It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever.

Thursday, January 05, 2017

Indian People: 1, Modi: 0, As 97% of Cash Deposited By Deadline, "Black Money" A No-Show

Banks have received 14.97 trillion rupees ($220 billion) as of Dec. 30, the deadline for handing in the old bank notes, the people said, asking not to be identified citing rules for speaking with the media. The government had initially estimated about 5 trillion rupees of the 15.4 trillion rupees rendered worthless by the sudden move on Nov. 9 to remain undeclared as it may have escaped the tax net illegally, known locally as black money.
A full validation of the bank notes is a set back for Modi who had been relying on this move to burnish his administration's corruption fighting credentials and boost its popularity ahead of key state elections. The anti-corruption measure has dented economic growth and forced millions into lengthy bank queues, although it remains broadly popular.

This either shows there really was negligibly-little "black money", or that the true black money operators were sophisticated enough to launder their cash into the "legit" system -- either way, Modi's operation failed on its stated justifications. Of course, it still succeeded as a raw-power move pushing people further into the digital banking system.

No comments:

Post a Comment