That is one of the reason 'for' BTT as it will bring more people within taxation ambit.
India politics thread
- Thread starter Shiva87
- Start date
How does that work? Won't those avoiding tax just do the same?
BTT is applied on debit/credit banking transactions and any transaction you do, cheque or electronic, a tax will be charged. It has to go together with scrapping high denomination notes from what I understand. With 2000 and 500 in circulation, full benefits won't be realized. Also, it needs almost every transaction for any purpose to be done through cheque or electronic means for which we are not ready yet as country.
Currently only 1% of country pays tax and this will bring more under taxation scope. Also for middle class salaried people, it should result in lesser in tax than we pay currently.
I found this comment on social media yesterday. I think there are some valid points....
Mr. Prime Minister,
This is a very ill thought out decision (despite what your bhakts may say). Yes, there is adventurism and theatrics in your decision, but there is very little systematic, process oriented thinking to assess the impact and repercussion of your action. You just threw a bomb on Indian economy, including its middle class and small businesses.
Some questions by your fellow citizen:
1) Is it really worth inconveniencing 125 crore people if the total black money in currency is less than 6%? Imagine, just 6%!!!! Means, even if the total black money in currency is destroyed/seized, 94% of black money is still out there. And we all know that even half of that 6% currency can't be destroyed by this action. Black money holders are easily converting their currencies to newer one's through many ways. So, is it really worth the struggles of 125 crore people? Is it really worth 70+ precious life's of your citizen? Is it really worth the 70% reduction in the daily business? Is it really worth the considerable slowing down of the economy? Is it really worth the weakening of Indian Rupee? Is it really worth the loss of manpower and productivity caused by this decision?
2) Could you have raided and collected more taxes by going after some of the super rich, who we all know are unethical in their business practices?
3) When you know that 80% of the wealth of this country is with less than 15% people, does your actions are really justified?
4) How about those Swiss accounts you so heroically were mentioning in your election campaigns? Do you have guts to even touch on that? Not just the names, even the Swiss bank account numbers are also available in the public domain? That was your election promise to the nation, you promised that the black money holders will suffer. But now all we see is the suffering of common man. Black money holders are still in the safe zone.
5) Why did you not start with abolishing black money funding to political parties? Do you have the guts to disclose who (which businessmen) gave how much money to your campaign? Who are you trying to protect by going after the common man?
6) Why was Vijay Mallya allowed to fly out our country when the entire defense and immigration departments in your hands? You can track poor NGO workers and stop them from leaving the country but you cannot catch a fraudster who has cheated thousands of crores?
7) What reply do you have on the loan wavering of corporate's including Vijay Malya's when the common man is running madly to legalise their hard earned money?
8) When you clearly knew that around 50% of Indian's still don't have a bank account and 30% of them are illiterates who either don't know or don't have facilities to legalise their hard earned money, was this the right action? It is also possible that millions of citizens in the very remote areas doesn't even know about these measures taken by you, meaning, their life savings will become just piece of papers by the end of coming month.
9) Your own party MLA from Rajasthan was claiming on video that this news was already leaked to the likes of Ambani, Adani and other leaders and they took required measures before your announcement.
10) There were multiple reports that in Gujrat, your own party president, Mr. Amit Shah's team was actively involved in exchanging of old currencies to newer once on 67-33% basis through the cooperative banks ruled by your own party. Means if you give them 1 crore rupees (100 lakh) worth old notes, they will give you 67 lakh worth new notes. Have you looked into these allegations?
11) It was widely reported that Ambani invested around 150,000 lakh crores on Jio Sim. All the calls and data transfer using this sim are totally free till December 31. December 31st is also the final day to exchange the old notes. Is there any truth in the claims that Ambani is legalizing his black money through this?
12) Why did you appoint Mr. Urjit Patel as the new RBI Governor when it was obvious that the former Governor Mr. Raghuram Rajan was doing a fine job? Why did you not extend the term of Mr. Raghuram Rajan? Is it because Mr.Urjit Patel was the finance manager of Mr. Ambani? Don't you think that there will be a conflict of interest? Even if you had to change Mr. Raghuram Rajan, you had many other option with much better CV's than that of Mr. Urjit Patel's. So, was this all pre-planned?
13) You were also saying that the currency printing process started 6 months before. If that's true, then why every new currency has the signature of the new RBI Governor? If the currency started to print before 6 months, then the signature on the currency must be of the the then RBI Governor Mr. Raghuram Rajan. Are you lying to the nation?
14) How did your party leader and their relatives got bundles of 2000 note even 2 days before your announcement?
15) How come an ex-minister of your party was able to conduct a 500 crore wedding just 2 days after your announcement? From where he got that kind of new currency? Or was he pre-paid all the payments, meaning he knew about this currency ban in advance?
16) Did you know that the wife of a businessman in Gujrat purchased 20 crore valued gold just few hours before your announcement on 8th of this month?
17) Why was your party bank accounts in UP and Bengal were credited with lakhs and crores of rupees worth 500 and 1000 notes just before your announcement?
18) When all the other political parties are mostly in silent mode coz of the lack of money, you and your party is able to conduct huge election rallies and conferences in many states without any trouble? How is it possible.
Answer these questions with honesty, I will happily stand in line for 24 hours to get my cash. When you run a political party and run a very expensive extravagant campaign with black money of rich and powerful, you cannot justify your intentions or actions. You are just harassing people. Clean up with filth in your house (i.e., corrupt political parties) before you launch a missile on the common man of this country.
My first reaction to this news was WOW!!!. But as days passed, i heard and read a lot of things and i am not so sure now. At least 70 deaths were reported until now which are directly or indirectly related to this measures. Many people died by standing in queue for long hours and some died coz they didn't had money to pay to the hospitals. Even yesterday 3 people died. One 4 year old baby girl who was suffering from fever died while her father was running around all the ATM's and banks to withdraw money to admit her in a hospital. An 18 year old student hanged himself because he was not able to withdraw money from the bank even after repeated attempts. Another senior citizen died while he was waiting in the queue for long hours. He was also in dire need for money as his daughter-in-law was in hospital and needed an urgent surgery.
Personally, even after 16 days, i don't have money to pay my workers and my business is going down day by day. My business is almost 80% down now. And i have no idea when things will be back to normal. The irony is that only common man and some middle class are struggling. Most of the rich people and all the politicians are in safe zone. I never saw a rich man or a politician standing in a queue to change/withdraw/deposit their money. But as per the guidelines, one should present themselves in the bank with valid id proofs to exchange/withdraw/deposit their money.
Now i strongly feel that all these drama were a master plan by the government with multiple aims, especially to get advantage in the coming UP state elections.
Mr. Prime Minister,
This is a very ill thought out decision (despite what your bhakts may say). Yes, there is adventurism and theatrics in your decision, but there is very little systematic, process oriented thinking to assess the impact and repercussion of your action. You just threw a bomb on Indian economy, including its middle class and small businesses.
Some questions by your fellow citizen:
1) Is it really worth inconveniencing 125 crore people if the total black money in currency is less than 6%? Imagine, just 6%!!!! Means, even if the total black money in currency is destroyed/seized, 94% of black money is still out there. And we all know that even half of that 6% currency can't be destroyed by this action. Black money holders are easily converting their currencies to newer one's through many ways. So, is it really worth the struggles of 125 crore people? Is it really worth 70+ precious life's of your citizen? Is it really worth the 70% reduction in the daily business? Is it really worth the considerable slowing down of the economy? Is it really worth the weakening of Indian Rupee? Is it really worth the loss of manpower and productivity caused by this decision?
2) Could you have raided and collected more taxes by going after some of the super rich, who we all know are unethical in their business practices?
3) When you know that 80% of the wealth of this country is with less than 15% people, does your actions are really justified?
4) How about those Swiss accounts you so heroically were mentioning in your election campaigns? Do you have guts to even touch on that? Not just the names, even the Swiss bank account numbers are also available in the public domain? That was your election promise to the nation, you promised that the black money holders will suffer. But now all we see is the suffering of common man. Black money holders are still in the safe zone.
5) Why did you not start with abolishing black money funding to political parties? Do you have the guts to disclose who (which businessmen) gave how much money to your campaign? Who are you trying to protect by going after the common man?
6) Why was Vijay Mallya allowed to fly out our country when the entire defense and immigration departments in your hands? You can track poor NGO workers and stop them from leaving the country but you cannot catch a fraudster who has cheated thousands of crores?
7) What reply do you have on the loan wavering of corporate's including Vijay Malya's when the common man is running madly to legalise their hard earned money?
8) When you clearly knew that around 50% of Indian's still don't have a bank account and 30% of them are illiterates who either don't know or don't have facilities to legalise their hard earned money, was this the right action? It is also possible that millions of citizens in the very remote areas doesn't even know about these measures taken by you, meaning, their life savings will become just piece of papers by the end of coming month.
9) Your own party MLA from Rajasthan was claiming on video that this news was already leaked to the likes of Ambani, Adani and other leaders and they took required measures before your announcement.
10) There were multiple reports that in Gujrat, your own party president, Mr. Amit Shah's team was actively involved in exchanging of old currencies to newer once on 67-33% basis through the cooperative banks ruled by your own party. Means if you give them 1 crore rupees (100 lakh) worth old notes, they will give you 67 lakh worth new notes. Have you looked into these allegations?
11) It was widely reported that Ambani invested around 150,000 lakh crores on Jio Sim. All the calls and data transfer using this sim are totally free till December 31. December 31st is also the final day to exchange the old notes. Is there any truth in the claims that Ambani is legalizing his black money through this?
12) Why did you appoint Mr. Urjit Patel as the new RBI Governor when it was obvious that the former Governor Mr. Raghuram Rajan was doing a fine job? Why did you not extend the term of Mr. Raghuram Rajan? Is it because Mr.Urjit Patel was the finance manager of Mr. Ambani? Don't you think that there will be a conflict of interest? Even if you had to change Mr. Raghuram Rajan, you had many other option with much better CV's than that of Mr. Urjit Patel's. So, was this all pre-planned?
13) You were also saying that the currency printing process started 6 months before. If that's true, then why every new currency has the signature of the new RBI Governor? If the currency started to print before 6 months, then the signature on the currency must be of the the then RBI Governor Mr. Raghuram Rajan. Are you lying to the nation?
14) How did your party leader and their relatives got bundles of 2000 note even 2 days before your announcement?
15) How come an ex-minister of your party was able to conduct a 500 crore wedding just 2 days after your announcement? From where he got that kind of new currency? Or was he pre-paid all the payments, meaning he knew about this currency ban in advance?
16) Did you know that the wife of a businessman in Gujrat purchased 20 crore valued gold just few hours before your announcement on 8th of this month?
17) Why was your party bank accounts in UP and Bengal were credited with lakhs and crores of rupees worth 500 and 1000 notes just before your announcement?
18) When all the other political parties are mostly in silent mode coz of the lack of money, you and your party is able to conduct huge election rallies and conferences in many states without any trouble? How is it possible.
Answer these questions with honesty, I will happily stand in line for 24 hours to get my cash. When you run a political party and run a very expensive extravagant campaign with black money of rich and powerful, you cannot justify your intentions or actions. You are just harassing people. Clean up with filth in your house (i.e., corrupt political parties) before you launch a missile on the common man of this country.
My first reaction to this news was WOW!!!. But as days passed, i heard and read a lot of things and i am not so sure now. At least 70 deaths were reported until now which are directly or indirectly related to this measures. Many people died by standing in queue for long hours and some died coz they didn't had money to pay to the hospitals. Even yesterday 3 people died. One 4 year old baby girl who was suffering from fever died while her father was running around all the ATM's and banks to withdraw money to admit her in a hospital. An 18 year old student hanged himself because he was not able to withdraw money from the bank even after repeated attempts. Another senior citizen died while he was waiting in the queue for long hours. He was also in dire need for money as his daughter-in-law was in hospital and needed an urgent surgery.
Personally, even after 16 days, i don't have money to pay my workers and my business is going down day by day. My business is almost 80% down now. And i have no idea when things will be back to normal. The irony is that only common man and some middle class are struggling. Most of the rich people and all the politicians are in safe zone. I never saw a rich man or a politician standing in a queue to change/withdraw/deposit their money. But as per the guidelines, one should present themselves in the bank with valid id proofs to exchange/withdraw/deposit their money.
Now i strongly feel that all these drama were a master plan by the government with multiple aims, especially to get advantage in the coming UP state elections.
Last edited:
Which points do you think are valid?
Forces quite a few to make accounts etc. Should be a significant number IMO.
Do you really think the govt cares a dime about all this? They have loads of supporters who will go to any lengths, be it outside or social media to dismiss every point anyone makes calling it all collateral.
They made a hilariously loaded questionnaire in their own app and declared that almost entire nation is with them, based on it. They know that they can give multi-million deals to businesses who are friendly to them and no one will ask them why.
Most importantly, every govt knows that common man will find jugaad somehow or the other regardless of any failed implementations.
I think most of the points are valid or at least are strong enough to demand an explanation or an inquiry to it. The points 1, 3, 4, 5, 6, 7, 9, 13, 15, 17 and 18 are facts. And there are no replies or explanations to these from the government or from their party. And i personally support the points 2, 11, and 12. I also support the point no 8, but i am not sure if the data's mentioned are accurate or not. Even though there are many reports about the contents of the points 10, 14 and 16, the authenticity is yet to be verified.
Manmohan laying the smack down. 
Hearing news that it might be extended.
These are just on the paper. In reality, the banned notes are not accepted in most of the above mentioned situations.
Sorry for sounding stupid, but can anyone tell me what the rationale behind demonetization is?
The belief is that the rich in the country have a lot of unaccounted money at home and by this method they would have to either bring that money out in the open or it will become useless so 'black' money will be caught. The country has realised in the last 2 weeks that this may sound great in theory but is an absolute pain to implement.
Not to forget that the initial estimate of the so called black money kept in cash was 6% of the total black money in India.
Does the govt have any other option? The implementation has been a horror show till now.
Yes, means that 94% of black money lies in the form of Real estate, gold, shares and most notably in foreign soils. Knowing that the maximum % of black money in the country in the form of physical cash is only 6%, this was a huge blunder by the government in terms of national interests. But i am guessing the PM and his party has other motives which are more important to the national interests. And what makes it worse is that, by these measures, government won't be able to destroy/seize even 3% out of the total 6% physical black money available in the country as the black money holders are converting it to new currencies through different ways.
Jumla hai. Sab kuch jumla hai.
So toll suspension date has been extended again. Till 2nd December.
Either it's piss poor planning, or corruption. You can decide.
Either it's piss poor planning, or corruption. You can decide.
Usage of old notes extended till December 15.
To add to what others have said about black money, counterfeit currency which is rampant in funding terrorism is also a reason.
Did they not spend any time planning for this? The implementation has been disastrous.
Its like the PM suddenly woke up and got the idea of demonetization and it was announced the next day.
No more exchange in banks from tomorrow, either deposit or gtfo
Well. You can always deposit and withdraw at the same time.
Thats what I did. Deposited the old currency in my account and withdrew 24K from my account at the same time.
My Dad went to a PNB yesterday and he was told that they had a lack of cash and so only 6k could be taken out at max. Also you are basically screwing the people without accounts.
500 notes will work again till mid Dec? Wtf?
At the places excempt earlier.
Ah okay. fecking news channel simply saying breaking news, 500 notes will work again and till Dec 15 now. cnuts.
Wouldnt it be better for people to open an account and deposit all their money /withdraw upto 24k at once instead of exchanging it 2k at a time.
Exchanging never made much sense.
@Ayush_reddevil @RedDevil@84 Then why are people (and media) saying it is a good thing if the cost is so massive and benefit so minuscule?
Well but this is forced banking and opening an account is hardly that easy anyway
Opening an account is pretty easy. And SBI (and others) has zero balance options.
The id needed for it is the same as the id you'll need to exchange money.
The whole process is pretty quick too.
Forced banking.. thats just complaining for the sake of it. You dont need to keep any money in the bank. You dont need any more id proof than you would need anyway. Its 1 additional step but then you can deposit all your money at once and withdraw larger amounts.
I dont see any problem with it.
Read this whole series of tweets
Where the feck does that stat come from. Does anyone have a source that confirms 50-60% dont have accounts?
Yes, wtf... did you vote for modi?
No, this was a well planned and well thought out operation. It's just that the ultimate aim of the politicians were not the betterment of the nation and the welfare of the citizens. If you think from their perspective, even though it's not currently happening as they planned, they will still gain from this in the UP state election. And even may be in the 2019 lok sabha elections.
And for that also you have to stand in queue for hours. And the maximum you can withdraw per week is 24k. What if you have some emergency for cash? Just like hospital case, travel, agricultural needs, business needs, etc. to name a few?