India's Demonetisation - 3-4 Lakh Crore Untaxed Cash Deposited, IT Department To Investigate

[jaunty]

It was not. But they needed to force the people to jump to cashless bandwagon. The method might not have backfired, had the government prepared well in advance by printing enough currencies in the first place.
Again if we think govt will recover 3 -4 lakhs crore in Black money then its going to be impossible.

Printing enough currencies beforehand would have eased the pain and minimized the stress on the economy but other than that the fate of the real objectives would not have been very different.

 

[Soumitra]

Actually deposits in Jan Dhan accounts are hardly significant when you compare it with the total value of old currencies. Till the first week of December, the total volume of deposits (after demonitisation) in Jan Dhan accounts was merely about 30,000 crore. I am sure many of these accounts were used to deposit black money but in the larger context that is a very small amount. If you subtract the genuine deposits from 30,000 crore I am not sure if it is even worth going after 25 crore Jan Dhan accounts.

Edit: the livemint article you posted says that about 44,000 crore have been deposited in 45 days. The numbers are consistent with the above data.

http://economictimes.indiatimes.com...s-hardly-significant/articleshow/55792611.cms
http://www.ndtv.com/india-news/jan-dhan-deposits-stabilise-get-rs-1-487-crore-in-7-days-1633957

Also the deposit limit in Jan Dhan accounts is just 50,000 rupees. So even with a 10,000 a month withdrawal limit the money will be out of the system before the already stretched IT department gets to examine thoroughly.

It is also worth mentioning that Jan Dhan accounts are owned by the extremely poor class who don't have a bank account otherwise. Suppose I am one of them and I somehow managed to deposit 40,000 rupees in my account. What is the IT department going to do exactly? Almost none of those people have any genuine employment contract. Are you going to jail them, drag them to courts? Send IT notices for 40,000 rupees? It is next to impossible to do anything about it.

previously there was no limit of deposit or withdrawal. People started depositing 2.5 L each (max threshold w/o income tax)

When govt found this out they reduced the deposit and withdrawal limit. Now there will be scrutiny of these accounts

You had said and I agree

No large black money holder is stupid enough to deposit unaccounted money directly to his account. These 3-4 lakh crores (even if we are to take this amount at its face value which is a big if) is spread across crores of accounts.

the govt does not have to freeze crores of accounts. today you can do intelligent data analytics to idntify the accounts

Lets say you are black money holder. you deposit money in 8-10 accounts and promise them a cut of say 10-15% to keep the money

If the govt will see the historical data. there is an account (Jan Dhan or Non Jan Dhan) where historically the balance is not more than say 20-30,000 Suddenly after november 8 there is a spike in the account and the balance is suddenly in lakhs. Obvoiusly a red flag will be raised. Please note that PAN number was required to deposit the amount. the govt can also check the historical IT returns and compare the amount deposited and ask the person questions about the source of funds. Intelligent data analytics can be used to track black money even if it is deposited in banks

You are not a blind Aaptard like @ashok321 so I am giving point by point explanation. You may still not accept it and raise further questions but you are intelligent enough to debate on merits and not spam using dubious links, tweets and memes

 

[Götterdämmerung]

My suspicion that India has become a vassal state of the cabal seems to be true.

A Well-Kept Open Secret: Washington Is Behind India’s Brutal Experiment of Abolishing Most Cash

http://www.zerohedge.com/news/2017-...-india’s-brutal-experiment-abolishing-most-ca

 

[jaunty]

previously there was no limit of deposit or withdrawal. People started depositing 2.5 L each (max threshold w/o income tax)

When govt found this out they reduced the deposit and withdrawal limit. Now there will be scrutiny of these accounts

You had said and I agree

The 50,000 limit was put in place very early, after 5-6 days if I remember correctly. So for the major part of Nov and the whole of Dec it was 50,000. From the rest it seems you agree with my assessment of Jan Dhan account being insignificant as far as black money recovery goes.

the govt does not have to freeze crores of accounts. today you can do intelligent data analytics to idntify the accounts

Lets say you are black money holder. you deposit money in 8-10 accounts and promise them a cut of say 10-15% to keep the money

If the govt will see the historical data. there is an account (Jan Dhan or Non Jan Dhan) where historically the balance is not more than say 20-30,000 Suddenly after november 8 there is a spike in the account and the balance is suddenly in lakhs. Obvoiusly a red flag will be raised. Please note that PAN number was required to deposit the amount. the govt can also check the historical IT returns and compare the amount deposited and ask the person questions about the source of funds. Intelligent data analytics can be used to track black money even if it is deposited in banks

Your post has so many false assumptions I can easily list them one by one. But let's wait for a few more months. I am pretty sure no significant black money would be recovered from the deposited cash. If I am wrong, I will actually be glad because that would be beneficial for the country but I am almost certain that wouldn't be the case. It will be limited to usual headline management which is where this govt excels the most.

You are not a blind Aaptard like @ashok321 so I am giving point by point explanation. You may still not accept it and raise further questions but you are intelligent enough to debate on merits and not spam using dubious links, tweets and memes

Well I am glad to hear that but frankly I don't need your or anyone else's certificate. I have been here long enough and posted fairly regularly and spent the better part of my 20s. I am nobody's cheerleader.

 

[Soumitra]

The 50,000 limit was put in place very early, after 5-6 days if I remember correctly. So for the major part of Nov and the whole of Dec it was 50,000. From the rest it seems you agree with my assessment of Jan Dhan account being insignificant as far as black money recovery goes.



Your post has so many false assumptions I can easily list them one by one. But let's wait for a few more months. I am pretty sure no significant black money would be recovered from the deposited cash. If I am wrong, I will actually be glad because that would be beneficial for the country but I am almost certain that wouldn't be the case. It will be limited to usual headline management which is where this govt excels the most.



Well I am glad to hear that but frankly I don't need your or anyone else's certificate. I have been here long enough and posted fairly regularly and spent the better part of my 20s. I am nobody's cheerleader.

Action has already started

https://defence.pk/threads/18-lakh-...tices-to-explain-large-deposits.475655/page-2