Demonetizatin
It is too early to gauge the effect of the demonetization. In fact the demonetization has brought in some positive results in the economy of our country. More people have started using various mode of payments, which they were doing by cash. Of course, the black marketers do not like the idea of less cash payments since they cannot avoid tax which they were used to in the past. Accounting has become a big head-ache for them since they are not able to hide money to avoid tax. The number of tax payers have increased. What the corrupt Congress government could not do for the last 65 years, the present government has shown the way as to how to go about it. Honest tax payers must be rewarded and in fact they must be honored and given awards for their straight forwardness. If the government think about abolishing the personal income tax, the whole lot of hidden money has to come out into market. There will be no incentive for the hoarders to hoard them and they will be forced to deposit into the bank and the banks will be flushed with funds to use for infrastructure developmental work. The government can also restrict the cash transaction to limit to Rs. 2000/- per transaction. The Rs. 2000/- notes can be demonetized and let us have only Rs. 500/-, Rs. 200/- , Rs 100/-, Rs. 50/- and Rs.10/- currency notes. In order to offset part of the loss due to scrapping Income tax, government can introduce a transaction tax for individuals at nominal rate. The government can also consider bringing down the GST rates as well as excise rates. The motto should be "tax less and collect more and make the nation honest". more
Viewed by 21
A. All those supporting Congress Party tried and trying to mislead general public. The Currency that was in use in rotation by Black Money amounting to Rs. 21.41 lakh Crores that was held and located in various Bank A/cs. is identified through demonetization. These Accounts are under scrutiny and necessary raids also had been going on and is SHIVERING ALL THOSE BUSINESSING WITH THE BLACK MONEY THAT IS IN SHAPE OF CURRENCY . B. In addition, 2.24 lakh Shell Companies are found and have been under investigation to locate the value/volume of Money Laundering, Quid Pro-quo involved that might have been held in shape of Goad , Real Estate and other Properties . C. The criticism and protests of Congress and their Allies including other Regional Parties is just to avoid implementation of Bank through mandate/Cashless Transactions FOR FOREVER CURB CORRUPTION AND SOURCES FOR CREATION OF BLACK MONEY . For this only, their supporters had been going against the issue of Aadhaar Card and its Linkage to Phones and all sorts of Bank/PO Accounts JUST TO PERMANENTLY ESCAPE FROM SUCH CONTROLS ON BLACK MONEY EARNING AND POSSESSION OF CONCEALED WEALTH. more
Nov 12
Unless the 2000 notes are replaced with 200 and 500 with 3 months relaxed period under pre-planned system of exchange in Banks, POs, the Black Money in currency cannot be found and will not be seized. Further, there are many ways still giving way for increasing Black Money and Concealed Wealth. Following in addition to demonetization of Rs.2,000/- notes are necessary to be mandated for achieving the true results of demonetization. 1. Mandating Bank through Transactions for Govt Offices, Educational and Healthcare institutions from Rs.200/-and above. 2. Mandating Bank through Transactions for all other payments, donations, advances, deposits and purchases for above Rs.2,000/- 3. Aadhaar identity and linkage of all Voters with their Bank/PO A/cs, Phones 4. Mandating all Govt. provisions, subsidies, grants, loans, Reliefs, Pension etc., against Aadhaar identity that shall be through only Bank Transactions 5. Mandating all sorts of Govt subsidies and provisions etc., at value base making only Bank through Payments instead of goods and kind. 6. Introduce and enforce new Sections of punishments on Financial Frauds, Offences even through Misuse and Misappropriation belonging to all Finance related/value based issues imposing high, suitable and fit value basing on present cost of living, cost of education, cost of healthcare. 7. Energize and empower the Tax departments mandating compulsory inspection, check of the voluntary declarations filed ; A Check and imposition of punishments for wrong submission of GST , IT declarations and returns. 8. Introduce I.T. on Agricultural income on land owners of above 5 Acres and allow refund of Tax if the Agricultural income is totally below Rs.5,000/- per Acre for those possess above 5 Acres. 9. Introduce Wealth Tax categorizing individuals ; Factories etc., Manufacturing, Processing,; Fabricating and Assembling Industries ; Trading and Business Houses ; Educational and Healthcare institutions ; Political Parties and NGOs with different Slabs and rates mandating punishment for wrong declaration of properties acquired in the year. 10. Introduce separate Sections for imposition of penalties, punishments and confiscation of assets in case of any mischief, corruption, Quid Pro-quo etc., including neglect ON ALL INSPECTORS OF VIGILANCE under Policing covering all wings ; Income and Wealth Tax ; Sales Tax ; Revenue ; Excise ; Customs etc., more
Nov 08
