So this is a corollary to the earlier post ‘ Money Legally Laundered’.
So what will the Government of India do with the such a big booty that they have received due to the stashed black money that would be extinguished (in all probability we are looking at a figure of around 3 lac crores).
The best scenario that comes to mind and am quite sure more than a few of experts are also thinking on those lines – remit the amount directly to the bank accounts of the poor. This is truly the plank on which Modi had fought the General Elections in 2014 – the fact that there is so much of black money sloshing around in the system and if he comes to power, each Indian will have around 15,000 in his bank account. Well, now is the time to put one’s mouth where the money is, literally speaking.
Without doubt that was the reason why every poor person in the country was made to open Jan Dhan Accounts, perhaps this was the idea to crimp the rich off his black money and seed it to the Jan Dhan Accounts.
So as of 9th November 2016, there are near about 25,51,16,805 Jan Dhan Accounts that have been opened (according the Pradhan Mantri Jan Dhan Yojana website). Assuming that the Government gets a windfall of 3 lac crore (notwithstanding how does RBI transfer the amount to Government’s Statement of Accounts) it is highly likely that Narendra Modi is looking to seed each of these Jan Dhan Accounts with this windfall booty.
It is a great opportunity for him to walk his talk and put in some amount in to each of these Jan Dhan Accounts. Depending upon the amount that doesn’t come back to the system and needs to be extinguished, it is a goodish chance that a lion share of the amount, roughly around 2.5 lac crores, will be legally laundered and deposited in these accounts (round about 10,000 per account).
That is truly the levelling the playing field and being the consummate Robin Hood – pinching the rich and distributing in to the poor – the proverbial distribution of wealth, tried numerous times but hitherto never truly brought in to action ever.