500 &1000 banned in India what is Narendra Modi Next Step about Black Money.
Indian Government making arrangement to bring more black money into Indian treasury department . Most Of States Chief Minister supporting Indian prime minister Narendra Modi on Black money because every state will get some share of black money as developing for rural and employment opportunities. This article research based information giving where Indian government is going to take action to collect more black money from Indian citizens.
Indian government banned 500& 1000 notes in India on 8 November 2016.response from normal Indian citizen is positive and supporting Indian government on note ban.few political state level local parties are opposing note ban. Narendra Modi government is made success on note ban by educating normal people about note ban benefit in India.As per source note ban bring 10 Lakh crores money revenue to Indian RBI department .Narendra Modi is almost successful in bringing black money from Indians and at same time making awareness about digitalization payment in all Indian government and state government departments.
Next six months Indian income tax department will have full 24 hours work on note ban.Indian government already given time to Indians to exchange old currency with new currency and to fill income declaration.Indian government collecting old 500&1000 notes from Indians in bulk from who converting money into fixed deposits.
Narendra Modi Next Steps on Black Money.
1.Most of non accounting money will flows into real estates investments.Indian real estate market is very large is having more than 100lakh crores rupees as investment till day on different fixed assets.People who purchased Land,plots,construed house are only paying registration fee for Indian government.All purchase in Indian real estates are done through cash only.here is example is going to explain why Narendra modi is targeting real estate to bring money to treasury department.
Suppose A person living in Indian earned money 1 crore from different source not paid any taxes to Indian.most of Indians invest money buying land or house.A person mentioned above did same purchased land worth 1 Crores.A given money 1 Crore to land owner registered land of worth 1 crore by paying registration fee only 5.5% to Indian government.this is fully illegal activities as per Indian government .what is Narendra modi is going to do this type of real estates investments. Naredra Modi is planning identify A person from revenue department collect income tax on 1 crores that is above 30 lakhs an first income tax .For real estates investment there is alternative way to escape from Indian government .
2.Most of Indian will start investing money by buying gold.Buying gold is Indians weakness ,but buying gold is very dangerous to Indian economy.most of Indian Forex reserve is going to import gold from foreign countries.America is already taken step stopping gold buying in 1970-80 but Indian economy is shaking with gold.Every Indian have at least good amount of gold reserve for future investment purpose. According to sources Indian have world highest gold reserves .Indian government is also planning to collect tax on gold .presently Indian government is collecting more than 15% tax on gold an import tax.Indian also planing to demotivate people to buy gold will help in growing Forex reserves in coming days.