Demand for Cash-less and the discussion without ‘Byora’
By: Amit Bhushan Date: 16th Jan 2017
The demand for Cash-less transactions on the back of tax based incentives and dis-incentives for the corporate, small business and institutional sectors (non-profit, social included), is put on the back burner. This is while the political class and the commercial news media would start a discussion on political funding, which is largely without any authenticated data. The Election Commission on its part would start responding to certain political parties and Netas in its drive to bring shutters down for the non-existent parties with all the hype of the commercial news media which would not even disclose, the amount of money that may have been laundered by these parties. This seems to be added with push for the GST and Re-monetization, lower corporate taxes with tax benefits for the individual taxpayers including some of other sundries. Most fancy is the journos spending extra-efforts on something for which they don’t have any authenticated data like political funding which by their own admission is a complete black-box. However the gusto with which this is raised in the commercial news media is indeed admirable and displays their loyalties quite clearly since very few tough questions to explore answers are raised while almost all ‘leaders’ can get away while making their ‘point’.
While there may have been some push for the low-level transactions to go cash-less on the back of demonetization including upcoming payments banks which may push some better products in the markets, however such efforts may not fructify. This is because the government needs to give a systemic push by allowing only cash-less as a preferred medium of payment by the organized business and institutional sectors, on the back of tax based incentives. This would ensure that a much larger proportion of high value transactions are settled via non-cash mode and also the taxmen have some record on points where there is need for cash settlement of transactions. This would give a better picture on areas which need to be scrutinize for black-money as well as to a large extent, the corruption in the system. What seems to be happening is that on one hand we seem to be strengthening the institutional infra for cash-less depicting a push, while on the other hand, the incentive structure for cash transactions remain intact and seem to be undergoing little questioning especially in the commercial news media. This is while out ‘independent’ commercial news media would like to remain on the forefront raising new frontiers of championing ‘public interest’. It is also interesting that the corporates, small business and institutional segments have not themselves come up with such proposals, but activists here would have their views on ‘political funding’ clearly depicting the interests to limit debates to ‘politics’ alone rather than wider economic aspect. The bureaucrats on their part would remain silent to non-proposals, however even the retired bureaucrats do not seem to be active, seems a bit curious in the light that such groups can be seen jostling to make their point regards demonetization.
While the struggle for ‘states’ is on and also the budget with a backdrop of strong continuity in policy action, the ‘game’ seems to be interesting. Let’s see the ‘game’ evolve further……
By: Amit Bhushan Date: 16th Jan 2017
The demand for Cash-less transactions on the back of tax based incentives and dis-incentives for the corporate, small business and institutional sectors (non-profit, social included), is put on the back burner. This is while the political class and the commercial news media would start a discussion on political funding, which is largely without any authenticated data. The Election Commission on its part would start responding to certain political parties and Netas in its drive to bring shutters down for the non-existent parties with all the hype of the commercial news media which would not even disclose, the amount of money that may have been laundered by these parties. This seems to be added with push for the GST and Re-monetization, lower corporate taxes with tax benefits for the individual taxpayers including some of other sundries. Most fancy is the journos spending extra-efforts on something for which they don’t have any authenticated data like political funding which by their own admission is a complete black-box. However the gusto with which this is raised in the commercial news media is indeed admirable and displays their loyalties quite clearly since very few tough questions to explore answers are raised while almost all ‘leaders’ can get away while making their ‘point’.
While there may have been some push for the low-level transactions to go cash-less on the back of demonetization including upcoming payments banks which may push some better products in the markets, however such efforts may not fructify. This is because the government needs to give a systemic push by allowing only cash-less as a preferred medium of payment by the organized business and institutional sectors, on the back of tax based incentives. This would ensure that a much larger proportion of high value transactions are settled via non-cash mode and also the taxmen have some record on points where there is need for cash settlement of transactions. This would give a better picture on areas which need to be scrutinize for black-money as well as to a large extent, the corruption in the system. What seems to be happening is that on one hand we seem to be strengthening the institutional infra for cash-less depicting a push, while on the other hand, the incentive structure for cash transactions remain intact and seem to be undergoing little questioning especially in the commercial news media. This is while out ‘independent’ commercial news media would like to remain on the forefront raising new frontiers of championing ‘public interest’. It is also interesting that the corporates, small business and institutional segments have not themselves come up with such proposals, but activists here would have their views on ‘political funding’ clearly depicting the interests to limit debates to ‘politics’ alone rather than wider economic aspect. The bureaucrats on their part would remain silent to non-proposals, however even the retired bureaucrats do not seem to be active, seems a bit curious in the light that such groups can be seen jostling to make their point regards demonetization.
While the struggle for ‘states’ is on and also the budget with a backdrop of strong continuity in policy action, the ‘game’ seems to be interesting. Let’s see the ‘game’ evolve further……