Sarbajit,
I agree with your mailing list rules.
BUT ....
I was a bank manager way back in 1989 and found 10% of bank managers were corrupt taking money (15-25%) from poor for sanctioning government loans. This means almost 1/100 of all bank employees are corrupt. If someone accuses bankers in general to be corrupt, I will not take offense and instead I as an honest and tax paying citizen would agree with that . But, bank managers are small fry and bigger corruption happens at their central head office often in collusion with politicians endangering credibility / viability of banking system itself.
It is generally believed that employees (govt and private) are tax compliant as they get income after TDS while all others who get their money first before paying taxes have room to manipulate their taxes beyond IT rules. But what about corrupt IAS / IPS / High ranking babus who get other incomes (immoral and illegal) much more than official salary. It is not in good taste to point a finger at one group in general. At the same time, all honest and tax paying professionals should agree that there are rotten apples in their group too.
In your recent mail, you had mentioned about Sahara's 95k crores new notes fraud. Even if this is true, I find it difficult that is the key reason for notes ban. It could be at best a side act done by a member of Modi's team with or without his knowledge.
News such as 2 crore deposit by BJP in Bengal and one BJP MP car with 92 L are peanuts. In fact, I believe that many BJP netas would have suffered in this ban. A secret is no secret if it is known to more than 10 persons and any leak by Modi team would have gobe viral in no time. I also believe that corrupt netas and corrupt babus would have suffered more than business people (BJP base) who can still fudge their accounts, tweak cash flow, profit from money laundering for hoarders, exchange notes thru workers by paying advance salary in old cash, misuse employees ID to convert lumpsum notes by bribing bank managers etc.
I feel the key driver for notes ban is the almost bankrupt banking system (100 Lakh crores deposits and 80 Lakh crore loans and 70 Lakh crores in parallel economy) screwed up by politicians over decades.I was about to pull all my savings from my bank (one of the worst financially) few months back. If this issue had snowballed, then there would have a complete run on banks by customers and Indian economy would have collapsed with a free for all anarchy. Now, Modi has turned the tables with notes ban and had people rushing to deposit old notes. Within a week's time, the CRR / SLR / NPA ratios have become healthy for banking system and some have already started to reduce lending rates. Now, banks are in a position to lend more for Make in India initiative which China is afraid of more than even banning China's exports.
Black money, Fake notes, Terror / Hawala funding will also take a hit but how much / how long is a moot question - And the effect due to these cancerous termites will be reduced for sure. RBI expects atleast 3 Lakh crores banned notes will never come back and it will add to govt kitty directly this year making budget deficit free and may reduce inflation.
Suddenly, we are looking at low lending rates, low inflation instead of near stagflation (low growth, high inflation, high lending rate) since 2008. Now, to leverage demographic dividends, Modi has to kickstart on Infra, smart cities and Make in India generating huge employment. For this, he certainly needs more business leaders much more than Adanis and Ambanis !!
Regardless of what is the actual driver for this Note Ban, multiple benefits likely to accrue to India. Let us see what steps Modi will take to unearth 90% of the black money in non-cash form (real estate, jewels, luxury items, skeleton companies ...)
Ravi
From: Sarbajit Roy <sroy.mb@gmail.com>
To: indiaresists <indiaresists@lists.riseup.net>
Sent: Friday, November 18, 2016 10:13 AM
Subject: [IAC#RG] MAILING LIST RULES
Dear IAC members
At times like these, we remind that IAC mailing list is for serious discussion (we are not Twitter or Facebook) based on substantial inputs.The results will emerge at the end of this year. Till then we the citizens shall face pain, shortages of all kinds and perhaps violence/riots on the streets in the coming days. So stock up on essentials and help your neighbours.
Sarbajit
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