3 ms·

It's a card you can play once and will only work against small businesses like restaurants and other stores that deal in cash. The big fish will get away as the

It's a card you can play once and will only work against small businesses like restaurants and other stores that deal in cash. The big fish will get away as they most likely already have their money laundered and converted to other assets. They wouldn't be holding all their cash in a garage somewhere like Walter White :) I think the one of the big reasons (if not the only one) of doing this is to be able to introduce notes of higher denominations as an anti-corruption measure without having to answer the critics about the sorry state of the economy. Nonetheless, a good one time move against the small time tax evader. This is not going to work long term obviously. What the government needs to do is to give incentives to tax payers and considerably lower the taxes. Only then people will start paying them. I know it is a bit of a chicken and egg problem but it's the government that has to initiate the process. I think Indians are among one of the highest taxed citizens in the world if you count direct+indirect taxes vs social welfare offered by the state.

drieddust 10y ago
> They wouldn't be holding all their cash in a garage somewhere like Walter White :) True but someone will get money in return. He will be the sucker. > I think Indians are among one of the highest taxed citizens in the world if you count direct+indirect taxes vs social welfare offered by the state. True only for salaried class. Business men and self employed virtually walk away paying negligible taxes. I have friends who pay negligible taxes as compared to I, yet they maintain a lifestyle well beyond what I can dream to afford and I am payed decently even by UK standards.
udkl 10y ago
"...converted to other assets" These is mainly real estate assets. A lot of this black money is laundered to the builders who in turn do not declare a large part of it. Thus my hypothesis that it is the builders that will be hit the most. I'm expecting a real estate market crash.
- owaislone 10y ago
  That would be nice. Finally people might be able to afford housing :D /s

drieddust 10y ago

> They wouldn't be holding all their cash in a garage somewhere like Walter White :) True but someone will get money in return. He will be the sucker. > I think Indians are among one of the highest taxed citizens in the world if you count direct+indirect taxes vs social welfare offered by the state. True only for salaried class. Business men and self employed virtually walk away paying negligible taxes. I have friends who pay negligible taxes as compared to I, yet they maintain a lifestyle well beyond what I can dream to afford and I am payed decently even by UK standards.

udkl 10y ago

"...converted to other assets" These is mainly real estate assets. A lot of this black money is laundered to the builders who in turn do not declare a large part of it. Thus my hypothesis that it is the builders that will be hit the most. I'm expecting a real estate market crash.

owaislone 10y ago
That would be nice. Finally people might be able to afford housing :D /s