Indian black money
In India, Black money refers to funds earned on the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total exceeding US$50 trillion are stashed in Switzerland's. Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.
Historic moment against black money in India - Just a beginning of the end of black money in India
Not just a piece of paper, there is much more in this note Read the full content of this message. A very good move by Modi government. In the sixties demonetising of 1000/5000/10000 took place.That was purely internal. Now greater problems on the rise due to forged notes of higher denominations of 500/1000 from Pakistan,Bangladesh,and Nepal. Ordinary people do not have the knowledge of differences between good notes and forged one.surgical strikes needed at this juncture to weed out forged notes.For next two or three days it is going to be a big problem for ordinary people.
"The notes of Rs 2000 and Rs 500 will be circulated soon. The RBI has decided to limit the notes with higher value," PM Modi said.
India is all set to add one more denomination to its currencies shortly. The Reserve Bank of India (RBI) will be issuing Rs 2,000 currency notes, the highest to come into circulation, even as some experts feel7 high-value denominations should be discontinued to curb black money.
The Rs 2000 currency is designed keeping in mind to eradicate the black money issues using state of the art indigenous nano technology, every Rs. 2000 currency note is embedded with a NGC (Nano GPS Chip)
Banks closed, ATMs shut. Your Rs 500 & Rs 1000 notes are invalid.
The Prime Minister said that all the 500 and 1,000 denomination notes can be deposited in banks and post offices from November 10 till December 30.
How the embeded NGC Technology Works?
The unique feature of the NGC is it dosent need any power source. It only acts as a signal reflector. When a Satellite sends a signal requesting location the NGC reflects back the signal from the location, giving precise location coordinates, and the serial number of the currency back to the satellite, this way every NGC embedded currency can be easily tracked & located even if it is kept 120 meters below ground level. The NGC cant be tampered with or removed without damaging the currency note.
How will this help eradicate black money menace?
Since every NGC embeded currency can be tracked. The satellite can identify the exact amount of money stored at a certain location. If a relatively high concentration of currency is found a certain location for a longer period of time at suspicious locations other than banks & other financial institutions. The information will be passed on to the Income Tax Department for further investigation.
INDIA A BRIGHT SPOT IN GLOBAL ECONOMY: MODI
Modi, in his address to the nation, said India has "registered itself as a bright spot" in the global economy. In the past two-and-half-years, with the help of 125 crore people, this nation has registered itself as a bright spot in the global economy. This is a claim made not by us, but by the International Monetary Fund and the World Bank and this government is for the poor, and will remain a government of the poor."
