Everywhere it is flashing that 53rd Rule change in 30 days by RBI...
No doubt De-Monetisation/Modi ( as they are synonyms these days) are the real root cause of it.
But why were the initially defined rules had to be revisited...
I see two reasons to it
a) Lack of foresightedness
b) Lack of discipline on general Junta part
The case is weighed equally on both sides of the above mentioned points.
In my earlier post I have put my views on the point (a) already hence here it will be point (b) only.
As a citizen of India how wisely did we exercise the rights given to curb the black money deposits.
There are few handful in the society who are always willing to find a way to by-pass the rules and that results in punishment for all.
The population of India has always been a boon as well as bane for us, because of this huge number the handful turn out to be lacs and make the life of rest crores to suffer.
I completely agree that the poor or lower strata of the society is law abiding and the damage of their deeds is minimal.
But because of these handful all are suffering.
What did these handfuls do
1) Deposit money less than 2.5 lac in their account to help others
2) Use multiple ATM cards by distributing money online and bypassing 2500 limit
3) Help in purchase of gold in past dated bills/vouchers
4) Maintain illegal accounts
5) Provide new currency illegally & start hoarding new currencies
6) Allow usage Jan dhan accounts for small allurements
etc
No doubt all of the above cases should be tracked and be brought to justice as it has made masses to suffer.
But India is a vast country and has challenges of infrastructure availability, but still agencies are doing a good job with 3185 cr have been unearthed or seized.
Last but not least, if this move fails to bring Political parties under their gambit then I will say a major chunk of goodwill for this move is lost.
Parties need to be accountable and no such blanket approvals for non disclosure below 20k should be there.
Its not the end but its a beginning is my personal take still.
Supporting links:
http://www.hindustantimes.com/business-news/rbi-withdraws-rs-5000-old-note-deposit-restriction-for-kyc-compliant-accounts/story-my3Xd4XZo0nn86kjlTaUDP.html
http://www.businesstoday.in/current/economy-politics/post-demonetisation-it-detects-rs-3185-cr-black-income-and-seizes-rs-86-crore-new-notes/story/242699.html
No doubt De-Monetisation/Modi ( as they are synonyms these days) are the real root cause of it.
But why were the initially defined rules had to be revisited...
I see two reasons to it
a) Lack of foresightedness
b) Lack of discipline on general Junta part
The case is weighed equally on both sides of the above mentioned points.
In my earlier post I have put my views on the point (a) already hence here it will be point (b) only.
As a citizen of India how wisely did we exercise the rights given to curb the black money deposits.
There are few handful in the society who are always willing to find a way to by-pass the rules and that results in punishment for all.
The population of India has always been a boon as well as bane for us, because of this huge number the handful turn out to be lacs and make the life of rest crores to suffer.
I completely agree that the poor or lower strata of the society is law abiding and the damage of their deeds is minimal.
But because of these handful all are suffering.
What did these handfuls do
1) Deposit money less than 2.5 lac in their account to help others
2) Use multiple ATM cards by distributing money online and bypassing 2500 limit
3) Help in purchase of gold in past dated bills/vouchers
4) Maintain illegal accounts
5) Provide new currency illegally & start hoarding new currencies
6) Allow usage Jan dhan accounts for small allurements
etc
No doubt all of the above cases should be tracked and be brought to justice as it has made masses to suffer.
But India is a vast country and has challenges of infrastructure availability, but still agencies are doing a good job with 3185 cr have been unearthed or seized.
Last but not least, if this move fails to bring Political parties under their gambit then I will say a major chunk of goodwill for this move is lost.
Parties need to be accountable and no such blanket approvals for non disclosure below 20k should be there.
Its not the end but its a beginning is my personal take still.
Supporting links:
http://www.hindustantimes.com/business-news/rbi-withdraws-rs-5000-old-note-deposit-restriction-for-kyc-compliant-accounts/story-my3Xd4XZo0nn86kjlTaUDP.html
http://www.businesstoday.in/current/economy-politics/post-demonetisation-it-detects-rs-3185-cr-black-income-and-seizes-rs-86-crore-new-notes/story/242699.html
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