The new maths is :
Less Rich = Less Poor
But,
Rich does not equal Poor !
Here is how :
A few lakh Black Money holders possess , some Rs 14 lakh*crore worth of OLD notes ( Rs 500 / 1000 )
in their cabinets / vaults
But all that they dare to deposit officially in their
bank accounts , will be Rs 4000 crore , trying to stay under the Scrutiny Limit of Rs 2.5
lakh,
to avoid tax / penalty / jail
So how will they get around to " save " their
black money ?
By sacrificing some 30 % (
" Hawala Rate " being reported by all news papers and TV channels for
past 2 days ) , in order to salvage 70 %
Not too difficult if you consider that , our country
" boasts " of some 40 Crore potential hawala operators !
I refer to those 40 crore Indians
below the official Poverty Line ( having expenditure of Rs 32 per day
in Rural areas and Rs 47 per day in Urban areas )
Can Black Money holders succeed in convincing these 40
crore persons to go / deposit in their Jan Dhan Bank
Accounts
( government claims that 99 % of Indians - including these 40 crores , now have
a bank account ) , just Rs 1 lakh each ?
That would take care of some Rs 40 lakh*crore worth of
OLD notes !
Of course , those 40 crore persons would be expected to
withdraw ( after some time ) , Rs 70,000 ( 70 % of deposit ) in NEW notes and return to the Black Money holders !
And with the remaining Rs 30,000 in their bank accounts
, these poor persons can now start spending every day ( say ) Rs 50 - way above
the official Poverty Line !
With one fell swoop ( of demonetization ) , government might
have managed to lift 40 crore Indians , ABOVE the official Poverty Line !
No mean achievement , by any standard !
Black Money holders would become less rich but poor people would become less poor !
Now we know , that Shahukars ( unauthorized money
lenders ) in our small towns and villages , have lent thousands of crores of
rupees to needy poor ( to whom , Banks would not lend since they have nothing to
pledge by way of security )
These crores have been lent in Rs 500 / 1000 notes
And the Shahukars will accept " repayments ",
only in Rs 500 / 1000 notes !
It is possible that these Shahukars will tell the
borrowers :
" You owe me Rs 50,000 but you are unable to
return that sum
Now , take this
Rs 1 lakh ( in OLD notes ) and go / deposit in
your Jan Dhan bank account
After 1 month ,
withdraw Rs 50,000 ( in NEW notes ) and return
to me as your repayment
of that loan .
I will tear off that LOAN DOCUMENT in front of your eyes ! "
Would you say a " win - win situation "
for both !
Such a " generous offer " on part of the
Shahukars , might even save thousands of farmers from committing suicides !
May be every dark cloud has a silver lining !
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11 Nov 2016
www.hemenparekh.in / blogs
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