Move to make India corruption-free: PM
The decision to scrap Rs 500 and Rs 1000 currency notes was taken to create a “corruption-free” India, Prime Minister Narendra Modi said on Wednesday as a number of personalities from film and other fraternities welcomed the step.
Among those who welcomed the decision were film personalities Karan Johar, Rajnikanth, Ajay Devgn, Kamal Hasan, Nagarjuna, Ritesh Deshmukh, Subhash Ghai, Siddharth Malhotra, cricketer Anil Kumble and Harbhajan Singh who tweeted to the Prime Minister praising him for the bold move.
“This step was taken in the interest of our honest citizens who deserve a better India,” Modi said on Twitter in response to southern star Kamal Hasan who said, “This move has to be celebrated across political party lines. Most importantly by earnest tax payers”.
Superstar Rajnikanth said,” Hats off @narendramodi ji.
New india is born #JaiHind”.
“Corrupt practices and black money have to be eliminated and that is when we will scale new heights of progress,” the Prime Minister said in response to Sufi singer Kailash Kher’s tweet that “This is a historical day in the history of mankind. Our Nation Bharat will soon be at par with developed countries @narendramodi GodBlessYoU”.
Film maker Karan Johar said in a tweet, “This is truly a masterstroke move!!!! @narendramodi hits it out of the stadium!!!! ????.
Thanking Karan Johar, the Prime Minister said, “Thanks @karanjohar. We must create an India that is corruption free for our future generations. #IndiaFightsCorruption”.
Film actor Nagarjuna congratulated the Prime Minister for “rewarding us tax payers/india on the way to become a super economy????”.
“This step will check corruption, black money and fake currency rackets that slow our progress,” the Prime Minister said in his response.
On cricketer Anil Kumble’s comment that “Massive googly bowled by our Hon. PM @narendramodi today. Well done Sir! Proud of you!!,” Modi said, “This coming from one of India s most admired cricketers, whose bowling caught many batsmen by surprise”.
The Prime Minister said, “All of us have to work shoulder to shoulder and create a prosperous, inclusive and corruption free India”.
Modi last night announced that high denomination notes of Rs 500 and Rs 1000 will no longer be legal tender to fight against black money and corruption.
Plea in SC against demonetisation of notes
A plea was on Wednesday filed in Supreme Court seeking quashing of the Narendra Modi government’s decision to demonetise Rs 1,000 and Rs 500 currency notes on grounds that it infringed on citizens’ right to life and to trade, among others.
The PIL, which could be listed for hearing during the week, termed Tuesday’s notification of Department of Economic Affairs, Ministry of Finance, as “dictatorial” claiming it did not grant reasonable time to citizens for exchanging the specified bank notes to legitimate notes to avoid “large scale mayhem, life threating difficulties”.
The plea, filed by Delhi-based lawyer Vivek Narayan Sharma, has sought either quashing of the notification or a direction to the Centre for grant of “reasonable time frame” to citizens for exchanging the demonetised currency notes to avoid difficulties.
“Because constitutional ‘Right to Life’ and ‘Right to Trade’ of all the citizens of India is being infringed by Respondent due to unreasonable, unmethodical and dictatorial manner of implementing the said Scheme. Respondent has failed to follow constitutional rule of law, adherence to principles of natural justice and provide sufficient time to citizens of India to prepare for such phasing out of specified bank notes.
Deposits under tax exemption limit may not draw I-T scrutiny
Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs 2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said Wednesday.
After withdrawing Rs 500 and Rs 1,000 notes from circulation, the government allowed individuals to deposit the same in their bank accounts till December 30 and get smaller denomination ones or new Rs 500 and Rs 2,000 bank notes.
These deposits, however, will be scrutinised to catch tax evaders and black money holders. But those falling within the income tax exemption bracket Rs 2.5 lakh need not worry regarding their cash deposits in banks except for suspicious cases, the official said.
In a surprise move, Prime Minister Narendra Modi last night announced demonetisation of Rs 1,000 and Rs 500 notes with effect from Wednesday to fight the menace of black money, fake currency, corruption and terror financing.
“Housewives can deposit up to Rs 2.5 lakh and pay no tax. There could be problem if one goes to deposit Rs 20 lakh,” the official said.
“Tax officials are not going to go after those who deposit Rs 2-3 lakh, but those who are going for high-value deposits, disclosures will be sought by the tax department.”
Listing three major positives of the government’s move, the official said over medium to long term, it will help increase official size of the economy, improve tax collection and provide more resources to banks for onward lending.
“It will have an impact on inflation as well as tax buoyancy. Cash for lending will also increase. Mid-term both direct and indirect taxes will go up,” he said.
Twitter abuzz over demonetisation
While the Centre’s decision to demonetise Rs 500 and Rs 1000 notes left people panicking due to inconvenience with daily essentials, the Twiterrati had its share of laugh over the move and its possible after effects.
Twitter was abuzz with jokes after Prime Minister Narendra Modi announced the withdrawl of all Rs 500 and Rs 1,000 banknotes in circulation last night.
Noted author Chetan Bhagat tweeted, “Ladies and Gentlemen, cash, is the new trash”. “Vijay Mallya called SBI: I am ready to return all my debts but only in cash of 500 and 1000 notes,” Givind Mishra, a twitter user said.
Another user said, “Rs 500 and Rs 1000 notes are now banned. It’s time we guys buy handbags instead of wallets”.
“People are still waiting for Modiji to say that “this Rs 500 and Rs 1000 thing was a prank and subscribe to my new YouTube channel,” Geetam Srivastava tweeted. Ritika Nathani said, “The smog in Delhi is due to people who burnt their #BlackMoney after old Rs 500 and Rs 1000 notes were banned by Modi Ji”.
“First time in the history of Indian politics...all parties are united for one common cause...Counting 500 & 1000 notes #BlackMoney,” said another tweet.