So little done, so much to do.
.....~Cecil Rhodes
*********************************
How much money India needs
to meet daily needs in a week ?
Let us presume that there is no one corrupt in India as the opposition is making it out to be.It is good to be Utopian once in awhile especially in turbulent times like the present.
@ Rs.50,000 crores per day ,Bankers are ready to collect all of Rs.14,00,000 lac crore in just less than thirty days.
But all of it is not coming to Banks directly since there is a boom in collection of Govt. bills receipts of Taxes,Railways, Air and Electricity Bills payments etc.Considering the deterrent factors of Income Tax Raids and Notices ; so much money had already been converted into gold in those 4 plus illegal purchases post 08-11-2016 ; money lost through mutilation ; money held for anti-national activities by naxalite and drug lords ; etc. - all of it is certainly not going to come back into the Banking system for exchange .Presumably if 70-100 lac crores comes back , the task for Demonetization can be easily completed by Banks in maximum 20 days of which 6 are already gone.
It is the exchange part which has become a channel for tax evaders that is creating crowds in front of Bank branches and outnumbers the Bank customers.
The Bank Branches are physically exchanging @ conservatively not less than Rs.20.00 -25.00 lac average meaning - the Banks are exchanging 1000-1250 crore per day without counting the money disbursed through ATMs. Once the money withdrawn and exchanged
is changing hands outside the Banks and the Banks start receiving Rs.2000/= and Rs.500/= currencies , the crowd will disappear in front of Branches.
After 24th November, the Govt. should make it obligatory that the money has to be deposited first and then withdrawn from respective accounts in various Banks Branches only.Under CBS now it is possible for all account holders to deposit money anywhere in India.
Once the customers go to respective Banks , the crowd will become manageable and thin to a great extent to the comfort levels of Bankers and the step will deter people to be used as conduits.
That is a logical period for such a momentous task and the period is less than what PM Modi is asking for considering the challenge of demonetization.Even if the step wipes out fake and hawala money & is able to handicaps terrorists for a long period ,the step is worth it.Unaccounted money of parallel economy is just filled in every nook and corner of small or big cities and each HNW customer is pressing the Banks hard to route money in different accounts and exchange against multiple IDs.The transactions of Rs.49000/= is the case in point to consider the account eligible as for Filing of ITR.
Post Bank's Dealing with demonetization it will be an uphill task for IT Department to deal with the problem of bringing people into tax bracket.
All this upheaval is of Super-moon's doing it seems as it had come closer to earth and therefore its gravity has made people take out money from their pockets and lockers.
More About the Fight against Demons of Ravana (Black) , Hawala ( Kumbhakarn) and Drug (Meghanath )Money through Demonetization by the Ram Sena constituting of bankers , police, RBI and Govt. officials later as the battle progresses.
.....~ashok "anubhav"
.....~Cecil Rhodes
*********************************
How much money India needs
to meet daily needs in a week ?
Let us presume that there is no one corrupt in India as the opposition is making it out to be.It is good to be Utopian once in awhile especially in turbulent times like the present.
@ Rs.50,000 crores per day ,Bankers are ready to collect all of Rs.14,00,000 lac crore in just less than thirty days.
But all of it is not coming to Banks directly since there is a boom in collection of Govt. bills receipts of Taxes,Railways, Air and Electricity Bills payments etc.Considering the deterrent factors of Income Tax Raids and Notices ; so much money had already been converted into gold in those 4 plus illegal purchases post 08-11-2016 ; money lost through mutilation ; money held for anti-national activities by naxalite and drug lords ; etc. - all of it is certainly not going to come back into the Banking system for exchange .Presumably if 70-100 lac crores comes back , the task for Demonetization can be easily completed by Banks in maximum 20 days of which 6 are already gone.
It is the exchange part which has become a channel for tax evaders that is creating crowds in front of Bank branches and outnumbers the Bank customers.
The Bank Branches are physically exchanging @ conservatively not less than Rs.20.00 -25.00 lac average meaning - the Banks are exchanging 1000-1250 crore per day without counting the money disbursed through ATMs. Once the money withdrawn and exchanged
is changing hands outside the Banks and the Banks start receiving Rs.2000/= and Rs.500/= currencies , the crowd will disappear in front of Branches.
After 24th November, the Govt. should make it obligatory that the money has to be deposited first and then withdrawn from respective accounts in various Banks Branches only.Under CBS now it is possible for all account holders to deposit money anywhere in India.
Once the customers go to respective Banks , the crowd will become manageable and thin to a great extent to the comfort levels of Bankers and the step will deter people to be used as conduits.
That is a logical period for such a momentous task and the period is less than what PM Modi is asking for considering the challenge of demonetization.Even if the step wipes out fake and hawala money & is able to handicaps terrorists for a long period ,the step is worth it.Unaccounted money of parallel economy is just filled in every nook and corner of small or big cities and each HNW customer is pressing the Banks hard to route money in different accounts and exchange against multiple IDs.The transactions of Rs.49000/= is the case in point to consider the account eligible as for Filing of ITR.
Post Bank's Dealing with demonetization it will be an uphill task for IT Department to deal with the problem of bringing people into tax bracket.
All this upheaval is of Super-moon's doing it seems as it had come closer to earth and therefore its gravity has made people take out money from their pockets and lockers.
More About the Fight against Demons of Ravana (Black) , Hawala ( Kumbhakarn) and Drug (Meghanath )Money through Demonetization by the Ram Sena constituting of bankers , police, RBI and Govt. officials later as the battle progresses.
.....~ashok "anubhav"
No comments:
Post a Comment