India withdraws 500 and 1,000 rupee notes in fight against graft, 'black money'

[samsara]

Time and again what happened in India's demonetization showing folks with some saving or surplus why they certainly need to diversify from all-paper-assets only, to keep some significant portion in the form of physical barbarous relics. Something that cannot be printed, replaced with new ones through decree and printing...

A cashless world where they try to distract us by forcing us to stand to the flag and national anthem under pain of sedition and treason.

A world where you cannot get your money out from the bank and where every electronic transaction is taxed, fleeced with fees, and where inflation of the things you need is rampant.

 

[samsara]

2016-12-07
Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold.

It’s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.

The chaos accompanying “demonetization” hasn’t eased up noticeably. It seems likely the disruption to the economy, especially in cash-centric rural India, will hit growth sharply for at least a few quarters. It’s tough to say for how long and by how much; we are in uncharted territory here and guesses have varied widely. But many analysts agree with former Prime Minister Manmohan Singh, who’s predicting the new policy will knock 2 percentage points off that world-beating GDP growth rate.

Demonetization was originally sold as a “surgical strike on black money” — the illicit piles of cash many rich Indians have accumulated out of sight of the taxman. It’s now clear the policy has been anything but surgical. Worse, uncomfortable questions are being asked about whether the complicated rules and exemptions that have accompanied demonetization have allowed black-money holders to launder most of their cash. Of late, Modi’s chosen to focus instead on demonetization as means of advancing a cashless economy.

Yet the idea of a war on unaccounted-for wealth remains central to demonetization’s popular appeal, which means Modi will have to find other ways to keep that narrative going. So the government has now begun to push income-tax officials to conduct raids on those who might be concealing assets in forms other than cash, such as gold.

There’s already enough fear of such raids becoming common again that the government felt the need to step in to quell some of the anxiety. That didn’t help much. The government “clarified,” among other things, the rules governing when tax officials could seize gold: Nothing would happen “if the holding is limited to 500 grams per married woman, 250 grams per unmarried woman and 100 grams per male.” It also said that there would be no limits on jewelry “provided it is acquired… from inheritance.” Also, the “officer conducting [the] search has discretion to not seize [an] even higher quantity of gold jewelry.”

What this means, unfortunately, is that India’s income tax officers have just won the lottery. During a raid, they can, on the spot, decide whether or not to confiscate a family’s gold holdings. And remember, India has an enormous amount of gold — 20,000 metric tons, much of it inherited. (The rules governing simple searches are different, but few know that.) Rather than cleaning up tax administration, the government has handed tax officials more power than they’ve had for decades. The rich will pay what they need to escape harassment; the rest will suffer.​

https://mishtalk.com/2016/12/07/india-confiscates-gold-even-jewelry-in-raids-on-hidden-money/

Some commented that India is just a giant lab/simulator for big, at-scale giant experiments. This is the largest experiment TPTB afford to run/replay before triggering the real, global one. Financial Repression. CASHLESS SOCIETY.

 

[Hindustani78]

I-T department seized Rs 5.7 cr cash in new notes, 32kg bullion and jewelery and Rs 90 lakh old notes from a bathroom safe of a hawala dealer in Karnatakas Chitradurga district.

 

[Hindustani78]

Actor and producer Prasenjit Chatterjee with actor Saswata Chatterjee (R) collecting cash from United Bank of India mobile ATM outlet during the announcement of Pension Scheme for the film and television artists and technicians, in Kolkata.

 

[alwaysfair]

Gold and jewellery seems to be a favourite for parking black money.
All transactions in jewellery shops should be necessarily through cheque , card or bank transfer . You eliminate a large chunk of illegal money

 

[Hindustani78]

New Delhi: December 12, 2016 01:15 IST
Updated: December 12, 2016 01:20 IST
http://www.thehindu.com/news/nation...-for-Jayalalithaa-funeral/article16795262.ece

Post-demonetisation, Air Force transport aircraft had been roped in to ferry new banknotes from Nashik, Mysuru mints to various parts of the country
The Centre pulled out all the stops to make sure that the news of Tamil Nadu Chief Minister Jayalalithaa’s death did not lead to any major law and order problem in the State, even if it meant halting the air supply of new currency notes.

The Indian Air Force (IAF) had been roped in to help cope with the currency crisis in the aftermath of the government’s demonetisation decision with several transport aircraft pressed into service to ferry cash to various parts of the country.

As reported earlier, the Centre, anticipating the news, had already made arrangements to airlift 900 Rapid Action Force (RAF) personnel from Ahmedabad, Hyderabad and Mumbai as soon as they got a formal request from the State government.

Two large military transport aircraft, C-17 Globemaster and IL-76, were mobilised for the purpose.

It was at 9.30 p.m. on December 5 that the State government sent a formal request to the Centre requesting 70 companies (approximately 8,000) of RAF to manage the crowd in case of any eventuality.

The public announcement was made at 12.22 a.m. on December 6 that Jayalalitha had passed away at 11.30 p.m. the previous night.

“To take care of the cash crunch, the C-17 and IL-76 were being used to ferry currency notes from the government printing press at Nashik and Mysuru, as per a request from the Finance Ministry,” said a senior official.

“We decided to divert the planes to airlift the security personnel,” he added.

Another said the requisition for RAF was only for Chennai. The State administration wanted the entire force to be in Chennai to provide security to the funeral procession.

“It was the Chennai police which had made all arrangements. We were there to assist them. The RAF men had formed a ring around the casket as the police feared a stampede-like situation. Around 900 RAF men formed a human wall when the funeral procession started from Rajaji Hall to Marina Beach,” said K. Durga Prasad, Director General, CRPF, which heads the RAF.

“We had already arranged for 10 companies but pulled out some more from J&K to send them to Chennai,” said a senior official.

 

[duhastmish]

India is full of cash and forex. No corruption.
No ill treatment of poor or minorities.
People are happy
Business is right on top.

Ram rajya is here.

People deserve this for electing such great prrime minister.

 

[Hindustani78]

Representational image.

Banks, telecom companies could be allowed to use Aadhaar, says Jaitley
PTI
New Delhi, October 06, 2018 14:23 IST
Updated: October 06, 2018 14:25 IST

https://www.thehindu.com/news/natio...-use-aadhaar-says-jaitley/article25143416.ece

The Finance Minister said a legal provision through a legislation can restore linking of Aadhaar with mobile phones and bank accounts

Finance Minister Arun Jaitley on Saturday said a Parliament-approved legislation can restore mandatory linking of biometric ID Aadhaar with mobile phones and bank accounts, but did not say if the government will bring a new law for the same.

The Supreme Court had last month upheld the Constitutional validity of Aadhaar, the 12-digit biometric based unique identity number, but restricted its use by private entities like telecom operators for verifying the identity of the mobile phone user.

Mr. Jaitley said the verdict was a “very sound judgment” as the court accepted that there is a legitimate State aim in Aadhaar.

“Aadhaar is not a citizenship card,” he said at the HT Leadership Summit here. “Because after all you have a system where you give a lot of government money in form of various support and subsidies to all kinds of people. That was the principle objective of Aadhaar.”

The Supreme Court, he said, upheld most of what Aadhaar does.

“What had not been upheld falls in two categories. One is the principle of proportionality that Aadhaar will help in these cases and then do it by an appropriate law.

“So the whole argument which was given that private companies can’t use it, there is Section 57 which says you can authorise others either by law or contract. So what has been struck down is by contract,” he said.

Finance Minister said a legal provision through a legislation can restore linking of Aadhaar with mobile phones and bank accounts.

“By law it can still be done, provided you do it under the adequate provision of law and do it on the basis of that in this field it is necessary,” he said.

He, however, did not say if the government plans to bring a law in Parliament for the purpose.

Mr. Jaitley said the Supreme Court has permitted Aadhaar linkage in several areas like income tax, based on “the principle of proportionality”.

“If you are able to show the kind of data that in mobile telephony it (Aadhaar linkage) will help, it can happen. So mobile and bank accounts are two critical areas,” he said.

The Supreme Court declared constitutional the government’s extraordinary attempt to give every resident a biometric ID. It, however, drew a clear line between two kinds of use for biometric authentication - its use for state-provided services like payment of subsidies and taxation records was declared acceptable but restricted its use as an authentication tool by the private sector like telecom companies and banks.