Joseph - how do you say that it may not be liked by PM/BJP when our PM only banned these notes. You must be joking I am sure. more  

Very unbiased comments but may not be liked by staunch supporters of the PM/BJP more  

I take the liberty of assessing demonetization and black-money episode. A Mahabharta can be written about India’s corruption and black-money. Who is responsible – Indian government’s policies or Indian character? I believe it is the combination of both. Since independence, we had high tax regime, shortage of everything which gave opportunity to businessmen to make big bucks and most corrupt administration to facilitate tax-evasion. Corrupt politicians added fuel to the fire. We have reached a stage that no solution appears to be adequate or perfect. For two decades, I worked in Singapore and was lucky to know Late PM Lee Quan Yew, whom I consider the greatest leader of the century. He was one person who had a zero tolerance for corruption. In late 80s and early 90s, I ventured into a business venture in India (Patalganga, Maharashtra) with a policy that I would not give a single penny bribe. I miserably failed and folded my business in 5 years. During this period I did not meet a SINGLE government official who was honest. I proved totally misfit for the Indian environment. Recent step of PM Modi to demonetize 500/1000 notes to curb black-money is highly commendable. His good intentions cannot be questioned. But the question arises – will this step stop or even curtail black-money and stop Pakistan terrorists not to circulate illegal fake Indian currency. My answer to both these questions is in negative. I ask everybody: – With this step will all people working in Government administration become honest; - Will IT Deptt vultures become doves and stop working without harassing honest tax-payers, but be nice to people who pay them hefty bribes; - Will policemen stop taking haftas and challan guilty people without compromising; - Will judiciary improve and give punishment to guilty and not merely DATES; - Will traders stop recording their sales honestly, deposit tax accurately and refrain from indulging in mal-practices; -Will businessmen/manufacturers stop having number 1 and number 2 accounts and pay their taxes in time; - Will importers/exporters pay for their invoices through banking channels and not divert funds to Swiss Banks; - Will buyers of real-estate get their purchase registered at full transaction amount and pay full tax; My answer to all the above questions is in negative. In other words, in a couple of years same situation will be existing as pre-demonetisation. This means that present episode to un-earth black-money is incomplete and imperfect. Whatever figures finance Minster Jaitely and respected PM Modi may quote, this exercise to change 500/1000 notes will not yield the results which they may claim. Imagine in a year or two, Pakistani terrorists are successful in copying new Rs 500/ Rs 2000. Does it mean there will be again demonetization. It pains me to say that in this land of Rama & Krishna and honest followers of them are most dishonest and corrupt. MERA BHARAT MAHAN. more  

1.I agree with MR.Bhatia. more  

In my view there would not be boost in the economy of the country, at least six months to two years. There will be lesser money in circulation. In Real Estate (specially re-sale), there used to be 30 to 40% transaction in black, as registry fee is too high. Money market will go high, therefore less investment in stocks and trading. Jewellery and gold demand will go down. Trade and production will slow sown. Overall, it would take at least two years or more for the economy to stabalise. In the long run, good for economy. more