Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
Months before 8/11, MP, Haryana probed note ban
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
The Bharatiya Janata Party's proposed banking transaction tax is ill-conceived and inadvisable but it is disruptive enough to raise questions about the perverse nature of India's current tax regime and the need to reinvent it.
'People are willing to face temporary inconvenience as they are determined to support PM Modi's crackdown on black money,' Commerce Minister Nirmala Sitharaman tells Archis Mohan.
'A bit of foresight would have helped.' 'Isn't it common sense that this is sowing and wedding season?' 'The plan is indeed unquestionably revolutionary, but better preparedness could have avoided such teething troubles.'
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