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{"id":1444,"date":"2017-11-07T14:11:02","date_gmt":"2017-11-07T08:41:02","guid":{"rendered":"https:\/\/missauthor.com\/?p=1444"},"modified":"2017-11-07T14:11:02","modified_gmt":"2017-11-07T08:41:02","slug":"post-demonetization-modis-crackdown-waged-war-black-money","status":"publish","type":"post","link":"https:\/\/missauthor.com\/?p=1444","title":{"rendered":"POST DEMONETIZATION MODI\u2019S CRACKDOWN HAS WAGED WAR ON BLACK MONEY"},"content":{"rendered":"

\u201cBlack\u00a0 money<\/strong> remains black forever\u201d.As a financial\u00a0 investment\u00a0 India is actually the most attractive destination of\u00a0 the world.\u00a0 If you compare Dow Jones and Sensex ,the latter is up seven to eight folds whereas the former has merely cropped up\u00a0 a\u00a0 little from where it was. The foreign funds come back to India as white money and thus the annual portfolio inflows and remittances are excellent indicators of this.<\/p>\n

Dont know if anybody may be aware of the facet that Swiss banks and many other tax havens pay very poor rate of interest on deposits often 1-2%.Thus they are temporary holding places before money managers move the money to assets offering more attractive return .Thus a lot of black money<\/strong> actually come to\u00a0 India through what is called \u2018ROUND TRIPPING\u2019<\/strong> .<\/p>\n

As our PM said\u00a0 we\u00a0 will fight the battle against Black Money<\/strong><\/a>….Question is how and when ???In brief we have to tackle tax evasion which would need\u00a0 cooperation from government on Tax reform and rationalization, make an incentive compliance ,land titling\u00a0\u00a0 on land revenues ,effective\u00a0 government spending programs , action to strengthen law enforcement and criminal justice\u00a0 which will eliminate terrorism related funding ,which depends on black money<\/strong> ,and truly tackle electoral reforms and ensure the politics do\u00a0 not remain a major focus of black money<\/strong>.<\/p>\n

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For the sake of clarity and brevity, I would like to confine my views\u00a0 to tackling questions centered on “black money<\/strong>” in Swiss bank accounts. Since “black money<\/strong>” has no easily identifiable legal definition in India, it is best to confine the same for the purposes of this article to incomes which are taxable in India but not reported adequately and in full to the tax authorities in India. This would also include incomes which are a result of illegal gratification and\/or a result of the desire to evade some statutory compliance procedure. Once the above process of non-compliance with tax and a host of other regulations has been performed with panache given the orderly operations of the “black economy<\/strong>” unhindered by the shackles of red tape, the attempt then to project it as “untainted” (among other methods, by placing such proceeds within the banking system, whether in India or overseas) is then squarely covered by the money laundering regulations in India.<\/p>\n

Recently SIT recommended tightening p-note norms to curb Black Money<\/strong>–<\/p>\n

Some recommendations also coming out as far as participatory notes and P- Notes go to the last time run also when we had seen the UPA government trying to take action on this front which has seen the markets react very badly towards that. In no case should the KYC information end with the name of a company. If a company is a holder of a P-Note or the Offshore Derivative Instruments (ODIs) then SEBI should have information of its promoters as well as directors. If companies and trust represented by lawyers and accountants are in place then SEBI should have the real information on who is the owner, who has the effective control? How is this to go down with investors, with foreign institutional investors (FIIs)? What \u00a0is going to be the future of participatory notes?<\/p>\n

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From the \u2018incentive to act\u2019 angle, it looks like the weakest attempt to mobilize black money<\/strong> since Independence. The government has to decide what\u00a0 is more important \u2014 punishment of the guilty or mobilizing money for growth (even if it does not give up on either). If it is the punishment that\u2019s more important, our legal systems provide enough loopholes for the guilty to escape and effectively prolong the delivery of justice. Even death penalties are not a deterrent.<\/p>\n

When the black money will be recovered?? OR # Will it be ever recovered?? God knows!<\/strong><\/p>\n

But, lets face the reality……. According to economic experts, it is next to impossible to bring back the black money<\/strong> from foreign countries and our govt have to do some miracle to bring this. Actually, the money which goes outside India is layered, which means series of wire transaction of black money<\/strong> is done from one country to another to hide its real origin and a web like transaction structure is formed which makes it almost impossible to trace it. Also, our political system deeply rely on this black money<\/strong>. Almost every political party’s bank account contains this black money which they receive in donation, mainly by high profile people of our country or NRIs and they use this money in various political campaigns. Naturally, the question of lack of POLITICAL WILL arises.<\/p>\n

And, lets be an optimistic and suppose that miracle happens and Indian govt brings that black money from foreign countries, then also this problem will not end because new black money will keep on generating in our country and keep on visiting foreign countries. So, the best and the only way to eliminate this problem is to take steps which will stop the generation of black money in our country itself.<\/strong><\/p>\n

But, for this big mission support of common people is must needed. We the common citizens have to come forward to stop the generation of black money<\/strong>. Because, we are also responsible for this as we get involved in the generation of black money<\/strong> either directly or indirectly which must be stopped. And, it mainly happens due to unawareness about the black money in common people<\/strong><\/a>. Also, few well educated people have lots of misconceptions about this. So, lets start by learning the basics first. Let\u2019s have clear and correct idea about \u00a0What is black money<\/strong> and how it is generated in India. Also, people who own black money<\/strong> want to make it legal and Indian system is having a lot of loopholes which helps these black money holders<\/strong>. \u00a0Definitely, Govt needs to make some new solid laws to fill up these loopholes. Otherwise, black money<\/strong> can never be recovered (completely) and most importantly, it will keep on increasing year by year. However, it seems like Modi government<\/strong> is doing its job willfully, but as I said earlier, if normal people will not participate then this problem will never be solved. We all must follow these simple but very powerful steps which I am listing here…. \u2013<\/p>\n