Nov 8 declaration by PM Modi, glorified as strategic strike augurs a good intention of hard hitting money hoarders and panacea of removal of evils of society could have been a very successful great historic step but for the following anomalies.
- Whether the declaration by PM nation address is lawful for the demonitisation in absence of clamping financial emergency. As per my understanding, it has to be thru ordinance promulgated with constitutional constraints or by declaring Financial Emergency in democracic form of govt.
- As per govt records , 80% India lives in villages or are dependent on agriculture which is exempt from taxation. It is further known facts that most of the political bosses and leaders are agro based. So there is no challange to those politician bosses and parties viz SP, BSP, Akalis.
- It is also documented in govt records that top 10% rich holds over 90% income. And it is generally seen that all incomes of the top companies are SAP based accounting wherein records are kept in multi dimensional, multi location and centrally controlled accounting packages viz Banks, TATAs, RELIANCE, MNC cos. So they are also out of the domain of such black money more or less leaving only 7-10%.
- how can the govt label all the countrymen as dishonest when they have many exempted catagories like agriculture, exporters and their own govt salaried servants
- Major assets are held in bullion, real assets or stashed in overseas heaven homes like swiss bank
- Besides the govt claims that more money will come in the hands of poor after receipt of counterfeit money by banks, Is the govt thinking of putting some money as DBT similar to 15 lac promise ? this seems to be a myth only.
- With the slump of the sentiment of the economy, various indices of the economics are bound to stoop down and if not correctly addressed to, may push for depression.
- Whether the govt has ensured that all people have the bank accounts? Are the banks ready to handle such large no of unbanked population?
- The demonitisation implementation can be gauged as faulty, leading to long queues, a few casualties for the following factors
- what forbade the govt to print new notes of 500 and 2000 with different colour scheme equal to the exact dimensions of old 500 and 1000 to avoid recaliberation of ATMs
- Why can't the govt departments been given 15000/ - 20000/- per employee in cash thru DDO so that his immediate family is not required to be in the queue
- Will the deposit of money qualify for issuing notice in the assessment year itself i.e. can the notice be issued for AY 2017-18 before 31st March 2017 or without the sample survey proceedings.
9. Besides there are other factors which are listed below, which can be taken by means of PILs etc
- The currency is backed by Union guaranteed thru the RBI Governor by inscribing the words 'I promise to pay the holder a sum of Rs ....' and now the banks are not fulfilling the promise given. This is breach of trust and denial of guarantee lest FINANCIAL EMERGENCY is declared. Its like saying No to a cross cheque made to order to pay to the recipient even when all the conditions are met.
- Will the RBI accept all notes including the counterfeit notes from the collecting banks and if no. such money will hit the banks profit
- The money in the bank accounts is owned by the account holder and banks are only in fiduciary capacity as steward and are required to pay to the order of the account holders. A strange position is arisen when the steward denies the payment to the owner and owner is asking his own money as alms
- Does this demonitisation ensure non regeneration or non duplication in future and if regenerated, would the present govt assume the responsibility?
- Who is responsible for loss of manpower wasted by standing in the long queues?
