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The Income Tax department (IT) has seized INR 66 lakh in cash, in INR 2000 notes as part of the anti-black money abolition operations in Hyderabad. In search of an apartment it officials found INR 36 lakh in cash, in INR 2,000 denominations at the Himayatnagar on 16th December.

On 17 December, investigators along with police stopped a speeding Honda Activa in Tank Bund area. And the cash of INR 30 lakh in INR 2000 denomination was found with two persons. The case is being under investigation.  The sources says that these two persons were made in the city as part of taxman's anti-black money enquiry post demonetisation.
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A week after India's sudden declaration that 500 and 1,000 rupee notes were no longer legal tender, the economy is in chaos. Modi had said earlier that if we bring back all the Black Money looted from India, we can deposit 15 to 20 Lakhs in every Indians account. After all its money looted from our hard working farmers.

India's Urge
What’s changed in a week…? Well for one, it's become clear that the government was simply too hussar  in its planning. Now about 86% of India's currency is no longer valid, the Central Bank has scuffle to print replacement denominations and the new notes are the wrong size for existing ATM's. PM Modi asked people to be patient for 50 days, but the process could take as long as four months. You have to wonder thet if PM Modi truly seek expert advice or reckon once again on a small and trusted set of politicians to determine policy. India's simply too big and complex for shock and amazement. Large parts of the rural economy use cash for 80% of transactions and have been hard-hit. The Farmers halfway in the country through the sowing season have run out of cash to buy seeds. Few villagers have access to an ATM. Most have to trog to a bank branch to change their cash, which means losing out on crucial days of labor.

Among the India’s middle class, PM Modi's 'Surgical strike on black money' still appears to be popular. Enough Indians are suffering that they believe it must be in a greater cause. And It’s one of the moral project, not an economic one. Stand in line, we’re told, and you honor our brave soldiers at the border. Economists agrees is will have no effect on the generation of black money through corruption. Meanwhile estimates of the amount of black money that will eventually be recovered vary widely. The optimists think that enough cash will be destroyed by hoarders that the central bank will be able to pay a burly dividend to the government. Others point out that a very small fraction of black money tends to be held as cash and that there are a dozen ways still available to launder that snippet. Worse, rumors of the demonetization were reportedly circulating before PM Modi's announcement, leading to inkling that the well-connected may have had time to dump their cash piles.
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 Indian Prime Minister Narendra Modi in an unpredicted address to the nation on Tuesday, said that the nation was doing away with INR 500 and INR 1,000 notes in an effort to sieve out corruption, black money and in turn poverty and terrorism. PM Modi said that the government believes the time has come to ‘take a strong decision’ on pursue these problems, suggesting that fake notes from across the border were being used to fund terrorism in the nation.

How this will affect:
From midnight of November 8th INR 500 and INR 1,000 notes will be no longer be legal tender. Other currency notes  INR 10, INR 20, INR 50 and INR 100 are still valid as are all coins. And the all cashless transactions such as cards, cheques and demand drafts will continue as usual. ATM’s across the nation will be closed on November 9th and they will not function in parts of the country on November 10th, PM said. Banks will remain closed on November 9th.

How  to exchange your notes:
The currencies of INR 500 and INR 1,000 notes can be submitted to post offices and banks from November 10th till December 30 with an valid ID card such as a PAN card, passport or Aadhaar card. And those who are being unable to exchange their notes by December 30th will be allowed to declare them with the Reserve Bank of India (RBI) till March 31th. There will be a spile of INR 20,000 on the amount of money that can be exchanged in a week and INR 10,000 in a day. In the airports tourists can change these notes.

The exceptions:
Prime Minister said there been made at places of particular importance where the INR 500 and INR 1,000 notes will be accepted for an additional 72 hours i.e till midnight on November 11th. This includes hospitals, railway ticket booking counters, government bus stands, and airports.

What's next Denominations:
The New notes of INR 2,000 and INR 500 will be circulated soon, PM Modi said and these will have limited circulation.

In the past:
Indian governments have demonetised currency notes in the past as well. According to the RBI INR 1,000 and INR 10,000 banknotes were demonetised in January 1946. Banknotes for INR 1,000, INR 5,000 and INR 10,000 were been re-introduced in 1954. INR 1,000, INR 5,000 and INR 10,000 were demonetised again in January 1978.

 And the New:
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This is the highest ever black money disclosure that at least INR 65,250 Crores ($9.8 Billion) of undisclosed assets were declared under the Govt Income disclosure scheme by more than 64K declarations, yielding the government INR 29,362 Crores ($4.41 Billion) in tax revenues. While the black money declarations will be more once all the manual and online filings of undisclosed incomes and assets are promptly filed at the end of the fourth month window on September 30th are compiled, the Government will get around INR 14,700 Crores or half of the due taxes, this fiscal year.  Government had proffered a one time feasibility to holders of income and assets that had been illegally unpaid taxes, to disclose their unpaid taxes with penalty of 45%.  (Also Read about India's largest spectrum auction worth INR 5.63 lakh Crores)

 Previous year under a similar scheme for 644 foreign black money holders declared undisclosed foreign income and assets, INR 2,428 Crores was collected as taxes. The average declaration per individual or entity comes to INR 1 Crore.
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An estimation of $505 billion (about INR 34 Lakh Crores, as per current exchange rate) black money was outflow from India by a US-based think tank is 'heavily inflate' the Directorate of Revenue Intelligence has informed the Supreme Court-appointed SIT looking into cases of ruin money. Global Financial Integrity (non profit research and advisory organisation) functioning from Washington had in its report 'Illicit Financial Flows from Developing Countries 2004 2013' estimated that black money outflow from India for the period was to the tune of $505 billion .

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Shiv Sena asked Prime Minister Narendra Modi to stop defame India on foreign shores with his public articulation on corruption in the country. The Shiv Sena took strong protest to Modi's repeated statements censure the corrupt systems in India during his foreign trips, saying this would evince counter productive in the long run. The Prime Minister said publicly in Doha how India was soack in graft and outlined the measures he had commence to clean up the chaos. The muster appluad and inspire him. This is nothing but smear the country's fair image abroad, the Shiv Sena said in an editorial in its embouchure Saamana. It ponder who was responsible if there was talk of corruption among the eucharist even two years after a Bharatiya Janata Party (BJP) led government took charge of the country. 

Shiv Sena raises black money issue PM Modi's recent trip to Switzerland, it berate Modi's request purse the names of Indians holding black money in that country's banks. The Swiss economy flourish on garner monies from all over the world and they will never divulge whose black money is lying there. Modi had assured INR 1.5 Million to each Indian by bringing black money in foreign banks. But all this must be done very separate. Shiv Sena pointed out that there was enough black money within India. 'So what is being done about it...?

The Sena said India must be the only country in the world where it's a sin to eat mutton, chicken, beef, fish, eggs, onions and garlic but it is no crime if public money is stolen.
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