Converting black money to white in India, Convert illegal money to legal.
After announcement of Indian PM Narendra Modi to stop exiting 500/1000 Rupee notes in India, most of the people who used to store money that are gained by illegally must be thinking and asking the answer of above question so that they could convert their black money into white.
Currently, millions of thousands rupees (in 500/100 notes/denomination) are getting kept in their locker/home for which the proper tax is not paid. With new announcement, people are forced to exchange these money with new one.Since, the government of India and normal people are facing problem with these black money in the form of bribe, corruption, PM had taken one of the most appropriate step to reveal black money from the corrupted money.
Although every action have some good and bad sides, similarly this step is has also huge impact.
Positively, we can say the fake money would be eliminated and some black money may also be revealed however over all the impact of this huge action is creating more issues where normal people are suffering more than any.
I am following through the news and seeing lots of statement saying that this is the best action PM took and too agree. However I observe that all these statement are throws from those people who are well managed and economically good. But if I see the overall population and their lifestyle, there are still more than 60% people still deals everything cash. There are millions people who work at daily basis and they are facing major problem.
Currently, 80% of market is captured by 500/100 notes and if they suddenly stopped then normal people will face problem.
First of all, most corrupted people don't have money in India, they all have money in Swiss so this step will not affect at all. All the major politician people may have already converted their black money to white. RBI and government people already knew these things, which mean those people and their friends/relatives may have already converted black money to white before this announcement.
If these above most corrupted people have already managed then this announcement does not make sense apart from giving pain to normal people.
At the end, only those middle corrupted people and normal people who are struggling are facing issues.
Some people says, election is coming near so it looks like this is purely political stunt.
Some people says, lots of black market activated to convert 500/1000 in returning 300/700.
Most of the people are throwing statement sitting in abroad through facebook and other sites. But they really don't know the basic issue of person who are facing in India just to get 2000 rupees.
If these statement thrower person really thinking a lot about India, then they would have returned to India and worked there but not in abroad.
So, rather than throwing statement from internet they should have helped normal people to educate them how to exchange money, how to use cards etc.
In my opinion,
PM Modi should open an bank account where any person should allow to deposit without an id card. No question, not identity nothing.
In this way, black money will get collected to government account and can be used in some development work.
So, I still agree the step taken by PM but the implementation would have been more appropriately.
So, to minimize the issue, each and every person can contribute by their best like using cards, helping others etc.
Returning to first question, there is no way to convert black to white money legally. I suggest submit to government paying 30%. This will save 70% for you and 30% to government and country will get improved.
All above points are views collected from various source.
