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MEETING

January 27, 2017 divider image

Meeting

Rt.Ann Chetna Singhal introduced the speaker Dr Tejinder Singh Rawal who is  an Mcom, MA, LLB, FCA, DISA(CA), CISM, PHD(Tax).He has been an university topper and became the youngest CA at 21 yrs.He is an authority in Income tax, cyber laws, Investment strategy and Information Systems Control.
According to Dr Rawal PM Modi’s Demonetisation policy is  a disruptive economic policy since independence. Certain aspects of Demonetisation are good and certain aspects are going haywire. He stressed that he was speaking purely on the economic aspect of Demonetisation and wanted to have an interactive session with the audience and answer all their queries regarding Demonetisation.
Until now 14 lakh crores of currency has come back into the economy and nowhere in the world has money been demonetised to take away black money from the system. The whole amount of black money is not coming back but even if half the amount of black money is turned into white it is a great achievement.
The 2 objectives of Demonetisation was 1)to remove black money 2)to curb terrorism(fake currency)
But the cons of Demonetisation is that black money can curbed but not eliminated and fake currency can be printed as the ink and security features of the new notes are the same as Pakistan.
India can be corruption free only if we build checks in the system or somebody caught taking bribes is severely punished.
The government wants cashless society as transactions leaves footprints and can be tracked but frequent Demonetisation brings down the credibility of the economy. In most countries the inconvenience caused by Demonetisation is over by 3 months. Income tax raids are being conducted as an additional measure. A cashless economy will result in corruption free economy with higher GDP but it is a far cry at the moment maybe only an increase of 20% .But overall Demonetisation was a bold step of the government.
Rtn Sandip Dhodapkar gave the vote of thanks.
Shalini Naidu




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