Rahul Mehta Gandhinagar LsCandidate
Comparing wealth hoarded in gold vs wealth hoarded in cash = 4 : 1 !!!
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Total cash in India = Rs 17000 billion (google on RBI money supply)
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= Rs 17,000,000 million = Rs 17,00,000 crore = 17 lakh crore
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Wealth hoarded in gold
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Gold in India = 20000 tonne (estimate. pls google)
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= 20000 * 1000 kilo = 20,000,000 kilo = 2,00,00,000 kilo
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= 2 crore kilo
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= 2 crore kilo * Rs 30 lakh per kilo
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= Rs 60 lakh crore.
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So wealth hoarded in gold is 60 / 17 = 3.5 times wealth hoarded in cash !!!
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And gold price has increase by 10% overnight !!!
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Total cash in India revisited
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Total cash = Rs 17000 billion (google on RBI money supply)
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= Rs 17000,000 million = Rs 17,00,000 crore = 17 lakh crore
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= Rs 13000 per indian citizen ( population of 130 crore)
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= Rs 20000 per adult Indian
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One adult citizen whose income is say Rs 100,000 or less can convert Rs 100,000 of old black notes into new notes.
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So using 20% of adult citizens or less, ALL cash can be converted into new notes !!! This isnt easy, but not impossible. Losses i.e commissions will be less than 10% of black money.
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In fact, one adult male citizen in India, whose income is below Rs 100,000 can claim income another Rs 100000 and gold sale of Rs 300,000 before 1-nov-2016 and convert old notes worth Rs 400,000 into new notes
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A man above 80 years with income below Rs 100,000 can convert Rs 400,000 into new notes by merely claiming additional income of Rs 400,000 !!
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And a female with income below Rs 100,000 can claim additional income of Rs 100,000 and gold sale of 500 gram i.e. Rs 500* Rs 3000 = Rs 15,00,000 !!! And convert Rs 16 lakh of old notes into new.
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So by using some 5% of India's population, all old notes can be converted into new notes !!!
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Comparing wealth hoarded in land vs wealth hoarded in cash = over 50 : 1 !!!
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Total cash in India = Rs 17 lakh crore
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How much is 5% of land in Delhi alone is worth? .
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Delhi area = 1200 sqkm
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some 5% of land in delhi = 60 sqkm = 60 crore sqft
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price = Rs 30,000 per sqft (land, not flat)
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Total value of 5% of land in delhi = 60 crore sqft * 10,000 per sqft = Rs 600,000 crore = some 30% of TOTAL cash in India !!!
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So now add all black wealth hoarded in land in Delhi, Mumbai, Banglaore, Gudgaon, Noida, Puna, Ahmedabad, Surat, Chennal, Kolkata and rural areas along highways.
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By 30-dec-2016, we will know how much of cash got converted into new notes
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