"FM cites rise in tax payer base to justify demonetisation".The Tax payer would gloat that he has his justification of having made his unaccountable money as money with his identity now so as to be a part of the bigger tax base .The congress fooled the Public for 70yrs.This Govt. continues with that.R.PONNAMBALAM
"Jaitley said that when cash is deposited in the banks, it loses anonymity and can be identified with its owner".It is the duty of The Govt. to know and let the General Public know how and how much cash lying in anonymity and working without earlier going through the bank System has now gained identity by ownership.The citizen has every right to ask as told by Mr.H.Ansari asfollows"“Where do we stand on the ladder of equity? This is a question that citizens of the republic can ask the state after 70 years of legislating welfare laws and adjudicating measures to deliver social justice.If the Govt. cannot answer the citizens on this the Govt. has taken the country for a ride.MONUMENTAL LET DOWN.R.PONNAMBALAM
"More formalisation of the economy, more money in the system, higher tax revenue, higher expenditure, higher growth after first two quarters",The following is from H.Ansari's speech sometimes around Demonetization"Where do we stand on the ladder of equity? This is a question that citizens of the republic can ask the state after 70 years of legislating welfare laws and adjudicating measures to deliver social justice.""The ground reality is dismal," he(Hamid Ansari) said during the inaugural address at the 9th National Conference of the Indian Association of Lawyers here. while the top 10 percent controlled about 74 percent of it. The poorest 30 percent, meanwhile, had just 1.4 percent of the total wealth," he added."Please tell us how much how much percentage higher growth that 1.4% with the 30% people has got now.Quora said that the per capita income of Srilanka is twice that of india and wikipedia wrote that the per capita income of Indonesia was twice that of india in 2012.You please compare India's per capita income with those countries now!Our Economics articles used to say that the GDP was not going up because investing was coming about ,naturally from that 74% wealth holders.What an odd expectation! They would enjoy life with 74% national wealth or toil like fellows who think that life is to work not to live.R.PONNAMBALAM
“this necessarily involved the formalisation of the economy and a blow to the black money"to let it give out the black luster by that seeming blow of two years long to get white.It is not a blow ,it is fondling with for 2 long years to count . The demonetization was formalizing black money as white and gave a blow to the Economy. This Govt. is also bathing with raincoats on.. 86 per cent of the currency in circulation,was not sucked in from 1.4% wealth holding 30% people who might not have HDN but from those 74% wealth holding10% people(stats.from Mr.H.Ansari’s address in 9th lawyers Confef. quoting Credit Suisse. “Was the invalidation of the non-deposited currency the only object of demonetisation? Certainly not.”F.M. should not’mislead.Nobody had said so.Please answer the extent of black money that the Govt. got to it’s kitty to help the country The country doesn’t and won’t ever believe that there was less than 1% non depositable currency in the economy before demonetization.The season of bathing with rain coats has not closed This Govt. let the nations economy down to give a thriving economy and chose the path of Congress’ economy,I scratch your back ,you scratch my back R.Ponnambalam
One factor which is glossed over in the claims of more returns, is the fact that for 3 years the exemption limit for IT has remained constant. People every year increase their income by about 10%. Even those who earlier had income within the exemption limit, now fall into the tax net.
Is tax collection is result of demonetization, was its aim was to collect more tax. Many purposes for which we have been told, are defeated. Rather better would have been total currency is changed with lowering one decimal.
All I may say is that we Indians have become cheats. During demonetisation, I know some of my own who had lots of unaccounted money with them, have passed it on to their friends and others to deposit in latter's bank account and escape from being caught with such money. There must be many many more such persons. Probably people have tried all possible ways to hoodwink the govt. No wonder demonetisation did not yield the desired result of unearthing black money.
Re: DEMONEITISATION
by Soumitra Goswami on Aug 31, 2018 02:19 PM
Jandhan accounts were more than sufficient. Give ten per cent to the account holder and get your money back, as govt. has no real intent to catch the black money generator. Only those who did not have jandhan only bore the burnt of only pain. So much tax collection why some relief in income tax was given?
Re: Re: DEMONEITISATION
by vicky bhatia on Sep 06, 2018 09:49 AM
Absolutely true. This happened throughout as most hoarders found poor/middle class people and got black money deposited into their accounts. Few of us deposited else's money into our accounts due to personal relations and a few of us did for commission. Most important & noticeable thing was the intent behind this exercise even if the execution was not poor. If we would have been committed as a citizen to not deposit other's money into our accounts, then results would have been vastly different.
Re: Re: DEMONEITISATION
by vicky bhatia on Sep 06, 2018 09:49 AM
Absolutely true. This happened throughout as most hoarders found poor/middle class people and got black money deposited into their accounts. Few of us deposited else's money into our accounts due to personal relations and a few of us did for commission. Most important & noticeable thing was the intent behind this exercise even if the execution was not poor. If we would have been committed as a citizen to not deposit other's money into our accounts, then results would have been vastly different.
