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For a change, opposition welcomes govt move

​The opposition parties lauded in unison the move of the Central government to demonetize Rs 500 and Rs 1,000 notes viewing the surprise policy as a strong step towards curbing black money in the country.


PANAJI   

The principle opposit​​ion Congress Party was quick in voicing its support to Prime Minister’s announcements. Goa Pradesh Congress Committee general secretary and spokesperson Sunil Kawthankar stated, “This is a good step to curb black money and corruption. However, owing to very little preparedness at the highest institutional level, business sector at the lower levels of the economy suffered in the ensuing chaos.”   
Kawthankar was of the opinion that calculated move lacked precision of execution and as a result, several low income groups including daily wage workers across the State suffered. 
“They were denied essential commodities as nobody was ready to trade their goods in exchange for the demonetized currencies,” he noted.   
Terming PM Modi’s plan as a ‘strong move’, NCP Goa president Jose Philip D’Souza also said that the hardships faced by lay people on Wednesday couldn’t have been avoided. 
The NCP president, however, quipped that this move raises hope that the Modi-led government will soon achieve its much-publicized goal of getting back black money stashed abroad. 
“Will our accounts be soon credited with the amount of Rs 15 lakh, promised to each Indian by this government upon getting all the black money back from foreign accounts?” D’Souza wondered.   
Among the opposition parties, President of Goa Forward Prabhakar Timble was reluctant to shower praises upon the government for its move.   
“This is neither first surgical strike on economy nor is it first time of demonetization. Demonetisation was a shock treatment given to the economy and attempts to puncture the tyre of black money.” 
“However, it will have little impact on generation of the black money and climate of systemic corruption,” Timble underlined.   
He went a step further and alleged, “The projection and publicity showered upon the step was a move to ‘prop up the sagging image of Prime Minister Narendra Modi and his abject failure in unearthing the black money stashed in foreign accounts and in controlling corruption”.   
The political analyst in Timble, however, hinted that though the organized sector stores its ill-gotten wealth in assets, it is the unorganized affluent and political coteries, who could feel the brunt.     
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Heavy penalty on deposits over `2.5 lakh without source

Further dangling the stick, government on Wednesday night warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 per cent penalty in case of income mismatch.

PTI
Published Nov 10, 2016, 6:48 AM IST
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NEW DELHI “We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.“The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow,” Revenue Secretary Hashmukh Adhia said on Wednesday night.Any mismatch with income declared by the account holder will be treated as a case of tax evasion.“This would be treated as a…

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