Saturday, July 23, 2022

So many things.

"Over 3.92 lakh (392,000) Indians gave up their citizenship in the last three years and 1.70 lakh (170,000) of them, the highest, took up American citizenship." Zee News. "A total of 3,92,643 Indians gave up their citizenship in 2019, 2020 and 2021," "Of these, 1,70,795 people took up American citizenship, 64,071 took up citizenship in Canada, 58,391 in Australia, 35,435 in the United Kingdom,...and 48 in Pakistan." "Enough anecdotal signs exist of well-off residents looking to move abroad in exasperation over how much they must fork out in taxes. With our top rate now at nearly 43% of one's annual income, after counting surcharges on the rich, this levy has entered a zone that's close to 'half-my-earnings' than 'one-third', thus crossing a point after which taxpayers begin to feel over-squeezed if not extorted." Mint. Ease of travel is another strong motivation because the Indian passport is ranked 87th in the world, giving access to 60 countries, including Bhutan, Nepal, Indonesia and Macau. ET. Rampant inflation is rapidly eroding the buying power of incomes. "Consumer price inflation (CPI) in June came in at 7.01%, a tad lower than 7.04% in May, News18. "India's wholesale price-based (WPI) inflation eased to 15.18% in June on a year-on-year basis from 15.88% in May." ET. The Reserve Bank of India (RBI) has deliberately kept interest rate lower than the rate of inflation to transfer our money to the government. "Financial repression is a term used to describe a policy environment where central banks and governments deliberately keep interest rates below the rate of inflation." MInt. "It was necessary to tolerate high inflation, we stand by our decision," said RBI Governor Shaktikanta Das. As the rupee buys less and less every year it is no surprise that the value of the rupee against other currencies, especially the dollar, keeps declining. "Indian rupee has declined by about 25 percent since December 31, 2014, and is nearing 80 against the dollar." ET. "The value of the rupee declined from 63.33 against a dollar on December 31, 2014, to 79.41 on July 11, 2022." This leads to serious erosion of wealth. "The RBI is of the view that cryptocurrencies should be prohibited. And given concerns expressed by the central bank on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country, it has recommended framing of legislation on this sector, Finance Minister Nirmala Sitharaman said." TOI. That is because cryptocurrencies are valued in dollars and would let citizens escape the egregious financial repression by the RBI. It provides a hedge against the fall of the rupee. Then there is the Criminal Procedure (Identification) Bill of 2022 which compels citizens to provide "finger-impressions, iris and retina scans, biological samples and their analysis, behavior attributes including signatures, handwriting or any other examination" to any official who demands, wrote Gautam Bhatia. What parents would want their children to be in the hands of these goons? Save your family and your wealth. Run away if you can.

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