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Demonetisation: Will it lead to a corruption free India?
- Thread starter vgane
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prasad1
Active member
Madhapur police arrested three persons from Nellore, when they came to the city to exchange demonetised currency at a 23 per cent-margin.
Police recovered Rs 9 lakh in Rs 2,000 denomination from their possession.
The cash was handed over to income-tax officials as the trio failed to reveal the source of cash, police officials said. The trio, Ch. Ashok, Syed Shanavas and Md Mastan, came to Hyderabad with the cash to exchange Rs 2,000 notes against demonetised currency with a person named Praveen, who works at a hotel in the city. “The trio asked for 23 per cent commission and brought the amount to hand it over to two receivers in Madhapur,” said a police official.
Police stopped the suspects when they were going on two-wheelers from Jubilee Hills towards HiTech City. “During the check, we found cash and they could not give a satisfactory reply to our queries. They were taken to the police station and during questioning it was revealed that they came to exchange the cash," said Madhapur inspector K. Chandra Shekhar.
The trio revealed that they brought the cash from their native place in Nellore. They remained silent about the source of the cash. Police officials are yet to find out how they got the Rs 9 lakh in Rs 2000 denomination notes. Police is inquiring if the trio had been working with bank officials in Nellore.
Police has taken the two receivers, who were waiting for the trio, into custody. Officials said that Praveen would be arrested and handed over to the income-tax department. “We have alerted the income-tax department to verify the source of cash. They will be inquiring into it,” said Madhapur inspector K. Chandra Shekhar.
http://www.deccanchronicle.com/nati...rio-held-with-rs-9-lakh-in-rs-2000-notes.html
Police recovered Rs 9 lakh in Rs 2,000 denomination from their possession.
The cash was handed over to income-tax officials as the trio failed to reveal the source of cash, police officials said. The trio, Ch. Ashok, Syed Shanavas and Md Mastan, came to Hyderabad with the cash to exchange Rs 2,000 notes against demonetised currency with a person named Praveen, who works at a hotel in the city. “The trio asked for 23 per cent commission and brought the amount to hand it over to two receivers in Madhapur,” said a police official.
Police stopped the suspects when they were going on two-wheelers from Jubilee Hills towards HiTech City. “During the check, we found cash and they could not give a satisfactory reply to our queries. They were taken to the police station and during questioning it was revealed that they came to exchange the cash," said Madhapur inspector K. Chandra Shekhar.
The trio revealed that they brought the cash from their native place in Nellore. They remained silent about the source of the cash. Police officials are yet to find out how they got the Rs 9 lakh in Rs 2000 denomination notes. Police is inquiring if the trio had been working with bank officials in Nellore.
Police has taken the two receivers, who were waiting for the trio, into custody. Officials said that Praveen would be arrested and handed over to the income-tax department. “We have alerted the income-tax department to verify the source of cash. They will be inquiring into it,” said Madhapur inspector K. Chandra Shekhar.
http://www.deccanchronicle.com/nati...rio-held-with-rs-9-lakh-in-rs-2000-notes.html
V
V.Balasubramani
Guest
[h=1]Demonetisation ‘good initiative’: Infosys co-founder Kris Gopalakrishnan[/h][h=2]Kris Gopalkrishnan said he was positive about it as both Reserve Bank of India and the Finance Ministry have come together to address the problems.[/h]
Hailing demonetisation of high value currency notes, Infosys Co-Founder Kris Gopalakrishnan on Monday said he is optimistic that the problems related to it might be addressed in 50 days as announced by Prime Minister Narendra Modi. “I think we need to be optimistic about it. We need to support this. If we come together and work together, I am optimistic that this can be addressed in may be 50 days as the Prime Minister says,” he told PTI on the sidelines of “Bengaluru ITE.Biz 2016”.
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“Demonetisation is good initiative taken by the government which will address the issues of black money and terrorist funding, and also help the Indian economy moving completely to digital economy. Of course, the implementation and how it is rolled out needs to be strengthened so that some of the issues related to rural areas and villages are addressed,” he said.
Read more at: http://indianexpress.com/article/in...-modi-co-founder-kris-gopalakrishnan-4400149/
Hailing demonetisation of high value currency notes, Infosys Co-Founder Kris Gopalakrishnan on Monday said he is optimistic that the problems related to it might be addressed in 50 days as announced by Prime Minister Narendra Modi. “I think we need to be optimistic about it. We need to support this. If we come together and work together, I am optimistic that this can be addressed in may be 50 days as the Prime Minister says,” he told PTI on the sidelines of “Bengaluru ITE.Biz 2016”.
…………………..
……………………
“Demonetisation is good initiative taken by the government which will address the issues of black money and terrorist funding, and also help the Indian economy moving completely to digital economy. Of course, the implementation and how it is rolled out needs to be strengthened so that some of the issues related to rural areas and villages are addressed,” he said.
Read more at: http://indianexpress.com/article/in...-modi-co-founder-kris-gopalakrishnan-4400149/
prasad1
Active member
Demonetisation is one time "adrelin shot" not a cure for black money.
Unfortunately you can not differentiate between black money and white money.
When I buy a jewellery at Tanga maligai or any other store with my white money it turns black in the hands of the jewellar. It is upto them to declare it. They give me a chit that says it is estimate not a real bill. Even if I demand a bill, they have double book entry. The culture is corrupt.
Demonetisation is not going to change the corruption.
Unfortunately you can not differentiate between black money and white money.
When I buy a jewellery at Tanga maligai or any other store with my white money it turns black in the hands of the jewellar. It is upto them to declare it. They give me a chit that says it is estimate not a real bill. Even if I demand a bill, they have double book entry. The culture is corrupt.
Demonetisation is not going to change the corruption.
V
V.Balasubramani
Guest
Demondtisation is a measure taken to cleanse the country’s economy and political system
Demonetisation aimed to curb black economy, reduce cash transactions, Centre to SC
New Delhi, Nov 24 (IANS) The Union government on Thursday defended its demonetisation decision as it told the Supreme Court that the move was aimed to unearth the parallel black economy which was adversely affecting the legitimate government revenues and to reduce the ratio of cash transactions.
Black economy, it said in its reply affidavit says, not only fuels inflations but dents the legitimate revenue of the government which in turn affects its welfare and developmental activities.
Pointing to the prices of the house which were being kept high artificially because of the large amount of unaccounted money, the government said that its demonetisation decision would make them affordable.
It has quoted a whaite paper on black economy by the Department of Revenues which says that between 1975-76 to 1983-84, the share of black economy to the GDP rose from 15 to to 21 per cent. It further refers to the World Bank report which says that in 1999 the parallel economy was 20.7 per cent of the GDP and rose to 23.2 per cent in 2007.
Read more at: http://www.thefrustratedindian.com/...conomy-reduce-cash-transactions-centre-to-sc/
Demonetisation aimed to curb black economy, reduce cash transactions, Centre to SC
New Delhi, Nov 24 (IANS) The Union government on Thursday defended its demonetisation decision as it told the Supreme Court that the move was aimed to unearth the parallel black economy which was adversely affecting the legitimate government revenues and to reduce the ratio of cash transactions.
Black economy, it said in its reply affidavit says, not only fuels inflations but dents the legitimate revenue of the government which in turn affects its welfare and developmental activities.
Pointing to the prices of the house which were being kept high artificially because of the large amount of unaccounted money, the government said that its demonetisation decision would make them affordable.
It has quoted a whaite paper on black economy by the Department of Revenues which says that between 1975-76 to 1983-84, the share of black economy to the GDP rose from 15 to to 21 per cent. It further refers to the World Bank report which says that in 1999 the parallel economy was 20.7 per cent of the GDP and rose to 23.2 per cent in 2007.
Read more at: http://www.thefrustratedindian.com/...conomy-reduce-cash-transactions-centre-to-sc/
V
V.Balasubramani
Guest
[h=1]There will be no joy without discomfort….[/h][h=1]Bedi strikes positive note on demonetisation[/h]
Lieutenant Governor Kiran Bedi on Sunday sought to show the Centre’s demonetisation drive in a positive light, stating that the public have now come forward to pay taxes to the Puducherry and Oulgaret municipalities.
Addressing the media at the 69th NCC Day celebration held in the premises of the NCC Group Head Quarters in Puducherry, the Lt. Governor said that the banks were now in a better position to lend money.
“We can invest in infrastructure to provide better healthcare, roads and transport facilities. We are looking at the long-term benefit. This is like a ‘maha yug’. Each one of us has contributed in our own way,” she said.
Reiterating that without pain, there was no gain, the Lt. Governor said, “We need to cooperate with our Prime Minister and understand that the demonetisation move is for our own benefit.”
Read more at: http://www.thehindu.com/news/cities...ve-note-on-demonetisation/article16712503.ece
Lieutenant Governor Kiran Bedi on Sunday sought to show the Centre’s demonetisation drive in a positive light, stating that the public have now come forward to pay taxes to the Puducherry and Oulgaret municipalities.
Addressing the media at the 69th NCC Day celebration held in the premises of the NCC Group Head Quarters in Puducherry, the Lt. Governor said that the banks were now in a better position to lend money.
“We can invest in infrastructure to provide better healthcare, roads and transport facilities. We are looking at the long-term benefit. This is like a ‘maha yug’. Each one of us has contributed in our own way,” she said.
Reiterating that without pain, there was no gain, the Lt. Governor said, “We need to cooperate with our Prime Minister and understand that the demonetisation move is for our own benefit.”
Read more at: http://www.thehindu.com/news/cities...ve-note-on-demonetisation/article16712503.ece
Huge deposits! I was expecting a rate cut...But yesterday RBI increased the CRR which will soak up the liquidity
[h=1]Demonetisation: Indians deposited Rs 8,11,033 crore in banks![/h]November 28, 2016 22:18
RBI says: 'Banks have reported that exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to 8,44,982 crore (exchange amounted to 33,948 crore and deposits amounted to 8,11,033 crore).'
'They have also reported that the public have withdrawn, during this period, 2,16,617 crore from their accounts either over the counter or through ATMs.'
http://news.rediff.com/commentary/2...ore-in-banks/10423e923d2ef20a285dbbc85a5e877a
[h=1]Demonetisation: Indians deposited Rs 8,11,033 crore in banks![/h]November 28, 2016 22:18
RBI says: 'Banks have reported that exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to 8,44,982 crore (exchange amounted to 33,948 crore and deposits amounted to 8,11,033 crore).'
'They have also reported that the public have withdrawn, during this period, 2,16,617 crore from their accounts either over the counter or through ATMs.'
http://news.rediff.com/commentary/2...ore-in-banks/10423e923d2ef20a285dbbc85a5e877a
GANESH65
Active member
A comparison between exact number of OHD currencies in cirulation as per official records and the ones got deposited in banks or got exchanged could be an interesting statistics to be watched.
Raji Ram
Active member
A popular Am Adhmi shop in T'nagar, which usually overflows with people, was so free last week. So, yesterday I ventured
to buy some stuff, in the afternoon. OMG! The crowd was so huge! Reason? We get change in Rs. 100 notes, when we give a
new pink note, even when the purchase is only for about 500! I wonder how much commission the shop owner gave to the
banks, to procure this many bundles of hundreds, when some banks are giving bundles of ten rupee coins, for every 1000.
idhellAm business-la sagajamappa! :becky:
P.S: Commission money (a part of corruption) will NEVER go out of India. :nono:
to buy some stuff, in the afternoon. OMG! The crowd was so huge! Reason? We get change in Rs. 100 notes, when we give a
new pink note, even when the purchase is only for about 500! I wonder how much commission the shop owner gave to the
banks, to procure this many bundles of hundreds, when some banks are giving bundles of ten rupee coins, for every 1000.
idhellAm business-la sagajamappa! :becky:
P.S: Commission money (a part of corruption) will NEVER go out of India. :nono:
A good move! These were used as benami accounts of Black money sharks!
[h=1]Withdrawals from Jan Dhan accounts capped at Rs 10,000/month[/h]
November 30, 2016 08:53
The Reserve Bank of India has announced that cash withdrawals from Jan Dhan accounts will be capped at Rs 10,000 per month.
The move comes following reports that these accounts have been misused by black money holders post-demonetisation. In just 14 days -- between November 10 and 23 -- Rs 27,197 crore was added to these accounts, which was more than 60 per cent of the inflows during the previous 770 days.
The government had earlier announced that small deposits made in the banks by artisans, workers, housewives, etc, would not be questioned, up to an exemption limit of Rs 2.5 lakh.
However, there wont be a blanket waiver from scrutiny for below R2.5 lakh deposits, sources said, given the spurt in Jan Dhan funds.
http://news.rediff.com/commentary/2...s-10000month/7c101c777d9cdd4325c9fd5c8ec63390
[h=1]Withdrawals from Jan Dhan accounts capped at Rs 10,000/month[/h]
November 30, 2016 08:53
The Reserve Bank of India has announced that cash withdrawals from Jan Dhan accounts will be capped at Rs 10,000 per month.
The move comes following reports that these accounts have been misused by black money holders post-demonetisation. In just 14 days -- between November 10 and 23 -- Rs 27,197 crore was added to these accounts, which was more than 60 per cent of the inflows during the previous 770 days.
The government had earlier announced that small deposits made in the banks by artisans, workers, housewives, etc, would not be questioned, up to an exemption limit of Rs 2.5 lakh.
However, there wont be a blanket waiver from scrutiny for below R2.5 lakh deposits, sources said, given the spurt in Jan Dhan funds.
http://news.rediff.com/commentary/2...s-10000month/7c101c777d9cdd4325c9fd5c8ec63390
I have a feeling that MOdi has got away with the gamble of demonetisation and might emerge winner.
8 lakh crores plus old notes deposited in banks out of expected 14 lakh crores totally makes me believe he might succeed in getting the same by dec end
thereabouts.
Just four weeks more of pain , may be.
Now middle class is running to bank for next month expenses and paying wages of maids,drivers and cook..
They know who matters most to them for day to day living..
The well off have found their own ways of converting their untaxed money. Human mind is ingenious. It finds ways and means to convert their hard earned[they think so]
old money into new money and other assets.
Life is limping back to normal with people taking everything in their stride.
Of course the queues will continue in banks .
The middle class and the well off have started enjoying their normal lives , planning their next vacation[foreign airfares are at all time low] , rail tickets easily available,
hotels mostly empty and at all time low tariffs.
We are a callous lot.
The neo middle class thinks of only its own pleasures and ignores the plight of unemployed daily labour back in their villages without work.
The stock market has shrugged demonetisation off with minor bruises.
Nifty down 400 points and rupee sliding to about 69rs to dollar with RBI selling 400 million dollars.to prop it up.
NRIs prefer to keep their money in dollars as they will gain by rupee slide.
Banks -nationalised are flush with funds might reduce deposit rates.Though about 80% deposited might be withdrawn later, they would be having enough without having
to depend on RBI.Only rural cooperative banks are lamenting that they are left high and dry as trhey are not trusted to exchange notes.
8 lakh crores plus old notes deposited in banks out of expected 14 lakh crores totally makes me believe he might succeed in getting the same by dec end
thereabouts.
Just four weeks more of pain , may be.
Now middle class is running to bank for next month expenses and paying wages of maids,drivers and cook..
They know who matters most to them for day to day living..
The well off have found their own ways of converting their untaxed money. Human mind is ingenious. It finds ways and means to convert their hard earned[they think so]
old money into new money and other assets.
Life is limping back to normal with people taking everything in their stride.
Of course the queues will continue in banks .
The middle class and the well off have started enjoying their normal lives , planning their next vacation[foreign airfares are at all time low] , rail tickets easily available,
hotels mostly empty and at all time low tariffs.
We are a callous lot.
The neo middle class thinks of only its own pleasures and ignores the plight of unemployed daily labour back in their villages without work.
The stock market has shrugged demonetisation off with minor bruises.
Nifty down 400 points and rupee sliding to about 69rs to dollar with RBI selling 400 million dollars.to prop it up.
NRIs prefer to keep their money in dollars as they will gain by rupee slide.
Banks -nationalised are flush with funds might reduce deposit rates.Though about 80% deposited might be withdrawn later, they would be having enough without having
to depend on RBI.Only rural cooperative banks are lamenting that they are left high and dry as trhey are not trusted to exchange notes.
V
V.Balasubramani
Guest
Modi’s clean sweep
By Meenakashi Lekhi
The demonetisation of Rs 500 and Rs 1,000 notes announced by Prime Minister Narendra Modi on November 8, 2016, is a transformational decision intended to curb the menace of corruption and black money. The poor and the middle class stand to gain from it. We must understand that post December 30, huge liquidity of white money would be flushed into the system thereby kickstarting a new paradigm of economic activity. Transparency in financial transactions would benefit the honest individuals while hurting the criminals.
The Indian economy has been crippled by fake currency, injected systematically by Pakistan. While its terrorist networks have been using counterfeit currency to fund terror acts in India, some of its overground sympathisers have been using it to run a parallel economy amounting to billions of rupees. The circulation of notes of different denominations had grown by 40 per cent between 2011 and 2016—Rs 500 notes by 76 per cent and Rs 1,000 notes by 109 per cent. The economy had expanded by only 30 per cent during this period. It shows the disproportionate increase of high denomination notes.
While dismissing a PIL challenging the Central government's notification, the Madras High Court observed that big currency notes were used to fund terror activities and that black money was harming the economy. Though the government's action caused some inconvenience to the people, it was taken for the welfare of the country and was being implemented with the cooperation of various sections of people, it observed.
In this regard, I have been quoted out of context by some political opponents and a bunch of unethical journalists who have not aired or printed my clarification. Therefore, let me set the record straight. The demonitisation attempt of the UPA government in 2014 was an ill-intended move to replace the currency notes without making adequate preparations to integrate the marginalised sections into mainstream economy. It was attempted at a time when more than half of India did not have even a bank account, whereas in 2016, the case is different as more than 195 million accounts have been brought within the banking system through the Jan Dhan scheme. Except for 23,000 households, all have a bank account.
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It is wrong to call Modi's move a surgical strike on corruption. A surgical strike is very limited and specific in scope. It is a sanitation exercise and its ramifications would be seen, felt and assessed in years and decades to come. This is just the beginning, several such swatchta abhiyans (cleanliness drives) shall follow. They will liberate India from the shackles of crony capitalism and usher in an era of financial stability, economic prosperity and peace. For the working class, the honest tax payers and the poor people, the good days shall become super-good days, but for criminals who own benami properties, more sleepless nights are in store. “Yeh to sirf shuruat hai, picture abhi baaki hai (This is just a teaser, the film is yet to begin
Read more at: http://www.theweek.in/columns/Meenakashi-Lekhi/modis-clean-sweep.html
RRji, why do we need to assume the worst? This is helping the consumer isn't it?
Raji Ram
Active member
Dear Biswa Sir,
The store helps the public and take care of their business too! orE kallula reNdu mAngA!!
FYI, I am not assuming anything; it is a reality! There are a few persons in our area, who give hundred rupee notes
for the new pink note, on commission basis. I don't know the %, though.
Janaki Jambunathan
Active member
காெசுவ அடிக்க பிரம்மாஸ்தரம்!
mkrishna100
Active member
I doubt whether Demonetization will lead to a corruption free India but the only positive I am seeing is that those small shops and business establishments that were not using Credit Cards / Debit Cards are now quickly installing Card Machines in their shops and those people who have bank accounts but did not have Cards will now be forced to get Credit / Debit Cards and start using them . So we can see more Credit / Debit Card usage among even ordinary people , small shops and why even Temples/ Spiritual Organizations will start accepting Credit Card / Debit Card based donations .
V
V.Balasubramani
Guest
Besides Credit/Debit cards...more are found opting to cheque payments, e-payments, ECS, etc
That will reduce the unbanked cash floating as black money!! All transactions will be accounted then!!
prasad1
Active member
Officials from the Income Tax Department’s Karnataka and Goa region operations seized Rs 6 crore, including Rs 4.7 crore in new Rs 2000 denomination, along with huge bullion and jewellery from four persons – two government engineers and two contractors – following searches conducted on Wednesday and Thursday. In the search operations, apart from the cash in excess of Rs 6 crore, gold bullion weighing 7 kg approximately and jewellery in excess of 7 kg were also found, the I-T department said. Out of the total cash of Rs 6 crore found as much as Rs 4.7 crore is surprisingly in new currency of Rs 2000 notes. The I-T department has also seized several property documents and high-end luxury cars including a Lamborghini.
“Huge stacks of Rs 2000 notes have been recovered. The cash is amounts to over Rs 4 crore. The counting of the seized currency is still on. This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner,” a senior I-T department official told news agency PTI.
Identity cards belonging to several individuals were also found during the searches. I-T department suggested that these cards might have been used to exchange old currency notes at banks.
On Wednesday, the Enforcement Directorate raided several hawala operators across the country and seized Rs 1 crore in foreign exchange. The seized notes were Rs 50 lakh in old currency and Rs 20 lakh in new currency. The ED conducted searches at multiple locations in Delhi, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai, Mumbai and other cities.
In Chennai, Tamil Nadu Police seized Rs 20.55 lakh worth new currency notes from a BJP youth leader on Saturday. Arun, 26, is BJP’s youth wing secretary from Salem. He was actively campaigning for Prime Minister Narendra Modi’s demonetisation drive on social media. Tamil Nadu Police, in a joint operation with I-T department, also busted a currency exchange racket and seized Rs 1.3 crore in Rs 2000 notes.http://indianexpress.com/article/india/bengaluru-income-tax-raid-rs-4-crore-seized-4405135/
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கூட்டம் போட்டு திருடர கும்பல் திருடி கொண்டே இருக்கும்...
அதை சட்டம் போட்டு தடுக்கற கூட்டம் தடுத்து கொண்டே இருக்கும்..
ஆனால் திருடனாக பார்த்து திருந்த விட்டால் திருட்டை ஒழிக்க முடியாது ...
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