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MODI KILLED MONEY INSTEAD OF BLACK MONEY BY SCRAPPING RS 500, RS 1000 NOTES AS INDIA IS NOT READY FOR CASHLESS ECONOMY

 
 
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MODI KILLED MONEY INSTEAD OF BLACK MONEY BY SCRAPPING RS 500, RS 1000 NOTES AS INDIA IS NOT READY FOR CASHLESS ECONOMY
by System Administrator - Wednesday, 30 November 2016, 3:33 AM
 

By : M.S.Yatnatti Editor and Video Journalist Bengaluru : Indian economy is on death bed instead of black economy. People are not getting their won money from banks and ATMs .Money is money it cannot be white and black. Eliminate income tax everything is white and rationalize Indian tax system on sale of goods and services .Common people feel that government is looting their hard earn money by income tax.The prime minister Modi could have gradually moved from a less-cash society to a cashless society instead he killed the vibrant economy of India by one master stroke and brought India to the brink of collapse and some reports express fear that several lakh daily wage earners will die without able to buy food for them and their families as they do not have cash because of unemployment and this what Supreme court has warned the central Government of riots that may happen in near futire if the situation s not brought under control..." The terms of redemption are so inconvenient for anyone other than black-marketeers, that for all purposes $50bn equivalent of rupees have been eliminated from the economy at a stroke, pending the introduction of new currency notes.Although cashless economy is a very good idea for the healthy growth of a country's economy, it cannot be completely achieved with in the current situation where the technology to use such processes is not in everyone's reach. It takes a long time to happen. Demonetisation of high denomination currency notes of Rs 500 and Rs 1,000 has proved to be an experiment too risky for the government and too testing for the general public. The Centre is making a big push for online and card-based transactions in the country to achieve its target of becoming a largely cashless economy. However, it seems the country is not ready for such an immediate shakeup. A report by Google India and Boston Consulting Group showed that last year around 75 per cent of transactions in India were cash-based while in developed countries like the US, Japan, France, Germany etc it was around 20-25 per cent. Due to demonetisation business for mobile or e-wallet companies has boosted by up to 4 times and the figures are keeping up. If Prime minister does attack black money holder alone it can be called as surgical strike .But he is suspecting every citizen of India as black money holder and ask them to prove that they do not have black money is not surgical strike it is strike on the every faithful citizen and it is murder f faith of people .It unethical war on its own citizens .If someone uses knife to kill someone you can punish the culprit but Government have no right to ban the knife itself. If someone has black money you punish such individuals and not all good citizens. And this has come as a surprise to everybody. The citizens, the nation and even within most of the government!”.Ultimately this fails to combat corruption and black money as it just exchange and re-print the same money. The most important fact, however, is that the share of large-value notes has only been increasing over the years. While some of this is no doubt due to the natural growth expansion of our economy, On the other hand, what needs to be noted is that there's no good estimate for how much of India's black money is in forms other than currency/physical notes such as gold, jewellery, land or any other form of wealth. Therefore, while banning Rs 500 and Rs 1,000 notes will tackle the black money that is in the form of hard cold cash, it won't affect other forms of black money. On similar lines, this move will, obviously, have little effect on black money stashed away in foreign tax havens. Government wants to eliminate black money by scrapping the currency notes and but by re-printing them it is not gaining anything .As reportedly people have smart accountants in India who have expertise to guide citizens to get the black money in white and white inblack legally .Reportedly one accountant made 1000 fake company and they invested in real company of several thousand crore and made that single company have real white money and it is reportedly headed by a big politician and then question of getting black money out remains a big question. This, however, brings us to the larger question: Why do we need a Rs 2,000 note and a new Rs 500 note if the move is to abolish combat corruption and black money as these large-value notes were being used to finance corruption and fund terrorism and move towards a cashless society?