Arun Kumar (for Info only, not official)

author

Arun Kumar

We are collecting authors'profile. As soon as we get, we update it. Please note this is not official profile. The information including photo is collected from web.

| Contact |

| twitter |

| Linkedin |

    Media Object

    Short extract

    ... Demonetisation has led to much pain. Prime Minister Narendra Modi had promised that the pain would last only for 50 days, but would benefit the country enormously in the future. Invoking the image of soldiers standing at the frontier, it was said, civilians should stand in queues at the banks for a noble cause. People bought this line more or less despite the hardships, including many deaths. Nearly 10 months down the line, where does the nation stand now since the RBI has admitted that almost 99 per cent of the Rs 15.44 lakh crore of the demonetised currency returned to its coffers. In an earlier piece (‘An embarrassment of riches’ IE, August 1), I had mentioned that by January 13, 2017, 98.8 per cent of the demonetised notes were back. The proponents of demonetisation have given a new spin. They portray the return of the notes as a success. ...

    Indian Express on Sept. 8, 2017, 12:15 a.m.

    Media Object

    Short extract

    ...Could it be that the surrendered notes are being recounted because of errors committed earlier? But recounting what? How much of the high denomination currency demonetised on November 8, 2016 is back with the Reserve Bank of India? Everyone wants to know but the answer eludes all. The finance minister, in a written reply to the Rajya Sabha on July 25, said that the bank is in the process of reconciling the notes to obviate any errors. He added that RBI’s machine processing capacity is being augmented. Incredible that it is being done at this late stage. Also, the answer will not be available any time soon. The implications of the delay are many and go beyond the failure of demonetisation to tackle black money. For instance, there is a link of this with the extent of counterfeit currency and its detection or with the case pending in the Supreme Court regarding granting one more chance to return the demonetised notes to those who, for genuine reasons could not return them, and therefore stand to lose a part of their wealth. ...

    Indian Express on Aug. 1, 2017, 12:20 a.m.

    Media Object

    Short extract

    ...C R Sasikumar If such data was available, demonetisation to unearth black incomes was not required. Investigation of these eight lakh plus entities would have been enough. C R Sasikumar The Niti Aayog press conference a month ago, in which the taxation of agricultural incomes was suggested, embarrassed the NDA government. When there are farmers’ agitations in many parts of the country, and talk of farm loan waivers, does this make sense? The politics of such a move is clear, its economic aspects were spelt out in an article by Bibek Debroy in this paper (‘12 reasons why’, IE, May 3). The article made 12 points, but it missed the 13th, which follows from the 12th point. This missed point makes the other points redundant. The 12th point stated that the answer to an RTI application revealed that “In 2012, 8,12,426 individual tax payers disclosed agricultural income. The average income per individual assessee was Rs 83 crore.” So, the incomes of these individuals turn out to be an astounding Rs 674 lakh crore. ...

    Indian Express on June 14, 2017, midnight

    Media Object

    Short extract

    ...The latest official data on GDP growth has shown that the economy grew at 7 per cent in the quarter ending December 2016. It belies the argument that the economy was hit hard by demonetisation. But this data is not surprising given that the budget for 2017-2018 assumed that the economy will grow at 11.75 per cent. The government has also not changed the assumption of an 11 per cent growth rate for the current year (2016-17) in the budget. So, the budget assumed that demonetisation had no impact on the economy. The budget figures were provided by the CSO. It was unlikely that the organisation would provide drastically different figures for the GDP estimate. A GDP figure of less than 7 per cent would have implied that the budget figures for both 2016-17 and 2017-18 are wrong. That would have meant that all the budgetary calculations are incorrect and created turmoil in the economy. Admitting lower growth would have adversely impacted the stock markets, the international sentiment about India and the business environment in general. The data just released shows that investment has taken a hit of about 3 per cent. ...

    Indian Express on March 9, 2017, 12:06 a.m.

    Media Object

    Short extract

    ...The country is in the throes of dealing with the removal of 85 per cent of its currency in circulation. Some laud it because they think it is a necessary pain that has to be endured while others feel it was uncalled for, since it would not serve the purpose it was meant for. The government gave two reasons for this step, namely, eliminating counterfeit currency used by terrorists and smugglers and the dehoarding of cash held by the generators of large sums of black income. The chaos all around suggests that the step was announced without preparing for it so as to achieve a degree of surprise and to prevent those with hoards of cash from unloading them. The average citizen who is not involved in black income generation is facing hardship. The government and the banks are not able to deal with such a complex exercise. ...

    Indian Express on Nov. 18, 2016, 12:05 a.m.

    Media Object

    Short extract

    ... The Income Declaration Scheme (IDS) announced in the 2016-17 budget closed on September 30, after remaining open since June 1. The finance ministry has announced that 64,275 people have come forward to declare Rs 65,250 crore of black money. This is the largest amount declared as black money in the history of Indian taxation. Naturally, the government claims this to be a big achievement, more so since the response in the first three months was tepid. The average amount of black income per declaration is about Rs one crore. This is indeed low when there is daily news about people being caught with hundreds of crores of rupees of black incomes. It is likely that either the big earners of black incomes have not come forward or declared a negligible part of their black money. It is reported that the income tax officers pressurised people under their charge to make declarations in the last three weeks. ...

    Indian Express on Oct. 6, 2016, midnight