Categorisation of black money is indeed required
Unaccounted Deposits In Old Notes To Attract 50% Tax, 4 Years Lock-In deposits-in-old-notes.
Majority of Black money is not untaxed money but blood money from criminal activities like drugs, prostitution & trafficking, smuggling, etc. So seems to me 50% of blood money is valid white money to be reinvested in terror, drugs, trafficking, etc. Is it another mistake the like of exchanging scrapped notes over the counter for new that almost messed up demonetization.
1. It lead to huge chunks of black money to be converted to white.
2. Incredible queues in banks due to proxy exchangers
........ Resource posted by a circle member Shri Arghya Ganguly is an eye opener?....... yes!
The govt should categorise the black money deposited by the depositors who are willing to declare their undisclosed cash........................Here are some tips/suggestions how the govt/banks can make the categories of the black money:-
At the time of deposits the similar form which is currently the depositors are required to be filled at the time of deposit should continue be accepted by the banks with deposits,just one more feature require to be added that is:-"If the depositor does not want to mention the source of income he/she can do the same within 30 days of the deposits,after 30 days the sum of amount deposited by the depositor will be categorised as :-
Category"B" :-money earned by doing fair business but did not disclose by the earner.Such depositors are liable for penalty of 50%.
Category "C" :-Money earned by the means of corrupt and unfair business trade practices,illegal donations etc and hide by them.Such depositors are liable for penalty of 70%.
Categoty"D" :-Otherwise a death category, blood money earned from criminal activities like drugs, prostitution & trafficking, smuggling,terror activities,extortion,jaali karobaar,theft,ducaity,supari(death contracts) etc.Such depositors will not disclose such source of income but banks should give them 30 days to declare the verified source of income or else their deposits should be Forfeited by the banks/govt.Govt should not do mercy with such menace more
Majority of Black money is not untaxed money but blood money from criminal activities like drugs, prostitution & trafficking, smuggling, etc. So seems to me 50% of blood money is valid white money to be reinvested in terror, drugs, trafficking, etc. Is it another mistake the like of exchanging scrapped notes over the counter for new that almost messed up demonetization.
1. It lead to huge chunks of black money to be converted to white.
2. Incredible queues in banks due to proxy exchangers
........ Resource posted by a circle member Shri Arghya Ganguly is an eye opener?....... yes!
The govt should categorise the black money deposited by the depositors who are willing to declare their undisclosed cash........................Here are some tips/suggestions how the govt/banks can make the categories of the black money:-
At the time of deposits the similar form which is currently the depositors are required to be filled at the time of deposit should continue be accepted by the banks with deposits,just one more feature require to be added that is:-"If the depositor does not want to mention the source of income he/she can do the same within 30 days of the deposits,after 30 days the sum of amount deposited by the depositor will be categorised as :-
Category"B" :-money earned by doing fair business but did not disclose by the earner.Such depositors are liable for penalty of 50%.
Category "C" :-Money earned by the means of corrupt and unfair business trade practices,illegal donations etc and hide by them.Such depositors are liable for penalty of 70%.
Categoty"D" :-Otherwise a death category, blood money earned from criminal activities like drugs, prostitution & trafficking, smuggling,terror activities,extortion,jaali karobaar,theft,ducaity,supari(death contracts) etc.Such depositors will not disclose such source of income but banks should give them 30 days to declare the verified source of income or else their deposits should be Forfeited by the banks/govt.Govt should not do mercy with such menace more
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Nice observation, but it's not that easy for hoarder from the category of people who have earned this money through drugs, smuggling or prostitution etc, as once they do so they will come on the radar of Tax authorities. If they do it again, they will be caught. Secondly second part of this scheme is more important that people who still don't declare then how aggressively Department of Income tax, Sales Tax and Govt take this task and what result they deli ever. more
Dec 03
What about those bank managers who converted the black money to white on selective basis on charges of keeping certain amount to himself and his staff? Those banks which put up the boards of "out of cash" need to be investigated. more
Dec 01
No logic in categorising the corruption. A murderer is a murderer. The difference might be one did it intentionally and the other unknowingly. In such cases a lineancy is provided to the latter but invariably both should undego the punishment. Thanks more
Nov 29
Punish them but do not grade them. It is ideal to speak who certifies the grades. Is there machinery to such an extent. Practicality should be criteria. But such people should be noted and their names are given to respective intelligence and they should be marked, tagged and observed. In fact all such offenders files are to be kept aside from the normal and care to be taken to keep watch on their activities in future. more
Nov 29
Yes practically impossible why because no one will tell or declare with category- D and if this black money is undiscovered or undisclosed total amount is forfeited. That's why the recent income declaration scheme (IDS-2016) failed total taxable is 45% which should be divided in 3 installments if the tax part is less than 30% then the objective behind the scheme is achieved. Today the government has made some changes in I T policy the tax burden will be 50% and 75% which is same as IDS-2016 with some hike in tax percentage. more
Nov 28
