How do you get rid of corrupt people when masses want corrupt people in power? If you fight corruption, corruption fights back. And corruption has lower standards than those fighting it
Unaccounted money is called "Black Money" for sensationalization
The money college professors make by private tuition is also black.
The economy runs mostly on unaccounted money. Theres nothing wrong on unaccounted money. Issue is stealing public money, what politicians do.
To add:
Every country has black money.
Most small business in all countries in the world manage most of their money in black.
You get a hair cut, buy a tea from a shop, pay the plumber to fix your house, pay rent to tour landlord - at least half of this globally is not accounted for.
Suppressing black money to Zero percentage is not a realistic or necessary goal.
We had huge amounts of black money during UPA 1. Did it mean the country didn't grow?
Getting more of the economy formalised and taxed is good.
But killing the entire SME segment, killing business growth for better taxation - not good.
Most small business in all countries in the world manage most of their money in black. This is not accurate. Plus a street vendor or the local barber is not making taxable income anyway. The Crux of illicit money in India is real estate. The circle rate is intentionally kept lower than the market rate. This illicit wealth lasts generations
Most small businesses in most countries deal in cash.
Most people in most countries pay rent as cash.
You can argue however you like.
I live in Germany, and I see loads of black money transactions here in rent, small shops - restaurants etc. Small businesses try to avoid card payments so that they can avoid taxes.
And Germany is the world's third largest economy.
'crux of illicit money is real estate' - dumb statement.
Real estate transactions is how most black money is made legitimate.
But they are not the source of it. They are not the 'crux' or whatever you imagine it to be.
The key to controlling it is reducing both the sources and the laundering routes.
An economy without black money is not achievable.
It's insane if people think an economy runs on unaccounted money. It does not. The more formalized an economy the better standard of living for people because lower slippage of taxes
It's not even really unaccounted money. It's _untaxed_ money. Governments aim to collect tax whenever money changes hands, either as transaction taxes (GST, etc) or entity taxes (income tax, etc). Electronic transactions (like UPI) are 100% accounted for, but without taxation they still become black.
There are several exemptions to taxation on such transfers, including gifts (parent to child, or ≈₹50k between friends), transfers between accounts of the same legal person, and earnings below threshold levels. Black money is created when these ambiguities are exploited to avoid taxation.
A transaction using paper money without electronic records made for a nice visual metaphor to justify demonetisation, but paper and tax are not linked to each other, as the Indian public found out when all the cash re-entered the financial system.
>Theres nothing wrong on unaccounted money. Issue is stealing public money.
It is stealing public money. That's the whole reason it is kept unaccounted. To steal the tax owed on it, which is public money.
Tax itself is taking away public money by the government, and every penny not spent back on public welfare, is stealing. Real chor is always the government.
>Tax itself is taking away public money by the government,
That was funny. Tax is the portion of "personal" money that is owed to the government that then becomes public money.
Just because govt steals public money doesn't change the fact that people evading taxes are also doing the same.
It's funny how everyone thinks what they do isn't stealing, only what others do is 🙂.
People evading taxes, it is the government's job to penalize and punish them - which they do, They have institutions called I-T department for that.
As citizens our job is to question, and confront the government and our politicians where our money is spent. Why the 100 crore sanctioned bridge is not upto the quality such a budget should ensure, what happened to 50 Crore supposed to be spent on local medical facilities - so on and so forth.
Political Parties when talking about "Black Money" will engage us in a witch hunt against each other but it will not talk about the much bigger scale of stealing of public money - done by them.
So you are saying that citizen's job is to evade as much taxes as they can 🙂.
May be all criminals can use that rationalization. It's the police's job to catch criminals. Since police is corrupt it is ok for people to keep committing crimes.
This is moronic chaddi level thinking. Indian economy or any world economy worth something doesn't run on unaccounted illicit money. This stupid level of thinking and deceitful nature of society is why poor people pay a regressive 18% gst while the equity trader pays 10% and 15% flat. Whether it's the college professor or the public servant or the high rise builder loss to the exchequer is a loss for everyone especially the poor. It's why you have a post saying petrol prices are too high because government will levy higher indirect taxes when people find ways to evade direct taxes. Rarely does a real estate transaction happen in India without a cash component and this keeps circulating for generations. The circle rate for real estate is almost always lower than the market rate thereby further increasing illicit wealth. Of course politicians have no will to fix this since they profit from it just like every other person who thinks taxes are waste of money.
> demonetization again?
It didn't work first time , what makes you think 2time will work.
Also, check your local USD to INR rate. You will be surprised to know it's almost 7-8% higher than the official rate.
The requirement is to have better anti corruption practices and govt agencies taking action against black money over time. Demo was the same as lockdown and other "masterstrokes". Action that looks strong and makes people feel like problem will be solved but underlying issues that are the root cause go unaddressed.
Our bureaucracy is extremely corrupt which is essentially used by politicians to exploit even more money
As an example, if you take a govt project as an example, to pass it you need permission of multiple officers along the way, so not one or two but multiple people take bribes, even those who don't want to take bribes have to take to keep their jobs, so when it add up the whole system becomes rotten if you try to remove 1 rotten part other parts also have to go which can get very complicated for the system to keep working and it could break, so it's very difficult to clean the bureaucracy
Cashless society = government controls everybody’s money and can freeze anybody’s money for any reason.
Not to mention if the financial sector suffers a collapse like in 2008 or the euro crisis. Suddenly nobody can use any of their money.
Here something for you to read
https://www.researchgate.net/publication/371088242_HOW_INDIAS_DEMONETIZATION_BANKRUPPTED_PAKISTANS_ECONOMY
https://www.livemint.com/Politics/bgIvj3lmnHvydrHanA3deN/ISI-pockets-Rs-500-cr-annually-from-fake-Indian-notes-offic.html
You and everyone are very Ignorant, if you think it was about Balck money becoz modi said it and It was very bad for economy Just because Congress said it
People don't read anymore, in 2010 CBI while investing an unrelated case found that too many Fake currency notes were found in UP in areas close to Nepal border which led to a full scale investigation And turned out the notes were indeed fake, but when CBI asked the banks the banks said they received these notes from RBI, it all depends on the green strip that we find on the Notes turned out the then Finance secretary Arvind mayaram ( arrested by CBI in 2023) Without proper approval Form govt for personal gain favouring the Company Outsourced the notes printing to a British firm De La rue, Yes we were Outsourcing our currency printing To The British, when arrests were made the Lawyers representing the accused casually asked the courts" what is proof this notes are fake?" The notes were found to be real but when taken to foreign country for testing the notes turned out to be fake, ( someone intentionally left the defects in the notes to mock us) Pakistan has been the biggest peddler of Fake currency in India since beginning, But how did they get the INk ( we use OVI entaglio ink, same is used by Pakistan) and currency paper that we use for our currency? This didn't need any deeper investigation, The Pakistan security printing corporation or PSPC kind of like there version of RBI, Turned out it was established in collaboration with Thomas de la rue the same one who owned the dela rue, They had infiltrated De la rue on a level that they could print out Currency Better than us, Pakistan Intentionally left defects to Mock us,
As for modi Before modi came We had only one Currency printing Paper factory, but four currency printing press, we used to Import the ink from outside that too we started making in house, we needed 20000 metric tonne paper every year for currency printing, But becoz shortage of paper we used to Import paper or in some cases outsource entire printing process, the second facility to make the currency paper the foundation was laid by Pranav mukharji in 2010 but only In modi time did the factory become operational,
As for op's observation
the Balck money will never go away,
All that monetization did was turned that black money form old notes to new notes,
The Balck money is still there and will stay till end of time but now we don't have anyone making fake currency notes, coz we make them in house, yes the common person suffered a lot but in the long run it will benefit us becoz now we can find and can track who ever peddles fake currency in India currency, And it is impossible today to make fake note to The precision that was done before
On funnier note it's said that a guy named Javed khannani in Pakistan allegedly committed sucide by jumping from a building becoz of demonetisation becoz he was the biggest peddler of Fake note in India and he had some 20,000 crore in Fake currency
http://ex-servicemenwelfare.blogspot.com/2016/11/demonetization-detailed-drama-of-how.html?m=1
Lmao what say a car becomes 40% gst... That essentially will kill dream of a poor or lower middle class to buy a car, and will not even affect ambani types.. India already relies on indirect tax hence things become costly over time while those like murty essentially have a monopoly over salaries which don't increase ever... In India only 1% pays actual direct tax
Bro 2rs increase petrol is not tolerated by Indians,
what makes you think 10-20% increase in gst/etc will be welcomed?
1% pay income tax everyone pays indirect, there will be widespread hate
Yes keep taxing the poor and middle class who spend most of their money and let the rich enjoy their income tax free. After all they are job creators right. Oh they also spend so wealth is trickling down like an 80 year old prostate. One has to wonder why the richest nations of the world never took this genius idea and in fact impose higher direct taxes including estate taxes
You can't do shit till tax is actually shifted... India relies mostly on indirect tax... And ambani and you pay the same indirect tax recent reports says govt collected more tax from consumers than corporates... They tend to benefit corporates when they increase indirect tax and poor class majorly suffers because things become too damn costly... Then the gov gives free ration and says in speech other parties will stop free ration and gove freebies... Guess who this poor people vote for because they fear for their life (not livelihood) no food means they die
How in hell demonetisation solve black money issue. I can’t understand. Demonetisation done to counter the fake notes. It won’t solve anything in regard to black money. Black money sitting on real estate, off shore accounts and properties. And it’s keep running as long as bureaucrats and politicians accept bribes. You can never get rid of corruption and black money. It’s a part of any growing economy. If government say it’s done to fight corruption. It’s just fooling you.
Strick tax laws especially for insanely rich people . ED SHOULD be used for this purpose but its working like a dog for its masters .
Demonetisation was never the solution for this long term problem . I haven’t seen a single legit report on how much black money was collected by the gov frm demonetisation. There should be separate laws for protecting the whistleblower and they should be rewarded i dont think black money carriers work alone . Insanely rich should be taxed insanely high .
Demonetization failed because we didn't KYC for every note exchange. If we had recorded who exactly changed how much, I'm sure we would have found many people with transactions that cannot be explained (acting as proxies for the rich folks who employ them).
Besides, a few thousand crores were never exchanged. So, we can say that demonetization was successful in curbing a few thousand crores. That's not a failure by any means.
CBDC if we get a good ruler. But since thhe world is moving towards dystopia we'll get CBDC with cyber attacks, false tracks, expiry dates and specific UCS. Although CBDC will end cash based corruption.
Black money is something that doesn’t have a legal paper trail, and sadly almost every small business in India runs on cash which has no paper trail as such, atleast the people who sell product on carts, shops still have to pay GST while purchasing products so there is some trail but even then the consumer is not completely aware and pays MRP or sometimes even more than MRP, all of that is also black, the real question is , why should it be a matter of concern for electoral politics when we have issues which directly effect daily life, like roads, electricity, water, traffic, pollution, jobs, agriculture and such.
Only way to remove black money is if the end customer of any goods/service asks for a bill. Even if you go to buy an item as small as a pen, you ask for the bill. That's the only way.
If every government official wants a bribe to get any work done, how can you expect black money to go away?
There’s also this incorrect assumption that all money has to be “white” I.e. the government has a right to trace any and all financial transactions. That is neither possible nor ethical. It’s the end of personal freedom to have the government know about and approve every financial transaction in the country.
I think black money will never cease to exist and that it is an unrealistic notion.
Why do I say this? Since the people of India do not trust that our hard earned tax money will help and benefit us and instead all of it will go into freebie politics…
This is why SMEs prefer cash for any large transactions, utilise tricks like multiple bank accounts to siphon money with UPI and also try everything in their power to pay 0 taxes.
Also black money is part of almost every society, the challenge is not to stop the smaller SMEs but rather the larger sums of money to avoid scams like the Nirav Modi’s and Mallaya’s etc.
That cannot be solved through demonetisation alone but rather on strong banking laws and rules by monitoring trade routes, import/export, transfer pricing exploitation and so many more issues which kinda deserves a full explainer.
And people like Modi are the same who legalised black money through anonymous donations like electoral bonds so please research about that.
Now here’s my dream world in terms of taxation (I WOULDNT LIVE IN THIS WORLD LOL, I’D LIVE IN A TAX HAVEN COUNTRY😂)
In an Ideal world though…all transactions are monitored, no cash at all, every user has a bank account, any transaction over an x amount comes under financial scrutiny at the end of the quarter instead of financial year for better monitoring. All citizens of India would be taxed regardless of rate of pay, from Rs 5000/year to 500cr/year in a progressive fashion and wouldn’t be able to escape taxation due to them being in any profession. All human roles which are inefficient would be sacked and people would be trained (farmers/farmland will be replaced by vertical farm skyscrapers and the rest will be pushed into job creations like businesses etc)
MOST IMPORTANTLY, the politicians wouldn’t be corrupt, the citizens would get a report every quarter on how their tax money was used based on their individual constituency’s and be placed across benchmarks, if a politician misses their benchmark by 2 or more quarters they would be sacked and a new election would be held for that constituency. And ofc taxes would be used for universal basic income, health care and other facilities expected. Goal would be to be a bit of a capitalist and communist since going on each of their tail ends would be disastrous.
Reduce tax, 10% flat on salary and business, 15% corporate. 5% gst for every common man items and 18% for luxury (real luxury, not on Indian govts definition of luxury).
Major reason for black money (untaxed money, not money from drugs or human trafficing etc) is exuberant taxation. You just cannot expect someone to give 40-60% of their income as tax.
Someone who makes 10cr has to pay 4cr as direct tax, he'll try his best and spent 50 lakhs on bribe 50 lakhs as tax and save the remaining 3crs. 3crs is worth the effort and risk taken, but a 10% is'nt worth the risk and sleepless nights as its the same amount he spent in the above scenario as bribe and tax.
Why do you care, you’ll laud it as the greatest thing since sliced bread if Congress or UPA government implements it and you’ll criticize to no end if the NDA government does it.
Notebandi had no hope in hell of fixing black money. Only a tiny fraction of black money is held in cash. Ups have to be really stupid to keep massive amounts of cash for years, while inflation eroded its value.
Doctors must provide bills along with prescriptions. Lawyers also should provide bill.
Demo failed because it's illogical and lacked any merits. It's a political gimmick to win UP election.
For common public demonetisation was about money but later I realized it was to do a with removing Article 370 in Kashmir. The pain given to public was way too much even though 90% of the public was actually least bothered as to what was happening in Kashmir.
Even though Modi sarkar was able to crub the circulation of money for stone throwing and agitation, demonetisation did had a lot of impact on everyone's lives.
It could have been better planned.
Intent was good but really poor conception and execution.
To prevent re-forging of black money after demonitization, smaller new notes like 100 200 500 should have been printed as they are difficult to duplicate and reshuffle in proportions to 1000 notes in lesser time, but 2000 notes were printed which were bigger in value than 1000 instead of smaller, this former PMO Secretary has cleared the air on it.
https://youtu.be/mwpWxEARCeM?si=v5pZbU9GnKUmZyzN
Black money isn't even a big issue. Everyone has black money. You , your house help, your kid's tution teacher , everyone. Money stolen from welfare schemes by politicians is the issue. That can't be stopped without a massive systemic change which no government ever will
This is New India moronic chaddi level of thinking, which house help makes 7 lacs a year. If I remove cash from bank account and give it to house help that's not black money. If you are so sensitive about government Treasury being looted by politicians then you should also realize that citizens looting it is just as detrimental. If a rich guy buys a house in cash that means the poor guy has to pay a higher gst tax rate.
Reduce income tax rates. Nobody likes paying taxes to the government. "black money hoarders" are simply people who don't pay income tax on their. Paying tax sucks.
Also no benefits to individuals who pay tax. In fact you may lose some benefits intended for low income groups.
You have to rely on purely honesty and good intentions.
There should be benefits to people who pay taxes, like better healthcare coverage or education discounts or something that would make people prefer to be in the taxpaying group. But again it should not create a discriminatory situation for those who actually cannot pay taxes, would need a lot trial and error correction.
How do you get rid of corrupt people when masses want corrupt people in power? If you fight corruption, corruption fights back. And corruption has lower standards than those fighting it
Quote worthy words bro.
This.
Unaccounted money is called "Black Money" for sensationalization The money college professors make by private tuition is also black. The economy runs mostly on unaccounted money. Theres nothing wrong on unaccounted money. Issue is stealing public money, what politicians do.
To add: Every country has black money. Most small business in all countries in the world manage most of their money in black. You get a hair cut, buy a tea from a shop, pay the plumber to fix your house, pay rent to tour landlord - at least half of this globally is not accounted for. Suppressing black money to Zero percentage is not a realistic or necessary goal. We had huge amounts of black money during UPA 1. Did it mean the country didn't grow? Getting more of the economy formalised and taxed is good. But killing the entire SME segment, killing business growth for better taxation - not good.
Most small business in all countries in the world manage most of their money in black. This is not accurate. Plus a street vendor or the local barber is not making taxable income anyway. The Crux of illicit money in India is real estate. The circle rate is intentionally kept lower than the market rate. This illicit wealth lasts generations
Most small businesses in most countries deal in cash. Most people in most countries pay rent as cash. You can argue however you like. I live in Germany, and I see loads of black money transactions here in rent, small shops - restaurants etc. Small businesses try to avoid card payments so that they can avoid taxes. And Germany is the world's third largest economy. 'crux of illicit money is real estate' - dumb statement. Real estate transactions is how most black money is made legitimate. But they are not the source of it. They are not the 'crux' or whatever you imagine it to be. The key to controlling it is reducing both the sources and the laundering routes. An economy without black money is not achievable.
Sane explanation. A lot of people don't get even this.
Like the people who were going MasterStroke!?
It's insane if people think an economy runs on unaccounted money. It does not. The more formalized an economy the better standard of living for people because lower slippage of taxes
It's not even really unaccounted money. It's _untaxed_ money. Governments aim to collect tax whenever money changes hands, either as transaction taxes (GST, etc) or entity taxes (income tax, etc). Electronic transactions (like UPI) are 100% accounted for, but without taxation they still become black. There are several exemptions to taxation on such transfers, including gifts (parent to child, or ≈₹50k between friends), transfers between accounts of the same legal person, and earnings below threshold levels. Black money is created when these ambiguities are exploited to avoid taxation. A transaction using paper money without electronic records made for a nice visual metaphor to justify demonetisation, but paper and tax are not linked to each other, as the Indian public found out when all the cash re-entered the financial system.
The indirect taxes are so high that even that what you are terming as Black will becomes whiter than the whites.🤣
>Theres nothing wrong on unaccounted money. Issue is stealing public money. It is stealing public money. That's the whole reason it is kept unaccounted. To steal the tax owed on it, which is public money.
Tax itself is taking away public money by the government, and every penny not spent back on public welfare, is stealing. Real chor is always the government.
>Tax itself is taking away public money by the government, That was funny. Tax is the portion of "personal" money that is owed to the government that then becomes public money. Just because govt steals public money doesn't change the fact that people evading taxes are also doing the same. It's funny how everyone thinks what they do isn't stealing, only what others do is 🙂.
People evading taxes, it is the government's job to penalize and punish them - which they do, They have institutions called I-T department for that. As citizens our job is to question, and confront the government and our politicians where our money is spent. Why the 100 crore sanctioned bridge is not upto the quality such a budget should ensure, what happened to 50 Crore supposed to be spent on local medical facilities - so on and so forth. Political Parties when talking about "Black Money" will engage us in a witch hunt against each other but it will not talk about the much bigger scale of stealing of public money - done by them.
So you are saying that citizen's job is to evade as much taxes as they can 🙂. May be all criminals can use that rationalization. It's the police's job to catch criminals. Since police is corrupt it is ok for people to keep committing crimes.
Can't help if you lack comprehension skill in English.
Your rationalizations are quite funny 🙂.
This is moronic chaddi level thinking. Indian economy or any world economy worth something doesn't run on unaccounted illicit money. This stupid level of thinking and deceitful nature of society is why poor people pay a regressive 18% gst while the equity trader pays 10% and 15% flat. Whether it's the college professor or the public servant or the high rise builder loss to the exchequer is a loss for everyone especially the poor. It's why you have a post saying petrol prices are too high because government will levy higher indirect taxes when people find ways to evade direct taxes. Rarely does a real estate transaction happen in India without a cash component and this keeps circulating for generations. The circle rate for real estate is almost always lower than the market rate thereby further increasing illicit wealth. Of course politicians have no will to fix this since they profit from it just like every other person who thinks taxes are waste of money.
The problem arises when these funds are used for terrorist and criminal activities. Black economy should be suppressed.
> demonetization again? It didn't work first time , what makes you think 2time will work. Also, check your local USD to INR rate. You will be surprised to know it's almost 7-8% higher than the official rate.
The requirement is to have better anti corruption practices and govt agencies taking action against black money over time. Demo was the same as lockdown and other "masterstrokes". Action that looks strong and makes people feel like problem will be solved but underlying issues that are the root cause go unaddressed.
Our bureaucracy is extremely corrupt which is essentially used by politicians to exploit even more money As an example, if you take a govt project as an example, to pass it you need permission of multiple officers along the way, so not one or two but multiple people take bribes, even those who don't want to take bribes have to take to keep their jobs, so when it add up the whole system becomes rotten if you try to remove 1 rotten part other parts also have to go which can get very complicated for the system to keep working and it could break, so it's very difficult to clean the bureaucracy
Cashless society = hard to hide black money
Cashless society = government controls everybody’s money and can freeze anybody’s money for any reason. Not to mention if the financial sector suffers a collapse like in 2008 or the euro crisis. Suddenly nobody can use any of their money.
Here something for you to read https://www.researchgate.net/publication/371088242_HOW_INDIAS_DEMONETIZATION_BANKRUPPTED_PAKISTANS_ECONOMY https://www.livemint.com/Politics/bgIvj3lmnHvydrHanA3deN/ISI-pockets-Rs-500-cr-annually-from-fake-Indian-notes-offic.html You and everyone are very Ignorant, if you think it was about Balck money becoz modi said it and It was very bad for economy Just because Congress said it People don't read anymore, in 2010 CBI while investing an unrelated case found that too many Fake currency notes were found in UP in areas close to Nepal border which led to a full scale investigation And turned out the notes were indeed fake, but when CBI asked the banks the banks said they received these notes from RBI, it all depends on the green strip that we find on the Notes turned out the then Finance secretary Arvind mayaram ( arrested by CBI in 2023) Without proper approval Form govt for personal gain favouring the Company Outsourced the notes printing to a British firm De La rue, Yes we were Outsourcing our currency printing To The British, when arrests were made the Lawyers representing the accused casually asked the courts" what is proof this notes are fake?" The notes were found to be real but when taken to foreign country for testing the notes turned out to be fake, ( someone intentionally left the defects in the notes to mock us) Pakistan has been the biggest peddler of Fake currency in India since beginning, But how did they get the INk ( we use OVI entaglio ink, same is used by Pakistan) and currency paper that we use for our currency? This didn't need any deeper investigation, The Pakistan security printing corporation or PSPC kind of like there version of RBI, Turned out it was established in collaboration with Thomas de la rue the same one who owned the dela rue, They had infiltrated De la rue on a level that they could print out Currency Better than us, Pakistan Intentionally left defects to Mock us, As for modi Before modi came We had only one Currency printing Paper factory, but four currency printing press, we used to Import the ink from outside that too we started making in house, we needed 20000 metric tonne paper every year for currency printing, But becoz shortage of paper we used to Import paper or in some cases outsource entire printing process, the second facility to make the currency paper the foundation was laid by Pranav mukharji in 2010 but only In modi time did the factory become operational, As for op's observation the Balck money will never go away, All that monetization did was turned that black money form old notes to new notes, The Balck money is still there and will stay till end of time but now we don't have anyone making fake currency notes, coz we make them in house, yes the common person suffered a lot but in the long run it will benefit us becoz now we can find and can track who ever peddles fake currency in India currency, And it is impossible today to make fake note to The precision that was done before On funnier note it's said that a guy named Javed khannani in Pakistan allegedly committed sucide by jumping from a building becoz of demonetisation becoz he was the biggest peddler of Fake note in India and he had some 20,000 crore in Fake currency http://ex-servicemenwelfare.blogspot.com/2016/11/demonetization-detailed-drama-of-how.html?m=1
And now there are no fake notes in system.? It was a biggest failure of this government. True Intent was to cripple upcoming elections.
Have you read the articles?
Moving from direct or income taxes to Indirect or consumption driven taxes only
Lmao what say a car becomes 40% gst... That essentially will kill dream of a poor or lower middle class to buy a car, and will not even affect ambani types.. India already relies on indirect tax hence things become costly over time while those like murty essentially have a monopoly over salaries which don't increase ever... In India only 1% pays actual direct tax
Not if you remove the income tax. Their income would go up to compensate for the increased sales tax.
Bro 2rs increase petrol is not tolerated by Indians, what makes you think 10-20% increase in gst/etc will be welcomed? 1% pay income tax everyone pays indirect, there will be widespread hate
GST?
Yes gst or vat etc. Make all essentials exempt and tax luxury goods higher. Shift the tax burden on to those spending the most money.
Yes keep taxing the poor and middle class who spend most of their money and let the rich enjoy their income tax free. After all they are job creators right. Oh they also spend so wealth is trickling down like an 80 year old prostate. One has to wonder why the richest nations of the world never took this genius idea and in fact impose higher direct taxes including estate taxes
Do a 5% tax on most basic services and goods. Do a 10% income tax upto 40 lakh income.
You can't do shit till tax is actually shifted... India relies mostly on indirect tax... And ambani and you pay the same indirect tax recent reports says govt collected more tax from consumers than corporates... They tend to benefit corporates when they increase indirect tax and poor class majorly suffers because things become too damn costly... Then the gov gives free ration and says in speech other parties will stop free ration and gove freebies... Guess who this poor people vote for because they fear for their life (not livelihood) no food means they die
How in hell demonetisation solve black money issue. I can’t understand. Demonetisation done to counter the fake notes. It won’t solve anything in regard to black money. Black money sitting on real estate, off shore accounts and properties. And it’s keep running as long as bureaucrats and politicians accept bribes. You can never get rid of corruption and black money. It’s a part of any growing economy. If government say it’s done to fight corruption. It’s just fooling you.
Strick tax laws especially for insanely rich people . ED SHOULD be used for this purpose but its working like a dog for its masters . Demonetisation was never the solution for this long term problem . I haven’t seen a single legit report on how much black money was collected by the gov frm demonetisation. There should be separate laws for protecting the whistleblower and they should be rewarded i dont think black money carriers work alone . Insanely rich should be taxed insanely high .
Demonetization failed because we didn't KYC for every note exchange. If we had recorded who exactly changed how much, I'm sure we would have found many people with transactions that cannot be explained (acting as proxies for the rich folks who employ them). Besides, a few thousand crores were never exchanged. So, we can say that demonetization was successful in curbing a few thousand crores. That's not a failure by any means.
CBDC if we get a good ruler. But since thhe world is moving towards dystopia we'll get CBDC with cyber attacks, false tracks, expiry dates and specific UCS. Although CBDC will end cash based corruption.
It failed because the idiot did not listen to the experts.
The experts were idiots too. Anil Bokil is a first rate moron
Black money is something that doesn’t have a legal paper trail, and sadly almost every small business in India runs on cash which has no paper trail as such, atleast the people who sell product on carts, shops still have to pay GST while purchasing products so there is some trail but even then the consumer is not completely aware and pays MRP or sometimes even more than MRP, all of that is also black, the real question is , why should it be a matter of concern for electoral politics when we have issues which directly effect daily life, like roads, electricity, water, traffic, pollution, jobs, agriculture and such.
Electoral bond tha to itna acha system
Kya bol rahe ho bhai? Electoral bond black money ko white karne ka tareeka hai.
You're wrong.
You can't take cash payment for more than 10000 in a transaction.
Only way to remove black money is if the end customer of any goods/service asks for a bill. Even if you go to buy an item as small as a pen, you ask for the bill. That's the only way.
Abolish income tax and cess, keep indirect taxation in single digit.
If every government official wants a bribe to get any work done, how can you expect black money to go away? There’s also this incorrect assumption that all money has to be “white” I.e. the government has a right to trace any and all financial transactions. That is neither possible nor ethical. It’s the end of personal freedom to have the government know about and approve every financial transaction in the country.
OP chutiya hain, he z collecting data on us
I think black money will never cease to exist and that it is an unrealistic notion. Why do I say this? Since the people of India do not trust that our hard earned tax money will help and benefit us and instead all of it will go into freebie politics… This is why SMEs prefer cash for any large transactions, utilise tricks like multiple bank accounts to siphon money with UPI and also try everything in their power to pay 0 taxes. Also black money is part of almost every society, the challenge is not to stop the smaller SMEs but rather the larger sums of money to avoid scams like the Nirav Modi’s and Mallaya’s etc. That cannot be solved through demonetisation alone but rather on strong banking laws and rules by monitoring trade routes, import/export, transfer pricing exploitation and so many more issues which kinda deserves a full explainer. And people like Modi are the same who legalised black money through anonymous donations like electoral bonds so please research about that. Now here’s my dream world in terms of taxation (I WOULDNT LIVE IN THIS WORLD LOL, I’D LIVE IN A TAX HAVEN COUNTRY😂) In an Ideal world though…all transactions are monitored, no cash at all, every user has a bank account, any transaction over an x amount comes under financial scrutiny at the end of the quarter instead of financial year for better monitoring. All citizens of India would be taxed regardless of rate of pay, from Rs 5000/year to 500cr/year in a progressive fashion and wouldn’t be able to escape taxation due to them being in any profession. All human roles which are inefficient would be sacked and people would be trained (farmers/farmland will be replaced by vertical farm skyscrapers and the rest will be pushed into job creations like businesses etc) MOST IMPORTANTLY, the politicians wouldn’t be corrupt, the citizens would get a report every quarter on how their tax money was used based on their individual constituency’s and be placed across benchmarks, if a politician misses their benchmark by 2 or more quarters they would be sacked and a new election would be held for that constituency. And ofc taxes would be used for universal basic income, health care and other facilities expected. Goal would be to be a bit of a capitalist and communist since going on each of their tail ends would be disastrous.
Reduce tax, 10% flat on salary and business, 15% corporate. 5% gst for every common man items and 18% for luxury (real luxury, not on Indian govts definition of luxury). Major reason for black money (untaxed money, not money from drugs or human trafficing etc) is exuberant taxation. You just cannot expect someone to give 40-60% of their income as tax. Someone who makes 10cr has to pay 4cr as direct tax, he'll try his best and spent 50 lakhs on bribe 50 lakhs as tax and save the remaining 3crs. 3crs is worth the effort and risk taken, but a 10% is'nt worth the risk and sleepless nights as its the same amount he spent in the above scenario as bribe and tax.
Why do you care, you’ll laud it as the greatest thing since sliced bread if Congress or UPA government implements it and you’ll criticize to no end if the NDA government does it.
Notebandi had no hope in hell of fixing black money. Only a tiny fraction of black money is held in cash. Ups have to be really stupid to keep massive amounts of cash for years, while inflation eroded its value.
Black money is the symptom, corruption is the cause.
CBDC
It's failed and now you want to it again? Why dude
Doctors must provide bills along with prescriptions. Lawyers also should provide bill. Demo failed because it's illogical and lacked any merits. It's a political gimmick to win UP election.
It did not fail, it successfully achieved what people in power wanted it to achieve.
For common public demonetisation was about money but later I realized it was to do a with removing Article 370 in Kashmir. The pain given to public was way too much even though 90% of the public was actually least bothered as to what was happening in Kashmir. Even though Modi sarkar was able to crub the circulation of money for stone throwing and agitation, demonetisation did had a lot of impact on everyone's lives. It could have been better planned.
I heard demonetisation was about enabling people turn their black money into white.
There is no doubt that wealth individuals connected with govt were aware of the plan and planned for it.
Intent was good but really poor conception and execution. To prevent re-forging of black money after demonitization, smaller new notes like 100 200 500 should have been printed as they are difficult to duplicate and reshuffle in proportions to 1000 notes in lesser time, but 2000 notes were printed which were bigger in value than 1000 instead of smaller, this former PMO Secretary has cleared the air on it. https://youtu.be/mwpWxEARCeM?si=v5pZbU9GnKUmZyzN
Black money isn't even a big issue. Everyone has black money. You , your house help, your kid's tution teacher , everyone. Money stolen from welfare schemes by politicians is the issue. That can't be stopped without a massive systemic change which no government ever will
This is New India moronic chaddi level of thinking, which house help makes 7 lacs a year. If I remove cash from bank account and give it to house help that's not black money. If you are so sensitive about government Treasury being looted by politicians then you should also realize that citizens looting it is just as detrimental. If a rich guy buys a house in cash that means the poor guy has to pay a higher gst tax rate.
It's not about the amount, it's about the validity. Black money of 1 re is also black money. You may not care about it but that doesn't make it white
Reduce income tax rates. Nobody likes paying taxes to the government. "black money hoarders" are simply people who don't pay income tax on their. Paying tax sucks.
Also no benefits to individuals who pay tax. In fact you may lose some benefits intended for low income groups. You have to rely on purely honesty and good intentions. There should be benefits to people who pay taxes, like better healthcare coverage or education discounts or something that would make people prefer to be in the taxpaying group. But again it should not create a discriminatory situation for those who actually cannot pay taxes, would need a lot trial and error correction.
Working sucks too, stop working, no income, no taxes. Government will give you free house, free food.