Prime Minister Narendra Modi’s announcement to demonetize Rs 500 and Rs 1,000 currency notes on Tuesday is, without a doubt, the boldest assault on India’s black economy. It is said that deposits made above 2.5 lakh could attract tax plus 200% penalty in case of income mismatch.
What I’m now about to say is my personal experience. I went to a petrol bunk in my city(Vishakapatnam,AP) with Rs 500 and asked to fill my tank worth Rs 300. They denied, the worker refused to give me a change of 200 in return despite having several 100 rupee notes. Guess why aren’t they giving 100’s back??
‘Cause these 100 notes are used to avoid paying taxes and to let black money prevail. To understand this, suppose a person has 10 lakh black money in terms of 1000 rs notes. The 500 and 1000 rs notes from him are replaced with the 100’s, given from petrol bunks. Now, the black money holder has all his money in 100’s so he need not deposit in banks.
To my knowledge, this is being done all over the India. These bastards are putting all our efforts into waste, don’t let it happen. Share this and let everyone know.