Yesterday's leak / report " PANAMA PAPERS ",
revealed that some 500 Indians have stashed away abroad , billions of dollars
worth of " Undisclosed Assets " , courtesy Mossack Fonseca of Panama
, a money laundering law firm with staff of 600 , operating in 42 countries and
having a client-base of 300,000
Now Panama is not the only tax haven on earth
There are others such as Switzerland , Cyprus, British
Virgin Islands , the Isle of Man , Guernsey , Jersey etc
Nor is Mossack Fonseca the only money launderer. It is
only the 4th biggest
Acting unusually fast , Union Government has set up a
multi-agency group to investigate and bring to book , the suspected Indian tax
evaders
While wishing all luck to this Group , we cannot
overlook the terribly disappointing results of the Supreme Court monitored SIT
, during the past 16 months ( viz: discovery of illegal assets worth around Rs
6500 Crore )
Experts are clamoring :
* Tighten
existing laws
* Make illegal ,
anonymous investments ( eg: Participatory Notes )
* Pass law to
declare all undisclosed foreign assets as " National Property "
MY SUGGESTION :
* If you cannot lick them , join them !
* Abolish Personal Income Tax
* And , instead of a Tax Return , every existing
tax payer ( approx , 4 cr )
to file , annual DECLARATION OF
ASSETS ( Movable and Immovable )
* Introduce Amnesty Scheme under which , no questions
will be asked as
to the
source of any amount of CASH deposited in a person's SPV
INFRASTRUCTURE account ( at any local Indian bank
of his choice )
* Encourage those 500 Indians to liquidate those
Undisclosed Assets
abroad and
deposit that CASH in SPV INFRASTRUCTURE accounts
Of course ,
all Indian citizens can do likewise !
* SPV INFRASTRUCTURE accounts can be used ONLY
for investing in
government approved Infrastructure Funds (
especially funds devoted
to Renewable
Energy / Swatchh Bharat / Health / Education / Homes
costing less
than Rs 5 lakhs , etc )
* Make India a Tax Haven of sorts !
By no stretch of imagination , I am suggesting that
India becomes a destination for parking
* Drug Mafia money
* Terrorist
Money
* Bribe
Money for international purchase contracts ( defense etc)
All I am saying is :
* Take away
incentive to evade taxes , thereby stopping future generation
of Black
Money
* Channel all
existing Black Money ( locked up in assets , in India or
abroad ) into the main stream of economy ( Infrastructure
Building )
* Enable
current annual inflow of inward remittances from overseas
Indians to
go up from $ 70 Billion to $ 700 Billion
* Through
rapid development of Infrastructure , generate Self
Employment for
12 million youth every year
* Drastically
reduce FDI requirement for rapid growth of economy
* By cutting
down on government outlay for Infrastructure , reduce govt
borrowing
from market and consequent debt servicing
* Raise GDP to
10 % by 2018
It is time to stop tinkering when govt has miserably
failed to bring out black money stashed abroad (or locally) , nor succeeded in
stopping future generation of Black Money
It was good that the NDA Government raised the
expectations of citizens
Now , it is time to deliver on those expectations
before Assembly Elections get over in 5 States
-------------------------------------------------------------------------------------
www.hemenparekh.in / blogs
05 April 2016
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Make
Yourself Heard
Dear Visitor :
It is time for YOU to speak up - and demand that YOU
are heard
By emailing this suggestion - incorporating your OWN
improvements - to the following Policy Makers
( Just multiple
copy all the following Email IDs into the Recipient column of your Outlook and
Copy / paste this suggestion in the Message Box ) :
narendramodi1234@gmail.com;
38ashokroad@gmail.com;ajaitley@del5.vsnl.net.in;
jayant.sinha19@sansad.nic.in;piyush.goyal@gov.in;nitin.gadkari@nic.in; spprabhu1@rediffmail.com;bandaru@sansad.nic.in;smritizirani@nic.in;nsitharaman@nic.in;
ravis@sansad.nic.in;sureshprabhu@irctc.co.in;prakash.j@sansad.nic.in;secy-ipp@nic.in;
amitabh.kant@nic.in; shaktikanta.das@nic.in; rsecy@nic.in; adhia1981@gmail.com;
ceo-niti@nic.in; atul-chaturvedi@nic.in; uma.bharati@sansad.nic.in;
d.pradhan@sansad.nic.in; rprudy.office@gmail.com; rudypr@rediffmail.com;
eam@mea.gov.in; mosvks@mea.gov.in; mvnaidu@sansad.nic.in; mnaqvi@sansad.nic.in;
rao.inderjit@sansad.nic.in; mljoffice@gov.in; sadananda.gowda@sansad.nic.in;
ministerminority@gov.in; najmah@sansad.nic.in; minister-ca@nic.in;
ramvilas.paswan@sansad.nic.in; gandhim@sansad.nic.in;
akumar-alpha@sansad.nic.in; jpnadda@sansad.nic.in; hm.moca@nic.in;
geete@sansad.nic.in; simratbadal@yahoo.com; ns.tomar@nic.in;
rmsingh@sansad.nic.in; tc.gehlot@sansad.nic.in;
dr.harshvardhan@sansad.nic.in
No comments:
Post a Comment