While watching TV in the evening today, It suddenly stuck me that the currency demonetisation will not assist Modi government in catching any significant number of individuals, bureaucrats, tax evaders, cops or politicians unless they make the blunder of depositing unaccounted money in the bank. Only stupid people will get caught.
Modi government is misleading the people by making announcements that over Rs. 5 lakh crore in old currency has been deposited in the banks without declaring or suggesting what is the colour of this money. People should understand that practically almost all of this money would be white money or tax paid money. For instance, whatever money I had in cash at home, I deposited the same in my bank and have since then withdrawn more than what I had deposited to meet my household expenses. This is what most of the people would have done. The money deposited in banks will not be black money or unaccounted money as nobody would risk depositing that money in the bank as that money would be not only be taxable but also maybe subject to penalty. More important reason why people will not deposit unaccounted money in banks because that would open the to investigation. So they would launder the money in some way or decide to write it of as loss. This money also includes money that would be deposited by companies / businesses who had made sale till the 8th of Nov which they would also deposit in the banks.
As mentioned in my earlier posts, Modi government has not got its story right because a logical and a believable story needs to be built on truth and facts. If I was asked to build the story for demonetization of currency by Modi Government, it would have been something like this. Modi government has a logical story to tell.
The difference between a good idea and bad idea is implementation. You may have the best idea but it will come to nothing if not implemented properly. Politicians usually do not pay too much attention to implementation. This is because they are more interested in short-term results. Also, they are usually not held accountable for any loss that poor implementation causes so why bother with the long-term results of the idea. Third, they have the luxury of moving from one idea to another quickly are able to divert the attention of the people from the last failed idea that they had come up with.
PM Modi’s public relations machinery has made fatal mistakes.
Its been sometime that I have blogged because of some personal reasons. Now I am back.
Vijay Mallya has finally made a wise decision. He has decided to get rid of Kingfisher Red. As I have mentioned earlier, the biggest mistake that Vijay Mallya made was to buy Air Deccan. You cannot have a low cost airline and a premium airline run by the same company. Jet made the same mistake and so did Vijay Mallya. While branding, we have to give up something to get something. We cannot be everything to everybody.
This is a follow-up on my earlier post. Can you believe that Customer Service Manager of Standard Chartered Bank called to convince me that what they had done was legal and as per their contract. I cannot imagine that intelligent hot shot bank executives who must have studied at all the top schools can come up with such a scam. If this is true, I would recommend to all of you out there who are planning to take a loan from Standard Chartered Bank or thinking of opening a bank account with them, don’t do so as you might be debited with charges that you never thought you had to pay. And if you can’t afford to pay their illogical charges, you will the additional expense of going to the Doctor to get medicines High Blood Pressure and hyper tension. My response to the customer service manager’s illogical argument is given below.
We took a loan from Standard Chartered Bank in Nov 2010. We are located in New Delhi. There was no mention of annual charges. Even the schedule of charges they gave me didn’t mention anything about annual charges. All of sudden I found that theu have debit us with Rs. 37,000 as annual charges. My suggestion to all of you out there is NOT TO DO BUSINESS WITH STANDARD CHARTERED BANK because you don’t know what they will debit you with. The letter I wrote to their hot shot top executives is given below. These guys can’t make money in a fair manner and they start manipulating customers to boost up their profits.