Measuring Success of Demonetisation and Measures
As reported by print media, banks so far have received deposits worth 8 Lakh crores since Nov 8th while the value of total discontinued currency is 14.5 lakh crores. People still have till Dec 30th to deposit old currency. Here are two possible outcomes.
1) Govt till Dec 30th receives another 4-6.5 lakh crores in bank deposits. This indicates that majority of the black money has been laundered and is now in banks and the black money identified is small i.e 0-2.5 lakh crores. This will indicate that the scheme has been unsuccessful with a lot of cost incurred and a lot of pain undertaken by the citizens and slowdown in earnings/business hasn't yielded much.
2) Govt receives 0-4 lakh crores in bank deposits till Dec 30th. This indicates that there is anywhere between 2.5-6.5 lakh crore black money that is identified. This will prove that the scheme is successful and a lot of black money has been unearthed. This amount will be the gain for the nation.
There are print media reports about a possible amnesty income disclosure scheme (IDS2). The amnesty scheme will allow black money hoarders to convert their black money into white and get amnesty. We would like to seek your inputs if you see any benefits from the amnesty scheme and what are they.
Also, if you have inputs on additional measures that should be looked at to measure success of the scheme, please share the same.
We look forward to your inputs! more
1) Govt till Dec 30th receives another 4-6.5 lakh crores in bank deposits. This indicates that majority of the black money has been laundered and is now in banks and the black money identified is small i.e 0-2.5 lakh crores. This will indicate that the scheme has been unsuccessful with a lot of cost incurred and a lot of pain undertaken by the citizens and slowdown in earnings/business hasn't yielded much.
2) Govt receives 0-4 lakh crores in bank deposits till Dec 30th. This indicates that there is anywhere between 2.5-6.5 lakh crore black money that is identified. This will prove that the scheme is successful and a lot of black money has been unearthed. This amount will be the gain for the nation.
There are print media reports about a possible amnesty income disclosure scheme (IDS2). The amnesty scheme will allow black money hoarders to convert their black money into white and get amnesty. We would like to seek your inputs if you see any benefits from the amnesty scheme and what are they.
Also, if you have inputs on additional measures that should be looked at to measure success of the scheme, please share the same.
We look forward to your inputs! more
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1. Demonetisation move is an excellent decision. 2. Successful - yielded results - 12.44 lakh crores are deposited in Banks. 3. These transactions will certainly lead to offenders to be dealt with. 4. Next attack be - on Benami Property transactions. 5. Purchase of Big Properties Big Estates every where & abroad. 6. How they became rags to riches - source of money ? 7. Hard work pays - is an old proverb. Now it is - cleverness pays ?) Such a huge task - Now the troubles are - long queues. Less money in Banks. Slow & will improve further. More 500 / 100 rupees would help ease / needed on priority pl. Those, unable to make it white - may oppose. No common man is opposing. Common man fully supports the move & very happy that big sharks are caught. Many more to be scanned. happy that there is some one who took this hard decision. Those who help to make it white - to be caught. Big Sharks are rattled. Excellent. Surprise Raids will catch many more sharks. Public money - grabbed by very clever people - the poor becomes poorer. Going cashless - needs more exposure - Malls / Food outlets give rechargeable cards etc., may take some time. Amnesty IDS may be considered, as there will be some willing to pay tax and be free. Carrot & Stick - will be useful always. Manpower is to be increased for scrutiny of transactions. And every one keeps around 2.0 lacs on hand. The bar may be raised above & avoid spending time on smaller deposits. more
Dec 25
Not all the money deposited was black, for example I had withdrawn Rs10,000 from ATM on 8th and another 10,000 a few days earlier. I deposited 17500.00 left over in 500 and 1000 notes, withdrew this amount at first opportunity to meet my expenses. more
Dec 25
There is possibility that there will be more than 18 cr of 500 & 1000 Crore, then question rises how this happened, from where this Dirty money came from? more
Dec 14
Our PM has not considered a few demonized notes lying with NRIs and some NRIs who are going to visit India for a short duration after 30-12-16. My son is coming here on 7-1-2017 and he has some notes(which remained with him when he left last year, to meet taxi fares and other miscellaneous expenses in India till he reaches home now). What will happen to these notes. Should he throw them in dustbin? Is there a way to deposit them in his home branch of bank here. This should be sorted out by our PM and Finance minister in the interest of NRIs and those who cannot come suddenly for this purpose before completing short term offshore assignments. The big blunder our PM did was 1) to say that deposits up to 2.5 Lakhs will not be questioned. Based on 3 to 5 years previous bank, post office transactions and income tax returns of whole family/individuals, every one should be questioned if he deposits huge sums in their accounts. 2) The gate to Exchange of notes should not have been opened at all. 3) He should have asked people to deposit old notes in any bank anywhere in India(WITHOUT ANY HANDLING CHARGES) and take new notes. 4) He should have before hand arranged sufficient stock of Rs.100/- notes with RBI and other banks and scrapped all notes of higher denomination above Rs.100/- and no printing of higher denomination done forever. New Rs.2000/-and 500/- will not eradicate corruption, black money and other illegal activities. 5) Reduce the total quantum of Rs.100/- notes in circulation gradually to switch over to cashless transactions. 6) He should have declared a final date after which people should go for full cashless business and arrange to educate the concerned through banks, post offices and Media. 7) See that no one has more than Rs.500/- cash per month in their hand. The workout our PM has started will not yield good result until all citizens, business community, traders, barbers, beggars, etc., are forced to adopt CASHLESS TRANSACTIONS. more
Dec 07
By hook or by Crook - Following Srila Ramanujam's suggestion, two weeks of time can be given to those who still have a large amount of black money to put that in 10-20 year fixed deposits or to buy 10-year Government bonds, of course, after paying the 50% tax. They should be "assured" that at x% interest, the money will grow back in 10-20 years (for them and their children). Let's get the money out first, let the Govt. do all developmental projects, employ millions of young graduates for tangible work, help small industries with low-interest loans, and let people see the changes through media reports. Unless people see the benefits to the society, they may not stay patient. Reasonable publicity is needed. In the UK, a long time ago, the pirates were asked to help the government fight the war against Spain. Surprisingly, many joined fought and defended the country (Read about Nelson and Spanish Armada). We may say that criminals in India are not that patriotic. Well, are our politicians better? If you welcome those crooks to the ruling party for alliance, why not the other types of criminals? Take a chance and ask them to help the country develop by putting in all the black money. The govt has tried by hook now try by crook also. Naturally, keep an eye on them. more
Dec 07
