1. Letters to the editor

Letters to the editor

This refers to the column “Fighting black” (FE, November 14). It is rightly stated that “The demonetisation move, apart from taking on the black economy, means more liquidity in the banking system”.

Published: November 16, 2016 6:22 AM

Taking on the black money

This refers to the column “Fighting black” (FE, November 14). It is rightly stated that “The demonetisation move, apart from taking on the black economy, means more liquidity in the banking system”. This is good for the banking sector reeling under the NPA burden and for the economy as deposits help in spurring lending. The evil of corruption has been spread by certain sections of society for their selfish interest. The primary cause of concern here is the quality of India’s political leadership, which has consistently betrayed its own taxmen. PM Modi’s master-stroke will eliminate the counterfeit notes in circulation and bring black money-holders under the scanner to a large extent. It will also help us move towards a cashless economy. Today, the rich and powerful, whose money is stashed in tax havens outside the country, are leading hassle-free lives. The timely and swift move to cleanse the corruption the cancerous black money is a most welcome move. According to one estimate, the quantum of black money in circulation in domestic economy is three times the regular circulated currency. The bold stroke of demonetisation may rattle people but it will definitely inject dynamism in the moribund economy. Prevention is better than the elusive cure. Accumulation of black money should be nipped in the bud. Tax avoidance, tax evasion, etc, ably guided and assisted by the financial advisers are at the base. The prevalent system of cash transaction—and most of the black money in realty sector and hospitality industry—needs to be brought within the system for tax purposes.

Vinod C Dixit, Ahmedabad

Scrap 2,000-rupee note

As a lay-person, I wish to congratulate the prime minister, the Governor of RBI and the banks who kept the idea of scrapping the 500- and 1,000-rupee notes highly confidential and exposed the demonetisation plan only late in the evening on November 8, after bank hours. The country is flooded with fake currency and the scrapping of the high-value denomination notes is ideal, as is the move to introduce new notes. My suggestion to the PM, Governor Patel and the finance minister is to scrap the new 2,000-rupee noteand introduce just 500. I got 2,000-rupee notes from Vijaya Bank and no trader wants to the accept notes. Please scrap the 2,000-rupee note in public interest. Already, criticism that the note will help the corrupt to stack and enjoy black money once over again. Since banks are equipped with electronic clearance, to facilitate people in getting their cheques encashed easily and help transactions, introduce daily clearance two or even three times.

BS Ganesh, Bengaluru

Demonetisation a sound policy

Even though the demonetisation decision declared by the prime minister on November 8 has been termed a surgical strike, the Modi-haters have responded citing loopholes in the decision and its implementation. The PM himself had underlined the problems that may be faced by the people at large at the outset. Some unprecedented problems that arose are being reviewed. The common man in the streets is happy and praising the government. Delhi CM Arvind Kejriwal is being promoted as the leader of all political opposition to the BJP, with his poisonous language transmitted through the mainstream media without asking for a single peice of evidence from him. Possibly, there are big guns in the mainstream media who may be hit hard by demonetisation.

Jai Parkash Gupta, Ambala Cantt

Please send your letters to:

The Editor,The Financial Express, B1/B, Sector – 10, Noida – 201301. Distt: Gautam Budh Nagar (U.P.).or e-mail at: feletters@expressindia.com or fax at Delhi: 0120-4367933

  1. Ganesh Bangalore
    Nov 18, 2016 at 7:20 am
    18-11-2016 I am a senior citizen who partited in freedom struggle shouting " Service, sacrifice, unity, honesty patriotism etc " and now all these are thrown and enjoying power at any cost an d means has become the order of present day politicians. This idea of them has given room for frauds, dividing people based on caste religion only to hoodwink people enjoy power am wealth by almost all parties. This has given room for frauds, black money etc. Now Apex Court is also worried and present P M has taken the task of removing black money and ensure good governance and prosperity of all people, which is the need of the hour. B S GANESH BANGALORE
    Reply
    1. Ganesh Bangalore
      Nov 25, 2016 at 7:02 am
      25-11-2016 I am a common senior citizen not connected with any political parties. I also during my high school days partited in the freedom struggle. Whatever promised during struggle and a few years after has been forgotten by the politicians and they concentrated in their growth and prosperity by any means and all means. This has given room for corruption dividing the people based on caste and religion only to enjoy power and am wealth. This has given room for too many politicians and parties. This has given room for too much of black money and corruption. Present government headed by Modi is trying to reduce corruption and common people have to struggle to see the result. For this all other parties are protesting instead of supporting for attacking and reducing corruption. If corruption increases poor will have to suffer. B S Ganesh BANGALORE
      Reply
      1. Ganesh Bangalore
        Nov 25, 2016 at 7:06 am
        25-11-2016 Manmohan Singh being a person from congress party he has to support congress and being subordinate to Sonia hi has to work. It is a pity inspite of highly educated and a finance man has not bothered to prevent corruption during his period of work and now Modhi is struggling to end corruption and make country as honest and reduce the gap between rich and poor, and make the lives of common people better, no party is supporting as all other parties are interested in corruption and their own prosperity. B S GANESH BANGALORE
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