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 ?
--------------------------------------------------------------------------------------------------------------------------
www.hemenparekh.in / blogs
18
Feb 2016
------------------------------------------------------------------------------------------------------
hemen
parekh
Marol
, Mumbai , India
(
M ) +91 - 98,67,55,08,08
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