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Hmm as much as I'd like to agree with you, don't think its necessarily spurious on the facts. https://en.wikipedia.org/wiki/Corruption_in_India https://en.wiki

by rm2889 10y ago

Hmm as much as I'd like to agree with you, don't think its necessarily spurious on the facts. https://en.wikipedia.org/wiki/Corruption_in_India https://en.wikipedia.org/wiki/Corruption_in_India From another perspective, the Rs 1000 note was demonetized in 1978 as well to curb unaccounted money. More than 30 years later, we've had to do it again because the underlying problem wasn't solved. https://en.wikipedia.org/wiki/Indian_1000-rupee_note https://en.wikipedia.org/wiki/Indian_1000-rupee_note Maybe this time it'll work. Time will tell.

shripadk 10y ago
You can't compare 1978 with 2016. Removing 500 and 1000 rupee notes as legal tender in 2016 accounts to more than 80% of total cash circulation. This is huge. 1000 Rupee note was a very small percentage of cash circulation in 1978.
somethingsright 10y ago
It will work for the current undeclared income. Soon people will begin hoarding the new currency notes. Or become wise and not stash money in currency. Under the recent tax amnesty scheme if somebody had declared rental income, or business income, they will have to continue declaring it for years to come. I personally believe that the bigger players in undeclared income are not keeping it in cash, they have assets bought in the names of trusted people, be it cars or properties. And that is the difference here. Corruption is big players. Undeclared income was for avoiding taxes by mostly regular people. Corruption had already found a work-around. And even if not, it was free money when they got it; they might not miss it. Regular people were trying to save 30 paise to a rupee that they earned, they will now have to pay it. The current method is a way to fight black money. For corruption there are other ways, and maybe some will be taken.
- wav-part 10y ago
  > The current method is a way to fight black money. For corruption there are other ways, and maybe some will be taken. "Black money" term is so misplaced, it should be untaxed ruppes. It wont affect untaxed assets (overeseas and here). And guess who has most untaxed ruppes and who cant afford to lose any more ? Low/Middle Class. Good job Modi. You just alienated they very people who voted you in the office.
  - shashi20008 10y ago
    I too do not think this move alone would solve "Black Money" problem in long term, but it certainly will go a long way in setting a better trend. > You just alienated they very people who voted you in the office. All govts till now have been doing politically right thing, rather than morally right. If a Govt., for once, tries to go beyond the vote-politics and do what's right, shouldn't that be a welcome change?
    - wav-part 10y ago
      > I too do not think this move alone would solve "Black Money" problem in long term, but it certainly will go a long way in setting a better trend. Only if the problem is inadequate tax revenue, which is not the problem IMHO. Its tax spending. > All govts till now have been doing politically right thing, rather than morally right. If a Govt., for once, tries to go beyond the vote-politics and do what's right, shouldn't that be a welcome change? Not before coming up with better tax spending plan. I have never gotten my taxes worth nor I expect It now, irregardless of how much they take my money.
      - legolas2412 10y ago
        Don't justify your skirting the laws. Why don't you spend the tax you don't pay to the government to a charity?
        wav-part 10y ago
        I dont want to pay for what I am not getting. Is that so hard to comprehend ? > Don't justify your skirting the laws. Breaking laws ? That would be playing right in their hands. I would not give them the satisfication to confiscate my properties and lock me up. Most of the tax goverments think they should but dont get are legally avoided. They have to be. Otherwise exodus would be catastrophic. > Why don't you spend the tax you don't pay to the government to a charity? First my money my rules. Second if the charties help me ofcourse I would for example EFF. So please justify more of your extortion.

by rm2889 10y ago

shripadk 10y ago

You can't compare 1978 with 2016. Removing 500 and 1000 rupee notes as legal tender in 2016 accounts to more than 80% of total cash circulation. This is huge. 1000 Rupee note was a very small percentage of cash circulation in 1978.

somethingsright 10y ago

It will work for the current undeclared income. Soon people will begin hoarding the new currency notes. Or become wise and not stash money in currency. Under the recent tax amnesty scheme if somebody had declared rental income, or business income, they will have to continue declaring it for years to come. I personally believe that the bigger players in undeclared income are not keeping it in cash, they have assets bought in the names of trusted people, be it cars or properties. And that is the difference here. Corruption is big players. Undeclared income was for avoiding taxes by mostly regular people. Corruption had already found a work-around. And even if not, it was free money when they got it; they might not miss it. Regular people were trying to save 30 paise to a rupee that they earned, they will now have to pay it. The current method is a way to fight black money. For corruption there are other ways, and maybe some will be taken.

wav-part 10y ago
> The current method is a way to fight black money. For corruption there are other ways, and maybe some will be taken. "Black money" term is so misplaced, it should be untaxed ruppes. It wont affect untaxed assets (overeseas and here). And guess who has most untaxed ruppes and who cant afford to lose any more ? Low/Middle Class. Good job Modi. You just alienated they very people who voted you in the office.
- shashi20008 10y ago
  I too do not think this move alone would solve "Black Money" problem in long term, but it certainly will go a long way in setting a better trend. > You just alienated they very people who voted you in the office. All govts till now have been doing politically right thing, rather than morally right. If a Govt., for once, tries to go beyond the vote-politics and do what's right, shouldn't that be a welcome change?
  - wav-part 10y ago
    > I too do not think this move alone would solve "Black Money" problem in long term, but it certainly will go a long way in setting a better trend. Only if the problem is inadequate tax revenue, which is not the problem IMHO. Its tax spending. > All govts till now have been doing politically right thing, rather than morally right. If a Govt., for once, tries to go beyond the vote-politics and do what's right, shouldn't that be a welcome change? Not before coming up with better tax spending plan. I have never gotten my taxes worth nor I expect It now, irregardless of how much they take my money.
    - legolas2412 10y ago
      Don't justify your skirting the laws. Why don't you spend the tax you don't pay to the government to a charity?
      - wav-part 10y ago
        I dont want to pay for what I am not getting. Is that so hard to comprehend ? > Don't justify your skirting the laws. Breaking laws ? That would be playing right in their hands. I would not give them the satisfication to confiscate my properties and lock me up. Most of the tax goverments think they should but dont get are legally avoided. They have to be. Otherwise exodus would be catastrophic. > Why don't you spend the tax you don't pay to the government to a charity? First my money my rules. Second if the charties help me ofcourse I would for example EFF. So please justify more of your extortion.