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Mr. Modi Should Give Another Chance To Declare Black Money - Why So ?

Indian central government under the leadership of Honorable Prime Minister Mr. Narendra Modi, tossed strategic move post closure of black money declaration window. It's true that government warned all to declare black money to be on the safer side but somehow many considered the current government as previous government. Many must have taken his or government call lightly and now facing the music.

As a master of strategic politics master, Mr. Modi designed the process with his cabinet under top secrecy to ensure that nothing goes out of PMO.

The announcement by him to discontinue INR 500 or 1000 notes along with slew of major to monitor the deposit happening by using the existing electronic medium put black money hoarders in a situation where there is no escape.

It is also true that billions of $ will be out of the money circulation and many will be on roads who believe to do their business in cash.

Millions of traders in all cities do their business in cash and it's also true that many of them don't even get bothered to file their income tax whereas corrupt officials conceal their illegal earnings in cash which developed the disparity within the society.
By taking the decision of discontinuing the denomination, government also risked the overall growth of Indian economy.

In my point of view, last 36 hour was enough for Indian Citizen to understand that current government is serious about their commitment and can act with top secrecy.
With the current way, many will never go to bank to submit cash and will not prefer to invite penalty to jail term. This is going to dry down the money circulation within economy and citizen buying power will get the major blow.

In my point of view, government should open the declaration window again wherein anyone can deposit any amount and if it's above certain limit then they can pay penalty to save some money. With the current move government is not going to gain any substantial revenue.
By reopening the window, I am sure that government will generate 100's of billion $ in tax revenue which they can reinvest through social program which will help them to achieve their goal of helping poor citizen of India.

I am sure that the list will have citizens from all walks of life and then government may decide to monitor those in coming months and years to come.

The above is totally my own opinion.

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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.
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