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 ?
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hemenparekh.in /
blogs
18 Feb 2016
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