In August 2015 , Lok Sabha passed :
" The Undisclosed Foreign Income and Assets Act -
2015 "
The declaration period ends on 30th Sept 2015
It is estimated that undisclosed assets worth Rs 40,000
Crores may get disclosed , netting Union Government , Rs 20,000 Crores by way
of tax and penalty. Another estimate places collection at Rs 7,000 cr only
We should know the exact figure by 15 Oct
Peanuts when you compare with estimates of Black Money
stashed abroad , at between Rs 1.7 lakh*crores ( $ 250 billion ) and Rs 2.9
lakh*crores ( $ 450 billion )
Some knowledgeable persons are saying :
> During
these past 3 months , an amount equal to TEN times what gets
declared , ( ie : Rs 4 lakh*crore ) found its way back into India thru
hawala route
and got invested in gold or land or got deposited in bank
lockers
> The total
amount of DOMESTIC BLACK MONEY is
close to Rs 25
lakh*crores
!
So , what next ?
Pass in Lok Sabha , " The Undisclosed INDIAN
Income and Assets Act " ?
And , if such Act follows the same pattern ( of 30% tax
+ 30% penalty ) , then the Union Government may end up with revenue of may be, Rs 40,000 Crores !
It is time to stop wasting time ! Time to stop
tinkering !
By the time these Rs 40,000 crores get collected , one
more year will pass !
By that time another Rs 4 lakh*crores of FRESH black
money , will get generated !
It is like cat chasing its own tail !
The only FINAL / LASTING solution is :
Abolish Personal Income Tax
Simultaneously declare :
No questions will be asked for any amount of cash
deposited in bank accounts by individuals ( of course , with linkage
to PAN / Aadhar / RuPay card etc )
Sure , Government will lose Rs 2.5 lakh*crores by way
of tax revenue,
received from some 3 crore individual tax payers
But , Abolition of Personal Income Tax (
and no questions asked re bank deposits ) , could lead to 30 crore persons ,
each depositing Rs 1 lakh into their bank accounts !
{ Not unthinkable
, considering that during past one year alone , Rs 20,000
Cr got
deposited in 20 crore new bank accounts , under Jan Dhan Yojana }
So , we are
talking of bank accounts swelling by Rs 30 crore*lakh !
Even if that money earns the depositors , only 3 % rate
of interest !
And banks will give out these moneys as loans to
Corporate @ 5 % interest rate !
Trillions of BLACK MONEY Rupees will become " Productive
Assets
"
And , Corporate World ( + our Finance Minister ) would
not need to keep begging RBI for a " Rate Cut
" to boost the economy !
To keep growing at 10% rate , we have got to make ours ,
a :
LOW COST ECONOMY
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
hemen parekh
19 Sept 2015
B2BmessageBlaster
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