Arvind Kejriwal recently posted a video addressing the public and criticizing Prime Minister Shri Narendra Modi on his move banning 500 and 1000 rupee notes. The Chief Minister of Delhi Kejriwal, boldly questions Prime Minister on how the ban of 500 and 1000 rupee notes would curb corruption and black money.
Economist Arvind Kejriwal gives us a few illustrious examples and practicalities behind these examples. This move by the Modi Government will ease the black money holders. The first example he gives is a citizen holding black money worth 1 lakh in 500 and 1000 rupee notes. After this regulation, the citizen can hold the same black money in a double amount in 2000 rupee notes denomination in the same space consumed by 500 and 1000 rupee notes. The second illustration he gives is about a common auto driver or a rickshaw owner. Let’s say they have earned a sum of 10 lakh rupees in the span of 5 to 6 years and saved the money for their daughter’s wedding. According to the new law, the auto rickshaw driver will have loose his hard owned 3,75,000 rupees as paying tax. Here’s the break-up of the bill. A) 10% of 2.5 Lakh = 25,000 thousand rupees B) 20% of 5,00,000 Lakh rupees = 1,00,000 Lakh rupees. C) 200% penalty on tax = 2,50,000. This sums up to 3,75,000 rupees. To the auto driver’s misery, he will fail to produce bills generated by him. His bills may sum up to 50 to 200 rupees and in India, hardly any auto driver gives a bill. The third example he gives is of a citizen in Telangana State who died of shock listening to this news. Lastly, he said, the common man is standing in long queues for exchanging their old notes with new ones and the rich people are exchanging their black money by losing only 20% and their black money is home delivered.
Arvind Kejriwal concludes by criticizing Modi, that the real black money is in Swiss banks. It seems a list of Indians who hold their accounts in Swiss banks were released. He named the top business tycoons of our country like Mukesh Ambani and Anil Ambani. In this statement, he challenged Modi that if he could bring these culprits to limelight, Kejriwal would salute Modi with gratitude.
Arvind Kejriwal accuses the Prime Minister saying that this is a big scam operated by Modi himself and that he informed his close friends before hand to exchange their notes. Adding to this he mentions that Mukesh Ambani was informed by Prime Minister about this regulation and that’s how ‘JIO’ network was born.
This video of Arvind Kejriwal certainly raises a doubt about this regulation. Is the common man harmed the most or benefited? Would this step reduce inflation in the market and reduce the prices of consumer good? Would this step curb corruption and black money or adversely increase black money? We hope to see a better and a brighter India. Jai Hind.
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