Wednesday, November 09, 2016

Hey! The economy will not dump you

The notes have been discontinued. The matter is done. The cows have gone home. Now what?

Take the money to your nearest bank and deposit.

If it is unaccounted, you will receive a polite call or message from the Income Tax people and you will do well to pay up the fine, grin and bear it. You will still have much to salvage.

If it is accounted for, why worry your head off? You are paying your taxes. Use your plastic more. Intelligently. That's it. It is not for you anyways that the government has done what it has done. It is for the guys who run a mammoth black economy and deprive the nation of its rightful path, putting the stress back on the taxpayers that's us. 3% of the whole population. Us. It's to bring at least another 40% into the rightful way of economic development.

Just imagine what could happen now?

Banks will receive over Rs. 80 lakh Crores. Flush with funds, RBI could announce a slew of cuts in interests and repo rates. You could borrow money from banks at much easier rates than ever before.

Banks will reach out to the unbankable and create newer propositions giving birth to an altogether new economy.

This could benefit a slew of new entrepreneurs who could, with the help of banks, participate in personal growth and nation development. Education, services, infrastructure and utilities would receive a big fillip. Money will go where it is supposed to go.

Government, now cash rich, can undertake many budgetary reforms and augmentations than ever before. Again, Infrastructure, education, police, law, healthcare and agriculture will receive much needed funds to breathe easy and improve their lot.

Maybe, just maybe, the taxed will be taxed less. GST is going to help in some way already and maybe our tax slabs can get easier. We could hope for that. Then, more money in our pockets.

WhatsApp forwards and shovelling dirt at various political fatcats is all fine. I have enjoyed some jokes too. Over the last twelve hours but this is good.

This is what India should be about. Bold and sure footed. Strong, healthy and bubbling. There will be some of us who will have major concerns with cash in hand.

I still say it's time to show it. To the banks and the tax guys. No harm. No one is gonna put you behind bars. Some fines.

As for me, blissful. I am most happy using plastic and transferring money through the net.

I am lazy. And using a mobile to transfer money fits my type completely. Cheers!

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