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."
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
davemakkar@yahoo.com
973 760 6006 cell
USA
An eye opener read for extensive understanding the issue....
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