My Thoughts
November 15, 2016 Leave a comment
I suppose that even dodos have figured out that what we are told in the mainstream press and often on social media is what some or other person or entity wants us to know so that hopefully we are influenced in a way that benefits them. And wealthymatters readers are far from idiots.
The editorial below has appeared in today’s ET. Following are my thoughts:
How Modi Stole Manmohan Singh’s Thunder
MC GOVARDHANA RANGAN
Jaitley should borrow Chidambaram’s withdrawal tax
P Chidambaram as Finance Minister in the UPA government had many path-breaking initiatives, and one such was his proposal to tax cash withdrawals from banks. The unfortunate part was that it never got the backing of his own government, so abandoned.If only Prime Minister Manmohan Singh was half as powerful as Prime Minister Narendra Modi is, the proposal would have seen the light of the day and Singh, Chidambaram & Co would have stolen the black money thunder on which Modi is gloating now. Read more of this post
“In the past demonetisation has been thought off as a way of getting black money out of circulation. Because people then have to come and say “how do I have this ten crores in cash sitting in my safe” and they have to explain where they got the money from. It is often cited as a solution. Unfortunately, my sense is the clever find ways around it.They find ways to divide up their hoard in to many smaller pieces. You do find that people who haven’t thought of a way to convert black to white, throw it into the Hundi in some temples. I think there are ways around demonetization. It is not that easy to flush out the black money. Of course, a fair amount may be in the form of gold, therefore even harder to catch. I would focus more on the incentives to generate and retain black money. A lot of the incentives are on taxes.”
We are prone to several accidents in our day-to-day lives. It is entirely beyond our control at times, and we are caught unaware under such situations. Since everything stands automated today, why not also have software to help in critical conditions of accidents. It will be beneficial to all.
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