A PURELY INDIAN INNOVATION ?

Does   this   Ring   a   Bell   ?

Black Money Disclosure Scheme announced by Union Government last year , called for 30 % tax + 60 % penalty + 10 years in prison , for any illegal foreign assets declared  AFTER  the closure of a 3 month window

A few hundred persons came forward to disclose , approx Rs 4,000 Crores of illegally held foreign assets

Compare this with the estimate of Global Financial Integrity , which says , Indians stashed away in foreign banks , about Rs 34.5 lakh*crores of BLACK MONEY, between 2004-2009 ( 10 years ) !

Obviously , those hoarders of BLACK MONEY , have discovered better ways to transfer their money to India and convert into WHITE MONEY

Here is one possibility :

*   Find a China made electronic product in great demand in India , costing Rs 3000 at normal export price

*   Ask Chinese Exporter to send it to BLACK MONEY owner's India Operations , for an official invoice of Rs 200

*   Send the balance Rs 2800 to Chinese Exporter, directly from BLACK MONEY owner's foreign bank account

*   Indian Operation will

     #   remit Rs 200 to Chinese Exporter , through official banking channels

     #   accept online orders on its web site @ Rs 300 per piece against Credit Card payment

     #   book 10 million online orders in 3 days , to collect official / advance payments of Rs 300 crores

     #   avail of loans offered by Electronic Development Fund launched by Central Government

     #   avail of Rs 25 crore subsidy under Gujarat Govt policy for Electronic Products

     #   avail import duty concessions for electronic products, likely to be announced in next Union Budget

     #   claim to help bridge the " Digital Divide " by offering internet connectivity to millions of poor Indians

     #   claim to support " Make in India " initiative

     #    claim to create jobs

     #    start exporting ,"India-made" smart phones @ $ 6 per piece to Europe / USA,- and  win Govt Support  !

I just don't understand why news papers / web sites / social media / other Indian Manufacturers  / Trade Association etc are puzzled at this purely Indian Innovation of putting to good use, BLACK MONEY stashed abroad !

The only way to bring back those Rs 34.5 lakh*crores , is to formalize / legalize this innovation  !

As far as STOPPING future generation of BLACK MONEY is concerned , the only answer is my oft-repeated suggestion to withdraw current paper currency notes of Rs 500/1000 and replace these with new plastic notes embedded with microscopic ( thinner than hair ) RFID sensors !

Dear Shri Arun Jaitley-ji :

Does what I say , RING  a  BELL  ?

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 www.hemenparekh.in / blogs

18  Feb  2016  

Warm Regards,

Hemen Parekh

(M)=91 – 98,67,55,08,08

From: Hemen Parekh [mailto:hcp@recruitguru.com]
Sent: Wednesday, February 17, 2016 6:09 AM
To: Hemen Parekh; 'shaktikanta.das@nic.in'; 'narendramodi1234@gmail.com'
Cc: 'Hasmukh Adhia'; 'ajaitley@del5.vsnl.net.in'; 'jayant.sinha19@sansad.nic.in'; 'piyush.goyal@gov.in'; 'nitin.gadkari@nic.in'; 'spprabhu1@rediffmail.com'; 'kalraj@kalrajmishra.com'; 'bandaru@sansad.nic.in'; 'amitabh.kant@nic.in'; 'smritizirani@nic.in'; 'nsitharaman@nic.in'; 'nandan@nandannilekani.in'; 'viral@juliacomputing.com'
Subject: RE: QUANTUM JUMP OF 50 MILLION HOUSES

FOREVER   PROBING ?

How else can you interpret following news report which appeared yesterday ?

"  The Special Investigation Team (SIT) on black money has asked the Directorate of Revenue Intelligence (DRI) to probe if $505 billion (approximately Rs 34.5 lakh crore) were sent out of India during 2004-13, the period under the rule of the erstwhile United Progressive Alliance led by the Congress party.

The SIT obtained detailed calculations of country-wise illicit financial flows for each of these years from (think tank) Global Financial Integrity," a statement by the Finance ministry said today.

The details have been sent to the Directorate of Revenue Intelligence on February 8, 2016, and it has been asked to verify the extent to which the calculations are correct," the statement said.

Necessary action would be taken by SIT after receipt of the DRI's report, it added."

Correctness of calculations  ?  Aren't we past that phase  ?

Is this not a case of " too much analysis producing paralysis "  ?

Is this also not a case of " barking up the wrong tree  " ?

All the black money that the NDA government has managed the hoarders to declare in the past 2 years is , approx Rs 10,000 crores !

And who does not know that for every rupee that the tax evaders managed to send out of the country in last 10 years , another TEN RUPEES ( at least ) worth of BLACK MONEY got stashed in LOCAL bank lockers / gold / land ?

And , even as SIT  continues to " probe " the PAST generation of BLACK MONEY , may be another Rs 35 lakh*crore of BLACK MONEY continues to get generated , EACH YEAR ?

While inaugurating " Make in India " week on 13 Feb 2016 , PM Shri Modi told the Industrialists  :

" There is no time for incremental changes . We want a quantum jump . Do not wait . Do not relax  "

DEAR  NARENDRABHAI  :

Even as the industrialists are mulling your advice , you too can solve the TWIN problems of CORRUPTION and BLACK MONEY with a SIMPLE action which does NOT require passing of any bill in the Parliament !

For the Nth time , I urge you to take the following QUANTUM LEAP :

*  Discontinue paper-based currency notes of Rs 500 and Rs 1,000

*  Introduce plastic currency notes of Rs 500 / 1,000 which are embedded with RFID sensors

*  Assign to each such note, a IP V 6.0 address , linked to its unique note number

*  Set up a IT-enabled Technology Platform which will constantly monitor any accumulation of Rs 500 / 1000

    RFID embedded notes in excess of Rs ONE CRORE within an area of ONE square meter

Remember what ancient scientist Archimedes had said ?

"  Give me a long enough stick and I will lift the entire World "

Your time to lift India out of this dark abyss , is NOW  !

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www.hemenparekh.in / blogs

17  Feb  2016

hcp@RecruitGuru.com

(M) 0 - 98,67,55,08,08

Warm Regards,

Hemen Parekh

(M)=91 – 98,67,55,08,08