India's black money economy is estimated to be 28% of its GDP.
This is almost 900Bn US$
For context: this is almost the size of Switzerland's Economy.
Where is India's Black Money really hiding?
[A thread...]
This is almost 900Bn US$
For context: this is almost the size of Switzerland's Economy.
Where is India's Black Money really hiding?
[A thread...]
[1] One of the major contributor to black money is Political Funding.
The government appointed a committee in 2012 headed by MC Joshi, which stated:
The government appointed a committee in 2012 headed by MC Joshi, which stated:
"The two major national parties (an apparent reference to Indian National Congress, BJP) claim to have incomes of merely ₹5 billion (US$63 million) and ₹2 billion (US$25 million).
But this isn't "even a fraction" of their expenses. These parties spend between ₹100 billion (US$1.3 billion) and ₹150 billion (US$1.9 billion) annually on election expenses alone".
[2] A large chunk of this money goes abroad, especially to Swiss Banks (and stays black).
Interestingly, in 2022: the Swiss deposits are highest ever.
Interestingly, in 2022: the Swiss deposits are highest ever.
![[2] A large chunk of this money goes abroad, especially to Swiss Banks (and stays black).
Interesti...](https://pbs.twimg.com/media/FjXO26BUAAAxAHt.jpg)
[3] This black money usually surfaces the most in Election Time.
Why? because there is a strong nexus between business and politics.
I have covered this aspect on my YouTube video: youtu.be
Why? because there is a strong nexus between business and politics.
I have covered this aspect on my YouTube video: youtu.be
[4] Therefore, the Election Commission wrote a letter recently stating: that the cash donations to political parties should be limited to 2000, not 20,000 as per current limit.
![[4] Therefore, the Election Commission wrote a letter recently stating: that the cash donations to...](https://pbs.twimg.com/media/FjXQZlIUoAAov54.jpg)
[5] Given all these facts, Demonetisation was introduced in 2016.
- Black Money did not go down (in fact, it went up)
- Political funding did not stop.
- Only common people suffered.
- Black Money did not go down (in fact, it went up)
- Political funding did not stop.
- Only common people suffered.
![[5] Given all these facts, Demonetisation was introduced in 2016.
- Black Money did not go down (i...](https://pbs.twimg.com/media/FjXRRnhUYAEj_uD.jpg)
[6] Demonetisation 2.0
CBDC (Digital Rupee) can now kickstart demonetisation 2.0.
With CBDC (Digital Rupee), RBI (aka government) can theoretically give loans directly to business (by passing commercial banks)
CBDC (Digital Rupee) can now kickstart demonetisation 2.0.
With CBDC (Digital Rupee), RBI (aka government) can theoretically give loans directly to business (by passing commercial banks)
Interesting fact: this is a centralised blockchain, which means ONLY GOVERNMENT can see it.
In short, this move can strengthen political-business nexus.
I'd done a video on this: youtu.be
In short, this move can strengthen political-business nexus.
I'd done a video on this: youtu.be
How to solve black money problem?
[1] Make CBDC official for political donations.
[2] Make the blockchain (ledger) public.
[3] Everyone gets to see who is donating and how much.
If you Retweet this enough, may be it might actually happen :)
[1] Make CBDC official for political donations.
[2] Make the blockchain (ledger) public.
[3] Everyone gets to see who is donating and how much.
If you Retweet this enough, may be it might actually happen :)
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