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Forget Modi’s Schemes, here is how You and I can make Cashless Society

Instead of whining about lack of cash, please look at it as an opportunity to bring in a difference in the lives of ignorant and uneducated people around you. I have never carried much cash in my life. I firmly believe in paying electronically. I pay my maid servant, milk, cable, newspaper, vegetable and grocery fellows through bank. I transfer funds. Everyone has accounts, even if they pretend to be poor. They will get used to getting money routinely in their accounts. Most importantly, you don’t have to go lookingRead More


Note Ban: 200% Penalty on Income Mismatch, we show how to calculate it. It can do wonders to Economy.

The government on Wednesday warned that the cash deposits above ₹2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn’t match with income declared.  “We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of ₹2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow,” Revenue Secretary Hashmukh Adhia said.  “Penalty of 200 per centRead More


Notes Ban: Interesting story, how Modi kept the secret till last minute, even cabinet members were locked in a room

Prime Minister Narendra Modi’s gamechanging move to demonetise Rs 500 and Rs 1,000 notes was a well-kept secret for nearly 6 months. According to an ET Now report, work on the big-bang black money reform started six months back and the entire operation was kept top secret to avoid any leak of sensitive info. It was around six months ago that the Modi government told the RBI to get set for this big-bang attack on black money. Earlier this year, Modi had made the decision to phase out the currentRead More


Read here: How currency note ban is not sudden decision, but a systematic planning from 2 yrs, by Modi Govt.

The Decision to stop the Rs 500 and Rs 1000 denomination was not sudden. It merely started with bank account for all, the financial inclusion scheme, that Modi govt penned very first after assuming office, which yielded over whelming results and appraisal from World Bank. Then linked bank accounts with Aadhar, which was called as Direct Benefit Transfer. The primary aim of this Direct Benefit Transfer program is to bring transparency and terminate pilferage from distribution of funds sponsored by Central Government of India. In DBT, benefit or subsidy willRead More