Monday August 19, 2019
Home India Income Tax ra...

Income Tax raids in Delhi and Mumbai after PM Narendra Modi Bans Rs 500 and Rs1000 Currency Notes

Raids were conducted in Delhi, Mumbai and some other cities based on reports of tax evasion by converting the older notes into other forms by illicit methods

0
//
1000 rupee notes. Pixabay.

New Delhi, November 11, 2016: The sudden demonetization in India has left many perplexed. While there are many who are struggling to get their currency notes exchanged, others are trying to salvage every last rupee from their illegal hoards.

In a masterstroke move, Prime Minister Narendra Modi announced the ban on the current 500 and 1000 rupees notes on November 8. This action was undertaken with the focus on to curb the unaccounted riches.

PM Modi tweeted, “I assure you the government is unwavering in its effort to create an India that is corruption free and fruits of development touch every citizen”.

NewsGram brings to you latest new stories in India.

This has led to people flocking to banks to exchange their redundant notes for the new currency notes but many have resorted to illegal means due to the fear of investigation as a bank deposit worth more than 2.5 lakhs will undergo heavy scrutiny.

Raids were conducted in Delhi, Mumbai and some other cities based on reports of tax evasion by converting the older notes into other forms by illicit methods. Many traders have shut down their stores in fear of tax raid.

Money
PM Modi speaks about the discontinuation of Rs. 500, 1000 Notes. Youtube

Go to NewsGram and check out news related to political current issues.

The Income Tax department has asked the investigation units in the country to keep an eye out for suspicious transactions in cash. The department claims, the actions they took were a part of a normal regular survey performed to curb such illegal practices. Items are bought at a much higher price and the hawala dealers (money launderers) exchange the cash for international currencies at unbelievably high rates.

New Rs 2000 note. Yahoo
New Rs 2000 note. Yahoo

Raids were conducted in Delhi, Mumbai and in some cities of Punjab after receiving reports saying that traders were accepting Rs 500 and Rs 1000 notes, which were no longer useful, to sell Gold at Rs 50000 per 10 grams and apart form that the dollar is soaring up to a 100 dollars in the hawala market.

Look for latest news from India in NewsGram.

These radical steps taken to eliminate the biggest issue in India is a bold step. Centre has a clear intent to minimise corruption and black money.

However, Corruption on a larger level may not have anything to do with cash. This makes it possible for corruption to still be prevalent in spite of all the steps taken. The ban is also implemented to reduce counterfeits as they are printed in abundance and fund the destruction of a country.

– by Shivam Thaker of NewsGram. Twitter: @Shivam_Thaker

Next Story

By Advancing Interdependence, India will Bring New Dawn for Democracy in 21st Century

All citizens must be active participants in shaping the future of India

0
Interdependence can be achieved by creating a country in which there is a shared understanding of the value of each citizen and a reliance on one another to eliminate discrimination. Pixabay

In his first speech after winning the election for his second term, Prime Minister Narendra Modi proclaimed that “…we have to win ‘sabka vishwas’ (everyones trust).” What will be required to win that trust is establishing a true state of interdependence. Interdependence can be achieved by creating a country in which there is a shared understanding of the value of each citizen and a reliance on one another to eliminate discrimination, hostility, and prejudice and to provide equality and opportunity for all. All citizens must be active participants in shaping the future of India. They must be equal partners in Indias inclusive economic mobility and in Indias shared prosperity.

Independence Day is the perfect day to highlight the importance of and advance the concept of interdependence. This can be accomplished by promoting the need for a unified India on this national holiday.

The need for doing this is critical. Unfortunately, in the period since the Prime Minister called for winning “trust” in his speech, some Indians have engaged in actions destroying it.

Sadly, the heinous crimes at the beginning of Modi’s second term are nothing new. There were several lynchings and numerous attacks on Muslims during his first term.

Interdependence, India, Democracy
In his first speech after winning the election for his second term, Prime Minister Narendra Modi proclaimed that “…we have to win ‘sabka vishwas’ (everyones trust).” Pixabay

Modi did not speak out vigorously then. He must do so now to demonstrate the essential leadership that will be required to create a state of interdependence. There are other serious conditions that must be addressed as well. To name just a few: sexual violence and subjugation of females continues; the caste system still exists; and, the problematic conditions of those in the weaker sections persist.

By speaking out, Prime Minister Modi can bring the country together to confront the matters that are hardening India’s democratic arteries. He cannot do that alone, however. He will need buy in and support from across the country and the citizenry.

A first step should be to “find our spiritual common ground”. That step can be initiated by recognizing that spirit is the invisible force that brings us together regardless of our caste, race, religion, region or political predisposition. The goal in discovering that common ground should be to create one nation under God. That nation would be an interdependent one and its God would be ecumenical and non-denominational. Its God would be welcoming to all.

As one nation, India would celebrate and embrace the richness of religious diversity

Also Read- BBC Decides to Expand its Shortwave Radio Service in Kashmir to Beat Communications Blackout

As one nation, India would be inclusive and accepting unity over division and hope over fear

As one nation, India would elevate citizenship above angry and mindless partisanship and bring people together to pursue the common good

As one nation, India would be the place known for sharing and caring as opposed to blaming and shaming

As one nation, India would emphasize building bridges instead of constructing boundaries and barriers

Interdependence, India, Democracy
What will be required to win that trust is establishing a true state of interdependence. Pixabay

As one nation, India would ensure that all its people are literate and equipped with the skills to succeed in the 21st century

As one nation, India would extend life lines instead of drawing battle lines

As one nation, India would be a land of big dreams, small treasures, brave people, kind deeds, and tender mercies

As one nation, India would ensure the importance of the freedom of the free press, not to bury it

Also Read- Gold Price May Increase to Rs 40,000 per 10 Gram by Diwali

As one nation, India would be a role model and exemplar for other democracies to emulate

Everyone must play a role in establishing India as one nation. Each citizen should engage in small acts of kindness by reaching out to those less fortunate and to the downtrodden by extending a helping hand and a hand up.

Some people can make special contributions. Religious leaders should promote interfaith dialogue. They should bring people together followers of different persuasions for meaningful conversations. They should promote a dialogue of understanding and a shared sense of community with other faiths. They should call the fact that attack on one faith is attack on all faiths. Political leaders should promote a framework of unity and civility. Civic and community leaders should promote collaboration in problem-solving. They should toil together their creeds to plant the seeds for doing good deeds.

There is no better day on which to resume our journey than Independence Day. There is no better way to make that journey than to chart a course to interdependence. By reaching that destination, India will establish itself as the beacon of hope for democracy worldwide. By realizing that potential, India will bring a new dawn for democracy in this 21st century. (IANS)