Demonetization: Final Analysis by Dhruv Rathee | Biggest loss of Money Ever?

 Demonetization: Final Analysis by Dhruv Rathee | Biggest loss of Money Ever?

Greetings, Friends!

The government had been counting notes for several months post demonetization

Now finally they have revealed data which says that 99% of the demonetized currency is back in the banks

What does this mean with regard to the viewpoint of black money, I would like to tell you all

And finally, in this video I would like to do a final analysis of all the benefits and losses of demonetization

I would also like to tell you all about the propaganda being spread by the government.

In the beginning, the government said that it expected at least 30% of the demonetized cash to not return to the banks

because according to them, 30% of all cash in India was black money

so the people who had black money wouldn't come to the banks  to deposit their money

as if they came, the bank management would match their salary records and see that tax hadn't been paid on that income

and they would get caught

that's why they would either burn their black money or dump it in the river, according to our Prime Minister

But no such thing happened

99% of the money has come back

There may be two possibilities for this-

Either, there wasn't enough black money which was expected by the govenrment

or people had found new ways of turning their black money into white and subsequently deposit it into the banks

I think the second possibility is more probable

because as I had mentioned earlier in my previous video, demonetization had various loopholes

which was exploited by people to turn their black money into white

There was Rs.15.44 lakh crore worth value of demonetized currency

Rs.15.28 lakh crore worth of currency returned to the banks

So, it is presumed by the public that the remaining Rs.16,000 crore rupees is in the form of black money

But the truth is that a lot of this isn't black money

It is believed that Rs.3300 crore is kept in Nepal and Bhutan, which the government has been unable to bring back

A lot of this money includes the cash held by NRIs, which they couldn't return back

A lot of this money also includes the cash held by poor people, which they couldn't return back

And a lot of this money also includes the cash kept in the donation boxes of temples, which they have been requesting the government to take back

but the government has been unable to do so

So, all in all, the thing which was considered to be a surgical strike on black money, couldn't even recover 0.1% of the black money

After this, it was said that demonetization would have a severe impact on fake currency

but what happened was that a mere 3-4 says post demonetization, there were images in the market of fake Rs.2000 notes

In fact, up till June 2011, up to 11 crore worth fake currency was detected

And, it is unknown as to how much is undetected

This makes it apparent that there is zero imapact of demonetization on fake currency

Then, it was said that there would be an impact on terror funding by demonetization

Demonetization happened on the 8th of November, few days after which there was a terrorist attack in Assam on our army

This was soon followed by an attack in Kashmir on 22nd November

and a huge attack in Nagrota on 29th November where 7 army men were martyred

Due to multiple attacks occurring just within a month of demonetization

It becomes apparent that there has been no impact on terror funding due to demonetization

After this, they changed their agenda and claimed that the purpose of demonetization was to make a Cashless economy

This was true that there was an increase in cashless transactions post demonetization as people had a shortage of cash

But as the cash increased in circulation, the people reduced their cashless transactions

This can be seen in this graph, how post demonetization there was a huge spike in the cashless transactions

which fell significantly by Feb-March, to values existing before demonetization

And now, it is being claimed that the direct tax collection and the number of tax payers has increased significantly due to demonetization

and these are the major benefits of it

This is true that there has been an increase of 14% in direct tax collection as compared to last year

but to claim that it occured due to demonetization is a very misleading thing

because if you see the graphs of previous years, an increase of 14% over the years is not such a big thing

as there was an increase of 14% seen even during the year 2013, which has nothing to do with demonetization

The same can be observed with regard to the annual increase of tax payers in this country over the years

The increase this year, is nothing special

But the government has made it special by comparing the values to that of last year and not the years before

Now lets come to the loss inflicted due to demonetization

A loss of Rs.1.28 crore was faced by the Indian economy in just 50 days post demonetization

In the first 4 months after demonetization, more than 15 lakh people lost their jobs

The GDP growth of India has fallen by 2.2%

Here, I would like to thank Manmohan Singh, who accurately predicted such a thing

And Arvind Kejriwal, Shashi Tharoor, these are the people who criticized demonetization from the beginning

And the educated people, all the economists who had correctly predicted such a thing from the start

Then Modi, our PM, had made fun of them, the harvard education due to this

but now their prediction has come true

Rs.21000 crore, this was the cost of printing the new notes

So accumulating the loss to GDP, loss to Jobs, the loss of Rs.1.28 crore and the cost of printing new notes comes down to an estimate cost of Rs.5-6 lakh crore

This is no less than a huge scam

It is unknown as to how will the money for such a thing be recovered

After this, more than 150 people had died due to demonetization

Some people died standing in lines and some died in front of hospitals as they had stopped accepting cash

These are people who cannot become alive again

Those who say that demonetization was a temporary problem which will lead to a long term solution

The deaths of these people were not temporary. They are not going to become alive in the long term

Our Prime Minister had said, 'Give me just 50 days, friends

If I make a mistake after that, take me to a square and give me any punishment you like

Now this is proved to have been a wrong move

But Prime Minister, I would like to respectfully disagree with you

Please don't give such violent suggestions

The Public of India is non-violent and don't believe in burning people alive

But, on behalf of the Public of India, I would like to make a small request

Apologize for the mistake you have done. Just say sorry once.

Because, we are humans and all humans make mistakes

Only that person, who admits his mistake can understand his mistake and improve the mistakes which may happen in the future

So, with folded hands, I request you to say sorry to the people of India and show that you care about the country

But, what is happening is that you are refusing to apologize

And your BJP IT cell is busy in planting fake stories and advertising the demonetization scheme to be a success

To hide a mistake, hundred more lies are being issued

The BJP IT cell had run a paid twitter trend by the name of '#DemonetizationSuccess'

where they had every one retweet the same copy-pasted tweets

Even famous personalities with verified twitter accounts had been retweeting such copy-pasted tweets

to show to the people of India about the apparent success of demonetization

This is a very wrong thing to do

The people who have been given the responsibility of showing demonetization to be a success

are conjuring up new ways to present different angles to view demonetization, so that it may seem like a success

An example of this is the claim by some people that a positive effect of  demonetization has been the significant amount of data collected by the government

That they have come to know about the tax defaulters and more than 18 lakh tax defaulters have been identified

And that an action will be taken against them

It remains to be seen on how much action will be taken against them otherwise this reason will also be a fail like the other ones

According to me, the Income tax department used to raid people before demonetization as well as now

The rate of raids cannot increase as the number of people working in the Income tax department is the same

So, it is unlikely that all the black money will be recovered from such 18 lakh people. This will remain to be seen.

If a rating were to be given to demonetization from 0 to 10 based on the losses and gains, it would score minus 10

There have only been losses up till now

Friends, share this video so that the truth of demonetization reaches every Indian

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We'll meet again in the next video, Thank you!