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Nagpur CAs give an insight into Modi government’s bold decision of demonetisation

Modi government's decision of demonetisation
CA TS Rawal

At a panel discussion at the Nagpur branch of The Institute of Chartered Accountants of India, noted Nagpur chartered accountants – T S Rawal and Kailash Jogani – along with other chartered accountants spoke about Prime Minister Narendra Modi’s decision of doing away with Rs 500 and Rs 1000 currency notes on Tuesday, November 8. These chartered accountants gave an insight, to the people present, into Modi government’s decision of demonetisation and also spoke about the possible effects of the same on the Indian economy.

?People with a lot of black money (especially politicians) are going to be affected to a certain extent. There’s a possibility of infusing most of the black money into mainstream economy.

?Politicians hold a lot of money. A lot of black money floats in the market during elections. Raghuram Rajan during 2014 elections had said that the cash to GDP ratio was suddenly very high. This is going to impact the UP, Punjab and Goa elections.

?Politicians won’t be able to splurge money during elections by providing alcohol and bribe to potential voters.

?Middle class people or genuine taxpayers who are worried about the scrapping of denominations should relax. The impact is only on certain sections of the society.

?In one stroke, the people who had been encouraging fake currency are suddenly out of business as they don’t have any means at the moment to make similar currency notes. But, we can’t ignore the fact that fake currency, which is already infused in the system, still exists.

?The new currency that would be floated in the market would have higher security features, unlike the previous currencies.

?Theoretically speaking, nobodys losing money due to this scheme. But, on a practical note, we know that 30-40% of the money would still go out of the system and evaporate.

?Earlier, demonetisation took place in the year 1938 where Rs 10,000s note was scrapped. Then, 39 years later in 1977, again demonetisation took place. Again after 39 years (in 2016), the same has happened.

?In the long run, the same people who stored a huge stock of money in the form of cash are the people who buy gold. At the moment, the government is robbing the rich. They are taking money away from filthy rich people. So, this scheme is actually a de-motivator to buy gold.

?The money that is used for buying luxury cars, gold, foreign travel and other premium high-end materials, is being taken away to a certain extent in the short run from the affluent section.

?The best part is that the money is being removed from the system before the implementation of the GST (Goods and Services Tax).

?Money laundering is a bigger concern over tax evasion today. Terrorists are being funded with huge amounts (back money). Demonetisation will also discourage illegal trading of arms and drug peddling.

?This scheme was supposed to be introduced in February 2016 but due to some reasons, it got delayed till November 2016.

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Nagpur News

RMBRCN celebrates Charter Presentation & Installation, Rina Sinha becomes Charter President



The Rotary Means Business chapter of Rotary Club Of Nagpur (RMBRCN) celebrated their Charter Presentation and Installation of Board on September 17, 2023 in a crisp official ceremony at Hotel Centre Point, Nagpur.

Rotary Means Business encourages Rotarians to support the success of their fellow Rotarians by doing business with them and by referring others to them.

Charter President Past President Rtn Rina Sinha presided over the ceremony. Renowned entrepreneur and Rotarian Aspi Bapuna, Chairman of Bapuna Group, was the Chief Guest and  Rtn Namita Sharma, President of RCN, was the Guest of Honour.

The Board of Directors of RMBRCN include Rtn Navneet Jain, Vice President, Rtn Mohammed Master, Honorary Secretary, Rtn Sanjay Aggarwal Treasurer, Rtn Rakhi Bhatia Director Chapter Service, Rtn Rahul Shrivastava, Director Vocational Service, Dr Ruchi Choudhry, Director Membership Development, Ranjana Duseja, Director Attendance.

Past Rotary District Governor (PDG) Shabbir Shakir, Past Presidents- Bharat Goenka , Khushnoor Chugh, Sanjiv Chugh, Akhtar Parvez, Tejinder Singh Rawal, Alok Goenka,  Jerestine Watchmaker, Sandeep Dhodapkar, Sanjay Arora, President RMB Nagpur, and Behram Patel and Amitabh Sinha were present.

President Rina Sinha informed that within a short period of its formation already 48 members representing various businesses  have joined the chapter and the numbers are increasing . The Chapter has already crossed 5 crores of business amongst their members and RMB will further strengthen Rotary in membership growth and retention .

Chief Guest Rtn Aspi Bapuna lauded the chapter’s success and reiterated that its comfortable and safe to do business among fellow rotarians as all follow the Four Way Test of Rotary. Jerestine introduced President Rina. Aspi Bapuna  presented the charter and installed President Rina Sinha . Rtn Namita congratulated the RMB chapter and informed that this is the new initiative at RCN.The Board was installed by Rina Sinha and all members were installed by the Past Presidents. An exclusive digital Monthly Magazine ‘Growth Engine’ was launched by Editor Niharika Chugh Vali.

 Navneet Jain and Rahul Choudhry conducted the referral and thank you session where enthusiastic members informed about their successful business details. Nishchay Sinha launched the social media and MYRMB app which connects members to other chapters digitally, Treasurer Sanjay Agarwal gave treasurers report, Rtn Rakhi Bhatia managed the event. Rtn Parag Datey and Niharika were the Masters of Ceremony (MOCs). Secretary Mohammed Master proposed the formal Vote of Thanks .

Also read: Jayaswal Neco group celebrate BL Shaw’s 90th Birthday, 50th Founder’s Day in a huge gala event in Nagpur

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Nagpur News

Nitin Gadkari inaugurates double-decker electric bus availed for senior citizens in Nagpur



Minister of Road Transport and Highways Nitin Gadkari, on Saturday, inaugurated the double-decker electric bus designed for senior citizens in Nagpur. The initiative has been undertaken in association with Ashok Leyland’s CSR (Corporate Social Responsibility) Committee and Jyeshtha Nagarik Pratishthan.

Executive President of Jyeshtha Nagarik Pratishthan Datta Meghe, Vice Chairman of Ashok Leyland Limited Yash Sachar, CEO of Switch Mobility Mahesh Babu, and other dignitaries were present during the inauguration.

“I am very thankful to Ashok Leyland’s electric vehicle arm ‘Switch Mobility’ for donating an electric bus for our senior citizens. The bus can hold a capacity of 65 people and will benefit a lot to disabled and senior citizens,” Gadkari said.

“We already have a green Electra bus available to us for the past five to six years. Krishna Reddy has taken the responsibility of repairing and providing air-conditioning to the bus, moreover, he is providing us with one additional bus. A Tata Motor bus will be arriving this month as well, giving us a total of four buses to operate. This will solve the issue of waiting list due to the lack of buses for senior citizens in the city.” he added.

With the help of these buses, senior citizens can avail the benefit of free trips to religious places like Ambhora, Adasa, Shegaon, Mahur, Dhapewada, and Kalamb.

Also read: NMC confiscates 117 PoP idols, collects Rs 10,000 fine from seller


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Nagpur News

Nagpur: Married man accused of girlfriend’s rape commits suicide on Facebook live



A 38-year-old married man named Manish alias Raj Yadav, on Sunday, committed suicide during a Facebook live-stream after allegedly being accused of rape by his girlfriend and her family in Nagpur.

During the live stream, Manish, who was married and a father to three children, stated that his 19-year-old girlfriend, Kajal, along with her family members demanded a sum of five lakh rupees and threatened to press charges of rape if he failed to do so.

On September 6, the situation became grave as the woman’s family accused him of eloping after Kajal went missing from her residence.

The deceased refused the claims of having any sexual relationship with the woman and identified her, her family, and a photo studio operator responsible for his condition. He, then, jumped into the river.

After the live video surfaced online, Kalamna Police launched a search operation and recovered the deceased’s body from the river. Four people have been detained in the case for questioning. Further investigation is underway.

Also read: NMC confiscates 117 PoP idols, collects Rs 10,000 fine from seller

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