Prime Minister Narendra Modi‘s tall claims of unearthing Black Money are not yielding results as he would have liked. The Central government had announced that the Income Declaration Scheme was a huge success with over 65000 Crore voluntarily declared. But then several of these declarations are turning to be fake.
On the other side, the central government expected at least 3.5 Lakh Crore of Black Money not to be deposited in Banks and it will be flushed out from the economy. But then more money is getting deposited and by December 30th, experts expect that the expected returns from the scheme will not be on par with expectations of the government.
Poor and Middle Class who have extended all the support to the center despite several troubles, hoping that the government will pass on the benefit through Income Tax Reduction. But then if all the cash is deposited back, the Demonetization will be flop given that the government will not have any saved money and it can not be passed on to the people. Moreover, there is this burden of printing the new notes, their transportation, and other logistics. Also, the revenues are being hit badly due to Demonetization which will impact the inflation and GDP. Media and Opposition will be hounding Modi for sure in such case.
