Its impossible to register a property in Karnataka, without a PAN card/number. So in short for high value transaction its already possible to have tax accountability. Same with jewelry. The question is that of enforcement. You don't need to demonetize anything for these things.
>>Perhaps, but along with the introduction of GST, I now find even traditional traders who usually prefer not to give a bill with a sale (for construction items, cement, steel, electrical wires, equipment, etc) are insisting on a GST bill. It was a really big surprise to me.
What is going to be a bigger surprise to you is discovering a few years down the lane that a full scale parallel unregulated economy is in motion.
In fact that is already the case with a lot of small time things now.
>>Also, this is a political masterstroke.
Lol
>>Most of the country is below middle class and hardly every see a 2000 Rs. note.
Middle class these days is like people who make a good 30-40K a month. These people see a lot of high value notes.
>>Most of them are happy that the rich are finally 'getting it'
What do you think the year is? 1985?
The rich don't exactly keep their money beneath their mattress these days.
>>My personal opinion is that these sorts of actions are required to take the populace from cash to digital transactions.
>>With demonitization, many farmers, people in remote villages, even street vendors are using digital transactions
Before you implement all these pie in the sky electronic transaction ideas. Please ensure people get electricity. In Bangalore in weekdays there are half a day power cuts.
How should public do electronic transactions without electricity?.