Saturday, December 17, 2016

Noteban Blackhole

When God closes all the doors… 
He leaves a window open”.

All the Opposition political parties and politicians who were protesting demonetisation for over a month must feel like fools now. If anyone has the slightest feeling they were protesting over long queues or anyone suffering – then they should get rid of that notion. An entire session of parliament was wasted because of these protests. Those parties who were protesting because they thought their excess black money will go up in flames can now relax. They have been bailed out through magnificent black-holes in the demonetisation policy. Here is the essence of this:

Political parties can deposit ANY AMOUNT of cash they claim to be holding and collected prior to November 8, 2016. The “suspect” barrier of 2.5 lakhs DOES NOT apply to them as it does to other citizens and entities.

Now, that isn’t just a loop-hole. It is a massive BLACK HOLE in the demonetisation system. For those who thought some new laws were made or policy statements issued on December 16, they are wrong. Nothing new was done on December 16. The facts with respect to political party finances remain unchanged. These rules and laws are:

# Political parties are exempt from income tax.
# Political parties can collect cash donations up to 20000 without having to disclose names of donors through “coupons” or simple cash receipts.
# Political parties are liable file IT returns and returns with EC. They are also liable to be scrutinised by both these authorities in case of fraudulent donations.

Some people grandly claim on Social Media that Modi-supporters are wrongly interpreting some statements by Finance Babus as being “new laws” or “new rules”. To repeat NOTHING NEW was announced on December 16. The only hole in demonetisation that got exposed on December 16 was this:

Yes indeed. The black-hole is that political parties were assured by ModiSarkar and their Babus that their black money is safe. They can deposit any amount with them in old notes till December 30 and there is nothing to worry. So where do these political black money hoarders benefit? Here is how:

# For ordinary folks, any deposit of old notes over 2.5 lakhs that does not match with regular IT returns and pattern of income will be scrutinised and penalties levied if found to be black money.
# This condition DOES NOT apply to political parties. That being so, the scrutiny of political party deposits will be merely at the whims of GOI and the IT guys.

Now, you and I know there has hardly been a case where a political party has been raided or penalised by IT department for hoarding black money. This report by Timesnow on December 16 quoting an ADR report on Congress cash donations should tell you a story:

That pattern could be true to a large extent for most political parties even during the period 2013 to November 8, 2016. After all, political parties are the biggest beneficiaries and also the root-cause for black money and corruption in the country. This tweet by Reuters is just one piece of information that was reported meaninglessly without any chain attached to it:

Now, where is the need to even clarify that by the media or any dumb Babu? Since the notes were illegal post November 8 is it not obvious that collections only up to November 8 can be deposited or that no old notes should be accepted after November 8? But is that actual practice? NO! It is not. That’s how clever politicians are. Now, this deadline can work only and only if one question can be answered:

Have all political parties declared their stocks of cash as at midnight November 8? Was it mandatory for parties to declare their cash holdings to IT or EC by November 9 evening? NO!

That is the second escape route. First was no 2.5 lakh limit (as with ordinary people and entities) for scrutiny and second, no declaration of cash holdings as at November 8 by these parties was sought. Fantastic!

So, legally the IT will scrutinise a political party deposits on WHAT BASIS? NOTHING! Supposing a political party which had a deposit pattern of only cash collections of 10 crores per month suddenly deposits 300 crores on or before December 30, what will the IT or EC do? NOTHING! What CAN they do? NOTHING! What will GOI do? NOTHING.

Even if the November 8 deadline were to be religiously followed, remember that political parties can collect cash up to 20000 from unknown, unnamed individuals through a coupon or receipt LIMITLESSLY. In other words, I can show a collection of 200 crores from October to November 8 (or even July to November 8, if you like) through coupons and back-dated receipts showing 20K received from thousands of unknown individuals in OLD notes. And then I deposit these notes into the bank by December 30. Who will question me and why? In fact, as a political party, I can go one better. I can even LAUNDER black money for others. This is an instant rough example I gave but you and I can refine it even more but it’s not necessary. You can refine this to be flawless and so can I:

Political parties have experts in “Cooking” books. Oftentimes, even their friendly IT official will teach them (or anyone) how to treat transactions in books. Politicians and political parties are the LEAST SCRUTINISED by IT because they are exempt from tax and any govt of the day protects other political parties and politicians. There are rare cases of disproportionate assets of “individual” politicians (Mulayam, Mayawati, Late Jayalalithaa etc) but those were more politically-driven than by IT or law-driven. Thus, our courts have exonerated each of these politicians named.

So why were the political parties up in arms and ranting so much against demonetisation. Were these people seriously bothered about ordinary folks in queues or ATMs or any deaths or farmers? NO! Not at all! Because they were fooled into believing this:

That they will also be subject to the same 2.5 lakh “scrutiny” barrier as any other individual or entity. That they will also face hefty penalties like other folks. This fear led them to believe their piles of black money will simply go up in flames.

That’s the only reason they agitated. Else demonetisation doesn’t bother them in the least. Hardships of common folks don’t bother them in the least. Farmer deaths? Congi Karnataka has seen 450 plus farmer deaths since April to October deaths this year? Does Pappu give a damn? No he does not. Even the corrupt NDTV breathes a sigh of relief for political parties based on FiniMin’s assurance that deposits by political parties WILL NOT be scrutinised. They will only be gently quizzed.

Demonetisation has had some positive effects. It has blunted terror-funding a bit. It has blunted the counterfeit note business. It has exposed corruption in banks, public systems and even in the RBI. So the GOI knows corrective actions required if it is willing to take them. But demonetisation WILL NOT affect the most corrupt in this country – Politicians and Political parties. And therein lies the rub!

So, what now PM Modi?

1.    Since you so strongly endorse a Cashless and Digital economy, is it not time you outlawed cash donations to Political parties? Let there be only cheque or digital donations to the parties.
2.   Pass a law that undeclared money and black money with political parties will attract same penalties as any other individual or entity.
3.   Pass a law that late returns and fraudulent IT returns will attract the same penalties and punishments as any other entity.
4.   Bring political parties under RTI. Don’t save your party or any party. Show the people you mean business and want to see the end of corruption in politics.
5.   People trusted you with the demonetisation wholeheartedly. They proved their willingness to fight corruption in politics. It is time you kept your end of the bargain.


  1. Hope Modi closes the big black hole and very soon

    1. Just like anyone else, political parties can also deposit their cash held in the old currency in banks till December 30 provided they can satisfactorily explain the source of income and their books of accounts reflect the entries prior to November 8. If there is any discrepancy in the books or records of political parties, they are as liable to be questioned by the income tax department as is anyone else. They enjoy no immunity whatsoever, Jaitley added.

  2. Hi Ravinar, I have always been saying they are all birds of the same feather. Case of beans of the same pod. Finally aam admi has been totally screwed and taken for a ride. Modi has proved he is no different than the rest. The heartaches and trauma undergone by my aged parents for the country made me right this. I have been speaking eloquence abt demonization to them post 8th nov, now they are laughing at me.

    1. Dear Surekha,

      Don't have to jump the Gun here. The current law shall be replaced soon. Just today the Election Commission has urged the government to amend laws to ban anonymous contributions of Rs 2000 and above made to political parties. NAMO is the best bet we have & it's easy to consider everyone else a Chor in Kejriwal style but impossible to implement anything in Modi style. Modi is well aware of these loopholes in system & will take care to amend the laws brought by Congress. Finally, you don't need to believe in Modi for hoping the best from him.

      Modi is the best we have got.

    2. You are right Abhijit.NaMo is the best bet.He has already talked about govt funding.He has also asked his party's MPs and MLAs to come clean about deposits that they have made after 8.11.He needs to be there till atleast 2024 to set right things.

    3. Why after 8.11 economic time showed quantum jump in bank deposits from sep.16 to sep. 30 by highlihting RBI time deposits trend which is real time trend on RBI websites. AJ termed it as marginal jump but deposits are more than what so far bank have received after 8.11. Let PM ask BJP leaders to disclose since August'16. Just to misled middle class and to control there anger they come with some kind of proposed tax slabs earlier proposal was to abolish tax now different slabs. When lost Bihar election Amit shah said local factor effect when won Chandigarh election credited to note ban policies.

    4. There is No Alternative is the stupidest excuse i have heard from people who are willing to undergo the pain. So you mean to say that if Modi ceases to exist from Tomorrow the nation will perish. Come on, grow up and think. The earlier people rise up to the reality, the better it would be for nation. For this time around, the marketing camapaign has conned the entire nation.

  3. Just we can only hope for better, and stand in the long queues. But these politicians will always find a way to loot common people and safe guard there money. Even Modi can't help that.

  4. Yes this looks like a huge blackhole with a whitehole for taking the loot out as white!
    However, there is one Modi Masterstroke needed to implement Electoral Reforms - and state funding of elections, in which case, all these money can be pooled into one fund. Why return the money, then?

  5. All laws n rules are designed to suit political parties / politicians. How many people know a politician in jail as alleged criminal can contest elections, but no undertrial prisoner is allowed to vote. So, basically, a potential lawbreaker can become a lawmaker but common citizens in prisons even for petty offences can't even vote !! All laws have enough loopholes to enable crooked politicians exploit them when in need. Shameful

  6. Dear Mr Modi, whatever may be your compulsions or logic behind giving this exemption to political parties, don't let the common people down. This will be your biggest betrayal. We were so elated with your demonization drive. But now if political parties are let of the hook, then you will be as culpable as there other politicians. More than anything, you would end up stabbing is in the back. Please don't let us down.

    1. Why are you pleading, he should be punished. Exercise your vote properly in 2019 and dont get mislead by these snake oil salesmen

  7. I am feeling cheated /betrayed by Modi sarkar!
    So there are some who r more equal?
    Modiji apne theek nahi kiya.
    ModijI & all chor parties are mausere bhai.

  8. All the accounts of Political Parties will have to be maintained including the smaller donations (only donor name need not be mentioned) and file Income tax by declaring the total income received in the last year. Every one knows that political parties receives donations in 100 odd crores, But if they try to launder it and declare 1000's of crore as their income this year, Its clear case of converting black to white. I would assume Modi is smart enough to make sure BJP doesn't indulge in money laundering. After all the pain the public had to go through to support the demonetisation. If BJP is found to indulge in converting black to white, then Modi cannot save his face and the entire trust factor will be lost on Modi & BJP.

    At this stage I would assume its a huge trap set for all the other political parties, Once they declare this years income tax and its made public, It would be the best weapon for BJP to go in to next election, using those Income tax records.

  9. Modiji, If above article is true and correct then have u done this purposely ! OR missed out by your team. How will u face the nation ! What will be your plan to rectify this? Pl act fast.

  10. मैं छोटेबडे सबको नोटबैन व ई-व्यापार पर educate करता रहा...यह बात जानने पर मेरी पत्नि मुझपर हँस रही है व तरस भी खा रही है...मैं ठगा-सा मेहसूस कर रहा हूँ। shud I continue 2 support ModiSarkar,noteban?

  11. I think it was done intentionally. Do you know that currency with trinamool is not black, its fake currency. Congress and others cant really put money into bank account because then they will have no way of explaining how they got the huge mount of money when they try to get some money back from abroad. I feel that modi wants the political parties to actually put the money they have into a bank account, this will force them to follow the rules of election on how much maximum they can spend on each candidate. This directly means no more hand out can be given and people cant spend easily to sway people.

  12. I doubt Modi can do anything n allowing political party to deposit upto 31dec free from scrutiny by tax,ED authorities wl b his Waterloo.

  13. Interesting move... Definitely raises doubts about intentions of NaMo Sarkar.. The entire country is watching this to see how this will play out.. We will know the real thoughts behind this move in a few weeks. I reserve my judgement for now.


  14. Indians are corrupt by birth & politicians are more corrupt than ever. It is now 3.5 years since the 2G & 3G scam & 4 years since coal mining scam, nothing happens, judiciary is equally corrupt & defunct.
    Robert Vadra land deals stills in enquiry stage, do not till when it will be in cold storage.
    The indian constitution is another "museum figurine" too brittle to touch for it might collapse.... time to rewrite a new one....

  15. Most politician and their families hold huge amount of wealth including cash in their personal capacity. Their party hold only a small fraction. They like to keep the party starved. In my opinion, the politicians are feeling the pinch, now that they may have to transfer this wealth into the arty account.

  16. Oops! Glee of the corrupt & opposition can be seen across their faces. Thanks to Babus. A majorslip of PMO...#JustAsking...why can't GoI bring out face saving Ordinance by 20th tis Dec..?!!

  17. I have no doubt that BJP's very own high ranking trojan horse saboteurs must be kicked out. If not, Modi's dharmyudh and ordinary people's real inconvenience will be wasted. The Lutyenite people are proving to be a real pain in the arse for India. Tackle them fearlessly Modiji.

    1. I think Modi is proving to be the biggest trojan horse . For 50 days this country has been converted into a hell hole ...and these political pigs are enjoying freely in the gutter.Surely
      Modi is as evil intentioned as Lalu or Kejdiwal . As corrupt as the gandhi family or may be more.
      A simple scan of Amit Shah's core team of BJP leaders is sufficient to prove the point . Each 1 in that team has 10s of cases ranging from corruption to murder , each has billions of rupees of black money .
      From my city ...the person in that team is a core member ..who started his life as a milk-hawker(doodhwala) ...who now owns five star hotels in London .Also owns prime real estate in Dubai.
      Does Modi dare to act against these bastard sons of black money in the BJP ? Or is he one of them himself ?

  18. I am not sure how much useful this so called blackhole is. Firstly, the amount of donation received by Congress seems minuscule compared to the black money estimated in system. So I am a bit skeptical political parties can launder too much.
    Secondly, most corruption money belongs to politicians not political parties. Now unless a politician has absolute control over his party, the politician will not give his money to the party to launder. Why would a politico want to tell the party how much he has? And if the politico fails to convert his money, like black money hoarders in many other walks of life, it's a good start.

    1. Completely agree with you.

    2. Please provide data on what you estimate to be miniscule compared to black money in the system .
      Secondly any corrupt political party can become a channel for the black money hoarders deposit black money as donation...and get it back after paying 25-30% commissions to likes of sharad pawar or mayawati or mamata banerjee !
      ... imagine 500 crore rs. of some gangster/mafia in mumbai or west bengal ...and imagine sharad pawar or mamata banerjee or some local supremo of local party like NCP or TMC or RJD (lalu)..30% commission means 150 crore rs it a bad deal ... ??

  19. There is a lots of confusion about this. One thing is that the law was passed in 1961. Plus we keep reading from various BJP leaders that the political parties are not exempt.

    1. These clarifications are only to confuse people. Everyone knows IT exemption was given in 1961 under IT Act. Political parties don't pay taxes and they are particularly well aware of it. So why keep clarifying when the IT exemption was given? In demonetising notes some rules were set for the public at large and also for traders and companies. No such rule was set for political parties and that is the exemption they have been given. The post also says government has assured them no scrutiny of deposits by parties will be made and this is confirmed by the NDTV report and also by other media reports. So it seems political parties will get away without any penalties or punishment for any amount deposited by them while you and I will not.


      Are we saying same thing? I am still confused.

  20. Even with no income tax to political parties, black money that was with politicians, when deposited in Bank, will become accountable & parties will have to show this in their income tax return.So no cash payment in next elections

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  22. General public stood by Narendra Modi firmly even under adverse circumstances on his fight against corruption. That is why they did not protest too much or riot as per the wish of opposition parties against demonetization. But these kind of soft corner towards political parties allowing them to launder their and others blackmoney will erode his credibility and support. Hope he is really against blackmoney of all hues and all parties/persons.

  23. People get the Governments that they deserve. Modi doesn't have a magical hand for the corrupt mentality of the system. tax evasion, bribes black marketing, buying unnecessary Gold, lavish marriages is in the psychology of Indians. Telling a lie and breaking a coconut is very common for us. As of November 8th what is the balance in bank accounts of the political parties. What will be the amount that will be deposited from Nov 10th to Dec 31st. You don't need a Modi to do anything here. You just need an officer like former CEC Sheshan in IT dept who knows the Govt. rules in and out to tighten the screws. Sheshan did it in elections with the existing laws. It is the people who change the country and not one Modi or any leader as such. Shivaji Could not have done anything without a good army and people's support. In India corruption etc. is spoken like a fire side talk because people don't bother about it. No Modi can do anything unless the whole country takes a pledge to root out corruption.

  24. I believe that most of the black money is with individuals not political parties, Only morons would donate all their ill gotten wealth to any political party to convert their black money. Just as an example to clarify things, in Bangalore one of a transport official was found with 800 crore in cash, Would he deposit all his black money to a political party and in bank..?
    Even if he does will the party convert all his black money and pay him in cash...after taking their unlikely
    scenario..This is only one example,there are millions of govt officials and business folks who have hoarded crores of money without paying tax.
    There are loop holes in the system and people can't blame PM Narendra Modi for all the ills facing the country and the Laws can not be changed over night..This particular Law was formulated in 1961. The positive impact is , All the money has flown to banks, Now it depends on GOI and PM as How is manages his next move. demonetisation has exposed banks as the most criminals and corrupt and the corruption is deep rooted in the country.
    The Job of PM is not easy taking on all the enemies of the nation and keep the country in progress, The challenges faced on ground are tough and not easy to tread. As a responsible citizens, it is our Job to educate people and explain the benefits of the move and not fall prey to the false propaganda of the enemies.

  25. While I have no doubts about Modi ji's good intentions and love for the country, at times, I am scared of having been such a staunch supporter of his ideas. Is he really that smart or is he being naiive or changed colors, after becoming the PM? Are we all living in a fools paradise hoping that something good will happen in India? Is Modi ji and BJP as good/bad as CONgress and all other political parties? Any hope for this nation?!

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  28. this particular issue has left me a bit confused. as hard as i tried, i could not understand, how exactly can this be termed as a black hole. surely, this is a loophole but if the govt tries, not too big to be plugged. agreed, that the political parties have not declared their cash in hand balances as on 8th november, but on 15th or 16th december, showing cash receipts, as back dated as pre 8th november will not be an easy task. IT sleuths are real kick ass professionals, if they get down to it, its a real walk in the park for them, the only thing required is an honest intent.

    Regarding the tweet reuters had posted, they did rectify their mistake with clarifications.

  29. Beloved Prime Minister Narendra Modi, suspend and keep in abeyance IT Act Section 13 A from 9th November 2016 midnight to 31st March 2017 midnight

  30. Do you remember why Kejariwal’s AAP received donations of Rs.19,999/- in most of the cases? The ex-IRS officer was protecting himself under the IT ACT Section 13 A, which gave him immunity from disclosing the source of his funds. As characterized by Adhia, ANYONE ELSE, who could be a professional or petty trader, can be questioned about the source of his/her income for as minuscule a sum as Rs.100 but not a Section 13 A protected and immunized political party.
    So, if Section 13 A remains operative, this is what is going to happen. The political outfits run by a family or an individual can deposit any sum of old cash, even hundreds and thousands of crores, aggregated as retail donations (below 20,000), in any bank until 31st December 2016 and until 31st March 2017 in the RBI and coolly claim it was collected from faceless aam janata. They cannot be questioned about the sources of these deposits thanks to Section 13A.

    It entails that Sonia, Pawar, Mamata, Mulayam, Mayavati, Karunanidhi, Kejariwal, Uddhav Thakeray, and a whole host of politicians can very easily turn their black money into white by depositing it in the party’s bank account as retail donations from unknown sources. And interestingly, it’s the supreme leader or his/her minions who write cheques to withdraw money or make payments from those accounts. It’s also the supreme leader who dictates his/her party’s constitution under Section 29A of the Representation of the People Act, 1951 (43 of 1951).

    So, it was panic reaction of Mayavati to have returned the suitcases of cash to the aspirants of her party’s ticket in the UP Assembly Elections. She should have happily deposited it in the nearest branch of her bank. It’s also stupid of Income Tax officials raiding politicians like Jagan Reddy and seizing his cash. He can easily claim that the cash belonged to his party and while he was in the process of getting it deposited, overenthusiastic IT officials seized it.

  31. This is what Section 13 A means Narendra Modi Ji. You can ask Dr. Adhia if he can really explain this in any other way even if he seems to have done his doctorate in subterfuge and bureaucratic gobbledygook.

    So, here is the stark reality beloved Prime Minister. Your demonetization campaign may catch a few small fries but if it fails to nab the big sharks, it will be considered a failure. And the big sharks in the ocean of corruption are politicians, bureaucrats, and crony capitalists. Section 13 A provides a convenient escape route to them.
    Demonetization is an extra-ordinary step and you will need to take some more initiatives to make the exercise fruitful. You have been doing it all through this process until now, changing rules, guidelines, etc. on day-to-day basis to catch crooks and help the honest. You must do it in this case as well.

    Suspend and keep in abeyance Section 13 A from 9th November 2016 to 31st March 2017 to make sure the big sharks don’t get away with laundering their dirty money through this route. They can even launder the money of their businessmen cronies and stooges in bureaucracy using this exemption. Every single Rs.500 & Rs.1000 currency deposited in multiple accounts of political parties must be confiscated.

    If you fail to do so, and allow people like Dr. Adhia and Arun Jaitly to whitewash the issue with their subterfuge and lies, people will begin to lose faith in your integrity and uprightness, the one key asset worth billions you have built in your political career. They can clearly see that the system treats lay citizenry with harshness and gives kid glove treatment to the sharks of corruption for whatsoever reasons. Such double standards will also damage your credibility as a leader who cares for the nation and its people.

  32. Its a travesty that Modi Sarkar is letting banks charge for digital payments and not charging anything for cash transactions. Printing cash takes money ( 1500 crore as per estimate) and that is paid for by the tax payer. So double whammy for her. She pays tax, leaves herself open to scrutiny and also subsidizes black marketeers to do whatever they want. Until and unless the government does a 180 degree turn on cash , compliance will not increase. At the minimum they should put an environment tax on cash transactions.

  33. 1.Modi Govt should issue an Ordinance forthwith amending section 13A of the Income-Tax Act,1961 that anonymous donations of political parties(ie where donations not backed by KYC and record of donors/backed by fake/ stolen /
    unauthorisedly accessed KYC) will be taxed @ 77.52% (the same rate applicable to black money of AAM ADMI u/s 115BBE). This should be applicable from current financial year (assessment year 2017-18)
    2.Deny Income-tax exemption to cash donations received by political parties wef 01-04-2017

  34. If this was the case Ravinar,opposition parties would not be protesting so much.I think there is a catch some where that these politicos know and fear.Hence the protests.

  35. Request all those commenters you to kindly download a book by Noam Chomsky - Prof Emeritus of Princeton University on how the mainstream media manufactures & sells politics & different propaganda models, that are favorable to it

    Noam Chomsky is one USA citizen who was able to correctly read political trends & mainstream media politics for over 50 years now & when he visited India in 1988-89, (recalling from memory) he was chief guest of Govt of India for a week, in which he spent 3-4 days in Kolkatta & rest in New Delhi.
    Mainstream media could not interview him, except for Chennai based FRONTLINE magazine (two subsequent issues) which had printed a well structured interview & how the Professor articulated his views. A well covered interview article

    Reading this book of Noam Chomsky is a must for all Hindus. BJP to learn from this book & formulate rules to stem the mainstream media playing havoc in India.

  36. Believe that Mr. Ravinar has read this book, if not, request to read it after downloading it from this weblink (free) for this will give you ammunition that is like to last for another 5 years !!!

  37. It has been an absolute torture watching smart people and major voices in India’s right wing domain support the noteban by the govt. And you have gone ahead with “phenomenal” at it. Anything for “my guy” eh,,!

    And pointing out that the “people are on the govt’s side”, lol the people would be on the govt’s side if the govt was to just hang people on the streets without trial, only provided that the person being hanged makes a dollar more than the said “people”.

    Of course the said people often forget that they too make a dollar more than the guy below them in the income heirarchy and by the time they realize it, society vanishes in the drama summarised by “they came for them, i was quiet, then for the next door guys, i was quiet and then they came for me AND NO ON WAS LEFT TO SPEAK”.

    Even the comedians got it right, “kya decison liya hai yaar, ameer black money walo ki toh waat laga di”.

    No body seems to understand the fact that a businessman NOT paying some taxes doesn’t suddenly convert all his income into public funds. The money is still his.

    As far as corruption goes, the first thing to do is define the term, CORRUPTION is when a govt official uses his power for any type of personal gain. Throwing that term around for everybody who saved a few bucks on income tax only takes away the focus from the MASSIVE systematic problems in the way the govt and it’s bodies function in india. There is simply no incentive for a govt official to NOT be corrupt and survive.

    Which brings us to the amazing drama of raids, oh how happy are the plebs, enjoy lunch at home while some “ameer log” are losing money, lol. In a society where 99% of political parties, politicians, IAS officers, polices officers, tax officers ARE DEFINITELY CORRUPT, the plebs are merry to watch a few tiny rodents being raided. It is hard to understand if this is moral bankruptcy or just low IQ ignorance or both.

    We still haven’t got into the economic impact this noteban has caused, the job losses and the deaths which mediacrooks doesn’t even believe are real, as per him “it’s not so hot out there for people to be dying!”

    1. Please don't redefine corruption as per your whim. Am I stupid to be paying taxes for the benefits that all enjoy? Do business men not get protected by the Army? Why should they not pay taxes ?

    2. What I have suggested is infact the actual definition of the word "corruption". And it is very important to use it in that context to keep focus on the real which is destroying our society—that of a govt unwilling to reform and let go it's control on the economy to maintain it's voter base.

      Using the word in another context let's say "corruption in the banking sector" makes it sound as if the banks misused it's position of power in some way but the bank doesn't have a position of power in the first place.

      What the bank did is try to game the system(which is the govt) whose job is to put the bank back in line with fines etc. But the incentive structure in our govt is so broken(they're not EVEN PAID WELL TO BEGIN WiTH) that NOW the corruption part begins.

      The govt official now has the position to extort from the bank.

      A business not paying tax is simply a different version of the above story.

      On you paying your taxes vs a businessman let's first establish you probably make a lot less than a businessman to begin with. So it's obvious human nature for him to try to save it.

      Moreover the businessman creates tremendous value for the economy anyway with jobs which we should not forget.

      Further economic discussion worth having here is that businesses don't pay taxes anyway—they're always transferred to the employees and the customers.

      Because of which I had a situation with a doc where cash cost me 7k and using a debit card would cost me 8.5k. THIS AFTER THE NOTEBAN.

      The real discussion we as a society could be having is to reduce taxation on all levels of the economy so we all willingly pay them instead of entertainging some illusion of creating a cashless society in a country without roads, literacy, power, internet and basic primary english education.

      282 seats was an amazing opportunity to get things done, but the guy(and of course people advising him) just has other priorities and poor understanding of how things work.

    3. 282 seats is not enough, need to have numbers in Rajya Sabha, get your basics correct. Rajiv Gandhi has much more i.e. entire lok sabha & rajya sabha he did not thing, but passing Shah Bano ordinance pleasing Muslim vote bank.

    4. needx to dissolve rajyasabha and banit for ever......
      people of rajya sabha are not ekected by us.......waste of money.....useless guys like sachin,mallya,rekha etc are part of it......
      once a law is tabled and success fully passed by peoples elected representatives in lokhsabha it needs to signed and put into gezette....

  38. The message from the Modi Govt is very clear - either give us all your black-money in cash and sleep peacefully, or deposit it in your Bank A/c and risk IT scrutiny and subsequent harassment.
    Besides, all laws and rules leave enough loopholes for politicians to exploit. Hence, no Govt will act to the detriment of the political class.

    HENCE BLACK MONEY OF POLITICIANS,corporates WILL BE FORGIVEN BY DEPOSITING in banks via party donations......

    1. Minor correction !!! Hope it is acceptable....
      //MONEY FOR ELECTION JUST LIKE Crocodile Khangress....//

    2. becaz these days not only being good politician nd performing is not enough.....
      one needs to show case and market his in live stream nd in touch with people....need to conduct huge rallies..convert those rallies into vote also needs money........from where theyll get money......
      so far modi has been good politician.......who has not stooped to the level of congress to destroy india.......
      lets pray to god for ache din......god save india


      Crooked Chidambaram and his Son's business empire in 14 countries...

      First somebody should put this father and son in jail immediately for the rest of their lives as well as confiscate all these properties...

  40. Salty Ocean i.e. Sugary Ghose is back in place of Arnab Goswami as Cheap Consulting Editor of Times NOW channel. Will TOI will start making another anti Hindu, anti Modi, anti BJP or how it will advertise & market Pappu & his company needs to be watched for it is in business of advertisements.

  41. Unfortunate in India that media seems to be fascinated by ruling families more than the nation itself nor helping to move towards good governance. They seem to have uncanny support for corrupt politicians.

