I usually only write about personal finance.
However I couldn’t resist framing my thoughts about the demonization ..ooops…demonetization exercise.
Look at these statistics:
Top 10 corporates in India owe PSUs around 5 lakh crores.
Out of this amount, Rs 70,000 is owed by the Adani Group itself.
According to this article Rs 3 lakh crore has been deposited and Rs 50,000 crore has been withdrawn since demonetization came into effect.
This means a net figure of Rs 2,50,000 crore has been deposited in the banking system.
Compare these numbers side by side:
Debt owed by RICH FAT CATS: Rs 5 lakh Crore.
Amount deposited by crores of common Indians: Rs 2.5 lakh Crore.
It forces me to twist Winston Churchill’s words and say: Never was so much owed by so few to so many.
Thankfully Churchill doesn’t give a Fuck. Or rather he does:
Consider the elephant in the room – Political funding.
It is estimated that the BJP themselves won the elections by spending anywhere between 700 crores (a laughably small amount) to 5000 crores (only in media spend as cited by a veteran media planner) to Rs 10,000 crores (as claimed by erstwhile Union Minister for commerce – Anand Sharma). Both BJP and Congress have refused to share sources for close to 70% of funds collected by them. What if a substantial part of these cash donations are being derived from blood money? They say that charity begins at home. Why can’t they begin by taxing the amount of money which is not being declared?
The perceived losses being incurred due to so called black money can be taken care by a considerable extent by acting on these issues.
Rather our government’s actions have resulted the following incidents:
However our country’s population is so gargantuan that 55 deaths don’t really pinch our conscience. A Congress leader based out of Jharkand wants the ones who died in his state to be termed as martyrs. It makes me wonder whether he doesn’t feel empathy for rest of the Indians who, I dare say, were killed.
To those who are passionately advocating the government’s decision, I have the following questions:
a) We all are aware that rich businessmen and politicians deal with most of the black money. How many of them have been arrested or discovered?
b) Counterfeiting has been occurring for several years. Don’t you think it is just a matter of time before new notes are also counterfeited? If yes, did the government have to embark on this exercise in such a haphazard manner?
One also wonders whether Raghuram Rajan real reason behind leaving the governorship was this upcoming financial emergency.
And oh yes, we all know who will benefit the most in the UP(coming) elections: