Showing posts from November, 2016

The War on Black Money

8th November 2016 will be known not only as the Day, US elected Donald Trump as their President, but also as the day, Indian Government took a decisive step towards the fight against black money.
In retrospect, the many steps taken by Government in the last two years were clear indication of things to come.  
Pradhan Mantri Jan-Dhan Yojana was the ambitious scheme to get every Indian to own a Bank account.  Every Indian was allowed to have a Bank account with zero balanace and a debit card with which he could make electronic transactions. He would also have access to Internet/Mobile banking as he desired.
To further incentivise those did not open such an account, Pradhan Mantri Suraksha Bima Yojana & Jeevn Jyoti Bima Yojana were introduced.  While the former provided a Rupee two lakh accidental insurance coverage against an annual premium of Rs.12/- per annum, the latter provided a term insurance coverage of the same amount, against a premium of Rs.330/- per annum.  In both cases, th…