4 ms·

> A large portion of the black untaxed money is untraceable in the form of cash, so getting them into banks and taxed is the first step. A large portion of the

by pksadiq 10y ago

> A large portion of the black untaxed money is untraceable in the form of cash, so getting them into banks and taxed is the first step. A large portion of the black untaxed money is in the form of gold, land, properties, swiss accounts, and other means. The current action may help catch many, but most of them not.

eklavya 10y ago
The prime minister has very openly said that real estate is next. And just wait till January next year the jewellers who sold a shit ton of gold in this period will also come under scrutiny. The only thing that is not clear is what steps if any the government will take to make sure black money hoarding doesn't start again. I am hopeful we will see something by the budget session.
- gnipgnip 10y ago
  There was also some grumbling about cracking down on household gold savings (now that the "Gold bond" has fallen flat on its face).
  - kamaal 10y ago
    There is no feasible way of doing it. Unless you pass laws to hold people at gun point and ask them to surrender all gold they have. Beyond that the government did try some gold investment schemes, which were extreme flops. With the current move I see gold buying at a never ending high in India.
    - gnipgnip 10y ago
      It's really strange, considering that gold-smuggling has historically been the source of funding for assorted terrorist orgs. Demonetization may turn out in hindsight to be a master stroke, but there are too many variables that are hidden. There remains anonymous routes such as p-notes that are still open for "black-money" routing. Hawala is likely to be hit very hard by this. See Swamy's latest lecture, https://www.youtube.com/watch?v=CMx1WtpAQ8Y https://www.youtube.com/watch?v=CMx1WtpAQ8Y
    - eklavya 10y ago
      Yeah even I am very curious how if ever this could be pulled off. It's a wait and watch for now.
- kamaal 10y ago
  >>The only thing that is not clear is what steps if any the government will take to make sure black money hoarding doesn't start again. So you want government to change the entire Indian mindset. While addressing nothing about why that mindset exists? Hoarding or investing call it whatever you like these things look differently from everybody's personal perspective. Indians save wealth because there is a inherent feeling of scarcity. You can pass as many laws as you want, but you won't be able to force people to spend money they think they need for the future. This is simply because they don't want to spend it. It just comes down to the fact that you can't force anybody to some thing they don't want to do.
  - eklavya 10y ago
    I find that claim very strange. Who is asking you to spend your money? Is paying tax or not taking bribes about mindsets? I save up and I pay taxes and nobody can force me to spend money I don't want to.

by pksadiq 10y ago

eklavya 10y ago

The prime minister has very openly said that real estate is next. And just wait till January next year the jewellers who sold a shit ton of gold in this period will also come under scrutiny. The only thing that is not clear is what steps if any the government will take to make sure black money hoarding doesn't start again. I am hopeful we will see something by the budget session.

gnipgnip 10y ago
There was also some grumbling about cracking down on household gold savings (now that the "Gold bond" has fallen flat on its face).
- kamaal 10y ago
  There is no feasible way of doing it. Unless you pass laws to hold people at gun point and ask them to surrender all gold they have. Beyond that the government did try some gold investment schemes, which were extreme flops. With the current move I see gold buying at a never ending high in India.
  - gnipgnip 10y ago
    It's really strange, considering that gold-smuggling has historically been the source of funding for assorted terrorist orgs. Demonetization may turn out in hindsight to be a master stroke, but there are too many variables that are hidden. There remains anonymous routes such as p-notes that are still open for "black-money" routing. Hawala is likely to be hit very hard by this. See Swamy's latest lecture, https://www.youtube.com/watch?v=CMx1WtpAQ8Y https://www.youtube.com/watch?v=CMx1WtpAQ8Y
  - eklavya 10y ago
    Yeah even I am very curious how if ever this could be pulled off. It's a wait and watch for now.
kamaal 10y ago
>>The only thing that is not clear is what steps if any the government will take to make sure black money hoarding doesn't start again. So you want government to change the entire Indian mindset. While addressing nothing about why that mindset exists? Hoarding or investing call it whatever you like these things look differently from everybody's personal perspective. Indians save wealth because there is a inherent feeling of scarcity. You can pass as many laws as you want, but you won't be able to force people to spend money they think they need for the future. This is simply because they don't want to spend it. It just comes down to the fact that you can't force anybody to some thing they don't want to do.
- eklavya 10y ago
  I find that claim very strange. Who is asking you to spend your money? Is paying tax or not taking bribes about mindsets? I save up and I pay taxes and nobody can force me to spend money I don't want to.