User:Sanjay Amaan/sandbox

'Black money'  It is said that India is one of the highest corrupt country as few Indians which include big businessmen, politicians, bureaucrat, have parked their unaccounted money worth more than 40 lacs of crores outside India. This money is not the tax paid money and is deposited outside India as black money. Recently the Government of America persuaded the bank in Switzerland etc. to return the Black money deposited by American Citizen to American Treasury. If America can pressurize the Swiss government and take the black money from them why cannot India make similar exercise and take back the black money from those countries that are not  ready to disclose the name of the depositor of Indian origin. If the Law makers are involved in depositing their black money outside the country then it is obvious that these law makers belonging to any party will not be interested in making any serious effort and hence it is the job of fourth pillar of democracy like media,  NGOs,  Social Activists, and other good citizen  should create public awareness and with the help of judiciary the Indian government should be pressurized to bring back the black money. If this money comes within the country, it will automatically remove poverty of the country. Government of India should make all attempts that this money is brought in the country’s monitory circulation, this will increase the GDP and tax revenue of the Government. For this, the Government of India has to give certain concession to all these people who are holding black money. It is estimated that more than 18000 tons of Gold is in the possession of Indian Public and they are purchasing 1500 tons of gold every year. This Gold is a big source of converting black money into white. And hence, black money holder of India should be given concession that they can bring Gold in the country from their money parked outside and if they bring that gold they will have to deposit it to the government for first 15 years and then it will be returned to them. If Government gets that type of gold from these people holding black money, the price of Gold will increase, and automatically India will become richest country of the world. This gold can be pledged by  the Government as security and  can get cheaper loan to  complete all their infrastructure project and make  pre-payment of costly loan. After 15 years the Government can give back the gold to the depositors. By adopting this system India can  become one of the richest nation in the world not in 2050, but within 15 years i.e., before 2030. The black money is also used in India for the purchase of land, flats, and other immovable assets. As the stamp duty and registration charges are very high, to save the same, people prefer to give part money in black. If Government wants to reduce the menace of black money, the registration charges including stamp duty be made zero. If this system is followed then, People will prefer to make payment in white only. The bank gives loan only on white money payment and hence they can get more loans from the bank. This will give boost to the housing sector and black money will automatically reduce. At present in India, people will have to follow unethical means only to purchase land, building, gold etc. in black. If they can make payment in white, the problem of corruption will also be solved. Human being when born is not born with the tag of corruption. It is the Government policies and circumstances that compel one to do things wrong as he has to live in society with some dignity, amenity and prestige. The black money is used for purchase of various commodities as service charges, sales tax etc. are sometime ranging around 25%. State to State charges are also different and that also increase black money generation. To avoid this we should have minimum tax structure so that people will not like to buy anything in black. Government will get more revenue by way of tax than what they are getting today as it will increase the consumption and cost of product will reduce, the  life style (standard of living)  of Indian people will improve. If we have to stop the generation of black money we will have to increase the exemption of slab of personal Income tax. At present in India, out of 120 crore people, hardly 5 to 6 crores of people pay the Income Tax by the way of direct tax. The income tax which is being collected consists of 85% from the corporate houses and only15% is recovered from these 5 to 6 crores people. This is totally unjustified as only on few people who are working and helping the nation whereas other non-working lazy people get various concessions, benefits, free food, employment though NERGE and various other concessions and they act as a parasite. The cost of living has become so heavy which compels these 5 to 6 crore people to follow corrupt practices for survival by generating black money for living. Hence, it is necessary to abolish personal income tax altogether and in case it is difficult then up to  Rs. 10.0 Lacs, there should be total exemption of income tax. If we follow this practice, then there will not be any generation of black money by the common people of India. The black money generator will only be the Politician, big businessman and bureaucrats. However, if the common masses are exempted from income tax, then they will not have to give bribe and can have their white income without any hurdle. Reduction of bribe will automatically helping generation of black money. If more money is given in the hands of public then  India will be converted into spending economy and automatically the growth of India will be more than 15% per annum. As more and more indirect tax by way of excise duty, custom duty and service tax will be collected by the government. The revenue of the Government will also not reduce. People will save more money and banks and other mutual funds will get more money for circulation and loans on easy terms can be given. This will solve all problems of unemployment, remove poverty and people below the poverty-line will decrease within five years, generation of black money will be stopped/reduced. The government should not follow the policy of punishment against the depositors of black money instead these people should be encouraged to bring back  money by voluntary  disclosure scheme. They should be encouraged and no penalty or penal provision should be applied as value of Rupee has depreciated, their money which was deposited say average Rs. 20-/- a dollar in the last 20 years will now fetch around Rs. 50/- a dollar so already they have increased their money and hence even if you take the same rate of tax of 30% instead of Rs. 6/- what earlier the government could have got, now the government can earn Rs. 16/-. Hence, there is no revenue loss and on the contrary revenue is increased. If within a time limit, these tax evaders brings back the black money then they should not be punished. If   they do not    bring the black money back within the time limit notified,  then they should be heavily punished. More use of plastic money will help in avoiding black money. All these malls which are given permission in retail business, customer must use credit/debit card and if this condition is imposed, this will help in reducing black money. Cashless transaction should be encouraged. All the civil society should put pressure that they should honor these commitments to bring black money in the country. It is estimated that America is having the biggest gold official collection of 8134 ton. Whereas in India, official estimate is 557 ton but it is estimated unofficially that it is more than 18000 ton and Indians may purchase every year up to 1500 ton of gold. This Gold is a big source of converting black money into white. And hence, black money holder of India should be given concession that they can bring Gold in the country from their money parked outside and if they bring that gold they will have to deposit it to the government for 1st 15 years and then it will be returned to them. If Government gets that type of gold from these people holding black money, the price of Gold will increase, and automatically India will become richest country of the world and from that gold by mortgaging the Government can get cheaper loan complete all their infrastructure project and repay the loan after 15 years and give back the gold to holder in the form of certificate or physical. In this system India will be become richest nation ion of the world not in 2050, but within 15 year i.e., before 2030 and probably in the life time of the present leader ship