Saturday, November 19, 2016

Modi Carpet Bomb 80% Indians to Recover 3-5% Black Money

Modi Carpet Bomb 80% Indians to Recover 

3-5% Black Money

"Modi will not do a “Surgical Strike on Black Money”  involving the premier corporate houses and the willful defaulters because these very people spent Rs 32,000.00 crore on Modi’s campaign lasting 2 years to install him as Prime Minister of India in 2014. Neither he is going to touch any political parties including his own or religious leaders to stay politically correct."

It is very surprising why Team Modi ignored the very basic fact that the richest 1% of Indians own 53% of the country’s wealth.  Further the richest 5% own 68.6% of the country’s wealth, while the top 10% have 76.3%. At the other end of the pyramid, 53.7%  of the population (or 650 million) poor owns princely 4.1% of the nation’s wealth.  I wish Modi should have done a “Surgical Strike” to recover black money by raiding all the business premises and residences all over India of the 5,275 “willful defaulters”—together, they owe India’s banks Rs 56,521 crore.  And all the big business houses like Ambani, Adani, Tata, Birla, Sun Pharma, Jindal etc. etc. should have also been raided by the enforcement directorate. To be politically incorrect Modi should have raided every political parties premises and every politician’s homes, businesses, offices and vacation homes along with the homes of top bureaucrats, judges, law enforcement officials and religious leaders. It is an open secret that the 67% of income of the 6 National Parties is from unknown sources, could be from foreign lobbyist and intelligence agencies also. 
India’s corporate house owes the PSU Banks Rs 5 Lakh crore out of this about Rs 1.4 Lakh crore are owed by just 5 companies only.  Gautam Adani the mentor or big supporter of Modi, his group alone owe Rs 72,000.00 crore. In last 2-3 years Adani Group’s net worth has gone up by a whopping 85%! Incidentally the entire crop loan owes by all the farmers of India is also Rs 72,000.00 crore.  All these corporate houses are cooking books and people controlling them are living a very lavish life styles that includes most expansive real estates, private islands, big fat weddings, luxury Jets, yachts and big fleets of exotic cars besides tons of gold and diamond jewelry as well as a single dress/sari costing Rs. 2-3 crores . The investigators could have found numerous “Shell Companies” stashed with black money in India & abroad; used for bribing politicians, bureaucrats, judges, law enforcement and for personal luxuries including maintaining numerous comfort women in luxurious houses in different parts of India and abroad.

Already Cyrus Mistry the ousted Chairman of Tata Sons is spilling beans how the Indian corporate houses are used as personal ATM’s by their founders. Ratan Tata along with Niira Radia the famous foreign citizen lobbyist was using Tata’s corporate jets for their personal work, how Ratan Tata increased the cost of PR for the company from Rs 40 crore to Rs 60 crore by hiring Arun Nanda's Redefuusion. Mistry has accused Ratan Tata of making questionable investment decisions to invest in his friends companies to cause massive losses to Tata sons, using Tata Sons to bear the entire cost  of the Chairman Emeritus Ratan Tata’s office. This figure was about Rs 30 crore in 2015. Mistry also accused Ratan Tata for allowing directors to draw additional parallel commission from group companies.

Modi will not do a “Surgical Strike on Black Money”  involving the premier corporate houses and the willful defaulters because these very people spent Rs 32,000.00 crore on Modi’s campaign lasting 2 years to install him as Prime Minister of India in 2014. Neither he is going to touch any political parties including his own or religious leaders to stay politically correct.
This is very disturbing how could the Team Modi ignored some of the  other very important facts before embarking on “Carpet Bombing” as the Supreme Court of India has said about the so called “Surgical Strike on Black Money”?
Out of the total cash in circulation, 86% are in large denomination like Rs 500 & Rs 1000 notes because with Rs 100 note practically you can not buy any thing in India. Some economists have questioned the decision to introduce the Rs 2,000 note. They say if the policy is designed to force people into the banking system why issue a higher denomination note - presumably an even more convenient vehicle for black money transactions? May be Team Modi wanted to make life easier for their campaign donors by introducing the higher denomination notes. The weight of Rs 1 crore in Rs 1000 notes is 12 Kg and with the introduction of Rs 2000 notes; it will be 6 Kg only that is practically very inconvenience for an adult to carry even on his body!

Less than 35% people have access to Banks and post offices in India. If one takes into account the Income Tax raids data for last 2 years  the cash component is only 6% that also include Jewelry. Majority those who have black money, it is invested in real estate, benami bank accounts , gold, silver and diamond. Those who are well educated and are at the upper end of the wealth spectrum; besides all the above they have invested their black money in most expansive furniture, furnishing, marble, granite, fine arts, paintings, rare scotch whiskey and wines also.

The informal sector in India accounts for about 45 per cent of the GDP and employs nearly 80 percent of the population. In other words about 80 percent of the people in the country have already been deprived of their livelihoods for more than a week and there are no signs that the normalcy can return even in next 2-3 weeks.

Practically entire rural economy is cash especially commodity business of production and distribution for variety of reason including lack of  education, lack of faith in banking and very limited access to banking.  After Team Modi failed to push their Land Acquisition Act for the benefit of Indian and foreign corporate houses; they allowed FDI in food distribution in 2016 budget to pave the way for the big corporations to control Food Production and Supply Business. First of all allowing FDI in food business was an assault on the rural economy and sovereignty of India. India has already given up the control on communication to foreigners and with FDI in food distribution it will put the entire nation at the mercy of foreign companies. Team Modi’s land acquisition act to control the rural economy failed may be this latest “Carpet Bombing  in the name of Black Money” is to paralyze the rural economy to pave the way for FDI/Foreign corporations to control the rural economy and food distribution of India.

Already Modi has created a special place for himself in Indian history that he will be known as the first Prime Minister that put his hand in people's mouth to take out the food they were eating and took away their profession of skinning dead animals. His anti-poor acts in the name of Cow and Hinduism is an assault on the poor of India that includes more Hindus than other minorities.

Team Modi has failed miserably in last 21/2 years on their promises of free speech, jobs, equal rights, education for all, universal healthcare, infrastructure and freedom to practice religion of one’s choice. By demonetizing  Rs 500 and Rs 1000 notes aka doing “Carpet Bombing in the name of recovering Black Money” on the 80% of the population, Team Modi is depriving them of their livelihood. They are in violation of Article 21 that guarantees  as Fundamental Right, “Right to life and personal liberty”.   Even the SC, in its landmark judgement in 1985 in the matters of Olga Tellis and others Vs the Mumbai Municipal Corporation, said: "no person can live without the means of living, that is the means of livelihood. If, the right to livelihood is not treated as a part of constitutional right to life, the easiest way of depriving a person of his right to life would be to deprive him of his means of his livelihood to the point of abrogation." According to the interpretation of SC ruling, Team Modi is depriving a large section of the society their Right to Life by depriving them of their livelihood. Already more than 47 deaths have been reported all over India because of Team Modi’s ill-conceived demonetization.

Lastly, Team Modi completely forgot about the NRI”s that supported them big time during 2014 elections and for bringing hired crowd for Modi’s rally’s in New York, London and other foreign cities. There is no provision for them to go to PSU Bank’s foreign branch to convert old currency notes into new. Especially the NRI’s who do not travel much to India and got Indian currency after paying in with their hard earned foreign currency, they have no recourse to get back their money. May be these NRI’s can use the old currency notes to make garlands for the central ministers and PM Modi’s future visits to their countries.

Dave Makkar
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1 comment:

  1. An eye opener read for extensive understanding the issue....