Govt to distribute massive deposit bonanza to middleclass, poor post demonetisation

[rahul1117kumar]

The endless wait in long queues outside banks and ATMs, and hardships faced by common public due to cash crunch is not going to go down in vain.

As per a Timesgroup report, government is planning a huge relief in the form of tax or some other financial bonanza from the money collected by banks in demonetisation drive.

RBI, on Monday, said that people have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18 following
demonetisation of the higher denomination currency .

Prime Minister Modi has directed officials to identify a few schemes which will have direct benefit to common public and in the shortest possible time, added the report.

The next Union Budget, which will be announced on February 1, is expected to bring out these schemes, separately for the poor and middle class.

PM Modi is expected to talk about distribution of deposit bonanza to common public in his forthcoming Man Ki Baat, and may even ask common public for suggestions, added the report.

Government to distribute massive deposit bonanza to middle class, poor post demonetisation drive | Zee News

 

[shawl_who]

are we getting 15 lakhs in our accounts :sp

 

[Sarkar]

we need to invest this money on railway and highway along with renewable power:s

 

[harshbardhan]

are we getting 15 lakhs in our accounts :sp

Unfortunately it is a misconstrued statement of Modiji. He never promised to distribute 15 lakhs rupees among each and every individual's account. During election campaign Modiji had said that corrupt people amassed so much black money in their foreign account that if brought back every Indian would get 15 lakhs in his account. He was talking about the volume of black money never promised to deposit in individual account. It's not wise to fan rumors,I think.

 

[Sarkar]

Unfortunately it is a misconstrued statement of Modiji. He never promised to distribute 15 lakhs rupees among each and every individual's account. During election campaign Modiji had said that corrupt people amassed so much black money in their foreign account that if brought back every Indian would get 15 lakhs in his account.  He was talking about the volume of black money never promised to deposit in individual account. It's not wise to fan rumors,I think.

There is another good news also

Indian money in Swiss banks dips by 33% to Rs. 8,392 crore

The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs.23,000 crore) at 2006-end. However, the quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians’ money had risen by over 12 per cent and 42 per cent, respectively.

At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through ‘fiduciaries’ or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014. This is the lowest-ever level of funds held through fiduciaries, which used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.



Indian money in Swiss banks dips by 33% to Rs. 8,392 crore - The Hindu

&

Black money: India to get Swiss bank a/c data from Sept 2018 onwards

In a big step towards fighting black money stashed overseas, Switzerland today agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.

They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.

The 'Joint Declaration' for implementation of AEOI signed today between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

http://www.firstpost.com/business/black-money-india-to-get-swiss-bank-ac-data-from-sept-2018-onwards-3119422.html