Open Letter with Wish list to the PM of India on How to use the Gains from Demonetisation?

 Open Letter with Wish list to the Hon'ble Prime Minister of India on 'How to use the Gains from Demonetisation?'

Sh. Narendra Modi ji,

Hon'ble Prime Minister of India

We all are hoping for acche din and I am sure you will ensure that for masses. 

I am making a confirmed assessment that demonetisation will bring desired results to revive the economy and to unlock black money for the growth of India. It is also true that many more steps will follow to achieve cleaning of system from black money and widening of the tax net. This will become more visible with e-payment systems and GST implementation in 2017. In brief, there will be massive gain for national exchequer. 

Following Demonetisation drive, as citizen my expectations are as follows:

1. Establish a separate cell at PMO to investigate all the accounts with doubtful integrity and finish this task in one year's time and also release monthly progress report so that people's confidence remain intact.

2. Review the banking systems and fix the system so that few bad apples can't destroy the whole system and ensure security for all e-payment systems.

3. Develop a system to resolve disputes in time bound manner arising due to e-payment systems and tough liability on banks and payment companies. Today, they are not covered under RTI, other laws for transparency and liability clauses. Make new set of all to give them all the freedom to operate but if they do manipulation, take customers for ride in terms of service charges or cheat customers. Their penalties must be announced in the beginning so that no one even try to be creative and manipulate customers.

4. Initiate next step like identification of Benami Properties. Ask all private builders to place their property details on website and submit all customer details to government with all payment details and other records as per required of tax authorities. First focus on only those cities and towns where there was higher than normal cost escalation in last 20 years. 

5. Develop a system so that Initiating officers and inspectors nominated for Benami property documentation under Benami Act do not behave like bank managers and manipulate records. They should know the cost of manipulation from the beginning itself. They must have same day entry of all daily digital entry of all their inspections, assessments, meetings and outcomes. 

6. Review all tax laws and exemptions given under various provisions of Income tax, stock markets and commodity markets, export credits and fix the loop holes and and make system rational, simple and logical.

7. Clean up political system by bring political parties under RTI, bring electoral reform and tax laws and make all payments more than Rs. 1000 for all political parties cash less and must be digital. All cash-in-hand by political parties should be made illegal.

Estimated Gain: My assessment is government will have additional gain of Rs. 100,000 crore every year with rise of 10 to 12 percent every year.

What should be the priority for spending of the additional gain of revenue after demonetisation?

1. Ensure 100 percent free education till class 12th for all.

2. Ensure 100 percent free health care in government hospital for all with all testing facilities, tele-medicine facilities and radiology services.

3. Ensure 100 percent free artificial limbs and other tools to all physically challenged people and senior citizens and develop social security programs for these segments of society.

4. All villages should be provided access to school, healthcare, banks, roads, clean drinking water, telecom and sports facilities.

5. Improve legal system in India by providing proper infrastructure for to all courts in block level, district, state and national level.

6. Revive Agriculture Extension System to ensure food security and to manage natural resources like soil, water and forests.

7. Invest in world class technical education centre to promote innovation and skills in collaboration with world class institutes from all around the world.

8. Develop local economic clusters with world class facilities to develop products for the world market which can compete in international markets. This will help in creating human resource with employment potential for Indian Youth world-over in other sectors beyond IT sector. 

9. Bring all services on digital platform to minimise corruption  and timely implementation.

10. Create world class facility for games and sports and also for cultural events with residential facilities in every district to identify talent and to nurture them.

The above list is for the additional annual revenue which will be generated from demonetisation drive. Other facilities we can make on commercial basis from the other tax revenues.