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

Now as I approach my 90th birthday ( 27 June 2023 ) , I invite you to visit my Digital Avatar ( www.hemenparekh.ai ) – and continue chatting with me , even when I am no more here physically

Friday 29 September 2017

Will this work ? Your Guess ?



Business Standard ( 30 Sept ) carries following news report :



“ I-T cracks down on black money stashed abroad


Indian assets of tax evaders can be attached & confiscated against undisclosed foreign income or assets


The Income Tax (I-T) department has decided on an aggressive plan under the black money law to nab tax evaders who have undisclosed income or stashed assets abroad. 


In an internal communication, the Central Board of Direct Taxes (CBDT) told I-T officials that the spotlight should be on criminal consequences of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.


In the guidelines, it clarified that the Act allowed attaching and confiscating black money holders’ Indian assets against their undisclosed foreign income or assets under the black money law. It also said these evaders could face separate prosecution under the Prevention of Money Laundering Act (PMLA). 


The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.


I-T officials said there was a lack of clarity in the existing framework, which this week’s guidelines have explained. The internal communication specified that the tax department can attach and confiscate the “proceeds of crime” equivalent in value held within the country to recover dues.




What is your guess :  Will this unearth those “ hidden / undisclosed foreign assets “  ?



MY GUESS :  YES !  BUT IN ABOUT 30 YEARS  !



On the other hand , Government could get those holders of Undisclosed Foreign Assets to come forward and declare $ 1000 BILLION , within 3 MONTHS , if it would just “ COPY “ the Indonesian Method !



Unbelievable ? 


Believe it  !  Read :



·         Indonesiashows the Way

=======================================================

·         Howto raise $ 500 Billion ?



·         Why  a begging  bowl ?



·         Nibbling  on crumbs  ?




30  Sept  2017


  

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