Rebirth of India: Superior

In fact, everyone knows that the biggest tax problem in India lies with the rich, but no one in this class can afford to offend. Therefore, although the government has been clamoring for reforms in recent years, it is actually just trying to make trouble. Originally, Shakru I thought this was the end of the tax reform, but Prime Minister Manmohan Singh unexpectedly made a sudden move.

That day Shakru was lying in bed reading a book when he suddenly received a call from Mukesh. Before Shakru could ask, Mukesh hurriedly said: "Shakru, watch TV quickly. Something big has happened." , something big happened!"

Shakru, who didn't understand why, quickly asked Amisha to turn on the TV and switch to the news station. In fact, all the channels were playing the same content now, so there was no need to change the channel. This was a temporary news. Prime Minister Singh was announcing a news An announcement that affects the entire India is that all five hundred rupee and one thousand rupee banknotes in circulation will be invalidated starting today, the evening of the 8th, and will take effect at 0:00 am on the 9th!

All banks in India will be closed for one day on the 9th, and ATM cash machines will also be out of service for one day. The Central Bank of India will issue new 500-rupee and 2,000-rupee banknotes on the 10th of this month. The two new banknotes feature the Red Fort, India's largest ancient palace, and the Mangalyaan Mars probe respectively.

As soon as the news came out, not to mention Shakru, all Indians fell into confusion.

Singh then explained the reason why he did this, which was to combat black money.

In fact, as early as when he took office, Singh vowed to crack down on black money and tax evasion. Currently, only one to two percent of people in India pay personal income tax.

In order to avoid taxes, many people do not deposit money in banks so that the tax authorities cannot inspect their accounts. Instead, everyone hides cash directly at home, including normal income, corruption and bribes, and all other shady money.

In order to call on everyone to take the initiative to report their income and pay taxes honestly, Singer once publicly appealed: "As long as you honestly take out the money you have hidden before and file taxes, the government will not ask about the source of the money, and there will be no penalties. Just pay the back taxes and that’s it.”

But this propaganda has no effect. Those who should evade taxes are still evading taxes, and those who should make money are still making money. So this time Singer got angry and directly launched his ultimate move, "I've been so tolerant, are you still hiding, right? Well, then I'll just turn them all into waste paper!"

In other words, those who hide cash at home now have only two options: One is not to go to India to exchange it, and then treat it as gone and useless. All the cash will become waste paper, and the family property will be emptied overnight.

The second is to go to the bank immediately to exchange for new money, but this also means reporting all your assets. How much money each person has and how much tax has been evaded, the country will know instantly...

In fact, canceling large-denomination banknotes to curb money laundering is not an invention of India. In fact, Modi is just a follower of Europe. In May this year, the European Central Bank decided to stop issuing large banknotes of 500 euros. Earlier, Singapore also stopped printing 10,000 euros. Dollar banknotes.

The British Organized Crime Bureau and Europol both believe that criminals love 500 euro notes the most. If one million euros were all five hundred banknotes, the total weight would be only 2.2 kilograms and could be stuffed into a computer bag. But if you use a 50 euro note, it will weigh 22 kilograms and require a large suitcase to fit it.

It has to be said that Singh's move is definitely a breakthrough, a ground-breaking move, and beyond everyone's expectations. It is estimated that at least half of the people in India will not be able to sleep tonight, but this will definitely not include Shakru, because he He is definitely the most law-abiding businessman. At this time, he was also glad that he had not caused trouble for himself because of a trace of guilt in his heart. Yes, this matter was just trouble for him, because he did not take those taxes seriously, he just felt that Depositing all your cash in the bank and then withdrawing new money is a hassle.

At this time, Shaklu suddenly had a whim and said to Amisha: "My dear, do you want to go out and watch a good show?"

Amisha asked with some confusion: "It's so late, what good show can we watch?"

"Do you believe that all the bank deposit machines will be crowded with people now, and there will definitely be long queues, so it must be very lively. Come on, let's go out and have a look." Shakru explained with a smile.

Amisha said angrily: "Brother Shakru, how old are you, why are you still so fond of pranks?"

But in the end, Amisha still didn't give in to Shaklu. She packed up her clothes and followed him out of the house. As expected, as Shaklu expected, there was a long queue at the nearby bank teller machines, and everyone looked anxious. The whole scene looked like the Chinese Spring Festival.

Seeing this scene, Amisha said with some worry: "Brother Shakru, why don't we also take out all the money at home and save it."

Shaklu said nonchalantly: "No need, the money can be exchanged at any time, there is no need for us to join in the fun, and I haven't missed a penny of tax, so there is no need to worry. In addition, The cash at home is basically US dollars, not many rupees.”

Amisha breathed a sigh of relief and said: "That's good. Speaking of which, brother Shaklu, you have the foresight. Making money and paying taxes honestly is the most practical thing."

In fact, the banks have the biggest workload in this matter. The next day, a senior banking industry official pointed out in the newspaper that according to estimates, there are about 17 trillion rupees (nearly 8.5 trillion New Taiwan dollars) of banknotes in circulation in India, of which 80% are large-denomination banknotes, which means that there will be about 13.6 trillion rupees (nearly 6.8 trillion New Taiwan dollars) of 500-rupee and 1,000-rupee banknotes on the market that will become waste paper. These must be retrieved and exchanged by banks, which will form a big nightmare for bank logistics.

The banker said that the biggest nightmare is that each automatic teller machine (ATM) can conduct about 150 transactions a day. When it resumes operation tomorrow in accordance with government regulations, new banknotes must be continuously replenished for people to withdraw within a day, including cash transportation and safety.

In addition, bankers said that after the bank opens tomorrow in accordance with government regulations, it will inevitably face a large number of people coming to exchange banknotes and deposit money, and it will need to prepare a large amount of new banknotes and manpower to handle them.

This new measure will also cause people to pay extra costs. Since only small-denomination 100-rupee and 50-rupee notes are available for withdrawal, but ATM withdrawals are limited each time, people have to increase the number of withdrawals; and in urban areas of India, customers are only allowed to withdraw cash from ATMs for free five times a month, which will incur additional costs.