black money was there which is held in cash. Now cash has been deposited in banks.
12) Most future transactions are expected to
be through banks. This would be taxable leading to another additional tax
earnings which can be used to alleviate poor and remove poverty.
13) Stone pelting and terrorism which was a
paid profession is likely to be reduced though this benefit may be only of a
short term unless we can control China’s CPEC in POK.
14) communist killings were financed by cash.
There is perceptible fall in killings in months immediately following
remonetization. There has been no dalit killings, no brahim mass murders in
commies ruled Kerala.
15) Entire machinery of terrorists was put in
disarray for considerable period.
16) Bollywood which is financed mostly by
dubai based cash kingpin is sure was affected leading to more work for minority(Sanatani-
non-converts) community.
17) immediate fall in fake currency and
inflation.
Imagined or Perceived ill effects narrated by opposition are false;-
1) Employed were not affected. It generated
lot of work for unemployed daily wagers who stood in que for others.
2) People are now more cautious is spending
leading to increased savings.
3) Death is certain. Number of people who
died due to heart attack during the 50 day period was on an average same as
during this period last year. Number of people who died due to heart attack by
not standing in line was much more than those who died due to heart attack
while standing in line.
4) No-one who was spending by cheque or cards
was affected. Others are learning to be digital, the modern way forward.
Kapil Dev Aggarwal
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