Waste of bandwidth!

I’ve been reading this copy pasted message in many facebook profiles lately.

Anna Hazare says bring back the Black Money.
Do u know what will
happen if
1,456 Lac Crores comes back.

1. India Financialy No.1.

2. Each district will get 60000 crores.
& 1 village will get 100 Crores
.
3. No need to pay taxes for next 20 yrs.

4. Petrol 25 Rs,
Diesel 15 Rs,
Milk 8 Rs.

5. Support Anna hazare by paste this message in ur status.
I did my job.
Jai Hind!

 

It makes me wonder if people are really that naive to believe in such inconceivable lies. Do people even realise how much is 1,456 lac Crore? Let me do the maths for the intellectually challenged idiots (I being one of them :p). 1,456,00,00,00,00,00,000 INR. Which approximately is 3,23,55,55,55,60,000 USD. That is 32,355,555,560,000 USD – 32.3 Trillion USD.

Let’s see some statistics shall we?

The Reserve Bank of India defines the monetary aggregates as[31]:

  • Reserve Money (M0): Currency in circulation + Bankers’ deposits with the RBI + ‘Other’ deposits with the RBI = Net RBI credit to the Government + RBI credit to the commercial sector + RBI’s claims on banks + RBI’s net foreign assets + Government’s currency liabilities to the public – RBI’s net non-monetary liabilities.
  • M1: Currency with the public + Deposit money of the public (Demand deposits with the banking system + ‘Other’ deposits with the RBI).
  • M2: M1 + Savings deposits with Post office savings banks.
  • M3: M1+ Time deposits with the banking system = Net bank credit to the Government + Bank credit to the commercial sector + Net foreign exchange assets of the banking sector + Government’s currency liabilities to the public – Net non-monetary liabilities of the banking sector (Other than Time Deposits).
  • M4: M3 + All deposits with post office savings banks (excluding National Savings Certificates).

So the total money in India is only 30,00,000 crore rupees (30 lac crore rupees). Do you still believe some dirty politicians might have almost 50 times more than this? Is it even possible? Think again.

In many posts around the internet, it was 1.4 trillion US Dollars to begin with (I’ve not found any official statement from any government or bank to back that supposedly false claim on the internet).  It suddenly became 1,456 lac crore overnight. There is a huge difference between the two values. Then again, may be the crooked politicians multiplied, divided, added and subtracted their deposits in the past couple of days (Can you sense the sarcasm? If you can’t just press the ‘power off’ button and do everyone a favour).

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