Doubts on the scheme
Is it a workable idea to bind both problems of fake currency and black money in a single plan that purportedly aims at striking at the root cause of corruption? What exactly is the difference between the two?
As there is an estimation of the circulation of 500-and 1,000-rupee notes, is the same possible as far as fake currency is concerned in India? How much of it is really coming from across the border? And is Pakistan the only country which is a haven for such nefarious activities?
Demonetisation has actually got coupled with the introduction of a new note of Rs 2,000. Why is the focus only on demonetisation in this case?
What happened with the loud claim that was made about getting all the black money stuffed in Swiss banks to India?
If the 1,000 rupee note gets chucked for a higher denominator, how exactly is it going to help in the "long term", as so many in the government want us to believe?
Citing global examples like that of the European Union (EU) and other developed countries is erroneous as they have not seen a replacement of lower denominator with a higher one.
Across the globe, the move has always been the other way round.
There have been notifications coming from the government about possible changes in the 50- and 100-rupee notes as well. Along with this, 1,000-rupee note is set to be back soon with certain modifications. Keeping all these developments in the background, what should one make of the government's fairy tale idea of Indian economy moving toward a cashless economy?
Do we really have a robust banking network spread inclusively in all parts of the country as has been claimed by our finance minister? Besides, at a time when cyber security threats are looming large in the horizon, marked most glaringly by the recent debit card fiasco among others, are we prepared to imbibe the language of technology in our lives?
How is this going to make our election expenditures more transparent? With election being enough time away from now, it is not difficult to chart a new plan to use the new currency. Besides, there are multiple ways in which money plays a role in an elections. The banal idea that gives superfluous importance to "stacks of money bags" just doesn't work. Indian election will continue to remain a costly affair.
With all the rumour-mongering and the bizarre incidents of people stocking food items for a month, hyper ventilating middle class, the poor and the women coming especially from the interior parts of the country having no clue about what is going on, are we going to ask the larger question of the state of financial literacy in India? Maybe that is too much to ask for when the basic literacy numbers are themselves highly questionable.
What makes the government feel that once the new notes are introduced and the old one's become "worthless piece of paper", people will start their business afresh; engage in white, taxpaying activities; become law abiding citizens and categorically refuse to be a part of any dubious activities? The seamless narration can be anything but the truth.
Unless there is a systematic attack on the system which keeps perpetuating a particular mindset of greed and avarice, this top dressing activity will not achieve much. For law to take its course, consumers will need to become citizens first. We live in a country where people giving bribes to a traffic policeman doesn't constitute as "corruption". For the same set of people, this is all about those big fat businessmen. Where is the incentive for self introspection?
What about the Devanagri script that has been used for the numerals of 500 and 1,000? How legally and constitutionally tenable is the move?
As one observer has put it, can it be something that may reignite the age-old debate of "Hindiasation" of politics?
What happened with the loud claim that was made about getting all the black money stuffed in Swiss banks to India? The amount of 15 lakh rupees that was supposed to go to the bank accounts of the needy and the poor? Like all other burning issues that currently grip the country at the moment, this too will be placed on the backburner.
When the black money gets pushed into Hawala transactions and come back in the form of participatory notes, only to effortlessly become a part of the stock exchange, how is it curbing black money? Gold, land, real estate are the busiest channels of money exchanging multiple hands at the moment. How should one make sense of the panicky situation surrounding us? Is it only limited to getting their notes legally exchanged or is it a rude reality check of profound guilt lying dormant within people for years that has suddenly been forced to come out.
However, for business to go on, it only remains a matter of time for old guilt to get replaced by a new one. more
As there is an estimation of the circulation of 500-and 1,000-rupee notes, is the same possible as far as fake currency is concerned in India? How much of it is really coming from across the border? And is Pakistan the only country which is a haven for such nefarious activities?
Demonetisation has actually got coupled with the introduction of a new note of Rs 2,000. Why is the focus only on demonetisation in this case?
What happened with the loud claim that was made about getting all the black money stuffed in Swiss banks to India?
If the 1,000 rupee note gets chucked for a higher denominator, how exactly is it going to help in the "long term", as so many in the government want us to believe?
Citing global examples like that of the European Union (EU) and other developed countries is erroneous as they have not seen a replacement of lower denominator with a higher one.
Across the globe, the move has always been the other way round.
There have been notifications coming from the government about possible changes in the 50- and 100-rupee notes as well. Along with this, 1,000-rupee note is set to be back soon with certain modifications. Keeping all these developments in the background, what should one make of the government's fairy tale idea of Indian economy moving toward a cashless economy?
Do we really have a robust banking network spread inclusively in all parts of the country as has been claimed by our finance minister? Besides, at a time when cyber security threats are looming large in the horizon, marked most glaringly by the recent debit card fiasco among others, are we prepared to imbibe the language of technology in our lives?
How is this going to make our election expenditures more transparent? With election being enough time away from now, it is not difficult to chart a new plan to use the new currency. Besides, there are multiple ways in which money plays a role in an elections. The banal idea that gives superfluous importance to "stacks of money bags" just doesn't work. Indian election will continue to remain a costly affair.
With all the rumour-mongering and the bizarre incidents of people stocking food items for a month, hyper ventilating middle class, the poor and the women coming especially from the interior parts of the country having no clue about what is going on, are we going to ask the larger question of the state of financial literacy in India? Maybe that is too much to ask for when the basic literacy numbers are themselves highly questionable.
What makes the government feel that once the new notes are introduced and the old one's become "worthless piece of paper", people will start their business afresh; engage in white, taxpaying activities; become law abiding citizens and categorically refuse to be a part of any dubious activities? The seamless narration can be anything but the truth.
Unless there is a systematic attack on the system which keeps perpetuating a particular mindset of greed and avarice, this top dressing activity will not achieve much. For law to take its course, consumers will need to become citizens first. We live in a country where people giving bribes to a traffic policeman doesn't constitute as "corruption". For the same set of people, this is all about those big fat businessmen. Where is the incentive for self introspection?
What about the Devanagri script that has been used for the numerals of 500 and 1,000? How legally and constitutionally tenable is the move?
As one observer has put it, can it be something that may reignite the age-old debate of "Hindiasation" of politics?
What happened with the loud claim that was made about getting all the black money stuffed in Swiss banks to India? The amount of 15 lakh rupees that was supposed to go to the bank accounts of the needy and the poor? Like all other burning issues that currently grip the country at the moment, this too will be placed on the backburner.
When the black money gets pushed into Hawala transactions and come back in the form of participatory notes, only to effortlessly become a part of the stock exchange, how is it curbing black money? Gold, land, real estate are the busiest channels of money exchanging multiple hands at the moment. How should one make sense of the panicky situation surrounding us? Is it only limited to getting their notes legally exchanged or is it a rude reality check of profound guilt lying dormant within people for years that has suddenly been forced to come out.
However, for business to go on, it only remains a matter of time for old guilt to get replaced by a new one. more
Viewed by 1212
View all 18 comments Below 18 comments
ISI FUNDED PATHARBAJI IN KASHMIR HAS COME TO STANDSTILL PEOPLE CUTTING NOTES, DUMPING IN NALAS/GRAVEYARDS, PUTTING NOTES IN RIVERS, SHREDDING NOTES INTO PIECES, CAN BE HOLDING REAL CURRENCY. IT WAS IN ALL POSSIBILITY CURRENCY MADE IN PAKISTAN WITH SIMILAR PRINTING EQUIPMENT AND SAME SOURCES OF STATIONARY AS WE HAVE. CHITABRAM AS FM MADE A MISTAKE OF SELECTING SAME UK SOURCE OF STATIONARY AS PAK HAD. SO AT LEAST TERROR FUNDING, DRUG PADELLING, ARMS PADELLING ETC. WILL BE CHECKED. THE ACTIONS OF D COMPANY WILL ALSO BE HIT IN A VERY BIG WAY. more
Nov 15
Madam Minakshi MehtaReference to your post, I wish to share my views as under:Mr.N.K. Modi-P.M. had resolved to eradicate corruption and the black money. He has fully complied with his commitment to the electorates.There could not be two actions for the same evil. Mr. Modi has in one stroke managed to make the money stacked in the vaults of the black marketer, the corrupt officials and corrupt politicians, illegal. Thus those who hoarded the money at the cost of the people and the Nation, now would not be able to use this ill gotten money, and the same action has stopped the use of the fake currency by the ,terrorists trained in Pak, for use in India for purchase of arm and armaments, spread drug net, and to recruit new young to be trained in Pak and then work against India, and its people by spreading terror.I hope would consider it and give credence to the words of the P.M. and trust him more than Mr. kejriwal who is obsessed to always criticise Mr. Modi,regards, From: Minakshi Mehta To: bansal_rs@yahoo.co.in Sent: Sunday, 13 November 2016, 21:48 Subject: New post "Doubts on the scheme" in [Make Delhi Better with Kejriwal] more
Nov 14
I believe I have no idea, but still I like to express my views on the subject. I would like to explain my idea my an example. There was a small village, near a forest (read - India). Their was a loin (read - terrorist), in the forest. Lion will attack villages and other animals. Villagers constructed the fence (read - LOC/ IB). But problem continued. Over the time, lion of forest origin grew in number and instead of coming from forest, they started living in the village itself. Village head - tried very hard to control (read - authority). Of course - on paper, but no political will. Suddenly one strong Head came in power. He invited tenders - from all over the world - leaving the advise of villagers. Decision taken, approved. AND IMPLEMENTED. Decision - lion harms only when lion comes in contact with man. CONSTRUCT A CAGE - SO THAT NO VILLAGER IS ABLE TO COME IN CONTACT WITH LION. (Note minor mistake - due to oversight). An very expansive cage was purchased - so that all the villagers are put in to that cage - villagers problem will be solved - as per Head and according to all villagers - EXCEPT ME - the poor farmer, how have lost his young son. MY OPINION - FAKE CURRENCY / TERRORIST - within or across the boarder - have to be replied by force and force has to be very very strong. And in my opinion - with in is more important. Even across the boarder - can not harm us, unless we are strong enough to make sure GUDDAR OF MOTHER INDIA OF INDIAN ORIGIN CAN ENJOY THE BENEFIT OF OUR VERY WEAK SYSTEM (read political will). My concern - why do we hesitate to hang terrorist of Indian origin? 2nd benefit - black money will come out. I have very much doubt - Grey money ( read partially white and partially black) - will come out. THE DARKEST BLACK - VERY VERY DARK WILL FIND WAY IN RIVER OR DUST BIN. FROM NEXT DAY - THEY WILL START AGAIN A FRESH - NOTHING NEW IN THEIR LIFE. IN ALL BUSINESS - THERE IS UP AND DOWN. But problem of small person - due to reasons - he has only 3 / 4 lacs all saved during his life time. now it is ZERO. To get again - 3 / 4 lacs - perhaps he requires another 30 /40 years, and that too his youth. more
Nov 14
Minakshi's comments - black money stuffed in Swiss banks- is ill founded. This is not only Modi's call I had been listening it from my childhood days. It is very very difficult to catch all the thieves & we catch only few that does not mean that there are only few thieves. Conviction is all the more difficult & depends upon witness. Had there been any witness, then theft would not have happenned. People have already made a mockery of 11 lacs per account instead of perceiving it as per capita income. If there are resources like Arms, GDP, Rlys, Buidings worth lakhs of Rs per person that does not mean that individual can sell his share(per capita) of Railway. If we can not catch thieves should we dispense away with Police or security No rather join & try plugging up loop holes. more
Nov 14
Minakshi's comments - Doubts on the Scheme- is ill founded. There can not be a total solution of Black-money problem through demonetisation of Rs 500/1000 notes. However this step is in a right direction. In my view, like deposit of black money lying overseas by paying 45% tax, should have been applicable in this case also. It is the large black money stacked with people should be brought in. also immediate steps need to be taken, to improve Govt administration, corrupt I Tax Deptt. and simpler tax laws. more
Nov 14
