Comments of Mr. Rajeev Jain, Chief Financial Officer, Intex Technologies (India) Ltd.
“A full-blown war, not just a surgical strike, has been declared by the Indian Government against black money. Withdrawal of high denomination currency notes of Rs. 500 and Rs. 1000 is a very powerful measure to swipe off the unaccounted wealth and corruption that has crippled the Indian democracy for four decades. Rise in the gold price and spurt purchasing signify trivial repercussions of this move. Out of the current Indian population estimated at 123 crore, only a minimal fraction of 2.87 crore individuals filed their income tax return and even lower, one percent or 1.25 crore, paid taxes in FY 2014-15. This is certainly an alarming figure to quote, especially considering that we are a progressive nation.
With the PM’s announcement, the honest tax payers will get their fair play. Rapid increase in traffic, frequent foreign travels, business favours and other affluence corroborated large-scale tax evasion. The nation’s biggest crackdown will certainly check black money and cross-border monetary transactions of counterfeit currency. This will curb corruption to a large extent and also ease the life of common citizens. Unequal monetary distribution among income groups will also be addressed to some extent, eventually leading to financial inclusion of the under-privileged.”
