How to restrict conversion of black money into white?
The Issue
Honorable PM of India Shri Narendra Modi ji,
Salute for a courageous decision of demonetization
50 days time (9th Nov to 30th Dec 16) has been allowed for deposit of old currencies of Rs.500 and Rs.1000 through Bank/Post offices to all.
It is well understood that individuals having no bank account or savings account may need 50 days but we could not find any convincing reasons why the same time limit (50 days) has also been allowed to the Jewellers, Real-estate and Political parties, Trusts, Company, Firms, NGO etc. for depositing old currencies collected in CASH up to dtd. 8th Nov 16.
Due to such long period (50 days) there is possibility that Jewellers, real state players, etc. may further indulge in back date (before 9th Nov) transactions of Gold, Real state, Goods etc.; similarly political parties/trust may receive donations on back date (which are tax free in political parties/trust’s hand) and thus huge black money can be converted in to 'white' and may defeat the purpose of whole exercise.
Therefore we request to review this decision and if possible may allow further 3-5 days for all such “Current Account Holders” (except who are specially allowed to accept old currencies) to deposit old currencies of Rs. 500 and Rs.1000, after making special arrangements for such collection at Bank end. However withdrawal / exchange may continue as planned for all.
As this issue affects life of all of us so please circulate to all your friends to get their views and signature in the petition if agreed ….
With Regards…
Vinod Agrawal,
Electrical engineer, IIM graduate, Tax expert
Raipur, Chhattisgarh, India
Email- vinod.iim.alumni@gmail.com
Petition Closed
The Issue
Honorable PM of India Shri Narendra Modi ji,
Salute for a courageous decision of demonetization
50 days time (9th Nov to 30th Dec 16) has been allowed for deposit of old currencies of Rs.500 and Rs.1000 through Bank/Post offices to all.
It is well understood that individuals having no bank account or savings account may need 50 days but we could not find any convincing reasons why the same time limit (50 days) has also been allowed to the Jewellers, Real-estate and Political parties, Trusts, Company, Firms, NGO etc. for depositing old currencies collected in CASH up to dtd. 8th Nov 16.
Due to such long period (50 days) there is possibility that Jewellers, real state players, etc. may further indulge in back date (before 9th Nov) transactions of Gold, Real state, Goods etc.; similarly political parties/trust may receive donations on back date (which are tax free in political parties/trust’s hand) and thus huge black money can be converted in to 'white' and may defeat the purpose of whole exercise.
Therefore we request to review this decision and if possible may allow further 3-5 days for all such “Current Account Holders” (except who are specially allowed to accept old currencies) to deposit old currencies of Rs. 500 and Rs.1000, after making special arrangements for such collection at Bank end. However withdrawal / exchange may continue as planned for all.
As this issue affects life of all of us so please circulate to all your friends to get their views and signature in the petition if agreed ….
With Regards…
Vinod Agrawal,
Electrical engineer, IIM graduate, Tax expert
Raipur, Chhattisgarh, India
Email- vinod.iim.alumni@gmail.com
The Decision Makers
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Petition created on 16 November 2016