After Prime Minister Narendra Modi on evening of November 8, announced the demonetization of Rs. 500 and Rs. 1,000 notes, tax evaders across the nation were caught by surprise and not knowing what to do with the hoards of cash they have kept with them unaccounted, in simple terms so called BLACK Money, which after December 31 will be just a waste Paper.
After this announcement, tax evaders across the nation started searching for ways and means to convert their BLACK MONEY into WHITE MONEY.
In fact, the search term became one of the most popular search term on Google India and the same thing was highlighted in media across various news channels like Aaj Tak, ABP Star news, Zee News, NDTV, TV9, etc.
“How to convert black money into white money” was trending on Google search engine in India, with queries surging soon after Modi announced the ban on Rs500 and Rs1,000 notes, rendering 86% of currency in circulation worthless. “Black money” is the local term for cash stashed away to avoid tax.
The picture courtesy Bloomberg shows the popularity of the graph for Google Searches for “How to convert black money into white money”
India has 277 million internet users, the world’s largest after China, according to the 2016 Internet Trends report by Kleiner Perkins Caufield & Byers, and most of the tax evadors among them were busy making these searches either from their desktop, laptops, or their smart phones and tablets.
Some of the states like Haryana and Gujarat topped in these searches, followed by other states like Maharashtra, Karnataka, Delhi and Punjab.
If you as a reader are searching for Way’s to Convert your Black Money into White Money then we are sorry, we are not here to give you ideas to help you do this offence.
In fact we urge people to understand that black money has been eating into the Indian economy like a termite for several decades and now the time has come to put an end to it.
Surely it can be said that it is a “Master stroke on black money to make India Swachch Bharat”
According to estimates, as much as Rs 14 lakh crore currency notes of Rs 500 and Rs 1000 denomination are in circulation and would be withdrawn by December 31, 2016 or at the most March 31, 2017, and a good portion of that is BLACK MONEY. Just imagine what would happen to our economy when a major portion of it returns to the system.
Going forward, this huge cleaning up would lead to a much better fiscal position of the Central Government with several positives for the macro picture, the biggest being on the inflation front. But all this will not happen over night, it will take some time and in the near term the common man will have to suffer from some hardship.
But this is just a price that we have to pay for getting freedom from this menace of corruption and black money, just like our forefathers fought against the Britishers to get us Independence.
The only challenge for the government in the interim is to ensure that a minimum inconvenience is caused to the common people and the banking system is geared up to instill a sense of confidence among the people that the common households’ money is very much safe.