What Goes
Out , Comes Back ?
----------------------------
What other conclusion can we draw from
the following news report ( Times of India / 03 May 2017 ) ?
“ In 2014 , $ 21 billion
black cash exited India “
Over $21 billion worth
of black money was illegally taken out of India in 2014, according to the
latest report by the international watchdog Global Financial Integrity (GFI).
This illicit outflow was nearly 19% more than that recorded the previous year.
GFI has, for the first time, given information on the equally damaging inflow of illegal funds in this report, with India being the destination of a staggering $101 billion in 2014, up nearly 11% over the previous year.
About 87% of the global illicit financial flows are happening through trade mis-invoicing
Recommending a slew of measures, the report primarily suggests a much better trained and equipped customs staff and stricter scrutiny of trade deals.
It also indicates global cooperation in exchanging information on bank accounts, especially in tax havens.
I have no quarrel with GFI suggestion
for “ better trained customs staff “ and “ stricter scrutiny of trade deals “
I am not sure that could have made a
dent to that INFLOW into INDIA of $ 101 BILLION worth of BLACK
MONEY , in 2014
!
Question is :
If we cannot STOP
those INFLOWS , can we do something to turn those inflows into WHITE MONEY ?
So that , these illegal inflows do not generate further BLACK MONEY ?
And get utilized productively in
the MAIN STREAM ECONOMY ( eg : $
300 Billion that Shri Nitin Gadkariji and Shri Piyush Goyalji , need for
transforming India ) ?
And generate MILLIONS of NEW JOBS ?
Just as Indonesia
did , by announcing an AMNESTY SCHEME
last year, for bringing in BLACK MONEY by simply declaring overseas hidden
assets and paying 4 % tax ( no penalty
of any kind ! )
INDONESIANS
DECLARED $ 300 BILLION !
I once again urge our Policy Makers to give a serious thought to my
following suggestions ( earlier sent through emails ) :
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All this sterile / futile talk of , “ Punishing the honest tax-payers and Rewarding the
Tax-Evaders “ ( through AMNESTY SCHEMES ) is not going to take us
anywhere !
It is time to “ step back “ and view
this problem from the perspective of the
SAARC satellite , orbiting at 35,000 Km above the earth !
06 April 2017
www.hemenparekh.in
/ blogs
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