Hi Friends,

Even as I launch this today ( my 80th Birthday ), I realize that there is yet so much to say and do.

There is just no time to look back, no time to wonder,"Will anyone read these pages?"

With regards,
Hemen Parekh
27 June 2013

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  ?

 hemenparekh.in / blogs

18  Feb  2016   


Make    Yourself    Heard

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