By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: In place of old black money new black money has been replaced .The demonetized money completely returned to banking system and government reportedly is spending 1.25 lakh crores to print new currency and it burden on tax payers. Modiji went on committing mistakes and it is reflected in issuing about 166 orders in span of 50 days .India is just o threshold of digital infancy .India can now hop to realize its long standing dream of 100% literacy. Then think of cash less society. Indian economy is on death bed instead of black economy. People are not getting their own 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 .Let the government tax only one way .Sale tax Service tax on products and services is OK..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.
Modi Government ended up troubling common man as physical money is used by common man and big black marketers may use virtual currencybit coin to avoid the taxes as reported by few experts. Many countries have no income tax laws and they are growing more than India..Reportedly Bitcoin was launched in 2009 as an alternative to fiat currencies by an unknown computer scientist using the pseudonym Satoshi Nakamoto (n.d.). Bitcoins are not printed like fiat money, but instead are "mined” using computing power in a distributed global network of volunteer software developers. At its core, Bitcoin is nothing more than a digital file that lists every transaction that has ever happened in the network in its version of a general ledger called the "block chain.” Bitcoin is the first example of a growing category of money known as cryptocurrency in which open-source software solves complex mathematical calculations to mine more Bitcoins (Coin Desk 2013a). These "miners” make the Bitcoin network function by validating transactions and thereby creating new Bitcoins. This occurs when the Bitcoin network collects all the transactions made during a set period of time (usually every 10 minutes) into a list called a "block.” Miners confirm these blocks of transactions and write them into the block chain by competing against each other to solve mathematical calculations. Every time a miner's system finds a solution that validates a block of transactions, that miner is awarded 25 Bitcoins (Coin Desk 2013b). Every four years, this reward is halved so that the total number of Bitcoins will never exceed 21 million. The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography. A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Today the right to property is not only a constitutional right, but also a human right, held the Supreme Court .A bank depositor keeps tax-paid money in his account. The funds may well be his/her salaries life's savings, or proceeds of provident fund, pension, provident fund, or any other legitimate income. These depositors are surely not Black money cash hoarders! Why punish them by imposing unreasonable restriction on withdrawal of cash? Just because there has not been any proper plan to print new currency notesfill bank vaults/ATMs with new cash after demonetization ? Who is responsible for this? .Does Section 26 (2) of the RBI Act, 1934, that triggered demonetisation, authorise the Central government to deprive a bank depositor to access his money in cash even for a split second? Surely not! Then, under which law are bank depositors being deprived of their right to properties, even partially or temporarily? The entire exercise, if by administrative instruction, seems to be unsustainable by law. Reportedly A disturbing feature in the aftermath of demonetisation has been the restrictions clamped on bank depositors from withdrawing cash freely. Bank deposits constitute property of the depositor. Under Article 300A of the Constitution, the right to property is a Constitutional right, which cannot be deprived save by the authority of law; this right cannot be deprived by administrative instructions. The Supreme Court has delivered several judgements on this constitutional principle. Reportedly Another challenge the central government faces is the overwhelming quantity of the old Rs 500 and 1000 notes being deposited in banks, giving rise to fears that the entire exercise may prove futile.