WHAT NEXT ? UNDISCLOSED INDIAN ASSETS ?

Dear Sirs ,

Following reforms-suggestion is for your consideration

with regards ,

hemen  parekh

Mumbai

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

hcp@RecruitGuru.com

www.B2BmessageBlaster.com

www.hemenparekh.in > Blogs

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WHAT  NEXT  ?  UNDISCLOSED   INDIAN   ASSETS  ?

In August 2015 , Lok Sabha passed :

" The Undisclosed Foreign Income and Assets Act - 2015 "

The declaration period ends on 30th Sept 2015

It is estimated that undisclosed assets worth Rs 40,000 Crores may get disclosed , netting Union Government , Rs 20,000 Crores by way of tax and penalty. Another estimate places collection at Rs 7,000 cr only

We should know the exact figure by 15 Oct

Peanuts when you compare with estimates of Black Money stashed abroad , at between Rs 1.7 lakh*crores ( $ 250 billion ) and Rs 2.9 lakh*crores ( $ 450 billion )

Some knowledgeable persons are saying :

>   During these past 3 months , an amount equal to TEN times what gets

     declared  , ( ie : Rs 4 lakh*crore )  found its way back into India thru

     hawala route and got invested in gold or land or got deposited in bank

     lockers

>   The total amount of DOMESTIC  BLACK  MONEY  is close to Rs 25

      lakh*crores  !

So , what next ?

Pass in Lok Sabha , " The Undisclosed INDIAN Income and Assets Act " ?

And , if such Act follows the same pattern ( of 30% tax + 30% penalty ) , then the Union Government may end up with revenue of , may be , Rs 40,000 Crores  !

It is time to stop wasting time ! Time to stop tinkering !

By the time these Rs 40,000 crores get collected , one more year will pass !

By that time another Rs 4 lakh*crores of  FRESH  black money , will get generated  !

It is like cat chasing its own tail !

The only FINAL / LASTING solution is :

Abolish Personal Income Tax

Simultaneously declare :

No questions will be asked for any amount of cash deposited in bank accounts by individuals ( of course , with linkage to PAN / Aadhar / RuPay card etc )

Sure , Government will lose Rs 2.5 lakh*crores by way of tax revenue,

received from some 3 crore individual tax payers ( not Corporate )

But , Abolition of Personal Income Tax ( and no questions asked re bank deposits ) , could lead to 30 crore persons , each depositing Rs 1 lakh into their bank accounts !

 { Not unthinkable , considering that during past one year alone , Rs 30,000

   Cr got deposited in 20 crore new bank accounts , under Jan Dhan Yojana }

 So , we are talking of bank accounts swelling by  Rs 30 crore*lakh  !

Even if that money earns the depositors , only 3 % rate of interest !

And banks will give out these moneys as loans to Corporate @ 5 % interest rate  !

Trillions of BLACK MONEY Rupees will become " Productive Assets "

And , Corporate World ( + our Finance Minister ) would not need to keep begging RBI for a " Rate Cut " to boost the economy !

To keep growing at 10% rate , we have got to make ours , a :

LOW  COST  ECONOMY

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hemen  parekh

19  Sept  2015

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