Black money is any money on which tax is not paid to the government. This is the universally agreed upon definition and most applicable to India. It will have a direct effect on the sociological effect on country like social inequality. Demonetisation of 500 and 1000 rs will have tremendous impact on corruption and money laundering activities. It was a bold move by the Prime Minister of India, Narendra Modi which will help the country to bring all those Black money into White money.
Dr. Thomas Isaac, the Minister of Finance of state of Kerala have opposed the move of demonetisation of 500 and 1000 rs notes. Communist Party of Kerala always comes with ‘Right to Equality’ as a defence to many of the cases out there in Kerala, like the Sabarimala issue, JNU issue etc. I am not going deep into these issues because we are having our concern on black money. In this issue they don’t want ‘Right to Equality’or their left beliefs.
Black money is a problem which does not affect those who have black money but it affects the common man in society. No wonder, it has been described as a problem with a difference. Every leakage in the financial sector of a country will have drastic effect on the growth and the future of the country.Even though the common people have to suffer a bit, ultimately it’s for their future. People will be having problem with harthals especially in Kerala, let’s hope that it doesn’t have an impact like harthal.
For the success of this decision, the government will have to make sure that the execution is flawless -- the new notes are made available, bank branches and ATMs are stocked. If this is done, this decision will definitely improve the health of the Indian economy.
There is a lot of illegal money in the Swiss bank accounts as well, let’s have another surgical strike on that one too.
Jai hind.
