Money laundering by Modi before banning 500 and 1000 denomination

This entry is part 9 of 17 in the series Demonetization

Written by Mr. Elango Kallanai on his FB page.

Well planned structured money laundering was carried out by Modi before banning 500 and 1000 denomination currencies …

Last year ( May 26 , 2015) RBI increased the slab for LRS “Liberalized remittence scheme” upto USD 250,0000 which means an individual from India can transfer upto two crore rupee to their overseas account in a financial year ..

Before Modi come into the power the LRS limit was just 75,000 USD. He was elected as prime minister on 26 May 2014, RBI Increased the LRS slab to 125,000 in very next month Modi come into the power I.e Jun 03 2014 and also they increased the slab to 250,000 USD second time on May 26 2015.

Please refer below link for this LRS slab from RBI

Due to this increase in LRS slab, there was a sudden spurt in remittance since June 2015. Approximately 4.6 billion USD (30,000 Crore rupees) has been transferred from India in last 11 months. This sudden spike in remittance almost 300% higher than historical average remittance. There is no clear explanation from RBI for this sudden surge.

Read this article from economic times stated this sudden surge on May 17 2016

After parceling out this enormous amount to overseas , now Modi playing anti corruption , anti counterfeit and anti black money drama by banning 500 and 1000 currencies…

Written by Mr.Elango Kallanai on his FB page.

Series Navigation<< What Chameleon BJP said in 2014 about Demonetisation?“No time to add new security features in notes, says official” – The Hindu >>

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