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Yesterday, Our FM Arun jaitly proposed a IT act amendment bill in lower house. As per this bill black money holder has to disclose his black money and he/she has to give 53% of his/her black money to government and there will no legal prosecution will take place against him. Being a common man of India, I am not happy with this decision. I thought opposition parties will oppose it like they did with GST bill(Initially) but none has opposed it. This amendment bill has been passed from lower house. I was quite surprised so i thought to analyse the circumstances of this bill as follows:

1. PM took U-Turn –  Our PM is famous for taking u-turns after big announcement not more than Mr. Kejariwal. I am a big follower of NAMO. He said he will not give any way to convert this black money into white. He took u-turn and gave a chance again. This bill will definitely defame him and will decrease his popularity.
2. Cheated Common Man-  PM made decision of demonetization, most of common people supported his decision. People are standing in long ques either in Bank or ATM but NAMO you cheated common man of India. We were waiting in long ques just because you connected this demonetization decision with Nation’s growth. By passing such kind of bill you are not taking country ahead, you are taking a back step what you took on 8 Nov 2016. You are comming up with new rules on daily basis. No clear idea or vision what to do?
3. No proper vigilance team( or lack of man power)- Our PM executed demonetization on good notes for nation’s growth but he has no proper planning how to execute it( May be population is too much to be handled). There was no proper vigilance team to take care of illegal conversion of back money into white. Peoples were doing conversion of black money into gold or real estate, and government is really fail to monitor it properly rather i would say IT department has less man power to do the same. IT department has a lot to do with less no. of people in no time. Although Namo said he will appoint 1 lac youth to investigate about black money but there is no action taken.
4. Easy conversion of black money- Government thought that  RBI will get only 8 to 8.5 lac crore out of 14 lac crore currency notes( currency which is in 500/1000 denominations)  but people started to convert black money into gold or real estate easily from day one(as per media reports/ sting operations). Government think they are loosing this bunch of black money and they will get only 2-2.5 lac crore black money. So they came up with this bill to take their share in it.

Only good part of this bill is that 53% of black money will went for PM poor welfare fund. 25% will be with government for next four years, only 22% will be remain with actual owner. Government/ bank will use it for GDP growth.

My Recommendation-

1. This bill should be implemented after 31 December.
2. Only property or gold should be come under this bill. Cash should be taken differently.

Note- Its my personal analysis only.

Regards

Mayank P Singh

Yesterday, Our FM Arun jaitly proposed a IT act amendment bill in lower house. As per this bill black money holder has to disclose his black money and he/she has to give 53% of his/her black money to government and there will no legal prosecution will take place against him. Being a common man of India, I am not happy with this decision. I thought opposition parties will oppose it like they did with GST bill(Initially) but none has opposed it. This amendment bill has been passed from lower house. I was quite surprised so i thought to analyse the circumstances of this bill as follows:

1. PM took U-Turn –  Our PM is famous for taking u-turns after big announcement not more than Mr. Kejariwal. I am a big follower of NAMO. He said he will not give any way to convert this black money into white. He took u-turn and gave a chance again. This bill will definitely defame him and will decrease his popularity.
2. Cheated Common Man-  PM made decision of demonetization, most of common people supported his decision. People are standing in long ques either in Bank or ATM but NAMO you cheated common man of India. We were waiting in long ques just because you connected this demonetization decision with Nation’s growth. By passing such kind of bill you are not taking country ahead, you are taking a back step what you took on 8 Nov 2016. You are comming up with new rules on daily basis. No clear idea or vision what to do?
3. No proper vigilance team( or lack of man power)- Our PM executed demonetization on good notes for nation’s growth but he has no proper planning how to execute it( May be population is too much to be handled). There was no proper vigilance team to take care of illegal conversion of back money into white. Peoples were doing conversion of black money into gold or real estate, and government is really fail to monitor it properly rather i would say IT department has less man power to do the same. IT department has a lot to do with less no. of people in no time. Although Namo said he will appoint 1 lac youth to investigate about black money but there is no action taken.
4. Easy conversion of black money- Government thought that  RBI will get only 8 to 8.5 lac crore out of 14 lac crore currency notes( currency which is in 500/1000 denominations)  but people started to convert black money into gold or real estate easily from day one(as per media reports/ sting operations). Government think they are loosing this bunch of black money and they will get only 2-2.5 lac crore black money. So they came up with this bill to take their share in it.

Only good part of this bill is that 53% of black money will went for PM poor welfare fund. 25% will be with government for next four years, only 22% will be remain with actual owner. Government/ bank will use it for GDP growth.

My Recommendation-

1. This bill should be implemented after 31 December.
2. Only property or gold should be come under this bill. Cash should be taken differently.

Note- Its my personal analysis only.

Regards

Mayank P Singh