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

Friday, 25 November 2016

Thank You , Narendrabhai !



Newspapers this morning report that, on Tuesday ( 29th Nov ) , government will introduce in Lok Sabha , an amendment to Income Tax Act


As per this ( expected ) amendment , Black Money holders would be able to deposit , OLD notes ( Rs 500 / 1000 ) into their OWN bank accounts, with following proviso :


#  Those willing to invest in GAREEB  KALYAN  YOJANA  Bonds :

    *  Deposit old notes { before 30th Dec } and inform IT DEPT, desire to avail of Bonds 

    *   Pay 30 % tax + 20 % penalty on this " Disclosed " but " Unaccounted " money

    *   25 % locked in for 4 years in Gareeb Kalyan Yojana Bonds ( at 0 % interest )

    *   Keep / Use balance 25 % for PERSONAL  USE

    *   Protection from further prosecution



#  Those failing to avail of GAREEB KALYAN YOJANA Bonds :

    *  Deposit at any time ( before or after 30th Dec ) but fail to inform IT department 

    *  Pay 30 % tax + 60 % penalty on this " Undisclosed " AND " Unaccounted " money

    *  Keep / use balance 10 % for PERSONAL  USE

    *  Face prosecution if unable to explain ( - and possible 4 year jail term )



Dear Shri Narendrabhai :


If true , what you have planned is an improvement over the type of " Amnesty " that I had suggested in my email of 15 Nov 2016 ( to you and your Cabinet colleagues ) viz ;

{  http://myblogepage.blogspot.in/2016/11/take-wind-out-of-their-sail.html  }


  *  Black Money Holder to deposit 100 % of his hidden / unaccounted money in specially
     created Bank Accounts of :

     Prime Minister Relief Fund / Armed Forces Relief Fund / Environment
     Rejuvenation Fund / Pollution Solution Fund / Ban MalNutrition Fund ...etc


*  No need to reveal identity / source of funds / Upper limit of deposit  

*  No prosecution but can keep / use  0 % for PERSONAL USE ( 100 % surrendered
   to Govt )


HOW  IS  THIS  AN  IMPROVEMENT  ?


Considering the following :


*  As of yesterday , some Rs 65000 crore have been deposited in Jan Dhan Accounts

*  At an ave of Rs 50,000 deposit per account , this may well represent 130 lakh accounts

*  That is , deposit in 10 lakh account EACH DAY , for past 13 days ! And no letting up !

*  But , in all , there are 25 Crore Jan Dhan accounts

*  If Rs 2.5 lakh were to get deposited in each, that would amount to Rs 62.5 lakh*cr

*  In a written reply in Lok Sabha last week , Minister of State for Finance , Santosh Kumar
   Gangwar said that , as of Oct 31 , 2016 , 238 prosecution complaints have been filed and
   and properties worth rs 18,866 cr have been attached

*  Based on the information submitted by Indian Authorities to the US as part of
   cooperation , the INSCR ( Integrated Network for Societal Conflict Research ) states ,

   " ... the government has not won any court cases involving money laundering or
    confiscations ... Money laundering investigations without a predicate offense are rarely
   successfully prosecuted in the Indian judicial system and even if they are , the resulting
   punishment is often minimal "


*  As pointed out in my earlier E Mail ( 23 Nov ) , trying to prosecute  few lakhs ( may be a
   few crores ) of Jan Dhan account holders is SIMPLY IMPOSSIBLE !



In light of the foregoing and that proposed amendment to Income Tax Act ,  it would be
reasonable to assume that , between 01 Dec and 31st Dec , we may expect :


   #  Rs 10 lakh*crore to get deposited in bank accounts and declared to IT department


   #  Of this , Rs 2.5 lakh*crore worth of Gareeb Kalyan Yojana bonds to get issued

       How can we use this money for the ultimate Gareeb Kalyan ? Here is my suggestion :

       Our 20 cr citizens below the poverty line ( BPL ) comprise 5 crore GAREEB families

       If this bond amount of Rs 2.5 lakh*crore was to be deposited into the Jan Dhan bank
       accounts of these 5 crore families , that would mean Rs 50,000 for each family !

       And that simple arithmetic would save 12 lakh children dying from malnutrition each
      year ! 

I cannot envisage a better use of BLACK MONEY !


   #  Political Parties handing over their own UNACCOUNTED monies to their loyal supporters
       to deposit into their own bank accounts and buy those BONDS !

       Retaining 50 % is any day better than losing 100 %  !

       Of course , when the Income Tax amendment gets introduced in Lok Sabha on Tuesday
       expect the Opposition Parties to label NDA government as the biggest HAWALA
       operator , who wants to compete with the road-side operators ( whose current going
       rate is 30 % ) and converts your Black Money into White Money by taking 50 % cut !




Dear Shri Narendrabhai :


With the proposed Income Tax amendment , you would have won the current battle


But , in order to win the WAR ON BLACK MONEY , I request you once again to ,




{  http://myblogepage.blogspot.in/2016/11/embrace-inevitable.html  }

---------------------------------------------------------------------------------------------------
26  Nov  2016

www.hemenparekh.in / blogs

  


  

    

No comments:

Post a Comment