You may also call it , " Start
Up Act - 2015 "
# Objectives of
the Act
Every
year , to create 5 million Start Ups ,
each employing 2 persons , for a total of 10 million new jobs per year
# Methodology
* Instead of Companies Act - 1956 , these Start
Ups will be governed by the Start Up Act - 2015
* A Start Up can be launched by any Indian
citizen under the age of 30 ( covering roughly 65 % of our population )
* A Start Up will need to register online on
the web site of the Income Tax Department and obtain a unique " Start
Up Number "
* Although all Start Ups will need to file
annual Income Tax returns ( with full disclosure of income / expenses / profits
/ sources of funds etc ) , it will not be required to pay any Corporate
Income Tax for the first 10 years of its existence
* A Start Up will be free to raise funds from any source (
Individuals / Companies / PE funds / VCs / Angel Investors / Religious Trusts
etc )
* 100 %
FDI will be permitted in Start Ups
* A Start Up can receive loans or equity and be
able to accept fixed deposits . It can also give loans to individuals or other
Start Ups or invest in other Start Ups by way of equity
* There will be no restrictions on what interest (
on loans / FDs ) that a Start Up may pay nor any restrictions on dividends
it may declare
The
dividends declared by Start Ups will not attract any Income Tax
* As far as the persons / companies etc
providing funds to Start Ups ( by way of loans or equity ) is concerned , no
questions will be asked re their source of funds
# What will
happen ?
* Billions of rupees worth Black Money will
flow into these Start Ups - money which is currently lying unutilized or locked
up in unproductive assets
* If Jan Dhan Yojana could create 200 million
bank accounts in 20 months , Start Up Act - 2015 ,
will create 200 million Start Ups in next 10 months !
All that
led to this World record was , someone suggesting the unthinkable :
" Let us enable poor people to open bank accounts
with ZERO bank balance "
" Start Up Act- 2015
", will unleash a similar " Start Up Tsunami " !
* Within 3 months , thousands of Venture
Capital Funds will be born , exclusively for funding of Start Ups ( You know
who will set up these VCs ! )
* With NO Income Tax to be paid , Start Ups
will conduct all transactions through cheques ( receipts / payments )
* GST
collections will go up
* Domestic Savings Rate
will go up
* Since millions of ( Black Money holding )
individuals / businesses will come forward to fund these Start Ups , lending
pressure on banks will go down
* Who knows , Start Ups may get into the
business of Assets Reconstruction and relieve banks of NPAs !
* With locally / domestically stashed Black
Money flowing into the economy , our dependence on FDI will go down
* Corruption will decline drastically
# Why the
need for Start Up Act
?
It is simple
In the past 300 years , we have had different systems
of Economic Development , viz:
Communist / Socialist
/ Capitalist
There were periods when each worked well - depending
upon the geography and the technological environment prevailing during those
periods
Today, Internet and mobile apps are pushing the World
towards an E - Commerce economy , which covers entire World seamlessly
Tomorrow , Internet of Things ( IoT ) , will tell us
what we need to do and when ! Our lives will be dictated by devices !
That will demand a brand NEW SYSTEM of economic
development which transcends national boundaries
Old rules / regulations / laws will not help us find
jobs for 12 million youths entering India's work force each year
An ocean-going " Ship " , cannot traverse
galactic distances of Space
Following in the footsteps of Albert Einstein / Stephen
Hawking , we need to
" Bend the
Space "
And travel through the Worm-holes !
Using the hologram of the " Start Up Act - 2015
" , we must project our economy into :
"
Distributist Economy ",
which goes beyond the " Communist / Socialist / Capitalist
" economies !
That is the ONLY WAY to create a ,
" New Economic
Order / The Start Up Economic
Order "
Last - but not the least :
No politician will oppose the unanimous passing of the
" Start
Up Act - 2015 " , in Lok Sabha or Rajya Sabha
You know why !
-------------------------------------------------------------------------------------
hemen parekh
13 Sept 2015
B2BmessageBlaster
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
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