Thursday, 13 October 2016

A Hyderabadi discloses Rs.10,000 crores under IDS.

  • Black money is estimated at several lakhs of crores i.e. almost 50% national economy. 
  • Our GDP is estimated at more than $2 trillion i.e. Rs.130 trillion (Trillion equals to one lakh crores).
  • Under the IDS (Income Disclosure Scheme) Rs.65,000 crores was disclosed throughout the country.
  • Rs.13,000 crores (i.e.20%) was disclosed at Hyderabad alone.
  • Rs.10,000 crores (i.e. 15% (or 77%) was disclosed by one single individual at Hyderabad).
  • As per terms of the scheme, the identity of the person will be kept confidential and never disclosed.
Now the pertinent questions are:
  • The scheme was aimed at regularization of black money declarations and payment of tax @40%, for undisclosed business transactions leading to evasion, only.
  • But the kind of money i.e. Rs.10,000 is mind boggling and impossible for any genuine business man and the talk of the town is that the person is none other than YSxx.
  • This kind of money making is impossible in genuine businesses income concealing and tax evasion but are possible in extremely dangerous activities like corruption, large scale drug peddling, smuggling, gangster killing & extractions, large scale hawala money transfers etc which threaten the very fabric of India as a Nation.
  • Government can at best provide 'amnesty' to genuine business people evading taxes but never to terrorists, smugglers, drug peddlers, gangsters, hawala operators etc.
My View:
Government doesn't have any right to provide 'large scale amnesty' to corruption in public domain, terrorists, smugglers, drug peddlers, gangsters, hawala operators etc under the scheme even if empowered by an Act of Parliament.

Therefore all disclosures must be verified for its genuity of undisclosed business transactions and tax evasion before passing 'amnesty' orders. If found in the category of corruption in public domain, terrorists, smugglers, drug peddlers, gangsters, hawala operators etc, they must be booked, investigated and prosecuted and punished as per laws of the land.

And in future no such 'amnesty' schemes announced in haste just for increasing revenues.

No comments:

Post a Comment