Last week, we had reported that Supreme Court has decided to hear a PIL against Govt. of India’s decision to abruptly ban Rs 500, Rs 1000 currency notes.
Yesterday, while hearing the PIL, Supreme Court refused to stop this massive demonetisation move; and have infact applauded the Govt. for initiating it. The bench comprising of Chief Justice T S Thakur and D Y Chandrachud heard a bunch of PILs for the same issue, and said, “We will not be granting any stay..”
Congress leader and Senior Advocate Kapil Sibal appeared on behalf of the petitioners, and argued with the Bench against the currency ban. He said that Govt. should provide answers to the questions related to the sudden banning of 86% of currency notes in circulation.
Accepting this plea, Bench asked Attorney General Mukul Rohatgi to file an affidavit on behalf of the Govt. in which they should inform the nation about the steps taken to minimize public inconvenience and what measures are being planned to ensure smooth transition of old to new currency.
During the arguments, Attorney General Mukul Rohatgi informed the apex court that Govt. of India is expecting Rs 10-11 lakh crore to be deposited in the banks in the coming days, and the total market size of black money is being expected to be Rs 15-16 lakh crore.
He said, “Rest Rs 4-5 lakh crore were being used in northeast and J&K to fuel trouble in India. That will be neutralized..”
Next hearing on this matter would take place on November 25th, 2016.
5 Illegal Ways Used To Convert Black Money Into White Money
After a week of currency ban announced by PM Modi, several illegal ways have surfaced, which are being used by black money hoarders to convert their wealth into white money.
Top 5 ways which we investigated are:
- Advanced Salaries: Several companies which had tones of black money has suddenly became generous, and dispensing advance cash salaries to their employees. The salaries are being calibrated such that the employees receives less than Rs 2.5 lakh, which is the amount which can be deposited without showing any proof of income. This seems to be a fool-proof way to convert crores of black money as Govt. hasn’t been able to come out with any solution to check this practice.
- Banknote Mafia: A new mafia has emerged, which is being called as ‘banknote mafia’. They are accepting old Rs 500, Rs 1000 notes at a reduced rate of 20-30%, and then using illegal means, converting them into Rs 100 notes at banks. Since only Rs 4500 can be converted by a single ID, this bank mafia are recruiting below BPL citizens, and using their identities, converting the black money into white.
- Political Way: Donations upto Rs 20,000 to any political party can be made without declaring the details of the sender. This loophole is being used by black money hoarders to convert their money. Political parties can easily claim that the old currency notes were being given by their fans before November 8th, and can be easily converted at any bank.
- Jan Dhan Accounts: There are lakhs of Jan Dhan accounts, suddenly showing credit balance of Rs 49,000. After the currency ban, black money hoarders contacted Jan Dhan account holders who had zero balance, and gave them Rs 49,000 to deposit (since Rs 50,000 and above needs PAN Card). Govt. has decided to closely monitor such Jan Dhan accounts which has suddenly received exactly Rs 49,000 as cash deposits after November 8th.
- Religious Donations: All donations made to religious entities are outside tax-scanner; and this loophole is being exploited extensively by black money hoarders. Any donation made at temple ‘hundi’ or kept outside a mosque can be as anonymous it can get, and there is no proof of the giver or the receiver. Black money hoarders are making secret deals with administrators of religious entities, and massively converting their black money into white. Again, we are not yet clear how Govt. will tackle this issue.
In case you know of any other methods which are being used by black money hoarders to convert their black into while money, then do let us know by commenting right here!"Supreme Court Refuses To Stop #CurrencyBan; Meanwhile, Black Money Hoarders Are Using These 5 Tricks To Bluff Govt.",