Demonetisation: Action on Launderers and Corrupt
Some of you have highlighted your concerns with the voluntary cash disclosure scheme as that will allow hoarders of black money to convert it into white money.
Given that this may happen in millions of accounts, the Govt of India will most likely not have the manpower to conduct scrutiny and investigation at such a scale.
We therefore seek your inputs on solutions that must be deployed such that such black money cannot become white this easily without accountability.
We look forward to your inputs! more
Yes Success of this Scheme depends upon the Aggression Govt, Department of income tax show after the Scheme is over. Necessary arrangements should start taking place this moment only to nab the Culprits. more
The measures so far taken to unearth the BLACK MONEY may perhaps not be sufficient. The 2000 notes should be stopped printing further. Even the proposed 500 / 1000 notes should not be printed too many. 100 notes may be printed in large number and made available. The Government may make severe efforts to bring back BLACK MONEY foreign banks. The Income Tax & E.B Depts. should be provided sufficient staff & intensify the raids, without sparing any politicians & higher Officials in States and Center. more
It was a great move. I will call it a big success when I hear that 1 million top crooks have been put in labor camps to pay back. more
CENTRAL BOARD OF DIRECT TAXES PRESS RELEASE DE 17/11/2016 SIGNED BY COMMISSIONER OF IT OFFICIAL SPOKESPERSON CBDT WHEREIN QUOTING PAN MANDATORY FOR DEPOSIT WITH A BANKING COOROP BANK IN CASH EXCEEDING 50000/-DURING ANY ONE DAY. OPENING AN ACCOUNT OTHER THAN JANDHAN ACCOUNT WITH A BANK OR COOP BANK. THE SAME WAS HIGHLIGHTER IN HINDU DAILY KOZHIKODE EDITION IN FRONT PAGE ON 18TH NOV2016 BUT THE SO CALLED BANK PROFESSIONAL ARE IGNORANT OF THIS ????? THEY ARE STILL VIOLATING THE MANDATORY REQUIREMENTS WITHOUT FEAR.FIRST BOOK THESE CULPRISTS FOR COLLUDING WITH THEMONEY LAUNDERERS AND FOR DEVIATING THE DIRECTIONS OF FINANCE MINISTRY. On Mon, Nov 28, 2016 at 11:34 PM, Narayanan p wrote: > Whatever black money converted through accounts can be regulated and > accounted by linking to VALID PAN AND ADDHAR CARD > ALL ACCOUNTS AGGREGATE REMITTANCE OF CASH ABOVE 250000/- THIS FINANCIAL > YEAR SHOULD BE ALLOWED TO > OPERATE (WITHDRAW) ONLY ON SUBMISSION OF PAN.SO THAT BOGUS ACCOUNTS CAN BE > IDENTIFIED/MULTIPLE > ACCOUNTS CAN BE LINKED (INTER BANK-INTRA BANK-OTHER FIN INSTITUTIONS > INCLUDING EXCHANGE COS NBFCS) AND ACTION CAN BE INITIATED- ACCOUNTABILITY > FIXED > BANKING SYSTEM SHOULD BE MADE PROOF ( BANKS HAVE MANIPULATED NPA ACCOUNTS > IN COMPUTER SYSTEM IN THE PAST(.INSPECTORS AND AUDITORS COLLUDED OR > UTTERLY FAILED) > INTEGRITY OF THE AUTHORITIES IS THE NEED OF THE HOUR > > On Mon, Nov 28, 2016 at 2:54 PM, LocalCircles Manager < > firstname.lastname@example.org> wrote: > >> more
This move by the Government to allow persons to declare their income and black money by paying huge penalty is very logical. While many people feel that this is only allowing benefit to those who do not deserve it. This thinking is not correct at all. Let us assume that the concerned persons had paid due Income tax instead of storing black money. Would not all the money have remained white? Now with the fresh opportunity, the Government is earning considerable amounts by way of Penalties and allowing the black money to get into Banks, which can now be used for development of the country. Of course, all must understand that the whole amount of Black Money is NOT getting converted to White money. Only a small portion of it would become white money. This is a beneficial action and will ultimately mean that more funds would be available for banks and for use by the Government. Also, when more such money is converted to useful funds, there is a good possibility of Income Tax levels being brought down. Interest rates on loans being reduced. Money being available for developmental works to a much larger extent. All these are ultimately beneficial to the common man in our country. more