They have converted it long ago into investments in real estate
Disguising failure with
Since May 2014, when India voted against corruption and dynastic politics both being fairly substantiated charges against the UPA regime we were assured of “achhe din”. This has translated essentially into a series of knee jerk reactions to tackle problems that our new administrators, inexperienced at this level of governance, did not seem to be able to resolve efficiently without inconveniencing the public.
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canada goose factory sale As has become typical of these sudden announcements, there has been more panic than logic in their reception, and more rhetoric than solutions in response to key questions. canada goose factory sale
uk canada goose First, why the time constraint? The government has given citizens until December 30, 2016, which is 50 calendar days, not including bank holidays and government holidays, to deposit all their notes. uk canada goose
Canada Goose sale Forget the Non Resident Indians with currency notes lying around and the senior citizens with cash stowed away for an emergency and the students who will have to rush to ATMs canada goose outlet germany to meet various deadlines for payments to take nothing away from their troubles. Let us think of the plight of the average daily wage earner or small farmer or blue collar worker who never thought to open a bank account. Canada Goose sale
canada goose store Banking is yet to pervade large sections of the country and its population, and contrary to everything the banks promise, it is not easy to open an account even for people with proofs of identity and the capacity canada goose outlet online reviews to supply a sizeable opening balance. Most people who don’t have bank accounts are also undocumented in other ways. Acquiring the documents they will need to open a bank account in order to save their money from turning into worthless bits of paper will necessitate an investment of time they can ill afford. And while this process drags on, they will not be able to buy basic items unless they were fortunate enough to have been paid in smaller denominations. canada goose store
canada goose clearance sale That rarely happens, because most “daily wage” earners are paid once a week. Their paymasters, just like the employers of domestic help, pay mostly in 500 rupee notes, because those are the easiest to handle. canada goose clearance sale
Contrary to the promises made in Modi’s address, milk booths refused to accept 500 rupee notes on Wednesday morning. Touts near canada goose outlet store montreal toll booths offered seven hundred rupees in 100 rupee canada goose jacket outlet notes in exchange for a 1000 rupee note. A little industry has already mushroomed, in offering exchanges of notes for a commission, and those without bank accounts have already begun to avail of it.
Clearly, the ATMs were not equipped to deal with the long queues that thronged them on Tuesday evening, and several ran out of cash fairly quickly. Instead of making things easier for the canada goose outlet in vancouver public, the banks were closed the next day, sending everyone into a panic. Are they equipped to deal with the inevitable run on their counters when they open? Have provisions been made to expedite the process of opening accounts for all those who will need to? Is a security mechanism in place to handle the vast cash deposits that will be made?
What justification can there be for sending people into a tizzy without taking precautions to canada goose outlet handle emergencies such as purchases in pharmacies and private hospitals?
Next, how will issuing new 2000 rupee notes and 500 rupee notes stop counterfeiting? What measures has the government taken to combat it with these notes that it could not implement with the old notes? The RBI confirmed that social media forwards about the inclusion of tracking chips in the 2000 rupee notes were rumours. How long, then, before the counterfeiting industry picks up again?
How exactly is demonetisation going to stop the circulation of black money? A select group of people have been in the know of the impending move for six months that is plenty of time for discreet leaks, which would have been invaluable. The names of those in the know have not been made public. Neither have details of their acquaintances and relatives in politics and industry.
canada goose uk outlet Most people practised in the handling of black money, and dealing with it in large amounts, are not likely to have roomfuls of notes stashed at home unless we believe the storylines churned out by Seventies Bollywood and Nineties Kollywood. They have converted it long ago into investments in real estate, gold, and equity. canada goose uk outlet
The BJP cried itself hoarse about black money stashed away in offshore accounts, but has canada goose jacket outlet uk not been able to bring it back. How is black money a “separate issue” from, you know, black money?
canada goose uk shop What about the enormous cost of changing the 22 billion notes that will need to be withdrawn? The cost of printing a 500 rupee note is Rs 2.50, and that of printing a 1000 rupee note is Rs 3.17. An article in The Hindu canada goose outlet online uk calculated that this canada goose outlet seattle move would cost the RBI more than 12,000 crore rupees, taking into account the fact 14 trillion out of 16.5 trillion notes printed in 2016 were of 500 and 1000 rupee denominations. canada goose uk shop
cheap Canada Goose Isn’t what appears to be “boldness” from one perspective an admission of defeat from another? An admission that the government failed to crack down on tax defaulters, failed to control the circulation of counterfeit notes, failed to trace the sources of drug money, failed to pin down terrorist organisations which they claim are behind the counterfeiting, failed to bring back black money from offshore accounts, and decided, instead, to inconvenience the common man and exalt it as goosesea his “contribution to the nation”, even while burning thousands of crores of taxpayer money to fund this purported piece of genius cheap Canada Goose.
