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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