Notebandi – Results Showing After 3 Years
The Notebandi or demonization step was the talk of the country a few years ago. Everyone had an opinion about it. Yet, it wasn’t able to fulfill the expectations that were promised on paper. The most it did was create overnight economists. Even the mathematically impaired were arguing about the fiscal deficit. But after three years, it seems that the results of Notebandi are finally showing.
The target this time is the corrupt jewelers. With the power of data and information, the taxation authorities have cracked down on jewelers. The ones who made huge cash deposits after demonization but could not provide an explanation as to how they acquired such fortunes after showing low income in their tax returns.
And the difference in numbers is staggering. With a shown income of Rs. 1.2 lakh, a certain jeweler deposited Rs. 4.1 crore. Many of them have claimed these unbelievable numbers are due to unsecured loans. But the pattern is clear. Such petty excuses are fooling no one, especially not the tax department which has compared the deposits with those of last year’s. The difference is undoubted.
The Modi government was criticized for the steps it took. Notebandi was met with mostly negative reviews because of the difficulties it presented to the citizens in general. But the question now being asked is whether this late result is worth it. All of the complaints and all the waiting in long lines have finally culminated in a crackdown on the jewellers of the nation.
Was this the actual motive of Notebandi or is this but a happy coincidence? We can only speculate. But if this is the beginning of a series of redemptions then I believe that the nation will be eagerly ready to accept it. What is your stand on the issue? Do tell us in the comments.
