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Demonetisation: News, Updates & Discussions

Discussion in 'World Economy' started by Mercury, Nov 8, 2016.

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Vote For or Against Demonitisation

Poll closed Nov 18, 2016.
  1. Good Idea, Well Executed

    19 vote(s)
    67.9%
  2. Bad Idea, Badly Executed

    1 vote(s)
    3.6%
  3. Good Idea, Badly Executed

    8 vote(s)
    28.6%
  1. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

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  2. BlackOpsIndia

    BlackOpsIndia Developers Guild Developers -IT and R&D

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    2.PNG

    If you want to see how to make mockery of any reform watch these fools in all glory, running in every direction like headless chickens.

    Seems like they are implementing every tom dick and harry decision any chaprasi bring it to them without even thinking about the repercussions and later licking all what they spit.
     
    R!CK likes this.
  3. Tejasmk3

    Tejasmk3 2nd Lieutant FULL MEMBER

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  4. bharathp

    bharathp Developers Guild Developers -IT and R&D

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    to NITI Aayog Member Bibek Debroy gave the possible money govt might get is 50,000 CR to 1 lakh crore.

    to put it in perspective - the rafale deal costed us 58000 crore.
     
    R!CK likes this.
  5. Sathya

    Sathya Lieutenant FULL MEMBER

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    This is what I am afraid of..
    While the money collectEd from taxes may mostly belong to black money holders, still every innocent citizen stood in ques and suffered.
    Money must go to the most suffered people.
    Interlinking the river must be the priority .. or we can say good bye to agriculture in a decade.
     
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  6. Darth Marr

    Darth Marr Lieutenant FULL MEMBER

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    Anyone keeping tabs on all the raids going on ?
     
  7. Darth Marr

    Darth Marr Lieutenant FULL MEMBER

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    Just got news from a friend that there were massive raids carried out in Bangalore by IT and ED in around 2 dozen locations.
     
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  8. Darth Marr

    Darth Marr Lieutenant FULL MEMBER

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    Rama Mohan Roy admitted to ICU :lol:
     
  9. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    I had forwarded a few suggestion to the Topmost Boss and let us see how many of them find mention in his speech on 31st Dec either fully or in a somewhat modified way.

    I am sure that Government will now do the right thing of dolling out goodies to the common law abiding citizens who underwent this pain of demonetisation. Sucking out cash from the economy and forcing people to use digital money transfer is an excellent move and it needs to be enforced by increasing the cost of cash usage. I have following suggestions for your kind perusal:-

    • Write off all loans taken by farmers from NABARD.

    • Only for this year, give 100% compensation for crop damage due to weather or other such natural calamities.

    • Release money to sugar mills to pay the outstanding dues of sugar cane farmers by direct transfer to their accounts.

    • Do not write off agricultural loans taken from banks but ensure a one year holiday on repayment of loans with freeze on interest for one year period. This will take BJP to 2018-2019 year and BJP can write off agricultural loans in that election year. Provide 50% subsidy on high quality seeds and fertilizers for the next crop to farmers to boost yield per acre.

    • Introduce 1% cash transaction tax for all payments/withdrawals from Banks/ATMs done above INR 15000/-. This will help curb generation of black money thru gold.

    • Increase the non-taxable income limit to INR 5 lakh by removing all tax exemptions except medical insurance, education of children for higher studies and housing loans. The 1% tax imposed on cash transfers above 15000/- will more than make up for any loss of revenue.

    • Anyone who needs to draw large cash from banks must be asked to explain the reason in writing and to avoid harassment to MSMEs, it should be made a onetime exercise for each financial year.

    • Impose tax on agricultural income by doubling the tax exemption for agricultural income with rate of tax also being applicable at double the bracket e.g. if tax exemption for salaried class is to be five lakh, the tax exemption for agriculture will be ten lakh. But we must stop this biggest loophole in our economy. The income should be calculated after subtracting the input cost for seeds, fertilizers and manpower cost. A farmer earning over ten lakhs a year after deducting these costs should not be allowed to be called “POOR”.

    • The taxes earned thru agricultural income should be kept in a separate account to be exclusively used for the benefit of poor farmers and let the PM, FM, Agriculture Minister, LOP in LS & RS be members of the watch dog to ensure this.

    • GOI follows a pyramidal structure for revenue generation and sharing. We need to change this structure by creating a table top system of revenue management. Every department of India must be able to cross subsidies itself from its own income instead of relying on funds from central registry.
     
  10. vstol jockey

    vstol jockey Colonel MILITARY STRATEGIST

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    What are the benefits of Demonetisation?Has anyone ever applied their minds to it? The agriculture sector was heated up due to very high circulation of high currency notes. Today the food prices have crashed due to bumper crop and lack of black money deals. Now what we have is the right price for agricultural produce. The reduced costs are helping the farmer also bcoz no farmer produces every item of his needs in his fields. Sucking out cash from the system helps generation of white money and if we hold on to the present value of cash economy without introducing more cash as economy grows, the percentage of cash w.r.t economy size will continue to decrease as we grow at 9%+. This will kill any chance of hoarding money thru cash transactions like investments in gold and real estate.
    A large amount of money which was idle in houses has come out in the eco system. Govt does not need to force people to invest as it can now use that money deposited in banks to use for its development needs. If we do not need savings from people, we can reduce taxes by removing all tax exemptions. That is how the system works. Less tax, more spending power, higher the growth of consumables, higher the GDP growth.
     
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  11. lca-fan

    lca-fan Lieutenant FULL MEMBER

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  12. lca-fan

    lca-fan Lieutenant FULL MEMBER

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    ‘Benami property’ law to be operationalised soon: PM Modi in Mann ki Baat

    Updated: Dec 25, 2016

    Saubhadra Chatterji and Mahua Venkatesh, New Delhi
    Hindustan Times

    The next step in the war against corruption would be a crackdown on benami property, Prime Minister Narendra Modi said Sunday, as he again thanked people for enduring the “pain” caused by scrapping of high-value currency.

    Modi, who has come in for heavy criticism for scrapping Rs 500 and Rs 1,000 notes that has triggered a cash crunch, said if curbing corruption and ill-gotten wealth required “even tougher steps, those would be taken”.

    “You are possibly aware of a law about benami property in our country which came into being in 1988, but neither were its rules ever framed, nor was it notified. It just lay dormant,” Modi said during the year’s last edition of Mann ki Baat, his monthly radio programme.................................
    http://www.hindustantimes.com/india...ann-ki-baat/story-0NZDLjaoqdZo5BQ4Jm1wnI.html
     
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  13. Nilgiri

    Nilgiri Lieutenant GEO STRATEGIC ANALYST

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    It would be prudent for govt to make e-transactions compulsory for transactions above a certain amount.

    A lot will be announced right after Dec 31st and in budget window. Lets see.
     
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  14. Schwifty

    Schwifty 2nd Lieutant FULL MEMBER

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    700 Kms ....:lol:
     
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  15. A_poster

    A_poster Lieutenant FULL MEMBER

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    700 Kms!!

    How many slave do communists have?
     
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