While relaxing on the couch, messages started poping up on Whats App of some ban on 500-1000 notes, initially I thought it was some prank or something, but after receiving same message came from 20 other people and the 1st time I started a News Channel in evening to see whats happening, no wonders it was the most shocking news.
Some years back when I was about to start Turtle, my mom took me to our Maharaj Saheb (Jain Saint) for seeking blessings. At that time I was a total atheist, but u could not afford to argue with mom, I went there being completely disinterested, but that day my life changed when Mahraj Saheb told me not to go to Derasar (temple), eat any food I like, or do anything want to, but to pay Income Tax and never do cheating, her words still eco in my ears, when she said “Rohan not paying tax is the biggest cheating to the country and desh ni chori e savthi maha chori (if you don’t pay tax you are a thief of your own country), the very next second I decided I will never do cheating in my company, as I could write blog at the time when 90% of people will have sleepless nights.
To be honest I was delighted while listening to the complete speech of Mr. Modiji, what a leadership Mr. Modiji has shown towards the Black Money, in the history of Indian Economy no Prime Minister has taken such a bold step ever, people used to brag him for his vows on Black money, but what plan he came up with to abolish black money! Bravo!!
Why this step was taken?
- India has a population of 130 cr. tax paying structure.
*Source – ET Wealth.
2. Lots of printed notes were transferred to India recently.
3. Curbing Black Money – Modiji specified very clearly, if you are not declaring money in income declaration scheme, after the scheme I will take strict steps, and he did it.
4. Lot of Entries were done and to curb all that which is illegal around
5. 90% of the transactions were done by 500 and 1000 note, which were highly black money transactions
So this has not been an overnight decision, this was much planned and warned effect, but surely will give many people sleepless nights.
“They ask how do you define a Wealthy Man? – The Man who can sleep Peacefully today with a smile on his face is Wealthy”
So what happens after this Biggest New?
- Link for the full press release by RBI – 2f1c998b-9bca-4a34-a1d8-2a948d3a0a01
- Do not worry we wont open with a lower circuit tomorrow (most probably)
- This bold move will increase the credibility of Government, and on long-term scale we will blossom as an economy
- Real Estate will have a huge Crack down, specifically in cities like Surat where most of the transactions are done majorly in cash, same which is happening in Hong Kong Real Estate Markets, it cracked from 20% to 45% in no time.
- People who have taken Entries will be trapped badly.
- It was deficiency of White money before, now it will be a deficiency of black money in markets.
- People who had declared money in Income Deceleration scheme would be finding themselves very luck and smart.
- 1st time Tax Payers like me are proud of doing Right things and paying Advance/Annual Tax.
- People who have cash, a lot of cash, still will find a way to settle money, still recommending pay tax and enjoy that money for life time, stress Free!
- People have started making line at ATM and Petrol pumps, dont the reason for it!
- CA are in huge demand, they are shocked too.
- BANKS will ask your ID proof while depositing the money, I.T. (Income Tax) guys will have a keen eye on the cash deposit happening in all the account.
- Dont make mistake to take an entry, it will be the worst decision, if you do so.
- Lot of so-called Rich guys who went for long holidays will take flight back to their own cities in a day or 2.
- My wife has shown me her cash savings today, 1st time in 8-9 years, and she is damn worried about it, i am sure all housewives will show their husbands the amount of cut they have done in the monthly budget.
- Temples or any other holy place is going to be full tomorrow!
- Paytm and online wallet companies valuation will suddenly erupt.
- Banks as a sector also will have more business as more transactions will be done through banks, surge of Debit and Credit Card use will help banks!
- Suddenly Hillary,Trump are aside now, its only MODI-ji!
- Tomorrow Real Estate Sector will be a sector to be watched, though I am Short in most of the stocks of that Sector since a fortnight ago!
- 100% white projects in real estate will have an extremely good demand
- It’s the 2nd time in India that Currency notes are DE monetized, it happened before in 1978.
- Suddenly 100 Rs. Note value shoots up.
- E-commerce company will have a good edge as COD (Cash on Delivery) will have a hit, and people will pay by Credit or Debit Card.
- Gold Companies will also have a huge hit, lots of cars could be seen near Jewellers in Surat
- On a lighter note, people are ready to do some operations if some cash is adjusted..lol.
- How smart Modiji is smart – example
- 9 &10 Bank Holiday due to currency exchange.
- 12 Bank Holiday – Saturday
- 13th Bank Holiday – Sunday
- 14th Bank Holiday – Gurunanak Jyanti
- Ample of time to Transit money into Banking System, that’s a plan and a damn smart plan.
On a larger scale, it is surely a tough decision, but it’s the right decision, people who are paying tax was made fun by one who was not, its the win of the one who always believed in paying taxes and keeping India at the First Place!
before my wife shouts “Rohan you have office tomorrow, time to sleep” – let me sign off…
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