And for a Friday post the RBI circular on withdrawal of 2000 rupee notes, some thoughts….. some musings…..
Demonetisation had caused suspense, excitement, frustration, fear, anger and finally maybe relief to most black market operators, tax evaders and culprits. The 2000 note withdrawal on the other hand is just routine RBI “Clean Note Policy” by which notes are withdrawn after the estimated life span of 4-5 years. People like me, most of my friends, colleagues and relatives had no problems during Demonetisation and have no issues at all now. After the news of the note withdrawal came, the Wife scrounged all the cupboards and came up with a rich haul of three 2000 notes between both of us. Yet this move caused so much of flutter, concern and worry to some. Surely for hoarders of cash, there is no doubt the tactics adopted to escape demonetisation like Benami deposits, Gold purchases, converting thru North Eastern States using the special Tribal protection provision of Income tax section 10(26) and cooking up Agricultural income, corruption ensured a large part of the black money escaped the tax net. But make no mistake. All hoarders and corrupt practitioners are shaken up.
Technology and digitilisation will progressively tighten the noose around the practitioners of tax evasion and round trippers. It will take time, but one by one routes are getting blocked. Jan Dhan accounts of the poor and marginalised is no longer available. Every poor family wants to get the DBT. So they will now not allow Benami transactions in their accounts. UPI ensures transaction trail. All credit card usages are traceable since PAN and AADHAR are already linked and ATS certificates is automatically generated. The most crucial move is an obscure silent circular by MCA by which CAs, CSs and CWAs (Certified Working Accountants) have all been brought under the provisions of the PMLA (Prevention of Money Laundering Act -2002). Thus the slimy and corrupt business owners can no longer use the services of corrupt CAs on commission basis. The old adage will come true. “Bad and dishonest advise, is often most fatal to the Advisor”.
Corruption and the Corrupt will always find ways and means to beat the system. Slowly but surely, the honest Tax paying citizen can also say “Hamara din bhi Aayega”. Let’s pray for this, the honest way, the corruption free way the SEEGOS way.