The bottom has dropped on real estate. So far that it's simply not visible anymore! Just when every industry expert was calling for an end to price cuts and moaning about the declining demand for residential property in India, Prime Minister Modi has exterminated Rs. 500 and Rs. 1,000 notes. And without doubt, the land and property markets in India will take a big knockdown.
It's no secret that the property markets in our country were hugely inflated. They are an easy place to park undeclared money and evade taxes. And for everyone claiming otherwise, there's a simple enough argument. Any apartment or home you buy should give you, at the very least, inflation + 1% rental return. The current consumer inflation in India averages 5% per annum. Do the math. Will your apartment which costs Rs. 1 crore fetch you Rs. 50,000 as rent every month? You'll be lucky if you can get Rs. 30,000, or a 3% rental yield. The defenders of the property bubble always wanted you to believe that India is not a property market for rental returns, but for capital appreciation. In short, they insisted property was the best way to multiply your money.
Of course it was, especially because cash was keeping the capital appreciation going. Even if the first-time home-buyer took a loan and bought a property the proper, accountable way while using cheques, when it came time to sell that house at a profit and declare the capital gains, more often than not, he or she decided to take the well-evangelised, institutionalized route: accept 20% to 30% of the sale value in cash. Cheat on taxes, use that cash to buy a larger property, and, in the process, artificially inflate prices.
Top industry voices corroborate this round-robin of cash bubble in India's real estate which has made buying a home unaffordable for a majority of Indians.
"Large and organised housing developments in India's top seven cities have cleaned up over the years. The ability of developers to collect cash while selling 100-200 apartments is very difficult. My hesitation in calling it clean is in the secondary market and transactions on land" says Anuj Puri, chairman and country head of global real estate firm JLL.
"You will see a lot of secondary market transactions coming down in volume. For every ten buyers out there, there is only one buyer willing to pay all-cheque. And usually, people want to take at least 20 to 30 percent of the amount in cash, but this will now go away. This will also act as a big de-motivator for people who were generating more and more cash to be able to park into real estate all this time. It will create a lot of transparency in the long term, but in the short term, there will be a lot of pain," said Samir Jasuja, founder and MD of PropEquity.
While views and arguments will fly several ways over the next few months – a shakeout is imminent. Here are your options:
1. For a while, property sales will freeze. Be it land, primary apartments or secondary sales. The psychological blow is a big one.
2. Sellers waiting on the side lines will now see the writing on the wall. With black money sucked out, there is very little hope of prices climbing up soon. So desperation will creep in and with it, prices will drop.
3. Prepare for the largest blow to be felt in luxury and ultra-luxury properties. In cities like Hyderabad and Pune, this could mean a price tag of a crore, in Gurgaon, 2-crore plus and 3-crore plus for Mumbai.
4. Cities like Lucknow, Jaipur, Surat, Rajkot and Madurai will melt. There's no way out.
5. And if anyone will brave the tsunami, it's the budget and affordable homes priced at 50 lakhs and below. There is enough pent up demand for these. Every correction will bring in new buyers.
The good news is that once the shakeout happens and black money is drawn out of the system, right-priced homes will be built for those who want to live in them.
(Manisha Natarajan is Senior Vice President – Corporate Affairs and Executive Editor – Business & Real Estate at NDTV.)
Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of NDTV and NDTV does not assume any responsibility or liability for the same.
Many people will not vote modi for very simple reason below….Many had to buy property by paying good amount in black throught it was earned as white and now that value is coming down and loosing what they invested beacuse of Modis action, why will they vote for him again?
i agree with you this is harrasment the worst ever faced by indian since british rule
you mushbe someone who has a lot of black money or property. Feel sad for you.
sorry must be
Read the comment again, he said "paying good amount in black thought it was earned as white". Next election "Har Har Modi" = "Hai Hai Modi"
This is exactly the problem. Why did people pay good amount in black if it was earned in white? This is a crime as these people are helping to inject black money into the system.
So what will you do if no option to buy a home in a locality of your choice (or actually anywhere) without the cash-component? The prices were already high and bank do not give more than 100% of the circle rate. Do you these so called swachh abhiyan ministers have not already saved their own ass? (except PM)
Its your problem if you paid with black instead of white. Modi has broken this chain of balcks and white and now people will honestly buy house/apartments only if they need to live instead of parking their black money in real estate. Middle class and poor are the most beneficieries of this master stroke of Modi. He has again proved that he is pro-poor. I had completely ifferent opinion on Modi before this but he is definetely a man that India need as PM
People can not keep large black money as cash. Came to know that, say 100 Cr in 1000 rs will weight 1.3 TON -:). People with huge money will keep the money in land, gold and abroad. So this scheme will not touch them.we can not convert India to USA in a day or month. We have to go long way. Our business characteristics are different, most of the time it is cash based. Our small vendors rotate money in cash and their small profit 1% to 10 %is is part of the rotation. Thats only during Election time raids, only small vendors get caught but never a politician with cash. We have to go long way to do all transactions through bank.
Our our banks are in now problem with bad loans to big corporates, so the Govt plan is very simple move all middle class people, small vendors and farmers legitimate money to bank and give bad loans to big companies and corporates. Hurt opposition parties in UP and Punjab elections.
Tax structure should be reformed to reduce the black money. Govt should try to run the country by getting the money from its nature resources and reduce the tax on people and business. Let it do it phased manner, this will reduce the black money. After all humans/animals they always want keep every thing with them, what they earned.
people like you who make just a handful might not. But everyone else will. Feel sad for your loss
I was FORCED to do the same. And this initiative will be a small step to stop that so that my children/grand children don't have to do this. Although i am confused why 2000/- notes were introduced.
I do not agree with the author as this earth shaking event will definately dent the real estate bazar but people will find the ways to convert these money (not all but atleast about half of it ) back into the system (banks) and get the new notes.. and will stash black money in new currency… and within few months would be back in business in black and white with new currency… its in the DNA…. Modis step are certainly good in cleaning up some of the "bad fruits" from the country, but he has not been able to put in place the system that will stop generating black money… its like you do not like the fruit so you pluck all the fruit or may be even cut the tree… but it will rise up again after some time as the roots are still intact.. the "cause & effect", the "cause" is still intact and hence the corruption will sustain… however people will now become smarter… they will know that govt can change currency every 10 years or so, therefore they will not hoard it in cash but convert black money into land holdings and gold or investment in the benami companies or properties… because anyways the larger fish (corrupt in $b) was doing that and will continue that… (because for them to keep in currency of 1000 crores itself is an headache…
this will just clear 10-15% of small time fish's money, big sharks are safe. Common people are suffering 100% and many died (sadly many more might) as people have to fight out for own money and survive with senseless restrictions!
Can you please enlighten how big sharks are safe ?. All those who stashed their illegal money are in danger of reducing to begging. THis is a bold step for eradicating black money. With this move, black money in the country will be reset to zero. If someone starts to stash their black money from today, they are always afraid of another such move by govt. This will deter them from having black money.
You are spot on-100% correct
Was it not congress then when all this happened ??? Modi has taken a bold step to curb that …. Atleast your children will now be able to buy a place … what say …
Sir, May be u r not well informed. It was in 2014 that the then govt headed by Congress had proposed what the current govt had opposed with all kinds of oppositions and objections.Dont take my word for it – For more on the above – simply click on the following : http://www.ndtv.com/india-news/anti-poor-said-bjp-when-congress-government-had-announced-note-ban-1624452
feel sad for u corrupt. either this or civil war. The decent people of India have suffered for too long at the cost of the corrupt. I see that they are happy right now but they are hopeful that Modiji really takes their side and helps reduce corruption in this country. What I have felt is that there is so much hatred that decent hardworking people have for the corrupt as they know that it was not due to merit but contacts and corruption that they got far ahead in the country. The next internal surgical strikes should be to (1) uncover the unholy nexus between the companies selling health insurance and the hospital's (medical professionals) and (2) the pharma companies and the medical professionals and the (3) corruption in the private sector.
The decent people of India have suffered for too long at the cost of the corrupt. I see that they are happy right now but they are hopeful that Modiji really takes their side and helps reduce corruption in this country. What I have felt is that there is so much hatred that decent hardworking people have for the corrupt as they know that it was not due to merit but contacts and corruption that they got far ahead in the country. The next internal surgical strikes should be to (1) uncover the unholy nexus between the companies selling health insurance and the hospital's (medical professionals) and (2) the pharma companies and the medical professionals and the (3) corruption in the private sector.
i know what you mean i had to buy a property and wherever i looked ALL the sellers refused to take full ammount by cheque so i had to widraw my tax paid white money from bank and pay them some percent in cash. now i lost all value of that money because of this stupid decission and i am not alone everybody who ever bought house/property had only white money faced same problem. if anybody say you bought a house or property in india with full cheque payment he would be lying 100%.sir modi you lost my vote
I voted Congress last time but this time Modi will get my vote.
Raj, I understand your frustration – I had to do the same: pay to rverse-launder my white money to buy a property. But it does not change the fact that what we did was illegal and immoral, no matter that we had no other choice. That's the corruption Modi has changed that you are angry about. If so, he deserves our vote. Not the contrary.
The number of black money hoarders are less, this move by Mr. Modi will help middle calss and low class people who will definetly vote for Modi. The rich will never come to election booths and their votes are neglible. Modi will come back with flying colors in next election. I think he will be PM for another decade with no opposition of his caliber.
What ever you say and see, The realtors of chennai wont reduce the prices of their plots, villas and flas This we have seen from the time when recession attacked the econolmy of the world, the realtors of Bangalore were ready to reduce the prices of their apartments from 60 l to 40 l.But none of the realtors reduced the prices in Chennai
why do you allow black money. Shame on you……people like you get misleaded and misled others….why should modi take care of your black money??? How funny…..seems you are uneducated
Hi Manisha.Great analysis and article. A lot of questions still remain, as you have also shared.However, for me, the following two questions seem to be pertinent right now.1) Will the property rates actually tumble to the circle rates?2) How many sellers would be willing to sell at a price higher than the circle rate(for those, who still are in denial) and cough up the tax.Would appreciate your expert views on these please.
HI MANISHAWHAT WILL HAPPEN TO THOSE WHO HAVE PURCHASED ON BANK LOAN.PLEASE ADVICE.
Yes Madam, the corection will happen but to what extent it will go and how exactly the people in need would benefit is totally different story only if the investment and resale program could be abolished ! So long this paradox remains the dream home for the millions will remain as dream only!
Only the short vision people will not vote for Modi. Secondly India's voting was influnced by "Cash for vote". If there is no black money cash then the people will really think and vote. But voting against Modi will only lead to Self destruction. If one has done wrong did in the past by accumulating Cash then please don't blame Modi who is always thinking of well being of common man. Sincerely — YJ
Modi is the greatest thing that happened to this country since independance I work for pickahome and we are still not sure if this will hurt business or not. but what we are proud of is modi taking this step. It will also make business better cleaner and maybe even easier. Everyone needs to change there mindset for a better tommorrow.
Modi belongs to BJP a corrupt party which uses a loophole in law to accept donations in cash (below 20000 rupees). Did Mr. Modi leave the party when he saw this? Did Mr. Modi objected to cash then? If Modi is your inspiration, than you must learn from him in using loophols in the laws to your own advantage.
Did Modi questioned the source of income of people who were supporting BJP in 2014 elections? Did he ask the BJP to stop taking cash donations and only take cheque for the sake of India?
When BJP needed money for elections in 2014, they accepted every paisa, white or black. Modi was the PM candidate. So our PM is a product of campaigning on dirty money
BJP knew in 2014, that there is fake currency of 500 and 1000 . was India not important for BJP then?
From past 60 years, Congress was circulating fake notes. Please hold Sonia Gandhi by her hair and slap on her face and ask this question of fake notes to her.
On 9th November, at midnight, Modi turned 500 and 1000 into illegal tenders. So all Indians, who did not have credit card or debit card and 100 or smaller notes were turned into almost beggers.
Being beggar for few days for the sake of good cause and in the interest of country is the most welcome steps. Atleast now you will understand the plight of beggars in this country and you will donate them generously in future.
Nations should be very very careful when they bring their economies to halt by making their currencies defunct. WRONG ECONOMIC POLICIES BRING NATIONS TO THEIR KNEES. i HOPE YOU REMEMBER 2007-8 ECONOMIC MELTDOWN IN usa. pEPLE WERE ON STREETS AND LOSING HOMES. i am just worried that Mr. Modi government is in race to blindly follow USA model. when a PM of a third world country, where 300 million people are under privileged, makes a currency defunct, I AM WORRIED AT HIS ARROGANCE.
I am seeing the effects which I feared. The government is grossly unprepared. TODAY AT GOA MODI ASKED FOR 50 DAYS WHY? BECAUSE HE REALISED THAT BANKS cannot deliver what WAS PROMISED. YESTERDAY mR. jAITELY ASKED FOR 2-3 WEEKS TIME TO CONFIGUR THE ATMS. The government is realizing the mistake now, but it will not not adit publically because of arrogance. 4000 iNDIAN RUPEES FOR A FAMILY OF 4, WITH TWO SCHOOL GOING CHILDREN IS ALL THEY CAME UP WITH. MODI SHOULD FEEL HUMBLED TODAY
pEOPLE WITH SMALL CHILDREN, OLD PEOPLE ON MEDICATION, pregnant women , mothers with babies, had to go to banks and made to wait for hours in queue for 2000 rupees. MODI AGREED WITH THIS, IS THIS USA MODEL. MANY OF THESE PEOPLE have savings account but access was limited because of shortage of cash.
He is the only PM, who can boast this. and sorry to say, financially illiterate people are praising him
Congress is king of corruption. They have already proved what they are in 60 year of misrule. There is no fool like you who are still supporting the most corrupt party.
I am commenting on what is happening in my country. I am commenting from finance/economic point of view. In his 8th NOV. speech, Mr. Modi made the 85% currency in circulation defunct. He reduced the purchasing power of 500 and 1000 old notes to zero. Not only that, he did not allow access to LEGAL MONEY in banks in SAVINGS ACCOUNTS. Please understand. He blocked access to LEGAL MONEY in savings accounts in banks. That is why I say he turned people into BEGGARS.
Not only that, he BLOCKED ACCESS TO SAVINGS ACCOUNTS IN NEW CURRENCY NOTES IN MANY PLACES BECAUSE the government was unprepared. This happened in GREECE 2 years AGO IN GREECE WAS bankrupt. PEOPLE HAD LONG QUEUES BEFORE ATMS. GOVT. CLOSED ALL BANKS. PEOPLE WERE EATING FROM GARBAGE. PLEASE GOOGLE IT.
WHY THERE IS SHORTAGE OF 100 RUPEE NOTES. THEY ARE NOT FAKE. google it and you will find that RESERVE BANK OF iNDIA HAD REDUCED circulation of 100 rupee notes in preceeding moonths.
Manisha Natarajans Opinion is not a opinion of herself" IT is a Fact" well known to everybody.Bangalore- RMV 2nd stage -I looked for a house in 2003 for 41 lakhs [without negotiation] and somehow my earnings were not matching at that time. Now after 13 years it is 3.5 crores. Even now my earnings not matching.Conclusion – This is just Black money hype. The actual cost of these house built 30 years ago ,is just about 75 lakhs maximum.Palakkad- Just see OLX website . One gentle man writes in his house for sale ;quote 11.3 cents with house next to Palakkad Fort Yakkara, PalakkadAdded on 7 Nov, Ad ID: 1012604921The average going price of the land around this area is anywhere between Rs.10L to Rs.14L… The price is also negotiable for the right client.Unquote:You can understand that it is the price in the WISH List only. Palakkad price of land is not more than 2.5 lakhs per cent /441sqft . Now Government must correct the price again. The Guidance value to be reduced. This will make buyers in Middle class possible to buy Property.Regarding gold – Government must make mandatory to declare the Gold with each individual and include in their account in grams. They must register with any bank. Then raids to be conducted in all houses and seize unaccounted Gold. This must be like surgical gold attack.Cheers
OLX – website shown property prices more than one crore and now within 2 days there has been price drop down. Now the price of a house in kerala is only about 65 lakhs as against 1.2 crores quoted earlier. Property prices will be half the quote. Just wait and watch. Apartments sale has dropped . The apartment earlier quoted at 3500 per square feet has gone down to 2500-2600 range. Builders started to reduce the price.
MODI TURNED INDIANS INTO BEGGARS FOR 24 HRS. FROM 8TH NOV. MIDNIGHT TILL 9TH NOV MIDNIGHT
Bottom line of the story, please be carefull for future any thing can happen in short there might be propert raid and evaluations of all types of asset deal undergone in past to ensure cleared and white "Bharat." purity was essential.
9th Nov should be celebrated annually as a BEGGARS DAY. Modi officially gave us a beggars day.
people who are thriving on black money have to be beggars only
Jealousy??
BJP accepted cash (FAKE CURRENCY 500, 1000) when modi was PM candidate in 2014 election. learn from MODI MODI. DO NOT FEEL ASHAMED OF USING CASH WHEN CAMAIGNING WAS RUN ON DIRTY MONEY.
Dirty money (cash, black ) was part of Modi/s election campaign because BJP had some portion of donations as cash. Modi became PM on crutches of black money, dirty money, cash
LEARN FROM BJP The party USED dirty money and MODI became PM
Dear BJP , did you love Bharat mata in 2014. Then why did you accept cash donation in 2014 elections. Poor Bharat Mata is at mercy of BJP. When BJP wants it gets hurt and when BJP needs dirty money, it does not hurt. Lets all learn from BJP and do the same
Please watch video of meenakshi lekhi, BJP MP from Delhi, on ndtv , abp news where she is criticising what MODI did
Hats off to her for dpeaking truth
Meenakshi Lekhi, BJP MP frpm Delhi is speaking the truth. What MODI did will contract the economy, hurt people financially if they have bought a house in 2015-16. THere will be more money in the banks but we all know how well connected people get huge loans. Only poor and middle class will be hurt by what MODI did.
No one will be hurt. If you get lesser amount to your property you can buy new property also with lesser amount. There is no meaning my proeprty value has come down. Property and its goodwill depend upon the loction, facilities, quality of cnstruction aqll will remain same. MY VOTE IS FOR MODIJI ONLY.
Mahadevan dont understand your economics. If the property I purchased in 2014 by paying say 20 lcs. Now if the price comes down to 18 lc. I have already lost 2 lc, plus interest, (had I not purchased the flat and kept in bank, I am assuming it is purchased from saving, if it is bank financed loss is much more).
When Modi was PM candidate in 2014, did he know that cash (500 and 1000 notes) used by BJP in 2014 election may be fake?If MODI's answer to above question is NO, then MODI comes across as irresponsible/naive because he was chief minister of Gujarat which is a border state with Pakistan. It is part of his job to know this.If MODI,s answer to above question is YES, than MODI cheated/lied with Bharat Mata in 2014 election campaign. He turned blind eye to the crime of fake currency, and continued with campaigning. So he is teaching us to turn blind eye when your success/aim is at stake.
Honest hard working people, who have bought homes in 2015-16 will be hurt most for no fault of theirs. I feel sorry for them.
You are correct.
I have changed my mind, I am voting for Modi !!! Anyone who fights corruption deserves recognition.
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If you sell the property you may get less amount, But at the same time you can buy new property also inlesser amount.There is no sence in sayting I gave lot of amount to buy but value has come down. Your property area has not come down by this even an in inch or no facility provided in the building have come down. The property is same.Do not fool the public by saying the value har earned value of property has come down. It remains same.
Modi 's decision leads to DEATHS IN QUEUES OUTSIDE ATM 4 INFANTS DEATHS IN HOSPITAS 2ADULT FEMALE DEATH IN HOSPITAL 1 CRUEL MODI PLEASE ACCEPT RESPONSIBILTY WHEN YOU LAND IN DELHI FROM JAPAN
CRUEL PM in history of India.
BJP you cannot win UP with MODI as the FACE
chor party BJP
Dear BJP what happened to your cash? Voters of India want to do surgical strike on bank accounts of BJP. Please disclose your books before your voters and come clean. Lead by example. IS MODI LISTENING?
FOOLISH PEOPLE RUNNING GOVT
i MEAN BUREAUCRATS EAGER TO PLEASE MODI GIVING WRONG ADVICE TO HIM
I have purchased a Flat with after tax savings. It was an investment for my daugters marraige. Now what happens if property price goes down? Dont forget, there are many more people who are not corrupt but used their life savings in property with a hope of appreciation.
An INFANT HAS DIED in Mumbai on nov.8 FOR WANT OF 100 RUPEES. SHAME ON MODI YOU aRe NOT FIT to represent us. MODI's acchee din. SHAME SHAME
Infant died because the parents did not take the baby to the completely free of charge government medical college premier hospitals with 24 hour casualty services. The Infant also did suffer illness and just to to remind you human beings do die due to illness whatever the care they may get.
what about the banks that have lend to property oweners on the market rates.. if the property prices fall as per discusion by 40 % or 50 % wont there be huge NPA for banks and banks will go bankrupt. –
Indians will stop using real estate as an investment henceforth. Everyone will buy just one house to live which is good for the country's economy. Corruption will undoubtedly come down in this sector.
sad news In MP 69 year old person died in bank queue due to heart attack. Unprecedented happenings in India. Can a Prime Minister of world's largest democracy get away with at least 10 deaths (infants, adults) .
Humans do die due to illness; DO NOT blame the primeminister for every death.
For Godasake… can anyone explain how this move will suckout black money from the system ? It will halt for a while and things will start again after sometime once the new cash start flowing in the market. No black money will go out of the system.
Sharief, this move simply made large amounts of hoarded cash worthless. Only small amounts within an average persons expected needs in cash can be exchanged for other notes. Larger amounts, if legitimate, can also be deposited for future use after paying tax and penalties, if applicable. Going forward, it is no longer possible or useful to stack up large amounts in cash. Real Estate in general will drop in value to NORMAL levels. Those who own properties need not worry because after selling for a lower cost, your next purchase will also be at a lower cost, unless you sell with no intention of buying again. The newer Rs 2000 notes would be under some control that would have restrictions on withdrawing in large amounts, as in other advanced countries. So the ability to start building up stacks of back money with the new notes would be very difficult. All in all, a very brilliant move that raises India and Indians. You will see that a clean, white rupee is worth a lot more and buys much more. That Rs 3Cr you wanted just dropped down to Rs2 Cr!!,Of course, there are some short-term pains and some horror stories abound. That's the price we pay for a civilzed uncorrupt society where 1 billion will benefit..
please name the ADVANCED COUNTRY WHICH HAS RESTRICTIONS ON WITHDRAWING YOUR OWN MONEY? I WOULD LIKE TO KNOW THAT. HE IS LYING.IN EUROPE AND AMERICA THERE IS NO RESTRICTION ON THE AMOUNT OF MONEY YOU CAN WITHDRAW FROM YOUR ACCOUNT.iN FACT YOU SET YOUR OWN LIMIT ON WEBSITE OF THE BANK.
Few minutes ago INFANT DIES IN JAIPUR FATHER SAYS NO NEW MONEY FOR AMBULANCE. See complete news on India today. MODI@S decision since 8th Nov. has killed innocent people. All deaths had to do Modi's decision. WHO WILL TAKE RESPONSIBILITY FOR THESE DEATHS. IT IS SICKENING.
Looks like Mint is a typical Aaptard troller who has been paid by ISI for all his rant in 500 and 1000 notes that became invalid and literally turned him into a beggar. That is exactly what is to be acheived by this step that people like Mint become beggar.
70 crore Poorest Indian turned beggars by MODI. They have very small possessions. they are standing in queues because they do no have credit cards and they want money from bank to buy food. The little money they have is in their hands and Modi announces it is piece of paper,
I feel sorry for them. Across India in small cities, villages people are beggars because whatever money they have is piece of paper. they can give it to bank and get new notes. Poorest Indians are in queues to give old notes and get new in return.
Richest Indians which might have black money are busy organizing weddings for their daughters. The cost of these weddings is 500 crores (around 70 million dollars). I hope lot of political class will attend this wedding and discuss about how nmuch black money is being caught from poorest Indians. Welcome to MODI's India.
MIddle class has 2 weeks food in home. BUt whatever money they have is piece of paper. So they are standing in line to get 2000 rupees as cash in hand for emergencies. They are also beggars bur their stomachs are full of food.
Middle class people are very much haappy. long quees only seen in cites.Congress was looted India since 60 years………Congress Party in last stage…….
You are posting dozens of repetitive posts mostly to yourself and corrupting this thread. It is obvious you do not understand basic economics and cost-benefit analyses. Read other responses here.
pLEASE NAME WHICH ADVANCED COUNTRY PUTS RESTRICTIONS ON WITHDRAWING YOUR OWN MONEY. YOU TOLD THIS IN YOUR EARLIER POST.
I will be most happiest person if really prices come down. I am just planning to buy a property. and there are many more like.
The number one cause of black money is corruption in the system and the constant demand from Government officials like Income Tax officers and other tax officials to grease their pocket even without reason. Many of the officials believe they have a right to take their pound of flesh and themselves pay their higher ups money to occupy their chair. While welcoming the PM's dedicated drive against black money, it is essential that the Government puts its own bureaucracy in order. Stop corruption in public life by putting an incredibly heavy price on it and watch the enforcement and fear that then follows. If the root cause is not addressed, the cycle of corruption will keep re-building the black economy.
who is this mint….. appears to have a lot of unhoarded money…..giving frustated statements…..1 person negative opinion doesnot matter…. the intent is good and longterm benefits will come ..pls be positive in life when any change happens
Please tell 7 long term benefits
Can some one explain what is the gain of this exercise for the poor or the common middle class who are spending hours in queue's for there own hard earned money ? What benefit wil they get after all this civil battle or the suffering, the daily wagers and middle class who are the majority more than 70% to 80% of population who are not the stake holders of so called BLACK MONEY.
सिर्फ कालेधन पर चोट के लिए नहीं, बैंकों को डूबने से बचाने के लिए भी चला गया है ये दांवplease read complete article on news18 INdia.
There is no limit on withdrawing money from your account via ATM or from cash counter of any advanced country bank. Once you pay your taxes, money is yours. you can spend it via credit card, debit card, online and also physical cash. There is no cashless society in world as of now. People have physical cash all the time.
In advanced countries All consumer spending is possible through cash. It is not illegal. it is not black money Modi govt. is confusing all types of cash with black money. That puts doubts in my mind about intentions of the govt.
Unless the country is bankrupt, you should be able to withdraw your money. The govt. has no business in deciding how much you can withdraw.
refer my earlier post nov 14 I was right The banks are almost bankrupt and the govt has committed dacoity on household savings to get money for banks. this the most cruel step a corrupt govt in India can take. Modi is the most arrogant and cruel PM India has ever seen. He is so weak that he speaks lies everyday when he address people. PLease read all my posts and you will realiza how correct I was.
Since 10th Nov. I am sorry to see the plight of people. The scenes are ugly. People, Please say no when you cannot do any more. Take pride in the fact that India is a democracy. It is not a kingdom where a KING can abuse you. Love your country and EXPECT DIGNITY IN RETURN.
मोदी gifts to corporates अकेले वर्ष 2015-16 में ही उद्योगपतियों के 6.23 लाख करोड़ रुपये माफ किए गए हैं। In 2015-16 Modi gifts 6.23 lakh crore (623, 00 000 000 000 000) to Industralists
hi, Black money holders only blame modis decision… now they know the real value of money. no more reel estate… let dem die who dey r spoiled market… now it is a buyers market.. i hope d sub registered value also revised and bring down to earth….Jai ho MODIJI…. LIVE LONG and Get punish BLACK MARKET PEOPLEnow real real estate starts….
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I do like the way you have presented this particular concern and it does indeed supply us some fodder for thought. However, coming from what I have witnessed, I only trust when other feed-back pile on that individuals continue to be on point and don’t embark upon a tirade of some other news du jour. Anyway, thank you for this superb piece and even though I do not necessarily agree with it in totality, I value the point of view.
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