Black Money - Inputs on Solutions
Dear Friends,
Bringing back Black Money stashed abroad and addressing this subject was listed by our circle in the top priorities for the new Government. Based on your inputs, below is a summary of the key issues/causes of Black Money. Feel free to add anything missing as a comment.
Please review and let us identify specific solutions to curb the menace of Black Money as well as to bring the Black Money stashed abroad back to India.
Once we have done that, we will submit a whitepaper to the PMO, Ministry of Finance and any others for action.
I look forward to your inputs!
Rajendra Pratap Gupta
----------------------------------------------------------------------------------------------------------------
Black money – Issues and Causes
1. Majorly used in property transactions
2. Used to offer bribes and kickbacks to officials for favours
3. Stashed in unknown accounts and foreign banks
4. Black money being stashed in warehouses, godowns and farmhouses
5. Educational institutions collect black money by asking for donations
6. Major business transactions in wholesale markets take place in black cash
7. Shopkeepers ask the customers to pay in cash so that they don’t have to generate an invoice and pay tax
8. Bogus registers maintained by contractors for inflating purchase bills, number of workers etc.
9. Black money used to convert rupee to foreign currency
10. Companies are registered in foreign land & black money is transacting back to subsidiaries in India
11. Under-disclosure of accounts/ profits statements & tax evasion
12. Transactions in form of assets like properties under different names
13. Rupees 500 and 1000 currency notes are used to stash black money
14. Most liquor excise transactions generate black money
15. Black money is used for smuggling different kinds of products
16. A lot of black money is used in election campaigns more
Bringing back Black Money stashed abroad and addressing this subject was listed by our circle in the top priorities for the new Government. Based on your inputs, below is a summary of the key issues/causes of Black Money. Feel free to add anything missing as a comment.
Please review and let us identify specific solutions to curb the menace of Black Money as well as to bring the Black Money stashed abroad back to India.
Once we have done that, we will submit a whitepaper to the PMO, Ministry of Finance and any others for action.
I look forward to your inputs!
Rajendra Pratap Gupta
----------------------------------------------------------------------------------------------------------------
Black money – Issues and Causes
1. Majorly used in property transactions
2. Used to offer bribes and kickbacks to officials for favours
3. Stashed in unknown accounts and foreign banks
4. Black money being stashed in warehouses, godowns and farmhouses
5. Educational institutions collect black money by asking for donations
6. Major business transactions in wholesale markets take place in black cash
7. Shopkeepers ask the customers to pay in cash so that they don’t have to generate an invoice and pay tax
8. Bogus registers maintained by contractors for inflating purchase bills, number of workers etc.
9. Black money used to convert rupee to foreign currency
10. Companies are registered in foreign land & black money is transacting back to subsidiaries in India
11. Under-disclosure of accounts/ profits statements & tax evasion
12. Transactions in form of assets like properties under different names
13. Rupees 500 and 1000 currency notes are used to stash black money
14. Most liquor excise transactions generate black money
15. Black money is used for smuggling different kinds of products
16. A lot of black money is used in election campaigns more
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The way banks have increased their service charges for cashless transactions tempts many honest citizens to opt for cash only options. Government should intervene to restrict banks on this issue. Cash only tendencies always eventually would lead to black money. Tax raid raj is not necessary. Policies beneficial to honest citizens is the need of the hour. more
Oct 10
Until Banks disclose , Until Businessing Traders implement Card based cashless Transactions , Black Money & Concealed wealth ACCRUES . more
Oct 10
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