Wednesday, 17 February 2016

Does this Ring a Bell ?

Black Money Disclosure Scheme announced by Union Government last year , called for 30 % tax + 60 % penalty + 10 years in prison , for any illegal foreign assets declared  AFTER  the closure of a 3 month window

A few hundred persons came forward to disclose , approx Rs 4,000 Crores of illegally held foreign assets

Compare this with the estimate of Global Financial Integrity , which says , Indians stashed away in foreign banks , about Rs 34.5 lakh*crores of BLACK MONEY, between 2004-2009 ( 10 years ) !

Obviously , those hoarders of BLACK MONEY , have discovered better ways to transfer their money to India and convert into WHITE MONEY

Here is one possibility :

*   Find a China made electronic product in great demand in India , costing Rs 3000 at normal export price

*   Ask Chinese Exporter to send it to BLACK MONEY owner's India Operations , for an official invoice of Rs 200

*   Send the balance Rs 2800 to Chinese Exporter, directly from BLACK MONEY owner's foreign bank account

*   Indian Operation will

     #   remit Rs 200 to Chinese Exporter , through official banking channels

     #   accept online orders on its web site @ Rs 300 per piece against Credit Card payment

     #   book 10 million online orders in 3 days , to collect official / advance payments of Rs 300 crores

     #   avail of loans offered by Electronic Development Fund launched by Central Government

     #   avail of Rs 25 crore subsidy under Gujarat Govt policy for Electronic Products

     #   avail import duty concessions for electronic products, likely to be announced in next Union Budget

     #   claim to help bridge the " Digital Divide " by offering internet connectivity to millions of poor Indians

     #   claim to support " Make in India " initiative

     #    claim to create jobs

     #    start exporting ,"India-made" smart phones @ $ 6 per piece to Europe / USA,- and  win Govt Support  !

I just don't understand why news papers / web sites / social media / other Indian Manufacturers  / Trade Association etc are puzzled at this purely Indian Innovation of putting to good use, BLACK MONEY stashed abroad !

The only way to bring back those Rs 34.5 lakh*crores , is to formalize / legalize this innovation  !

As far as STOPPING future generation of BLACK MONEY is concerned , the only answer is my oft-repeated suggestion to withdraw current paper currency notes of Rs 500/1000 and replace these with new plastic notes embedded with microscopic ( thinner than hair ) RFID sensors !

Dear Shri Arun Jaitley-ji :

Does what I say , RING  a  BELL  ?

---------------------------------------------------------------------------------------- / blogs

18  Feb  2016   


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