Demonetisation – a flaw for black money recovery?
The idea that currency notes of denominations Rs 1000 and Rs 500 only are the medium of hoarding black money, is a flawed one. Black money is often invested in land, gold, etc. Similarly, it seems a widely accepted proposition that black money is deposited in the tax havens like Switzerland, and routed back to India via the “Mauritius route”. The Prime Minister addresses the nation via television on Tuesday (Nov. 8) night and announces the decision at 8:00 p.m. and the demonetization plan came into effect within hours (since midnight).It has certainly led to a chaos and confusion. It would have been ideal to announce the date of demonetization in advance, as was done in 2014 as regards notes printed before 2005. This would have saved the common man from the chaos which has been inflicted upon him.
KB Dessai, Fatorda
Excellent service at HDFC Bank, Morod, Mapusa
This bank was packed at 10 am in the morning but the bank staff with IDs round their neck walked amidst the crowd and reached out to special cases like senior citizens.
I arrived on November 7 by train and am leaving by train and had only Rs 300 plus my debit card this morning. On entry into HDFC Bank at Morod, Mapusa, I was observed to be a senior citizen (age 83) was ushered straightaway to a desk through the crowd, was asked my requirements. As I knew the number of my account in Mumbai, the officer took the same plus my Aadhar card which he photocopied. Then he filled the withdrawal form, told me to sign it, pinned it to the copy of the Aadhar card, got his assistant to hand it over at the counter. I was given a chair to sit on along with two other senior citizens. One by one, we senior citizens got our money in good time – Rs 2,000 in hundred rupee notes.
I am grateful for the courtesy and efficiency of the bank. The new notes have not yet been received by the bank.
John Menezes, Goan living in Mumbai
Good decision but not planned
It was a good move by the Modi government to stop Rs 1000 and Rs 500 notes. Overnight it was taken into consideration that no chance was given to transfer black money which was a good move. But it would be more better if the Government took measures in advance to stop all hardship faced by common man today. Government should have started circulating Rs 100 in the market in advance. Bank should give only Rs100 notes when cash is withdrawn. If this was done today there was no problem at all.
Savio Almeida, Banda Assolna
Ideal step to flush out black money
Daring step taken by the Prime Minister Mr Narendra Modi to flush out black money in the country is a very good step. People who having their hard earned money are running here and there. I feel that the people who have little money are worried but what step did Prime Minister take to flush our black money from the corrupt politicians and BJP Ministers who accumulated crores of rupees by cheating the exchequer? The noted most corrupt ministers is one of them the Union Minister for Highways and Shipping, who proposes unwanted projects costing crores of rupees in Goa, which are rejected by the Goans and pocketing crores of rupees. There are several Ministers under Goa Government, whom I should name them. The Income tax commissioner should take care of them and publish their names in the news papers.
Marcos Alemao, Varca
Fine move by Modi
This refers to the front-page report, “Modi blacks out Rs. 500 and Rs.1000” (Herald, November 9, 2016). The decision to scrap Rs. 500 and Rs.1000 currency notes is welcome. It will certainly weed out a sizeable amount of black money. But black money will again start mushrooming if putting the brakes on its generation is not being taken up immediately after the introduction of new currency notes. Cash transactions of over Rs 50,000 must be prohibited to cut the channels of black money circulation. This complementary step is needed to sustain the benefits of currency renewal.
Sujit De, Kolkata
