Half of the country’s GDP and twice of India’s external debt even after 63 years of independence there is no such an institutions or law which can barricade black money India to abroad. Which is siphoning since 1948 till today.
Govt. of india offer special repable bond after three or five years without let of tax for converting Black money into white, which is approximately $500bn to $1.4 trillion
Know more about Black Money:
Main sources to generate Black Money are bribe and tax (Public domain and Politics) Prostitution as well as Drugs and deposit in foreign banks whereas reinvest in stock market, banking sector after laundry or in the bogus foreign investor’s name moreover consumed and dumped in unproductive use, like Unnamed Property, Gold and Diamonds as well as entertainments industries
Lowering taxes on property transaction may extract black money in the open market and stop the usage of black money in this sector.
To involve black money (Cash or Gold) for the betterment of the county charge a minimum fix tax subject to investment in the Govt,, private infrastructure development, education and health sector projects through interest free bonds for the minimum time of 5-10 years. Government can also allow black money to interest free deposit in the nationalized bank against which they can obtain bank loans amounting up to 80 to 100% of the deposit money or gold to use as per own requirement for immediate open and declare investment..
Govt., charge a minimum tax to convert unnamed property in to own name subject to construction of the proposed property within a minimum prescribed time.
Offer above mention last opportunity to offender name in a list offer by UPA_2 to Supreme Court to call back black money their self. Simultaneously cancel the passport, keep them under house arrest, stop all business and bank transaction as well as obtain an undertaking to seize the all business and personal property, which will be declare automatically national property if they failed to establish their self-innocent with in the stipulated time moreover they will be also punishable for the life time impressments.
Even though by passing a new law, any offence cannot be stop. To control the crimes we need a strong individual expert & strong exchequer with advance monitoring program as well as authority to check the offender before the offence take place.
As we new, to introduce a new strict law to punish black money holder a team under CBDT Chairman Sudhir Chandra are under process
To Know more contact
Sushil Sharma
sushils.india@gmail.com
