Even developed countries like USA have not tried this. Taking a hard step to nix the black money. There are n number of compliance policies around this Anti Money Laundering(AML) leading to Black Money. Every regulator trying their best to put their banks under tight ship to achieve it. But the place where they fail is the citizen adoption. The Exec Secy. of AML- CTF(Anti Money Laundering- Counter Terrorism Financing) of FATF tweeted his international endorsement on India ‘s thought leadership.
— David Lewis (@djwlewis) November 12, 2016
When i read the PM announcement I was giving interview to Reuters along with friends from Hong Kong Monetary Authority on how RegTech (Regulatory Technology) is going to change the world. When i was day dreaming for a better world without any corruption, any black money, all fully compliant with regulations of the region, MY leader, the country ‘s Prime Minister went ahead and put the country into a roller coaster ride which they have not ever dreamt, heard of. He initiated the very famous demonetisation drive with drawing 500, 1000 rupee notes with tons of stricter controls. The country took total 48 hours to understand that they need to go crazy.
I spoke to many friends of FixNix in RBI, media houses across country, bankers, entrepreneurs, commoners, family people for past few days after this is being carried out. Everybody express their inconvenience because of the nitty gritties of the way its being implemented. But none complained that it ‘s going to set up the country back wards. Except the political opponents who are doing this for the sake of opposing, there is a pin drop silence as every body in political world is also stumbled. The prime minister might have earned his politico fraternity ‘s ire also as it has put them also into inconvenience. The state (Gujarat) which has got him to the national scene is also not happy. But who are not happy ?
1. The guys who claim they are clean, but hold crores of money which were never accounted
2. Traders who do huge cash driven business
3. Education institutions
5. extremist outfits
6. political aspirationist associations
7. corrupt government officials
9. real estate professionals
10. hawala, angadi operators and many more.
Wanted to share only one piece of information to all the above who hate this move towards cashless economy without black money, there will not be many opportunities every country will get to come back from ashes. Its called phoneix moment. I know it as a company i have gone through it few times, aligning with our nixy-sexy-fixy name. The moment has come for India. DO NOT KEEP CRIBBING PLEASE HELP THE COUNTRY COMPLY… If you want help about how to run a compliant organization, reach us out. Note: As a startup, i see this is going to pep our bankers appetite so that they will fund more as their liquidity is good. As a regTech entrepreneur, will term this as an awesome move, This is like democratizing compliance and taking it to masses so that everybody is compliant. RBI is suddenly becoming a IRS like brand