Modi says people who deposited others’ money may get to keep it all

modiOpening a new front in the fight against black money, Prime Minister Narendra Modi today said people who were forced or tricked into depositing other people’s money into their bank accounts may be allowed to keep the entire sum for themselves.

“Do not touch that money,” Modi said, addressing a rally in UP.

“I am exercising my brain to come up with a plan to send the person who deposited their money into your account to jail and the money to you.”

According to anecdotal evidence, many people with funds that they cannot account for have forced their employees or less-aware persons around them to deposit part of their money into their account.

“We have trapped them… now we need to make sure they don’t escape,” Modi said, adding that the government will soon come up with a scheme to confiscate or transfer such money to the person who was used to deposit the amount.

Modi said people should not feel guilty about taking such money from black money hoarders. “This is not a favor to you.. this is the money that rightfully belongs to you, money that they made through cheating and other illegal means,” he said.

It is likely that the government will allow anyone who deposited others’ money to keep the entire sum if that person reveals the true source of the funds.

That way, the government will be able to prosecute the person under the newly passed Benami Transactions (Prohibition) Amendment Act, while rewarding the person who led them to the criminal suitably.

It has already imposed a monthly limit of Rs 10,000 on withdrawals from Jan Dhan accounts.

However, it remains to be seen how practical such efforts will be, as many of the people who have deposited money on behalf of black money holders are dependent on the latter. Many of these people are direct employees or relatives of the person to whom the funds belong.

“PEOPLE SUPPORT DEMONETIZATION”

Modi also attacked the opposition and others who expected people to criticise him over the inconveniences faced by them after the withdrawal of 500- and 1000-rupee notes.

The BJP won a surprising number of seats in the just concluded local body elections in Maharashtra and Gujarat, belying oppositions’ hopes that the ongoing problems associated with the swapping of currencies would act as a dampener on BJP’s poll prospects.

On the contrary, the demonetization move seemed to have added to Modi’s popularity and the prime minister has been quick to seize the opportunity to project himself as the true guardian of the common man’s interest.

“Some reporters have come to me and said we go to the field hoping to get angry reactions from people, but we find such people who have been in the queue for hours, but still don’t have any angry words to say… The reason is that they have understood that the intention behind the move is good. They have understood that this is an honest effort.”

The prime minister said the people have stood strongly behind the demonetization move because it has given them hope.

“Earlier, when a school demanded that Rs 5,000 be paid for admission officially and Rs 50,000 unofficially, an average middle class person had no option but to comply…

“The country, as such, favored honesty, but didn’t have an option. This time, they’ve decided that this is a fight that can be won.”


Modi denies demonetization was a failure Prime Minister Narendra Modi today denied that the withdrawal of high-value currency notes was a failure.Speaking in the lower house of Parliament today, Modi said demonetization has created a money trail that can be used to 'bring everyone into the mainstream' of taxation....
Katju says SP will defeat BJP in UP Elections; Demonetization, Akhilesh to aid Former Supreme Court judge and a keen observer of Indian politics, Markandey Katju has predicted a win for the Samajwadi Party led by Akhilesh Yadav in the upcoming Uttar Pradesh Assembly elections.BJP, which is seen as a strong contender by many, would be negatively impacted...
COLUMN: Why it’s hypocritical for Rahul Gandhi to accuse Narendra Modi of taking money from co... One of the interesting aspects of the current accusations and counter accusations around the alleged funding of BJP's 2014 Lok Sabha campaign by corporate houses is the sheer hypocrisy of it.Let's see why.According to third-party figures, an estimated Rs 23,000 cr was...
Mining baron Sekhar Reddy arrested after Income Tax raids Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu's top bureaucrat chief secretary P Rama Mohana Rao at his home.It was...
Rahul Gandhi’s gives ‘earthquake evidence’ on Modi After keeping the nation waiting for 10 days, Rahul Gandhi today dropped his 'bomb' on Narendra Modi that he had promised would 'cause an earthquake'.Gandhi said a company based in Uttar Pradesh has written "that Modi has taken money from them multiple times over six mont...
Demonetization: RBI removes ‘explanation’ requirement for KYC accounts The Reserve Bank of India has responded to widespread criticism of its directive to collect 'explanations' from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation."On a review of the above, we advise ...
Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees Narendra Modi announced several 'prize schemes' to promote cashless transactions.Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants.Under the first scheme, any customer who uses any electronic form of payment,...
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ ...
Demonetization: Swaraj India says political parties could become money laundering centers Swaraj India party today said the Income Tax department's decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers.According to Section 13(A) of the Income Tax Act, 1961, if you have regist...
DEMONETIZATION: Wholesale Price Inflation falls to 3.15% in November The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year.The fall is largely expected due to the impact of the withdrawal of h...
Domino’s Pizza starts cashless facility for phone orders Domino's Pizza has started cashless payment facility for those who order by phone as well."Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. Howe...
After pumps, Bata stores to provide cash withdrawal The story has been withdrawn by the company.
Petrol Pumps, Airlines Will Not Take Old Notes From Saturday | DEMONETIZATION Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources.So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes.However, in an effort to control...
BJP asks all MPs, MLAs to submit bank statement to party As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards.The central leadership of the party will examine the bank statements of the...
7 ILLOGICAL REASONS to oppose DEMONETIZATION The current demonetization move by the Narendra Modi government has seen a lot of accusations and counter-accusations being levelled by both the supporters and opponents of the move.While the government has tried to deal head on with the official accusations levelled by opp...
PM Modi’s official Twitter account gets ambushed by AAP For long, the Bharatiya Janata Party held the upper hand on Twitter -- which -- along with comment boards on news websites -- forms the 'wild west' of political online campaigning in India with large-scale manipulation, 'fake' accounts, bullying and targeted attacks.Not to be...
Narendra Modi’s official Twitter account gets ambushed by AAP For long, the Bharatiya Janata Party held the upper hand on Twitter -- which -- along with comment boards on news websites -- forms the 'wild west' of political online campaigning in India with large-scale manipulation, 'fake' accounts, bullying and targeted attacks.Not to be...
DEMONETIZATION: How some earned lakhs standing in queues The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and ot...
Despite Demonetization, India will beat China in GDP growth: Fitch Ratings Despite a moderation in India's GDP growth rate in the short term due to cash crunch, the Indian economy will still grow faster than that of China, global ratings agency Fitch said."We still expect India’s GDP growth to trend higher than China’s in the medium term," said the ...
FULL TEXT: Ratan Tata’s statement on Demonetization Ratan Tata courtsey:tata.comRatan Tata, one of the most respected business figures in India and the chairman of Tata Trusts, has drawn attention to the practical difficulties faced by ordinary citizens in dealing with the ongoing currency exchange program.Tata, who was o...
FULL TEXT: Ratan Tata’s statement on Demonetization Ratan Tata courtsey:tata.comRatan Tata, one of the most respected business figures in India and the chairman of Tata Trusts, has drawn attention to the practical difficulties faced by ordinary citizens in dealing with the ongoing currency exchange program.Tata, who was o...
Rahul Gandhi seeks Parliamentary probe into ‘leak of information’ ahead of demonetizatio... Congress Vice President Rahul Gandhi dismissed charges that the opposition was not speaking in one voice on demonetization and said the entire opposition is united in their demands.Asked whether the opposition parties wanted a roll-back, Gandhi said there were only two demand...
82,000 ATMs recalibrated out of nearly 2 lakh so far Banks have recalibrated 82,000 out of a little over 2 lakh ATMs in the country, economic affairs secretary Shaktikanta Das."It will be only a matter of a few days (more) till all the ATMs are recalibrated," Das said.To ease cash supply to the agricultural sector, a total ...
Fitch says demonetization gains may not last Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring "to support credit profiles" and will impact GDP growth in the current quarter.Though the gains will be substantial in the short-term, they may not last as people may still go back...
Modi Govt to give ‘cashback’ on black money destroyed? He may not be able to deliver the Rs 15 lakhs, but according to a media report, Narendra Modi's government is thinking of transferring at least part of the black money destroyed through demonetization to Jan Dhan account holders.Jan Dhan accounts were opened in 2014 by econom...