National
Note ban was to change the way India spends: Jaitley
New Delhi, Nov 7 (IANS) Mounting a powerful defence of the demonetisation measure designed to curb black money, Finance Minister Arun Jaitley on Tuesday said that as a disruptor of the status quo ante the note ban, along with other measures taken, has set in motion a process of changing the manner in which India spends money.
“If you look back at all the steps we have taken in the last three-to-four years, besides demonetisation, we have succeeded in bringing centre-stage the whole issue of how financial transactions in India ought to be carried out,” Jaitley said addressing the India Today Conclave Next here.
“The question before us was do we continue with the status quo ante of a high cash dominated society with all its aberrations,” he said, adding that the situation was untenable for the fastest growing big economy that aspires to “sit at the high table with developed nation.”
The choice staring at the face was whether “we allow the status quo to continue or set in motion a process guided by the belief that an aspirational nation has to change.”
Pointing to the normal practice of purchasing real estate by partly paying in cash, or of companies having dual bank accounts to evade tax, the Finance Minister noted that various related measures taken had the triple objective of cutting cash use, increase the country’s tax base and the number of digital transactions.
“You have to see it (demonetisation) together with the spending curbs imposed on cash, the thrust on income disclosures, the thrust against benami properties,” he said.
“Taking all this, there’s going to be a sea change in the manner in which India spends money,” he added.
Describing the move against black money as an ongoing process, Jaitley described the fact that most of the banned currency had returned to the system as a success for demonetisation.
“Cash outside the system can be laundered, but once deposited it lacks anonymity..it is in an account, which has a holder with a name and the money can be taxed,” he said.
On the note ban impact on the GDP and on the Indian informal and small scale sector that contributes nearly half the national income, Jaitley said this was the transitory effect of “two back-to-back reforms including GST.”
“Is the setback for one or two quarters too much price to pay? Do we forego structural reforms for that,” he asked.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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