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

Monday, 29 February 2016

Quantum Jump ?



While inaugurating the " Make in India " week in Mumbai on 13th Feb , Shri Narendra Modiji told the industrialists :

" Incremental changes will not suffice . We need a quantum jump "

Perhaps doubling of outlay on Agriculture / Rural Development / Highways / Railways etc, in the budget which Shri Jaitley announced yesterday , was what Shri Modi had in mind when he said this

But what about the issue of unearthing of BLACK MONEY ?

Do you consider the following announcements as a QUANTUM  JUMP  ?

#   BUDGET  2015

    " Declaration of Undisclosed Foreign Assets  Scheme "

      Restricted to " foreign assets " only 

      30 % tax + 30 % penalty

      Yield : Rs 10,000 crore



#   BUDGET  2016


    " Income Disclosure Scheme "


     What is that QUANTUM JUMP  ?


    *  Chance to declare " Domestic " undisclosed assets

    *  4 month window / pay within 2 months

    *  30 % tax + 7.5% surcharge + 7.5% penalty

    *  No scrutiny or inquiry under Income Tax Act / Wealth Tax Act

    *  Immunity from prosecution / benami transactions

    *  Yield ?  Rs 20,000 crore   ( my guess )



If past is any indication of the future , expect following ( incremental ? ) jumps in :

#   BUDGET  2017

     *  " Voluntary Disclosure Scheme "

     *  Will cover , both foreign as well as domestic undeclared assets

     *  No penalty / Just pay 30% tax / No prosecution / 6 month window

     *  Yield  :  Rs  100,000 Cr

   

#  BUDGET  2018 


     *  "  Perpetual Amnesty Scheme "

     *   No tax / no penalty / no scrutiny / no prosecution / no questions / no window

     *   Cash deposited in ATM ( Automatic Taker Machines ) will be used for Infrastructure SPV

     *   Depositors will get tax free interest of 5 % , directly credited in their Jan Dhan Bank Accounts

     *   Yield  :  Rs 340 lakh*crores ( all the BLACK MONEY stashed in bank lockers / locked up in gold / land etc )

        (  details at  w..w...hemenparekh...in )



Remember , 2018 will be the last budget for the present NDA government , before the 2019 General Elections  !

But then , waiting till 2018 may prove to be a political harakiri for BJP  !

Announcing this " Perpetual Amnesty Scheme " in 2017 Budget will ensure that BJP gets 400 seats in Lok Sabha in 2019 elections  !


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hemenparekh.in / blogs

01  March  2016

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