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[Groan] I have lived with different types of corruption in Africa for many years and have seen it grow steadily worse.Along with poor governance, poverty and HIV/AIDS it has devastated and continues to devastate Africa.There are many different types of corruption at play. I won't go into embezzlement and others that haven't affected me so much personally and directly. I will look at those that have really been "in my face" and how I have dealt with them.Let's look at extortion first.The mild form is where a government official will want payment for doing his job. They will refuse to do anything until they get money or they will slow the whole process and demand payment to speed it up.There are also much nastier forms. A number of foreigners in a certain town I used to live in were accused of drug-dealing. The police drug officers would plant drugs in the victim's vehicle and then come and search the vehicle "after receiving an anonymous tip". The witless "drug-dealer" is then arrested.A series shakedowns will then begin. These include prison officers getting food and other necessities to the victim, lawyers and magistrates/judges handling the case, journalists and politicians can also jump on the band wagon by demanding money for taking sides in the case.Usually there will be an acquittal or large fine after a suitable bribe has been arranged.Understanding the law, protocols and culture all play a part in preventing and dealing with this and other forms of corruption.Here is an example. I once returned to my office on a Friday to find a British manager who worked for me sitting at my desk behind which (in my chair!) sat two ladies from immigration. They were new in town and didn't know me..I immediately greeted them politely and respectfully. They ignored me.I smiled to myself as I knew what they were up to and in their arrogance they had made some really silly mistakes. I then asked them what they wanted. I was told to keep quiet as they would be asking questions.I told them to get out of my chairs, out of my office and off the property extremely fast or they would be physically removed.Of course they were taken completely by surprise, became very upset and shouted that they were from immigration and would have me arrested. I motioned to get a rope and made a big to do of planning to tie them up and remove them. They ran away.I then sat down and started making calls. The British manager by this time as freaking out and thought I had lost my mind. Foreigners quite understandably usually kow-tow and try to appease and invariably end up in a cell on trumped up charges. Dealing with this stuff requires knowledge, which I have found usually gives one the confidence needed to make the right decisions.I called the heads of the police and immigration and the District Commissioner and informed them that I had just chased off two fake immigration officers. Of course I knew that they were real immigration officers and the police and immigration chiefs knew that I knew that.They asked me how I knew they were fake and I told them how they had not followed any legal protocols/procedures. I explained carefully how they had not reported to and informed the "appropriate authority" (me) who they were and what the purpose of their visit was, they were not wearing their uniforms and had not informed me they were from immigration when directly asked. Most importantly (culturally), I also mentioned how they had refused to return my greeting.Not returning a greeting in many parts of Africa is considered shockingly aggressive behaviour and is considered totally unacceptable.Later I received a polite phone request for the DC to come to immigration for a meeting as a complaint had been made against me by two immigration officers.I went to the meeting with two truckloads of forestry workers as witnesses (60+ wild looking men who were very loyal to me and the company) .The chief of immigration met us at the entrance, rolled his eyes of course and suggested I leave my entourage outside. (we both knew a game was being played out). Of course, I graciously obliged. We then went into the meeting.I was treated like a VIP and offered a choice of refreshments. The only question discussed was whether the women officers had been on duty or not. I agreed that they had probably been on duty (to the great relief of everyone there) as that would mean they wouldn't be charged with a crime but only reprimanded.Finally the immigration officer said that he had a problem as the officers were saying I had been rude and that I must apologize or "they would take me to court" and would I kindly do so, so as to avoid any more hassle for everyone.Of course couldn't do that as they would then certainly "take me to court" and treat an apology as both weakness and admission of guilt.After some consideration I refused and demanded an apology from them and a chicken.A chicken is the traditional means of showing apology for a wrong. Everyone laughed and we all went home.The status-quo was resumed and no one ever came near the property again to bother my expatriate managers.By the way, Fridays are the favourite day to arrest ex-pat managers for trumped up immigration charges as they can't get out till Monday at the soonest so will by that stage pay anything not to have to endure another second of an African jail.The next popular form of corruption is bribery. I don't mean where the bribe has been demanded by an official but rather is offered by a businessman, for example, in return for favours. This has been very destructive in my part of Africa.It is just too easy to offer a poor official two years salary or even twenty years salary in return for either turning a blind eye or even actively breaking the law to make sure said "businessman" gets what he wants.Here is an example of how bad this can get. A few years ago I applied for some prospecting licenses together with an "indigenous" partner.We put together all the required documentation and then employed twelve men from our chiefdom to "walk it through".I don't mean officials and I don't mean we bribed anyone. We did everything above board. The twelve individuals were paid to guard our files.Corruption had become so bad at the ministry of mines that some officials would be paid huge sums to copy every bit of correspondence onto someone else's letterheads and swap it all for yours in return for a tidy sum from a mining company.The first you would know that this had happened would be when you discovered that the license was issued to someone else and no record existed of your application and work!The other common types of corruption are less insidious. One is closely related to cultural practices. This involves "gifts".Traditionally, you never visit a chief without taking a gift. In some tribes the chief must always give a gift too although this will always be significantly smaller than what you give him. This has carried over to modern government. When you visit someone important you are expected to give them a gift just for seeing you.Sometimes the corruption is not really initiated by either party and is more of a dirty partnership. A government official and a business person will often collude to develop something and then to share it between them. The official effectively "moonlights" and partners with the businessman, sharing inside knowledge. This is rarely considered corrupt.Often an official will help someone, expecting a "gift" at the end, usually the price of a beer or two. When not asked for up front it is rarely considered corruption. It is regarded as a thank you and builds a longer-term bond.In Central Africa kinship is paramount. The closer you are related to someone the more taboos there are against ripping them off. If you are completely unrelated in terms of family, clan, tribe, nationality, race or personal friendship then you are fair game. It is always important to establish and enhance whatever ties exist in order to avoid being a target for corruption. The closer the kinship the less chance of having a problem.If closely related then one is expected to treat the other as "a brother" and buy lunch or help in some way. This again is rarely considered corruption even though it may well be so legally.Very often this means simply befriending everyone and becoming "part of the landscape". Friendship is highly prized in Africa and will very often be put before money.My personal way round potential problems is to get to know everyone I can in a government department before approaching the issue at hand. I seldom encounter problems. If I do have a problem I would call sinister then I will usually find something to throw back at the individual concerned. Sound nasty but it is self-defense. A recording device can come in very handy.I have experienced some really difficult and dangerous situations relating to corruption in parts of Africa and will save most of these for later. However, one that is particularly pertinent comes to mind.In 1997/98 I was in the DR Congo, on my way to Lubumbashi from the Zambian border.I was accompanied by a Congolese and an indigenous Zimbabwean. I asked the Congolese what the accepted rate was for roadblocks. He explained that it was three Congolese francs for each officer and one franc for each soldier.At the time the Congo was experiencing the bloodiest war in the history of Africa and it was very, very dangerous. There were 23 road blocks to get through in just 90 kilometers. Therefore you had to get it right.We proceeded well, knowing and agreeing what to pay at each roadblock. That was until someone decided to break the rules.Having just paid, a young idiot with an AK decided to try and rob us. This is a disastrous situation as once the status-quo has been broken it can all spiral out of control.He openly stuck his hand into one of the packs to help himself to something. If we didn't do something ourselves we could end up dead in the bush because the unwritten rules that develop naturally in these situations had gone. We had to re-establish them.Therefore my Zim colleague and I agreed on a course of action immediately. He grabbed the guy's arms. I took his weapon. I kept the AK held up and announced that he had robbed us when we had already paid.The result was not what someone would expect if they were not used to these places and these systems but definitely to someone who has been there.The other soldiers and officer left us alone and instead laid into their comrade with rifle butts and boots.I handed over the weapon to the officer who smiled and told us we could go and that that fellow was a fool.My point is that sometimes the "corrupt" system becomes the only system and people will usually gravitate to such a system of "parallel law" (for want of a better term). These soldiers knew too that it was either no system or protect the system they had even though it was not "lawful".I don't believe the rest of the world differs much. People everywhere have a notion of fair play and also like to agree on a system whereby it governs their world, even if it is "parallel" to the official system.This corruption, such as what I experienced in the Congo is not the same as other forms and to me is just a reality of life. It is unavoidable and IS the system. To fix it requires starting at the top and changing everyone's attitude and thinking all the way down the ranks. That is an almost impossible task.There are very grey areas and fine lines in such places. However, as the late pragmatic Zambian president Levy Mwanawasa, the only African leader I have seen actually reverse corruption, said, "It mustn't stink!"

With 99.3% of banned notes back as stated by central bank RBI, can we conclude that demonetisation was for nothing?No, we can't. This is going to be a long one, so, I humbly request you to kindly bare with me.(6–7 minute read. Implore you to read till the end.)Modi, on his 7th Nov speech vaguely referred to 3 target areas which he sought to remedy with Demonetization, which were-Black Money, primarily.Terror financing.Fake note menace.Black MoneyThe most common complaint against Demonetization has been the return of cash into the system. This has led some people to interpret Demonetization as some sort of a purging exercise and that the resultant money is squeaky clean.Nothing could be further from the truth.A bit about how Income Tax works and how long does collection of taxes take-These are some of the modes of collection of income tax-The most unpopular and widely hated way is through the TDS.Applicable to Self Employed Businesses and Professionals- Self Assessment Tax, Advance Tax.Other Routes- Tax Collected at Source.As you might have gathered, not all people pay taxes properly, as and when they are required to. Therefore, the Income Tax department cross checks the details submitted in the returns with other information that it gets it's hands on via various routes, inter alia, including submissions from the taxpayer himself. This procedure of ascertaining the correct tax liability is called an assessment.Assesments can be broadly divided into two parts- Summary Assessment & Scrutiny Assessment.Summary Assessment- sort of like a Preliminary Examination. Mundane Mistakes are weeded out at this stage like arthmetic errors, TDS mismatches and so on. The officials/software could either send a Notice(to request more details) or an order to complete the 'Summary'.Scrutiny Assessment- This is serious business. The officer goes through every number, every explanation, every justification in great detail. He may call for more information, summon such other people as he may think fit. At the end of this procedure, he issues an order recomputing the Income and imposing such Tax, Interest & penalty, if any.Typically, it takes close to 2 years for the abovementioned procedure to meet it's rightful conclusion, which is also the legally allowed time limit for completion(21 months to be precise).Translated into English, returns filed in the aftermath of Demonetization, the assessments would only be completed by 31.12.2018.The fun part- the taxpayer, if aggrieved by the order, may prefer an appeal with the higher authorities which could last anywhere between 1 year-5 years, depending upon whose doors the taxpayer chooses to knock.Therefore, all the post Demonetization proceedings, additions, demand orders, assessments have not even completed 50% of their tax lifecycles. Those are still cruising through stage 2 i.e. the Scrutiny Assessment.Bonus fact- the order copies of the proceedings upto the Assessment (Summary+Scrutiny) & 1st appellate authority-Commissioner of IT(Appeals)- cannot be made public. Order copies of only the second level appellate authority-ITAT- & above can be made public.{Therefore, the ones that are claiming that it was a failure would not even have the data required to arrive at such a conclusion}.Information is king in the world of any law enforcement authority. A return is just one of the many ways the tax department gets its information from. Other prominent places include, inter alia, the authority responsible for registration of sale & purchase of property, Banks & other Financial Institutions, Jewelry merchants, other law enforcement agencies, Businesses & so on. These persons are required to file an additional statement called the Annual Information Return(AIR).However, in order to bolster the existing framework of the AIR, and, enable the department to get information relating to the deposits during Demonetization, in a time bound manner, new provisions were added. Instance, this-Cash deposits during the period 9th November, 2016 to 30th December, 2016 aggregating to—(i) Rs. 12,50,000 or more, in one or more current account of a person; or(ii) Rs. 2,50,000 or more, in one or more accounts (other than a current account) of a person.(iii) Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable.Persons who are required to report:(i) A banking company or a cooperative bank(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898By virtue of these provisions, among others, IT department was able to get it's hands on comparative information, which is capable of being used to fix culpability since the pre Demonetization data could be used to set a benchmark to compare the post demonetization activity with.Armed with a truckload of rich information, the Government has :Identified about 18 L suspect cases where transactions could raise a stinkbeen able to bring close to ₹ 30,000 Crores under tax net by way of disclosures & seizures[1]identified 13.33 L accounts belonging to ~9 L persons, netting ₹ 2.9 L Cr, where notices have been shot off and response has been sought(Yes, scrutiny assessment)[2]unearthed over 14000 properties valuing over ₹ 1 Cr, the owners of which had not even filed Returns of Income. [3]revved up the number of search proceedings(a Raid, sort of) from 447 to 1152 in a pre & post Demonetization context.[4]ramped up the number of surveys by 300% to 12500+(sort of like a Pre-Assessment proceeding that usually leads to reopening of Prior Assessments and admission of concealed Income) [5]managed to achieve remarkable uptick in the Tax Compliance, not just in the number of people filing returns but also the Number of People paying Advance Tax, TDS & Self Assessment Taxes.managed to clock above 15–20% YoY growth rates in collection of Income Taxes. This is no mean feat.[6]managed to steadily increase the buoyancy of tax collections{Growth in Tax Collections/Growth in GDP} to ~1.7(+). Meaning, every % point growth in the GDP will realize a 1.7% growth in the net tax collections.[7] Read more about that here.TAKEAWAY-Since most accounts are still in 2nd stage and not yet complete, the process is a long time coming from being able to be judged.The orders will start going out from mid September & early October extending all the way upto December. This will get reflected in the Tax Collection data of 2018–19 & 2019–2020.So, everyone claiming that all the money in the banks is now white is either shooting from the hips or woefully ignorant about how assessments work in the context of Income Tax Act.Rest Assured, the Income Tax department isn’t stupid, and, the money that made it’s way into the Bank is not white!Second Charge against the exercise was that intermediaries were employed to get in line by the wealthy hoarders of Black Money.While there is no denying that such a method was used, but, to think that such a crude method was employed to launder close to 16L crores is plain facetious. Not to take away the fact that such crude methods are always fraught with logistical nightmares & could lead to potentially loss of all that money should the conduit turn their backs on the kingpin.An important aspect of being rich is always being somewhat less stupid. And the above method done on large scale is just plain stupid.This method could have been employed by the uneducated Slumlords & other hoodlums who have the kind of loyal manpower at their disposal, but the quantum of their collective Black Money might, at best, run into a few thousand crores.NB: These transactions are subject matter of Benami Transactions Act. If caught, such benamidar will be required to pay around north of 70% in Taxes.Also, S 115BBE was introduced to plug this hole, the gist of which is as follows-Any credit in your account or Books, the source of which you can't explain, shall be taxed at 60% and will attract a 25% flat surcharge, and education cess to the boot.In other words, if I was to deposit ₹ 100 in somebody's Bank A/c and the software picks it up (which it does a lot of time, for outliers), the Assessing Officer will shoot a notice to that person to come see him in order to explain the source of that cash. Should the account holder be unable to explain the source, the AO will pass the order demanding tax of ₹ 77.25 to be paid within 30 days.It is pertinent to note that, whether the money is still lying in the bank or not is irrelevant.And, I've not even started about the penal provisions. In addition to the above demand, there will be levied a penalty and interest.The worst criminals buckle under the IT pressure because they don't care much about putting you in the Jail, which a lot of hardened criminals seem to have gotten accustomed to, but they take away your money by employing whatever means necessary, and available under the law, so I don't imagine the poor conduit not blurting out the name of the real beneficial owner of that money.However, a few very efficient laundering schemes that have been extensively used in the past and how have they been bucked in the recent pastUsing Slumfolk to launder unaccounted cash: Companies followed this smart idea of using less fortunate people with no tax history to launder money.The M.O- The errant companies usually gathered a bunch of people, typically slum-dwellers and got their basic KYC done. Then, probably with the help of an employee of the Bank, Companies opened large number of Bank Accounts.Thereafter, the companies deposited ~ ₹ 2.5 L in the bank accounts, and, using the same money applied for the shares in their own company.At this point, the Company is sitting atop (₹ 2.5L * No of Inidividuals) of laundered cash. The process however is not yet complete.The companies then makes fake calls for further deposits from the applicants for shares, who do not pay up leading the company to forfeit the application money under the pretext of non payment of calls.Following the above steps, the companies laundered money bucking the legal framework.Bonus: The forfeited money was not taxable under Income Tax(The difference between capital expenditures and revenue expenditures).The Income Tax officers could only stand watch since persons making deposits earned less than 2.5L. The Company could not be compelled to give details of the persons making the deposit( This was due to a court ruling).Post Demonetization:Cash credits.68. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year :Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-company shall be deemed to be not satisfactory, unless—(a) the person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and(b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactoryThat scam has now been laid to rest!Method 2: Shell Companies & Value InflationAnother very rampantly used method. Letterbox companies would be floated, typically in Mumbai, Delhi & Kolkata(most prominent). Shares would be bought for a very nominal sum.Then, the books would be fudged with bogus transactions thereby strengthening the financial position on paper. Cash would be laundered and deposited into the Bank Accounts. Parallelly, the owners & their representatives would also indulge in fictitious Buy/Sell transactions in shares of company, thereby, perking the value of the share up with every transaction. This way, one step at a time, a lot of cash would be laundered gradually over a period of 3–5 years typically. Then, using the long term capital gains exemption, which was available hitherto, pocket all of the laundered money without paying a penny in Income Taxes. (The long term capital gains exemption is also done away with w.e.f 01/04/2018.)Post Demonetization:With the introduction of GST, cooking books has become much more difficult than it already was due to the stringent invoice rules under which issuing invoice with value upwards of ₹ 50K/transaction has been made mandatory. Coupled with the mandatory requirement of filing invoice wise details of sales & purchases has dealt a body blow to easy fudging of books. This part has hit a lot of unruly traders in India and had to face stiff resistance before its promulgation.Also, a Special Task Force under the joint chairmanship of the Secretaries of the Ministry of Corporate Affairs & the Ministry of Finance was constituted in order to tackle the shell company problem. And, the Government and it’s agencies have:Struck off 2.25 L companies off the register of companies.[8] [9]Disqualified over 3 L directors for not failing to comply with the requirements of the Companies Act, 2013[10]Invoked the Serious Fraud Investigation Office to look into the matters of the companies[11]made it mandatory to disclose the amount of cash deposited during Demonetization on their Balance Sheet & Profit & Loss Accounts[12]Put out a list of companies you should be wary of dealing with[13] check for companies in your area using the link.Put out a list of Directors who are disqualified from holding Directorships[14]- You can check the names of the Directors from your area using the given link.Outlawed having more than 2 layers in their Corporate Structure for the purpose of Investment in order to curb obscure corporate structures.[15]Constituted a super regulatory-NFRA- authority to keep the CA, CS, CWA in check.via the Enforcement Directorate, conducted raids across the country at over 110 locations spanning all major metro cities. Benami Transactions will be invoked on whoever is found guilty.[16]Method 3: Treaty ShoppingAnother time tested way was to route the money out of India by Hawala networks, and then bring the money back into India via shell companies registered in Tax Havens such as Mauritius, Cyprus and some times, Singapore. The exemption from payment of any tax in India was the chief allure of the famed Mauritius route. However, the Mauritius route was sealed in May of 2016. Other routes also followed suit behind it.Sealing of these tax-free routes has probably had an effect on the levels of deposits in the Swiss Banks.[17] [18]2. Terror FinancingI’m no expert on issues concerning national security, so I would refrain from making long commentaries on the efficacy of the exercise.However, I would like to quote a few news pieces in order to drive home a point that demonetization indeed had a good effect on Terror Financing as well.A record number of over 276 maoists had surrendered post Demonetization. This was unprecedented.[19] [20] (Don’t go by the headlines for link no. 20. That’s the Indian Media for you)The Insurgency in NE India & Maoists were set back by ₹ 800 Crores due to Demonetization [21]Kashmiri Militants- were in a real scramble. They had to resort to robbing ATMs, Banks and also stealing guns because, there’s no Azaadi without the money [22]90% decrease in stone pelting incidents: DGP, J & K.[23]NIA got it’s hands on incriminating material leading to several raids across Delhi-NCR and the epicenter of Terror itself-Srinagar, J & K. Led to the busting of Hawala networks which contributed to the above decrease and led to arrests of several people connected with the Money trail.[24]Normally, this is the Hurriyat time of the year, when it issues a calendar for protest dates, and detailed SOPs. Coincidentally, this is also the time of the year when Kashmir gets a lot of tourist footfall. Therefore, Hurriyat’s M.O is to choke the population of the cashflow and income, in order to get them to revolt and do nasty things destroying their collective futures. However, we have not heard a lot of untoward incidents this & the previous years as compared to the 2016 year.3. Counterfeit Currency, High Value NotesCounterfeit notes have shown a marked decline from being pegged at 7.62 L pieces in pre-Demo days to 5.21 L pieces in the post demo phase. That’s a neat ~32% gain.[25]#Introduction of a Higher Value currencyThis is another pet peeve of the critics of the demonetization. This is a legitimate concern since it makes hoarding black money twice as easy as it was with ₹ 1000 notes.However, the post Demonetization phase is seeing a steady decline in the High Denomination Notes as a % of Total Notes in circulation.The pre demonetization High Denomination Notes to Total Notes stood at 86.4%, while, the post Demonetization one stands firm at 80.4%.[26]#The Infamous ₹ 2000 noteThe supply of ₹ 500 is being beefed up by the month. ₹ 500 now stands at double the demonetization levels at 42+ %.[27] [28]4. But Black Money doesn’t exist in the physical form. It exists in the form of Real Estate, Jewelry etc.This claim is a valid one. However, artificial inflation can be kept up only if the cash is in steady supply. But, post demonetization, the system was in a state of supply shock due to which the realty developers undersold their assets leading to the fall in prices of various assets. Perhaps, Real Estate was the hardest hit sectors.This is the reason why property prices fell after demonetization.[29]Acclaimed property consultants and researchers claimed that price of properties could fall by as much as 30% due to Demonetization.[30]Demonetization also hit the secondary market pretty bad leading to cheaper properties thereby making lives easier for the homebuyers.[31]Thereafter, the government passed the Real Estate (Regulation & Development) Act, which has made further strides in formalizing the sector & protecting the Buyer. Under RERA, the builder is required to deposit 70% of the booking money in an escrow account and issue a receipt to the Buyer. This gives an idea of the Revenues of the Builder by simple extrapolation.A few more hits Demonetization managed:Demonetization led to formalization of savingsIn and of itself, this is not the mindblowing news you want to hear, however, put in perspective, this is a great inflection point in the economic future of India.The Equity funds saw a steady flow of ₹ 2.86 L crores as against ₹ 1.35 L crores seen in the previous year.[32] The above was also achieved because of the slash in the Interest Rates on fixed deposits & Savings Bank account.The gross Asset under Management reached ₹ 21.41 L crores, an all time high, and the equity AUM reached upwards of ₹ 6.5 L Crores.The money in these funds, is then invested in the Public Offerings floated by companies in order to finance their new project requirements. This money is the fuel that propels the economic growth.Demonetization & Interest RatesAwash with funds, the Banks lowered lending rates on fresh loans, thereby making the cost of doing Business cheaper.The RBI had, during 2014–16, reduced 1.75% in repo rates, however, that had translated in only 0.5 % reduction in lending rates.Post demonetization, a mere reduction of 0.25% in repo rates, has resulted in the same effect of reduction of 0.5% in lending rates.[33]If you have stayed on till here, can only mean either of the two things- You’re one big fan of it, or, a vehement critic. I hope, I have been able to do justice to the sensibilities of both types of people, since I’ve based the entire answer on facts, and not opinions.They say, it ain’t over till the fat lady sings, and, I can vouch that she hasn’t sung, yet.In my humble opinion, it would be extremely wrong to proclaim it was all for nothing. The facts are there for you to see. I hope you had a good time reading.Footnotes[1] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[2] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[3] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[4] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[5] Cash deposits of ₹ 2.89 lakh crore post demonetisation under I-T dept. radar[6] What demonetisation did to tax collections[7] What demonetisation did to tax collections[8] Ministry of Corporate Affairs (MOCA) identifies more than one lakh directors of shell companies for disqualification[9] Govt cancelled 2.24 lakh suspected shell companies post demonetisation, disqualified 3.09 lakh directors - Firstpost[10] Govt cancelled 2.24 lakh suspected shell companies post demonetisation, disqualified 3.09 lakh directors - Firstpost[11] http://www.mca.gov.in/Ministry/pdf/Commencementnotification_25082017.pdf[12] http://www.mca.gov.in/Ministry/pdf/AmendmentinScheduleIII_Notification31032017.pdf[13] Ministry Of Corporate Affairs[14] List of Disqualified Directors u/s 164 (2)(a)[15] http://www.mca.gov.in/Ministry/pdf/CompaniesRestrictionOnNumberofLayersRule_22092017.pdf[16] How Modi’s crackdown on shell companies has waged war on black money post demonetisation[17] Deposits by Indians in Swiss bank accounts down 80% during NDA tenure: Govt[18] Money held by Indians in Swiss banks fell by 34.5% in 2017[19] Maoists worst hit by Demonetisation - The Sunday Guardian Live[20] Maoist papers show how note ban didn’t hurt them[21] Demonetization has hit terror funding[22] Jammu and Kashmir bank robberies reflect just how hard militants were hit by demonetisation - Firstpost[23] 90% dip in stone-pelting incidents in Kashmir in 2017: J&K DGP - Times of India[24] Hurriyat, hawala raids are a body blow to terror funding network in Kashmir[25] Cut the politics, D-Street says cash ban was worth it & why![26] Cut the politics, D-Street says cash ban was worth it & why![27] Reserve Bank of India[28] Cut the politics, D-Street says cash ban was worth it & why![29] http://Property prices fell after note ban, likely to go down further, says economic survey (https://www.hindustantimes.com/real-estate/property-prices-fell-after-note-ban-likely-to-go-down-further-says-economic-survey/story-wW8qCrwfnRlaYfV5JER2CL.html)[30] Impact of Demonetisation[31] http://Demonetisation hits secondary market: Will property become cheaper now? (https://m.economictimes.com/markets/stocks/news/demonetisation-hits-secondary-market-will-property-become-cheaper-now/amp_articleshow/55537864.cms)[32] http://Inflows in equity mutual funds surge to Rs 2.86 lakh crore after note ban (https://m.economictimes.com/mf/mf-news/inflows-in-equity-mutual-funds-surge-to-rs-2-86-lakh-crore-after-note-ban/amp_articleshow/61638985.cms)[33] The impact of demonetisation on interest rates

The world knows but does not discuss anymore - that Lt Gen AAK Niazi with 98,000 all ranks surrendered to Indian Army in Dec 1971. That broke the invincibility and all the engma.But unfortunately, politicians could not use it to shore up democratic institutions and their internal squabbles allowed a rise of the Pakistani Army like a phoenix.What happened in Dacca on 16 December 197145 years ago on this day, 16 December 1971, India was seeking to bring to a close its swift, effective military campaign in former East Pakistan, while leaving no opportunity for the military victory, and the sacrifice of some 2,500 lives, to be negotiated away in a diplomatic or political “settlement”.On the Eastern Front, Indian troops were now on the very point of entry into Dacca, from several different directions. They had captured several towns on the way, mostly communications centres; but had also bypassed others, leaving garrisons of Pakistani troops isolated and with paralysed communications. This was thanks partly to some intelligent staff work at Eastern Command, which had calculated that there was no point in attempting to occupy every town on the way; there were enough Bangladeshi freedom fighters to keep Pakistani troops penned up in their cantonments. And it was also partly thanks to the daring, imaginative way in which some Indian line commanders, in particular, Lt Gen Sagat Singh, GOC of IV Corps, had exploited unexpected successes, and kept up the momentum of advance.There remained perhaps 30,000 to 40,000 Pakistani troops in Dacca, plus a few thousand more who had abandoned other positions and streamed into the city. This, in the built-up environment of a sizeable city, would have been enough to mount a fairly extended resistance, should they have chosen to fight, street by street and house-to-house.The Pakistan Air Force had virtually ceased to operate, certainly by day, since around 6 December. The Pakistan Navy’s strength in the Eastern theatre, consisting of a number of gunboats and one US-provided submarine, had been sunk at sea or crippled in port. There was no possibility of any military turnaround — except for the risk that Pakistani leadership would continue to fight in the hope of a bailout by China or the United States. The larger risk was the mounting pressure on India at the United Nations (UN), to suspend military operations.Starting two nights previously the Indian Army had been broadcasting radio messages on Pakistani channels, talking up the strength of the Indian Army approaching Dacca, and warning that Bangladeshi freedom fighters would slaughter all West Pakistani military personnel and those perceived as having collaborated with the puppet government, unless they surrendered and placed themselves under the protection of the Indian Army. On the 15th the radio broadcast was supplemented with the announcement that the Indian Army would observe a ceasefire, represented as strictly temporary, until 9:00 am on the 16th, to give the Pakistanis time to surrender.Early on the morning of 16 Dec, the Indian Army Chief, General Manekshaw, received a response to his signals from Lieutenant General AAK Niazi, Commander of Pakistan’s Eastern Command (and hence the seniormost Pakistani in Bangladesh), in Dacca. Niazi requested a six-hour extension of the Indian ceasefire, to 3 pm that afternoon, suggested a “preliminary staff meeting” in Dacca, and agreed to go ahead with “cease-fire formalities”.By his wording, Niazi was clearly still attempting to salvage an agreement that could be represented as a “cease-fire” rather than surrender. General Manekshaw responded, agreeing to the extension of the ceasefire but reiterating that the Pakistanis would have to surrender. Either he or Lt Gen Jagjit Singh Aurora, GOC-in-C of the Indian Army’s Eastern Command, ordered Major General JFR Jacob, the Chief of Staff (CoS) of Eastern Command, to fly to Dacca and secure the Pakistani Army’s surrender.Maj Gen “Jackie” Jacob was born in Calcutta, into the small community of Indian Jews. His family had been settled in India for over 200 years, and he often described himself as “Indian through and through”. He had joined the Indian Army in 1942. During World War 2 he served in North Africa, Burma and the Dutch East Indies (now Indonesia), and attended training in the UK and the US. He remained in the Indian Army after Independence and was a Brigadier in the Rajasthan sector during the 1965 war. He had built a reputation as a strong staff officer and written one of the Indian Army’s training manuals. He was appointed CoS of Eastern Command in 1969.In early 1971, when Pakistan launched its “crackdown” in East Pakistan and refugees, eventually numbering 10 million, began to stream into India, Maj Gen Jacob started work on contingency plans to engage Pakistan in the Eastern theatre, with all the difficulties of its swampy, river-riddled terrain. The strategy of the selective bypass was his idea. Once the fighting started, as Indian forward troops (in particular those of IV Corps) advanced even faster than planned, Gen Manekshaw and Lieutenant General JS Aurora, the Commander-in-Chief of Eastern Command, came to support and reinforce Jacob’s ideas.On the morning of 16 Dec, Maj Gen Jacob flew to Dacca in a single helicopter, accompanied only by a single staff officer, carrying a draft of the Instrument of Surrender. He was met by representatives of the UN, with offers to arrange the withdrawal of the Pakistani military and Pakistani civilians. Gen Jacob declined their offer.The Indian Army was on the outskirts of the city, but not yet in the city in any strength. There was sporadic fighting in the city between the Mukti Bahini and the Pakistan Army. The Pakistan Army staff car which met Jacob at the airport was stopped by angry Mukti Bahini fighters, on the way to Niazi’s headquarters. The Mukti Bahinis calmed down only on recognising Jacob’solive green Indian Army uniform. They demanded custody of the Pakistani officer in the car, who had come to the airport to receive Gen Jacob; and it took all Gen Jacob’s persuasive powers to get the Pakistani safely past them.A few members of the international press also caught up with Gen Jacob. Clearly focussed on his task, Gen Jacob brushed them off. By the time he reached Lt Gen Niazi’s office, Major General Gandharv Nagra, commanding the Indian force approaching Dacca from the north, had already secured entry, by trading on old connections — he and Niazi had served together at the pre-Independence Indian Military Academy, and Nagra had served later as the Military Advisor at our High Commission to Pakistan. Early that morning, Nagra had simply sent a note to Niazi, addressing him by his first name “Abdullah”, and offering sympathy like an old friend. Niazi had sent an escort, with orders that Nagra be escorted into Dacca and to his office. A Pakistani officer present at the time wrote of Nagra that “the Indian general entered Dacca with a handful of soldiers and a lot of pride …(In his own memoir, Gen Jacob makes it clear he was not best pleased with Gen Nagra’s initiative; perhaps because he had exceeded his brief. But much of the Bangladesh victory was in fact due to imaginative officers on the ground, up to and including Lt Gen Sagat Singh, exceeding their brief. Whatever the reason, the sheer confidence and positive body language with which Gen Nagra had swaggered into Dacca clearly added to the cumulative disintegration of Gen Niazi’s own confidence.)Lt Gen Niazi was still hoping to negotiate a ceasefire and not surrender. There are multiple versions of how the discussions between Jacob and Niazi played out, from several Pakistanis and from Jacob’s own book. They identify sometimes different turning-points in the discussion, but all of them make it clear that Niazi was by this time mentally a completely defeated and traumatised man.Later, Lt Gen Niazi complained that Jacob blackmailed him into surrender by threatening to turn the Mukti Bahini loose on Pakistanis in Dacca. Jacob always denied having made any such threat. But whether by threats, by persuasion, or by the sheer power of Maj Gen Jacob’s personality, after three hours of intense negotiation, Lt Gen Niazi eventually agreed to sign the Instrument of Surrender, to do so in public (he tried to negotiate for a signature in his office), and to provide a Pakistan Army guard of honour for the Indian contingent at the surrender ceremony.At around 3 pm, Lt Gen Niazi and Maj Gen Jacob drove to the airport, in Gen Niazi’s staff car. Mukti Bahini fighters, who were about in far greater numbers than Indian troops at the time, swarmed the car, and again it took all the force of Jacob’s personality as well as that of his staff officer, a powerfully-built and Stentorian-voiced Sikh, to reach the airport safely. They picked up an escort along the way, of a jeep with all of two Indian paratroopers. The two paratroopers had come into Dacca on a preliminary scouting drive when they and their jeep were commandeered by Gen Jacob. They stuck by his side for the rest of the day, probably nonplussed at their sudden responsibility, but in the manner of most paratroopers, admirably game for the unexpected.At the airport, a Mukti Bahini commander, a former Pakistani Army officer of Bengali origin, appeared with a truckload of fighters, threatening Niazi. Jacob stared him down, with the judicious back-up of the two paratroopers, and ordered him off the airfield.Around 4:30 pm, Maj Gen Jacob’s direct superior and Niazi’s Indian counterpart, Lt Gen JS Aurora, Commander-in-Chief of the Indian Army’s Eastern Command, arrived with a fleet of nine IAF helicopters. He was accompanied by Eastern theatre Commanders-in-Chief of the Indian Navy and Air Force, Vice Admiral N Krishnan and Air Marshal HC Dewan. Also included in the entourage was Lt Gen Sagat Singh, who more than any other commander had effected successes on the ground, and some of his division commanders, as well as some senior officers of the Bangladeshi government in exile in Calcutta.The surrender ceremony was held at the Race Course, where thousands of Bangladeshis had already gathered. After inspecting the guard of honour, Aurora and Niazi sat at a small table and signed the Instrument of Surrender. The famous photographs of the occasion show Lt Gens Aurora and Niazi seated, and V Adm Krishnan, Air Marshal Dewan, Lt Gen Sagat Singh, and Maj Gen Jacob standing behind them.After signing Niazi removed his epaulettes, took out his personal revolver and handed it to Aurora, with tears rolling down his cheeks. The crowd at the Race Course began shouting anti-Pakistan slogans and threats to lynch Niazi. The Indian officers present formed a cordon around Niazi and whisked him off in an Indian jeep.So ended the 1971 war in the Eastern theatre. Mrs Gandhi announced the victory in the East in Parliament, with the ringing words, “Dacca is now the free capital of a free country”. Parliament erupted in cheers, and even Opposition leaders over the next few days praised her as the embodiment of Durga and Shakti.Having secured its major strategic objective, and thereby put an end to major humanitarian crimes — and just by the way, re-shaped the geography of the sub-continent — India announced a ceasefire in the Western sector as well, from 17 December. Over the next few weeks, the new country began the process of setting up national institutions, with support from India.16 December is celebrated by the Indian armed forces as Vijay Divas. Bangladesh, of course, lost literally lakhs of people (some say up to three million), mostly civilians, over the period from March 1971 onwards. India’s comprehensive victory remains one of the most significant since World War 2, one of the few ethically “just wars” of the 20th century, and was widely studied for applicable lessons.The military reasons are just the start. We won an overwhelming military victory, but that was only the enabler. We put a stop to humanitarian crimes on a truly massive scale (which should guide us, as we consider the plight of the Rohingya in Burma); we changed the world map by helping to create the new nation of Bangladesh; and we withdrew all our military forces from the new country in a period measurable in weeks.(Reference : 16 December 1971 in Dacca)