Currency and Black money: GOI (govt. of India) on D8-11-2016 derecognised Rs.500 and Rs. 1000 denomination currency notes, and it expected to replace it with new Rs.500 and Rs. 2000 currency notes to be in circulation from D11-11-2016, and it is given to understand that this immediate step was taken so as to phase out black money and counterfeit currencies from the country. Black money, i.e. tax evaded money is usually hidden in high denomination currency notes as much possible away from sight of other people inside the country; But nowadays those who can have access to foreign travel and/or to foreign banks there, they could keep these money in tax haven bank accounts, or that money could be kept there in others name in foreign banks. Whereas here since long time, even from congress and UPA ruling time, at every financial year end, Indian Finance Ministry has been giving extension approximately about three months in every year for declaring undeclared money. So, as a safe bet, most of the defaulters might have sent outside the country most of their not taxed money, and, what might have hidden here, that may be only a small percentage of it. And, this amount may now be either declared with whatever penalty applicable, or it might be lost if they could not legalise it. So, compared to the huge amount of total black money being generated in the country, what is stacked outside the country seems to be a very huge amount compared to smaller amount only that now might exist inside the country. And, the big fish, still in foreign banks must be smoothly swimming around there within luxurious foreign aquarium without visible to general public at all anywhere. Of course, regarding trapping of non-taxed money what ever amount still existing now inside the country here, people may always say that present action of deregulation of old high denomination notes, is SOMETHING BETTER THAN NOTHING. And, I too agree that these type of drastic steps must be taken once in a while so that the financial wrong doers must be caught, subjected to task, penalized/punished, and made out of such bad business which is harmful to responsibly living and law abiding citizen of the country. ABCNarayan/a2ztruth/Fleeky.one/D10-11-2016/Currency & Black Money.
