Modi and 15 Lakhs : Reality vs. Opposition propaganda.

Modi and 15 Lakhs : Reality vs. Opposition propaganda.

Ever since BJP won the 2014 election, the opposition has virtually nothing to offer to the people of India.

So they have started playing divisive politics.

Or raking up the issue of the Rs. 15 Lakhs ' promised' by Modi that will be deposited in everyone's bank account.

What is the reality of this Rs. 15 Lakhs?

The opposition propaganda is utter stupidity. I was initially surprised to know that people were doubting someone of Modi's stature (in terms of knowing something basic about How an economy works) would have made a promise like this. 

I have mostly followed all his pre poll speeches during the 2014 election.

What he said was, "do you want money to be in Foreign Banks or Janata's Bank". A rhetoric comparison.
Then, to give an insight on the total money stashed away abroad, he made a simple logic that every citizen would have got 15 Lakhs, if the money would have been diverted to individuals accounts.

(These were random figures from sources like Wikileaks on the total money). It has been  tweaked by the opposition to tell that he promised to deposit 15 lakhs in everyone's account, by combining sentences.
And some people believed it. 

Where are our senses? 

Do you know what will happen if everyone gets 15 Lakhs in their Bank account? 

It will lead to Hyperinflation, Tomatoes will sell at 2000/Kg. Economy will collapse like in Zimbabwe.

It is really irritating to see people and the opposition asking where is the 15 lakhs promised. Come on, half-knowledge on money and economy can help you realize the truth

What Modi said was this:

BJP's prime ministerial candidate Narendra Modi  vowed to bring back the black money stashed in foreign countries if the BJP-led NDA is voted to power.
"If the Bharatiya Janata Party government is formed in Delhi, I promise to bring back the black money and it will be used for welfare schemes for the poor," Modi said.

Suppose that the Govt gets back Rs. 100 crores of black money, it doesn't mean that government will own it and can easily give it away for free. 

Distributing money, printing money, Money circulation, etc are all RBI's policies. Government has no say on this.

What government can do is, track black money. File criminal charges on the account holders. Collect the tax and other penalties and add it to the exchequer. It can help reduce our fiscal deficit.
I hope people will be atleast have basic sense to understand basic Rhetorics, not take everything literally..

And the genuine promise was ,

"When we bring back the black money, we will give it to regular salary holders"

This is by way of providing tax concession to the income tax payers. Even in last year's budget, Tax payers were given a flat Rs. 2000 Tax rebate. If at all Black money is back, Concessions will be more.  

So what is wrong here. I don't't understand why this "15 Lakh" thing hyped so much - except because they have nothing else to say.

"I will bring back every rupee that is stored away in foreign banks, any which way, and ensure that it is used for the rehabilitation of the poor in the country".

This was Modi's promise and the Government is on track in doing so. And people around whom the noose is tightening are now raising the pitch in order to try and malign Modi with the hope that something will stick before 2019.

But like all their other attempts - this too will fail.