>>And How are they going to acquire the swapped cash? by declaring the assets and income so they's come under IT radar, right? isnt that the core reason behind doing this? to connect money with individual. Once the money is 'whited' how willing do you think after this they'll be willing again to turn it into black & go through this ever painful cycle again?
This thing got discussed over last time too. The very assumption that every one has a bank account. Or should have a bank account is broken beyond explanation.
If you are already convinced that the whole world owes it to you in some way to follow your advice. You are already at a level where you will unlikely never listen to the other side of the story at all.
>>What do you think happens to the 60/40 real estate transactions after this?
A more interesting what happens to all those expensive flats your dearly middle class bought?
My guess is nothing much will likely change in the Real Estate domain 5-6 years from now unless there is mass fall in demand due to something like a multi year recession.
But those who already bought will likely see 60% of the net value of their flat go to drain. No one will buy and old deprecating flat for an expensive price when new ones are there at a discount.
>>why do you think real estate prices are falling? Its because its pricing in the writing on the wall.
Those are local minimas. Those trends won't last even a few months. Unless there is a multi year recession.
Its not the new properties that are at risk. Its those which are already sold.
>>So if you take away real estate how many major avenues are left out there to park black money?
Black cash isn't there is all to it. Houses are expensive because people look at them as investment vehicles, even with white buying this is unlikely to change.
>>In fact I thought as a side effect this would be great time for cryptocurrencies in India.
I thought you wanted accountability and traceability. Anonymity seems to be the cornerstone for cryptocurrencies.
>>Ah yes, the romney 47% argument. the problem with these arguments is it conveniently ignores the actual portion of overall income that goes to salaried class. and do this over decades & you've got massive wealth inequality thats baked into the system where if anything is done to reverse it quickly gets labeled as socialism/populism.
Let me get this straight. Salaried middle class remains in the stagnant hell hole not because of taxes. But because they are too lazy to work outside 9-5, too very self protective to take any meaningful risks. And beyond all this they think a lot of jobs(which actually pay well) are beneath them.
>>Not yet, but its only been a week. these are the birth pangs of a new India. the real question is will you start seeing things turn around before the next elections or not. I think so ;-)
I admire your zeal. But the problem in India is people and their dishonesty. People want to be corrupt. In fact the very same middle class salaried people you sympathize with will do the very same if given an opportunity.
You can't force people to be honest, nor force them to be dishonest. They will do whatever is in their best interest.