As an aspiring Bureaucrat may be you think my view is biased towards Government,
but fats are facts.
The withdrawal of 500 and 1000 rupee notes will certainly help economy. It's directly assault the Money laundering as they hold billions roughly 2 lakh crore a very very conservative estimate of rupees in cash. Black money will be wiped out from our economy, as they have no chance to exchange.
The RBI will issue any notes with a legal tender, roughly 17 lakh crore is in the form of 1000 and 500 rupees notes. Due to this demonetisation at max we will get back 10 to 12 lack crore back into the system with new notes. then what is the fate of remaining 5 to 7 lakh crore. It's a net profit to the RBI.. The RBI can issue this money back in to the system by paying back to government as Dividend.
So Union Government get 7 lacks crore in its kitty.
BUT THE COMMON MAN IS SUFFERING. GOVERNMENT GETS MONEY but WHAT I AS A COMMON MAN will GET. I AM STANDING IN QUE's FOR HOURS AND HOURS.
Any army men also doesnot have any personal enimity with Terrorist and Pak Army but why he need to die in Uri Attacks like incidents.
So Dear common MAN ( including me),
Government hadn't taken this action as one stroke if you clearly absorb a series of action had taken to streamline this process.
1) PMJDY - Opening of bank accounts to all un banked section of India roughly 21.6 crore. So they can have bank accounts to deposit and exchange money. Rupay cards are also given to this accounts.
So if hadn't open the account sorry it's your mistake some extent and officers too.
2) Seeding of AADHAR to all accounts and PAN to most of them, to trace each of the account for all means, even with legislative backing.
3) IDS Scheme To give final to correct their mistake and make there money white.
4) Master stroke De Monetisation.
Apart of all these Government is pushing for DIGITAL INDIA, online money transactions Digital payments systems. As a part of this move RBI brought UNIFIED PAYMENT INTERFACE.
Hope you find a link of all this actions now...
Q) But most of the money is in Swiss bank and in Benami properties.
Yes, It is. As per the Transparency International - Global Corruption perception Index India rank 76 out of 170 nations, We had improved our rank about 16 places from past two years. A conservative estimate of 400 billion dollars would be black money in India. But we have Benami transaction law is in place Supreme Court has already formed SIT on it. We had already made amendment to Bilateral Investment treaty to. Mauritius which apply to Singapore too. So they won't be any TREATY SHOPPING. Apart of all that, Modi already hinted that it's just the beginning more is coming out. So, sure they are enough actions are already in pipeline.
Government efforts to bring Real estate regulator will help to reduce the black money in this sector.
The ongoing elections especially UP and other 5 states will get rid of free flow of black money. As we all know what the election really means in India.. Buying and Selling.
LET COMES TO GOVERNMENT KITTY AGAIN THE SO CALLED 5 to 7 lacks crore.
Government can use this money first to Re-capitalise Banks with 2 lacks crore.
Remaining money is used for HOUSING FOR ALL Scheme,So 3 crore houses to all by 2022. It's will boost the Cement, transport, Real-estate,Banking, Steel and many sectors so supplementary benefit boost to economy and More and More JOBS.
New Colleges Schools and Hospitals, Ports and Railways all will have spill over effects on economy. Just refer the China crack down on Corruption along with past stories of Singapore and Thailand.
Internationally it will boost India status as corruption free and transparent economy so More Investment One of the reason why we are poorly performing in Global competitiveness report and Ease of Doing business rankings.
The irony is even the worlds media like China's Global times and Singapore press is praising this move but we as Indias unable to support this.
You can see the result here:
RBI has recently published information about the money deposited in the banks in 3 days,
(amounts in crores)'
Top 10 banks:
1. SBI 53,652
2. Central bank of India 49,644
3. PNB 42,877
4. HDFC 39,548
5. ICICI 32,867
6. Bank of India 29,876
7. Bank of Baroda 25,765
8. Axis Bank 18,768
9. Union Bank 16,555
10. Andhra Bank 14,321
Amount deposited in Post offices 36,009 Crores.
More and more money to the banking system. So what is for a common man to celebrate. Yes, he has, It will helps the banks to decrease the INTEREST rates, a direct benefit to common man. now he can get money to his plans of Higher education, New own home, for business and for others.
See how the news are coming more and more JANDHAN accounts which are laying at zero balance sometime back now getting 49000 rupees each because if you deposit 5000 you need to give PAN number. They can use this money by themselves if the original holder of the money ask for return simply call the Tax men they will help you.
Dear India's , We bearded the plunder of British for 200 years. We seen scams right for Mundhra Scam, Jeep scam from the very year of Independence to recent Coal - 2 lacks crore 2G -1.76 lack crore etc.
India is home for 40 % of undernourished children in South Asia, 37 % of our children are shunted and 22 % wasted. We have 21.9 % of poverty even if you take 40/- for urban areas and 28 rupees for rural areas per capita daily expenditure.
If you consider world bank 1.25 $ as bench mark we may easily end and 40%.
We have 18% of population of World (125 crore) with just 2.6 % of land mass. We all know how hard it is to earn a daily meal to our tummy.
As I preparing for Civil services I deeply analysed and read about what the INDIA is.
It's IMPOSSIBLE TO ANY ONE TO CHANGE THIS COUNTRY WITH OUT ANY PAIN IN JUST A NIGHT. ITS NEEDS TIME. LET SUPPORT THIS MOVE. WE ALL ARE VICTIMS OF CORRUPTION ONE DAY AN ANOTHER.
By this move if at least 1000 crore of corrupted money will come out.. Then Yes we are in right path.