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Fight with the socioeconomic evil black money

India is a vast country with an amazing history and brave stories which makes the country famous in the world. With a rich heritage and culture the country stands in a special place and is even becoming more popular because of the black money.  There are several issues which the economy of the country started facing issues due to the stocks of black money in the country and this makes the country suffer with terrorist attacks and corruption. In order to make the country free from corrupted people the government took several effective steps, but the people who tend to cheat government find several loop holes that make them escape from the clutches of law.

Impact on revenue

This socioeconomic evil black money makes the government lose the revenue as the people who owe black money don’t pay the tax on large scales. The taxation is decided on the basis of the income and many other variables and a few people with an intention to cheat do not pay the tax and consumes a lot.  As this owes direct impact on the government revenue the government is always running with a deficit budget and is standing as a burden on the genuine tax payers and the common man. The rich turns richer and the poor cannot even withstand the tough situations due to lack of funds. The scarcity of the resources kills peace in the country and makes people suffer a lot for essential goods as people fail to gain the ability to buy the goods.  If this sort of evil practices continuous in the country people suffer with excess increase in costs and the cost of living becomes much unbearable for a common man. In order to avoid such painful instances and teach a worthy lesson  to the one with black money the  authorities started implementing various rules.

Unfair transactions

People who skip the tax due to the complex tax structure owe excess black money and even save them in the foreign banks. The world famous Swiss bank owes accounts of several people who tend to hide their income without paying the taxes. The black money holder’s watch for the time and even after several agitations there is no noticeable change in the corrupted officials. A lot of black money is even used in investing in the real estate and people use the money during the election process. The crore of black money is used in election campaigns and the financial companies even run away with the money. The black money people who use to purchase properties, gain license carry heavy transactions in bribing skipping the paying tax without the knowledge of the government. There are several routes which people loaded with black money do using the money and the unfair transactions lead to unpredictable consequences.

A bold decision

The black money is disturbing the country and it owes a huge impact on the economy of the country which owes a negative impact on the growth of the country. Many governments and leaders started fighting against black money and in the present scenario the PM Sri Modi took a bold step which started making the regular tax payers feel good as the people with black money are unable to use the currency.

·         Though the ban on the normal  currency leads to a few chaos initially the genuine tax payers and people who are responsible never face trouble the one who stores money without proper accounts  or the one who have fake accounts will be punished as per the terms according to the government.

·         In order to drive away the dirty money from the country the government started taking bold steps that brings all the money in to light.

·         As people who deposit more than 2.5 lakhs need to provide the complete details people owing the large denominations suffer a lot and the one with specific proofs need not worry.

So after the large currency denomination ban people started depositing the money in banks and there is a break in the transactions along with the restricted exchange limit of the currency notes the government is easily locating the people who have stored much of the black money. Hope this step of Sri Modi drives away the socioeconomic evil black money and makes sure that the rich and poor lead a normal life in a peaceful country.

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Await the positive long term affect of the bold government decision

Changing the money denominations and banning the existing currency of the country India is the most dynamic decision of Sri Modi and there are several happenings after this rule. This historic step is one of the bold decisions ever made and is even bought into implementation very quickly. Happened to be more than ten days this rule came into existence and it has its own role in the society and it is mentioned that this is a step against the black money.

Impact of ban

The impact of banning the 500 and 1000 notes is seen in every sector till date and there are several deposits in the banks. With public overwhelming support it is easy to drive away black money from the country and even enhance the business ranking as the expenditure is managed finely with this amazing step. Facing the hardships is not very easy even for the one who are genuine tax payers and common man as there are a few benefits of this move.

Getting rid of the dirty money from the country extremely easy as people, whoever deposit money need to present their proofs and should even pay tax if the denomination is above the limit. This brings the black money into the light and people started facing troubles and heavy penalty. Leaving the inconvenience caused to the public and people with small businesses, there are amazing advantages to the growth of the economy of the country.

People after the unimagined decision started panicking and there is a downfall of a few companies in the stock market as the wildest decision of the Modi government is completely unexpected. The transactions that are carried out with the previous denominations are no more permitted and this step stood as a bigger query for all the people who cheat on paying the tax.  With this  wide decisions  there are several long term benefits, but shortly people face  excess cons and  it is much harder to have floating cash in the hands. The hard currency is to be deposited in the respective banks to avoid unnecessary issues as the existing cash is no more valid and acceptable throughout the country.

Affect on share market

This surely has an impact on the stock market and the affect on the share market need time to set right on the track. With the election in the US the numbers dropped drastically and the falling continued in a few aspects after releasing the ban over the existing government notes. This is a huge hit to all sectors of the country and the genuine tax payers are always safe whereas the one who cheat government need to pay each and every penny back.

·         Within a few months things will be back and the share market value increases as the demands move upwards. With the sudden decision of discontinuing of the existing denominations there are a few downfalls and this is not restricted to a specific companies.

·         There are several organizations which have landed in the ground position as buyers due to lack of funds fail to purchase the shares. Without investors the share market faces the critical time, but after a few months with the free movement of money it becomes easy to regain the lost grace.

·         This cannot considered to be the negative decision of the government as the long term benefits are  fruitful as the government can control the  functioning of  a few  places using black money in the specific manner. The tactical move is to be accepted as the brilliance of the government and this slowly creates many opportunities to the investors who like to participate in the market.  

·         The downfall or a break is common before earning a finest growth and the stock market gain better performance. The one who tend to invest with the money, which is untaxed face penalty and this reduces corruption and improves the chances for genuine investors.

One can stay happily just by completing the transactions by presenting the government valid identity cards and this is the only way to make the money legal. Though with the wildest decision, there may be hardships for money for a few days, but the long term benefits fascinates every Indian and make them ready to face the tough situations.