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Does The Black Buck Stop Here?

Discussion in 'Snippets of Life (Non-Fiction)' started by Balajee, Nov 9, 2016.

  1. Akanksha1982

    Akanksha1982 IL Hall of Fame

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    Where did I scare?
    Can you point to one thing that the PM has kept his words? His words have no value.

    First he said that people will be able to exchange notes until 31st dec. There are hoardings asking people to be patient as they have until 31st dec. The limit of exchange was increased from 4000 to 4500. Then suddenly it was reduced to 2000 and then total stop. Petrol pump were supposed to take old notes until Dec 14th. That was also suddenly stopped. Railways were to take until Dec 31st. That is suddenly stopped. Everyday new rules.

    The govt is saying that the new rules are because of misuse and they didn't anticipate them. But such misuse is no rocket science. Even kids could figure out the loopholes. If you read my posts in this thread, many of the loopholes which we are seeing now were mentioned by me (exchange of notes by temples, banks, hospitals, petrol pumps, etc). So why didn't the government figured them out before rolling out such a policy? Are the people incompetent or they were over confident.

    Here is my experience in Mumbai.

    Earlier, it was mentioned that NRIs could exchange Rs. 5000 in old notes at the airport. However at the airport there was a board saying that "No Exchange of Notes". So what do we trust?

    We had Rs 20000 in old currency. To deposit we wanted to open a NRO account. The opening of NRO account takes 20 days in HSBC, where we have a NRE account. So we had to go to another bank and it takes 10 days to open an account. In the meantime, we had to borrow money from others for normal use. We used CC where ever possible but in many places the CC didn't work as they didn't have international machines. Some places we couldn't buy anything as the CC server was down. Many places gave change of Rs 2000 only if the purchase was over Rs. 1200.

    On the rationale for demonetization.
    1. Terrorist activities will be impacted: There were attacks since Nov. 8th. New notes of Rs.2000 found with terrorists.
    2. Counterfeiting will not be there: Many counterfeit notes found.
    3. Black money will be go waste: Banks have close to 80% deposited in the banks of the impacted currency. With 20 days remaining and funds from Nepal and NRIs still remaining for deposit makes the claim of the government incorrect.
    4. Corruption will be impacted/stopped: Instead of curbing corruption, this has increased corruption. From poor people to rich, every one is involved in this huge business of money changing. Many Bank staff, IT Staff, police, temple authorities, hospital authorities, petrol pump operators have been caught with irregularities. There may be many more not caught. As usual small people are caught while no ultimate beneficiaries names disclosed or impacted. The discount for currency exchange has decreased from 25-30% to mere 5-10%. Many business taking undue advantage by forcing people to buy more or have increased their prices.

    5. This was done in secrecy: Incorrect. I have first hand information about small BJP members knowing about it before the event.
    6. Rick will be eating sleeping pills while poor will sleep peacefully: Incorrect. Many BJP leaders including Nitin Gadkari did elaborate marriages of their son/daughter. The poor have been impacted with reduced daily wages. Rickshaw drivers that I talked to reported much lesser income and low number of long haul hire. Many struggling to pay their monthly auto rents. Street vendors reporting lower sales. Prices have increased.

    So none of the rationale for demonetization has been a reality.

    Money in banks doesn't mean that the tax is paid and money in cash doesn't mean that the tax is owed.
    Ramdev's pratanjali has a turnover of Rs. 5000 crores but pays 0 tax as all the profits are donated to charity run by Ramdev's brother. Satyam had 10000 phantom employees all paid through bank transactions. Apple and many companies in US pays nearly 0 tax.

    On the other hand, many small businesses deal in cash but their turnover may be less than 2.5 lakhs and so they do not owe any tax.
     
    Itsmylife143 likes this.
  2. Akanksha1982

    Akanksha1982 IL Hall of Fame

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    On the other hand, BJP is attributing every change to demonetization. If we win a test match now, they will say it because of demonetization.
     
  3. Balajee

    Balajee IL Hall of Fame

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    Lighter side? NINETY PEOPLE HAVE COLLAPSED IN ATM QUEUES AND DIED.. yOUR PM IS PLAYING THE HARP WHILE INDIA BURNS.
     
  4. sslkgpaa

    sslkgpaa Gold IL'ite

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    Do you really think Gadkari was paying marriage expenses in new currency to punditji, phoolwala and the caterer? Come on. He might just have to give a cheque to an event management company.

    Moreover why do you think only black money hoarders should suffer and not the common man who has equally helped the corrupt to accumulate that money? There is no doubt that demonetization has caused a lot of pain and loss of life to poor, but the responsibility too squarely lies on each one of us.
     
  5. Balajee

    Balajee IL Hall of Fame

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    Gadkari might be swiping cards. After all, according to Modi, even beggars are swiping cards.
     

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