The government’s attempts to reduce the CIC-GDP ratio by merely reducing currency in circulation without the necessary structural reforms are likely to have deleterious consequences.
Whistleblower Herve Falciani, a former HSBC Bank employee, had said in 2015 that the Indian authorities weren’t using all the information he provided on people stashing black money abroad.
Despite the well-documented adverse effects of demonetisation, Modi government’s continued support for it reflects the arrogance of the behavioural ideology that thrives in its sense of certainty, far removed from the struggles of everyday people.
The companies are among the over two lakh struck off from the Register of Companies by the government last month.
While the group has informed Australian authorities that Atulya Resources is the holding firm for the company’s operations, ABC alleges that it is actually a holding firm in the British Virgin Islands controlled by Vinod Adani.
In an interview to The Wire, the BJP leader defends his criticism of Arun Jaitley’s handling of the economy and explains why the government’s policies from Kashmir to Pakistan are wrong.
It’s not easy to defend a failing flagship policy, especially when the central premise is shaky. When the foundation is built on wishful thinking, the supporting ‘evidence’ is bound to stray into fiction too.
The process is “going on in full swing” with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.
Demonetisation as a means of tackling the black economy was destined to fail. What’s worse is that its ripple effects are having severe adverse effects on India’s economy.
The price of demonetisation’s “success” is now clear – slowing economic growth. What makes matters worse is that India has made very little headway in solving its twin balance sheet problem.
Nine months after Prime Minister Narendra Modi announced the demonetisation Rs 500 and Rs 1000 notes, it is clear that his government has not had one single, consistent reason for conducting the notebandi exercise.
The adjudicating authority of the Directorate of Revenue Intelligence has struck down all proceedings against the Adani Group.
The Swiss People’s Party has said that India and ten other countries are “too corrupt” and that it will get enough support in the country’s parliament to halt the tax information exchange process.
The announcement by the Securities Exchange Board of India (SEBI) late on Monday did not say what illegal activities the companies may have been engaged in.
If Switzerland’s Federal Supreme Court rules in his favour in a case brought against him by Swiss prosecutors, Rudolf Elmer will release account data from Julius Baer bank that he still holds.
PricewaterhouseCoopers, convicted in the Rs 7,000 crore Satyam scam, had also audited accounts of Vijay Mallya’s firm and the Global Trust Bank, which collapsed.
While C. Rammanohar Reddy’s Demonetisation and Black Money tries to present a moderate view of demonetisation and its impact, what is missing is the way the impact is estimated and why official data may be lacking.
Financial secrecy deprives countries, especially developing ones, of key revenue resources by eroding their tax base. India must thus build a robust legal system to lift the veil of secrecy on both onshore and offshore financing.
Demonetisation has not dented the black economy, but it has damaged the white economy, especially the unorganised sectors.
In Understanding the Black Economy and Black Money in India, Arun Kumar takes us on a journey from the origins of the black economy in India to what should come after demonetisation.
By taxing the incomes of the top 4.1% of total agricultural households, as much as Rs. 25,000 crore could be collected as agriculture income tax.
C. Rammanohar Reddy speaks to The Wire about his recent book Demonetisation and Black Money, the impact of the policy on the masses and the government’s shifting narrative towards digitalisation.
With the end of the crisis in sight, the gains and losses from demonetisation can be assessed with some confidence.
Extracts from C. Rammanohar Reddy’s Demonetisation and Black Money that explore whether the note ban had any impact on the rich, how Digital India entered the narrative and the impact of the move on the poor.
Black money may be funnelled away in tax havens, but it is all controlled out of London, where Indian and other billionaires are happy to be based.
Despite the hardships, why do many people continue to back what most economists and analysts have termed a bad policy?
The rationales behind the surprise move – targeting black money, terror financing and building a cashless economy – have all failed to elicit results. Why then was this exercise undertaken at all?
If the government is serious about addressing the black economy, fundamental changes in the structure and organisation of the economy and politics are required.
For the government to truly fight black money and ensure complete transparency in political funding, the ambit of the Right to Information Act must be expanded to include political parties.
The Budget appears to be pro-poor and pro-business, but it fails to address the reforms actually needed to structurally transform the economy.
The Budget estimates of gross tax revenues for 2017-18 are the same as the revised estimates for 2016-17 – 11.3% of GDP.
Proposed amendments to RBI Act, IT Act and RP Act would leave the RBI and IT department with no means to probe funding of political parties.
The political economist answers a range of questions on the note ban – painting a comprehensive picture of what demonetisation has done to democracy, agriculture, the ‘black economy’ and society.
Paid news in the service of the nation.
A shift away from cash reliance will come only when the urban middle class finds plastic money more convenient, not with forceful government intervention.
Proponents of demonetisation say it was required for market correction. However, given the magnitude of government interference involved, it is likely to disrupt markets rather than correct them.
How much money will come through the second income disclosure scheme and by tracking down hitherto unidentified black money? What will it be used for?
To tackle black money that originates in the process of electing MPs and MLAs, the legal provision that freezes the number of Lok Sabha and state assembly states must be revisited.
The Sena also said that the BJP is living in a fool’s paradise if they think that demonetisation has ended the menace of black money
How Narendra Modi has brought back dark memories of colonial India.