Dear Shri Bhalla,
Unfortunately, I do not have any statistics other than whatever
gets reported in Media, from time to time
But I would like to make following observations :
·
All cash is not black money
·
But, all black money is either cash ( bundles of Rs 2,000 notes stashed
away in lockers ) or cash “ solidified “ as Land – Gold –
Diamonds – Property etc ( purchased with cash ) , or “ vaporized “ as
services purchased with cash ,such as Air Tickets – Hotel Bills – Doctor’s Fees
etc
·
Hence , one measure of the Black Money could be the amount of Rs
2000 notes in circulation ( relatively easy to know )
·
Another measure is the velocity with which Rs 2000 notes keep
changing hands ( - a difficult but not impossible task . If there is a political
will , technology is available to generate a real-time “ Currency Maps “ of India
, showing how the currency is flowing – much like the Wind Currents or Sea
Currents on weather maps ! )
With regards,
Hemen Parekh
========================================================================
From: Surjit Bhalla [mailto:ssbhalla@gmail.com]
Sent: Friday, February 22, 2019 6:14 PM
To: Hemen Parekh
Cc: Cabinet Ministers; BJP National Executive; psfs@mea.gov.in; Rajeev.kher@ris.org.in; Sanjeev@sanjeevsanyal.com; Ghosh, Pulak; ictsd@ictsd.ch; amb-indiawto@nic.in; Rajiv Luthra; Editors; C Banerjee; prakash.j@sansad.nic.in; Loksabha1; Loksabha2; Rajyasabha; manifesto@inc.in; BibekDebroy Member; Ashima Goyal; Rathin Roy Nipfp; Ratan Watal; ceo-niti@nic.in; Indian Think Tanks; Gurudatt Kundapurkar; Haridas Shenoy; Pradeep Talpade; Amit Doshi; Amitabh Kant; admin@narendramodi.in; BJP-Dept-Heads; Indrajit Sethi; ArvindPanagariya vice-chairman; blchangemakers@thehindu.co.in; adr@recruitguru.com; Amit Shah; timesjourno@recruitguru.com; dnajourno@recruitguru.com; assocham@nic.in; ficci@ficci.com; economist@recruitguru.com; businessleaders@recruitguru.com; tvanchor@recruitguru.com; charter@recruitguru.com; cost@recruitguru.com
Subject: Re: WITH RS 2000 NOTES, PROBLEM HAS DOUBLED !
would like to look at this evidence of black money being
1245 lakh crore - can somebody please provide the statistics on black money,
how was it obtained etc - I am doing research on this very subject!
Surjit
On Fri, Feb 22, 2019 at 4:53 PM Hemen Parekh <hcp@recruitguru.com> wrote:
As
per recent reports ( commissioned by the Central Government ) , total amount of
BLACK MONEY in our country , could possibly be as high as : Rs 1245 Lakh*Crore
And
our government , over the past 4 years, has managed to recover / unearth , Rs 78,000 crore
They
say : Path to heaven is paved with good intentions !
With
just 100 days left for the General Elections, one thing has been proved , viz :
Devil
is in Details !
A
Minor Matter of Details ?
Some 50 years ago,
IIM-A ( Indian Institute of Management – Ahmedabad ) was the only premier
management institute in the country
Prof Foltz was a
visiting professor from USA, who taught “ Business Policy “
He had a robust
sense of humor and used to tell the following story :
Once , a mouse
sought consultation from the professor
During the meeting,
the mouse said :
“ Sir , I am
mortally afraid of the cat which keeps chasing me . What shall I do ? “
Professor :
“ This is a problem
of strategic importance and needs deep analysis. Come back tomorrow “
When mouse turned
up next day, Professor said :
“ I have perfect
solution . Turn yourself into a dog “
A very elated mouse
ran home, singing “ I need to be a dog . Who is afraid of the big bad cat ? “
Next day , mouse
turned up once again at the office of the professor and said :
“ Sir ,
without doubt , you have come up with the perfect solution but HOW do I morph
into a dog ? “
To which , with
utter disdain , professor replied :
“ Look , Micky
Mouse , as a professor of BUSINESS POLICY
I only pronounce
the STRATEGY .
I cannot be
bothered with working out the minor details of
how to implement the POLICY “
=========================================================
BUSINESS
POLICY
:
As far as the
menace of BLACK MONEY is concerned , BJP’s 2014
Election Manifesto reads ( pg 4 ) :
Black
Money
By minimizing the scope for corruption, we will
ensure minimization of the generation of
Black Money .
BJP is committed to
initiate the process of tracking down and
bringing back black money stashed in foreign banks and offshore accounts.
We will set up a task force for this purpose and to recommend amendments to existing laws or enact
new laws
We will also proactively engage with foreign governments to facilitate
information sharing on black money
=========================================================
CONTEXT
:
Just came across
following news report :
Extract :
The amount of black money
outside India was Rs 9.41 lakh crore or US $
216.48 billion
between 1990 and 2008, a
government-commissioned study has concluded, adding that this amount could be one-tenth of the total estimated illegal wealth.
“ Illicit outflows from
the country are estimated on average to 10% of the estimated unaccounted
income,” said the study by National Institute of Financial Management (NIFM)
“ Taking the capital outflow worth (stock) US $498 billion, its share in
total unaccounted
wealth can be estimated as 2.8%,” NCAER report was learnt to have concluded.
=========================================================
IMPLICATION
:
If 2.8 % amounts to $ 498 billion
, then the “ Total unaccounted wealth “ could be as high as $ 17786
Billion ( Rs 1245,00,000 Crore = Rs 1245 lakh*crore )
BLACK
MONEY unearthed so far
:
# Black
Money ( Undisclosed Foreign Income and Assets ) Act – 2015 … Rs
4,100 Crore
#
Income Declaration Scheme/PM-Garib Kalyan Yojana – 2017 …………… Rs
72,200 Crore
#
Benami Transaction Tax – 2016 ( value of attached property
)……………Rs 3,500 Crore
-------------------------------------------------------------------------------------------------------
Total……. Rs 79,800 Crore [$ 11 Billion ]
=========================================================
WHAT
NEXT ?
Without doubt,
elimination of the scourge of Black Money will, once again figure prominently
in the election manifestos of BJP and Congress
Manifesto drafters
are quite like Prof Foltz . Their job is to lay down the POLICY on Black Money
Do not expect them
to spell out the DETAILS of how precisely, they
will ensure that Rs 1245 lakh*crore worth
of Black Money will get unearthed and put to
productive use !
But , in case Shri
Arun Jaitlyji instructs his Finance Secretary to work out the DETAILS , he may want to look up my following earlier
emails
=========================================================
DETAILS
:
Baba Ramdev and Black Money ………………………………………………………………[ 29 May 2011 ]
Magic Wand ? …………………………………………………………………………………………[ 09 June 2011 ]
Create Wealth to Create Jobs ………………………………………………………………….[ 26 Feb 2014 ]
Don't Ask " How " ? ………………………………………………………………………………….[ 07 April 2014 ]
Next 100 Days …………………………………………………………………………………………..[ 16 May 2014 ]
White Holes of Black Money ? …………………………………………………………………..[ 03 June 2014 ]
A CASE FOR ZERO PERSONAL INCOME TAX ………………………………………………[ 11 Nov 2014 ]
A VIRTUOUS CIRCLE ? ……………………………………………………………………………….[ 04 Jan 2015 ]
Making Molehill out of Mountain ? ………………………………………………………………
[ 19 Nov 2015
]
STRUCTURAL REFORMS ? …………………………………………………………………………..[ 30 Jan 2016 ]
TIME IS NOW ! …………………………………………………………………………………………….[ 02 Feb 2016 ]
Don't Expect This in Budget ………………………………………………………………………..[ 28 Feb 2016 ]
Quantum Jump ? ………………………………………………………………………………………
.[ 29 Feb 2016
]
Making India a Tax Haven ? ……………………………………………………………………
[ 04 April 2016 ]
FDI : By any other name ? ……………………………………………………………………..
[ 01 July 2016 ]
Prime Minister Who Listens …………………………………………………………………………[ 03 Dec 2016 ]
One Infrastructure SPV ? More will
follow ………………………………………………. [20 March 2017 ]
What Goes Out , Comes Back ? ………………………………………………………………….[ 05 May 2017 ]
Private Sector in Infrastructure
? ……………………………………………………………….[28
July 2017 ]
Nibbling on Crumbs ? …………………………………………………………………………………
[08 Aug 2017 ]
How to Raise $ 500 BILLION ……………………………………………………………………
[17 Sept 2017 ]
From Garbage to Power ? ……………………………………………………………………….
[ 16 Jan 2018 ]
=========================================================
22 Feb
2019
Rsvp : hcp@RecruitGuru.com
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