A Face Saving Formula ?

With reference to demonetization of old currency notes , Government , yesterday came out with the following clarification :

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By 30th Dec , you are welcome to deposit any amount of OLD notes in your bank account ,

BUT,

If that deposit exceeds Rs 2.5 lakhs , you will need to pay on the excess , 30 % tax plus 200 % penalty

AND

possible prosecution / jail term

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Having introduced the easy INCOME  DECLARATION  SCHEME earlier and having repeatedly warned the Black Money holders of dire consequences if they do not come clean , it is understandable that the Government has to live up to its words !

With this clarification , one thing is very clear

No one holding crores of Black Money , is going to come forward and deposit more than Rs 2.5 lakh in his bank account !

Even if he has that 230 % ( tax + penalty ) in WHITE / OFFICIAL  bank account , who wants to go to jail ?

So , what will they do ? 

Of course , BURN UP  those old currency notes in order to destroy all evidence  !

Now Black Money stashed away locally are estimated at Rs 30 lakh*crore  ( @ 15 % - 20 % of our GDP )

Let us say , only 33 % of these are in the form of CASH ( balance being locked up in Gold / Land etc )

This means , some  Rs 10 lakh*crore  worth of Rs 500 / 1000 notes will get burned in the coming days - adding to air pollution !

Can something be done to , put these money to some PRODUCTIVE  USE ( without putting those Black Money holders behind bars ) ?

Let me provide a context , as follows :

A person convicted of having committed a murder and punished with death penalty , says,

"  I know I must suffer the consequences of my heinous crime . But after I am declared dead , please donate my heart for transplant and save someone who will , otherwise die "

I believe our Society will accept  such an offer gracefully , even if coming from a murderer

MY   SUGGESTION  :

Please allow those Black Money Holders to deposit those Rs 10 lakh*crore  in bank accounts created specifically for :

*    Prime Ministers Relief Fund

*    Armed Forces Relief Fund

*    Environment Rejuvenation Fund

*    Pollution Solution Fund

and , above all ,

*    BANMALI  (  Ban Mal-Nutrition in India  )  Fund

{   http://myblogepage.blogspot.in/2016/09/a-mobile-app-named-banmali.html   }

Some 1.2 million children ( under age of 7 ) , die in India  EACH YEAR , due to mal-nutrition ( since , you do not wish to call it " Starvation " ! )

If each of these children were to be provided highly nourishing food packets each day , costing Rs 50 per day per child , that would cost the Government , Rs 2190 Crore / year

By enabling channelizing those Rs 10 lakh*crore into these Bank Accounts , we will be able to convert that Black Money into White Money ( but for use by the POOR / NEEDY of the Society )

Will those  Black Money Holders come forward for such a DONATION ?

They will , if the Government promises that while depositing the old notes into these accounts ,

*  NO  QUESTIONS will be asked ,

*  Depositor does not have to REVEAL IDENTITY  !

*  There will be no UPPER  LIMIT

They have nothing to lose in this World and everything to gain in the NEXT  !

Far better than donating crores to religious temples / shrines !

Let those Black Money holders " donate " their hearts to the 1.2 million dying children !

I request Shri Narendrabhai Modiji to go, sit silently in front of Raj-Ghat Memorial and ask :

"  Did you say : To the poor , God appears in the form of a  ROTI   in their hands  ?

  By allowing the Black Money Holders to save these children , am I going to lose face ?  "

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10  Nov  2016

www.hemenparekh.in / blogs