- Category: Miscellaneous
- #584802Public are too much smart. I thing nothing can be done . If people change his mindset then things will resolve automatically.
Santosh Kumar Singh
(Sr. Microsoft Dynamics Axapta Technical,Mumbai)
- #584805Intentions may be good but not the execution. Mr Piyush Goyal, Minister of State for Power said that the demonetization move has honoured the honest man for the first time. What is the honour given to a common man? Is it an honour to make him stand in lines for hours together before the banks to draw a pittance of his hard earned money? The Government of India, prior to demonitisation, has honoured the dishonest by giving them a chance to escape with more than half of their illegal money. When the Government is boasting that the Income Tax Department has all the information required to catch the black money holders, what stopped them from raiding their business premises and homes? There are allegations that some are tipped off about demonitisation before the announcement. The bank deposits rose to unprecedented levels before the announcement. Why the Government is dodging to investigate the matter? All this shows the disregard of the Government for a common man. The general public are fooled again and again. When I went to the bank today, they allowed me to withdraw Rs 4000/ that too in Rs 2000/ notes. The Government says we are allowed to withdraw Rs 24000/ per week. When the Manager of the Bank is asked, his reply is that there is no sufficient money and they are adjusting the available cash to the customers. This is the ground situation.
" Be Good and Do Good "
- #584809By giving another chance to black money holders, Government itself accepts that demonetization wont bring out all the black money . Finally common people only affected because of demonetization.
- #584814According to various estimates, only 3% to 5% black money was held in the form of cash and the rest was converted into real estate/gold/jewelry and such other material things. Thus the demonetization move was never targetted at bringing out the entire black money.
Also, out of the black money held in the form of cash, it was never expected that the whole amount will come out as various ways and means were adopted by the black money hoarders to whiten their black money. Depositing the black money in other's Jan Dhan accounts was one such strategy.
Prior to the introduction of the demonetization policy, there was zero revelation of black money. However, after introduction of demonetization policy, several thousands of crores of black money will be unearthed even after giving another chance of surrendering the black money.
Let us encourage each other in sharing knowledge.
- #584815No wonder our ex PM, Dr Manmohan Singh, termed the execution of demonetization as a monumental mismanagement. This is what happens when a government acts without maturity. They just wanted to put up a show to hide their failure in retrieving black money and took this hasty step without any proper plan or idea. It is almost coming to an end like any other scheme announced or introduced by Sri Modi and team.
All the harassment and difficulties faced and being faced by the common man could have been avoided if our PM was really serious about what he wants to do. He is just a showman, an elected member who has been chosen as leader of the House but prefers to exhibit his oratory skills before his supporters and party men or before the NRIs and be happy with a large round of applause but is not ready to answer questions that are put up in Parliament.
Now I think I know why he chose Nov 08th to declare the demonetization; because he was flying to Japan the next day! I only hope that the monumental mismanagement does not lead to a monumental disaster!
Knowledge is knowing tomato is a fruit; Wisdom is not putting it in fruit salad - Miles Kington.
- #584822I think behind all this there must be some hidden thoughts. We the public have to wait and watch the political game. Nobody can predict what will be the future decision of the government.
- #584833But how long should we wait by loosing all our kept money in the bank and yet cannot withdraw it due to cash crunch at every ATM and branch ?
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
- #584845I understand that people will misunderstand the amendment to Income Tax Act just passed in Lok Sabha. That will be because we usually get to know such matters from the scrolling lines in TV channels or the headlines of newspapers or the half baked discussions in gossip groups and even TV debates. So I do not blame anyone if he or she presumes this also a monumental mismanagement and praise ManMohan Singh.
Had I not gone a bit more into this matter even I would have got doubts.
My effort to know more in this regard made me come to know the following:
Had the amendment not been made so, the black money holders would have used the existing loophole in IT Act and rules and escaped by paying just the normal tax amounts by declaring the whole unaccounted amount in the current year income return under head 'unexplained'. That then would have been a real mockery of honest tax payers.That would have been a straight 'whitening' of the actual black money and govt itself would have unwittingly fallen into the trap of converting black money without any penalty.
In the days following after the demonetisation announcement, I heard some chartered accountant s and consultants openly asking people to show all those unaccounted income as current years income windfall. So it is this trick and loophole that is now plugged.
By this amendment, honest tax payer is not belittled or punished, but those with ignorance or mild avoidance are given mild penalty and given further immunity.
Those with higher amounts of undisclosed income, but are honest to admit their mistake are also given some lenience, but penalised higher as deterrent t prevent them further misadventure.
By this step, the govt has shown that they know how to plug the loopholes and make things tight for the black money holders and those who take the govt serious.
However one weakness here is that it gives further opportunity for the corrupt officials in the Income Tax department. Govt has to be alert on that front.
- #584876I have given in other thread too, people think that black money only that is earned in wrong way but whatever is not accounted or not taxed also account to black money and in that way majority are black money and hence the government is right in the sense that those who indirectly helped the black money holders should also suffer.
Say for example, in any private college or schools the teachers are signing for one amount but their pay is different and even educated one for the sake of survival helped the black money holders and now we may have to feel that it is occasion to eradicate the sin.
Nice to be in ISC and feel the difference.