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Did You Know That The Original Idea To Discontinue Rupee 500 & 1000 Notes Came From The People Of India?

The then UPA-II had constituted a committee to look into measures to tackle black money in India and Abroad.



In the past couple of days a handful of people including Prime Minister Narendra Modi, Yoga Guru Baba Ramdev, a Pune based CA named Anil Bokil have all been credited for coming up with the idea to demonetize Rs 500 and Rs 1,000 notes as a step to fight black money.


While everyone have their own track records to validate their claims, it would be surprising to know that the people of India had recommended in back in 2012.

The then UPA-II had constituted a committee to look into measures to tackle black money in India and Abroad.

The committee headed by the chairman of Central Board of Direct Taxes (CBDT) which defined black money as "If money breaks laws in its origin, movement or use, and is not reported for tax purposes, then it would fall within the meaning of black money."

 Demonetize Currency
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The committee had during its term consulted various sections of the society on steps to control black money.

In its report under the section 'Suggestions from public' it has listed the following

"One common demand from the public is that high denomination currency notes, particularly `1,000 and `500, should be demonetized. In this connection, it is observed that demonetization may not be a solution for tackling black money or economy, which is largely held in the form benami properties, bullion and jewellery, etc.

Further, demonetization will only increase the cost, as more currency notes may have to be printed for disbursing the same amount. It may also have an adverse impact on the banking system, mainly logistic issues, i.e. handling and cash transportation may become difficult and may also cause inconvenience to the general public as the disbursal or payments of wages/salaries to the workers will become difficult.

Besides, it may also adversely impact the environment as more natural resources would be depleted for printing more currency notes. Demonetization undertaken twice in the past (1946 and 1978) miserably failed, with less than 15% of high currency notes being exchanged while more than 85% of the currency notes never surfaced as the owners suspected penal action by the government agencies."

It has also listed some other recommendations it received 

* Declaring black money as national asset and confiscating illicit wealth

* More stringent laws and punishments, including life-term for those indulging in corruption or stashing black money abroad

* Special courts should speedily try cases of corruption and economic offences

* Expand banking operations and use of modern net-driven/mobile technology in monetary transactions

* More transparency in government functioning, particularly in tendering, award of contracts, payments, and delivery of services

* Reduce taxes, such as stamp duty, capital gains tax, etc., and simplify procedures

* Increase public awareness about ills of black money and corruption by including it in school curriculum, launching public campaigns, publishing names of tax-defaulters and persons with illicit accounts abroad

* Bring a voluntary disclosure scheme with/without penalty and then strictly enforce economic laws

* Reward to informants of black-money

* Increase the effectiveness of departments dealing with tax laws – increase their manpower,

ensure its integrity, incentivize them with 1% of the black money detected, develop good intelligence

* Bring strong Lokpal Bill to monitor and punish political corruption, dismissal of public servants found to indulge in corruption, debar corrupt politicians from contesting elections; etc.

But for some reasons the recommendation did not get the approval and it took another four years and another government to put it into practice.





Source:IndiaTimes

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B3infoarena: Did You Know That The Original Idea To Discontinue Rupee 500 & 1000 Notes Came From The People Of India?
Did You Know That The Original Idea To Discontinue Rupee 500 & 1000 Notes Came From The People Of India?
The then UPA-II had constituted a committee to look into measures to tackle black money in India and Abroad.
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