100% recovery of black money& illegal properties.
Need to address the recovery of black money and illegal properties.
Currently holders of black money and benami property or illegal resources need to only return 10% of the illegal assets. As a nation we need to question this rule / law as it is detrimental to the fight against illegal money and property and their punishment. If I need to return 10% of ill gotten gains and get to keep 90% a life of crime seems to be the best career option in our country.
Are there any recommendations that we can make to the government and the judiciary in this regard.
The issue :
- Most of the defaulters / criminals are politicians, babus, celebrities, big business houses, top corporate executives, religious gurus, law and order departments, etc. They will protect themselves and their interests.
- No all or nothing attitude to punish the guilty
- Implementation of laws is very lackluster and all parties are in collusion.
- Catching the culprit is difficult due to the collusion of all parties.
- The IT officials and the investigating bodies follow outdated methods and forensic investigative methods.
- Bale for such criminals is so minimal it is an insult to the people who have been robbed or the citizens of this country. Asking a person who has robbed the country of 100 crores to pay a few thousand rupees is ridiculous.
- The judicial order stating that finances of those committing financial fraud or corruption cannot be frozen is detrimental to justice.
Suggestions for improvement :
- As citizens we need to insist that all 100% of illegal property, money and corrupt resources should be returned to the exchequer. No %age should be given or allowed to be held by the criminal or their families.
- All funds that is perceived to be illegally obtained should be frozen and should be held by the courts till the case is over. This is to ensure that the illegal funds are not used to circumvent justice and to buy themselves a favorable judgement.
- Fines and bale should be set at a fee that is higher and the person feels the pain of paying the money as a deterrent to future criminals.
- The IT officials and the investigating bodies need to be better equipped to do their job with the most updated techniques and forensic support to close cases.
- Justice should be swift and fair.
- Govt officials, law and order depts should be immediately fired and jailed for collusion and/or corruption.
It is unfortunate that we still have laws that allows the corrupt and illegal to flourish and continue with their anti-national activities unhindered.
Let us get together to stop this practice and to ensure that the resources of this country are not robbed and lost forever by the criminals. more
Currently holders of black money and benami property or illegal resources need to only return 10% of the illegal assets. As a nation we need to question this rule / law as it is detrimental to the fight against illegal money and property and their punishment. If I need to return 10% of ill gotten gains and get to keep 90% a life of crime seems to be the best career option in our country.
Are there any recommendations that we can make to the government and the judiciary in this regard.
The issue :
- Most of the defaulters / criminals are politicians, babus, celebrities, big business houses, top corporate executives, religious gurus, law and order departments, etc. They will protect themselves and their interests.
- No all or nothing attitude to punish the guilty
- Implementation of laws is very lackluster and all parties are in collusion.
- Catching the culprit is difficult due to the collusion of all parties.
- The IT officials and the investigating bodies follow outdated methods and forensic investigative methods.
- Bale for such criminals is so minimal it is an insult to the people who have been robbed or the citizens of this country. Asking a person who has robbed the country of 100 crores to pay a few thousand rupees is ridiculous.
- The judicial order stating that finances of those committing financial fraud or corruption cannot be frozen is detrimental to justice.
Suggestions for improvement :
- As citizens we need to insist that all 100% of illegal property, money and corrupt resources should be returned to the exchequer. No %age should be given or allowed to be held by the criminal or their families.
- All funds that is perceived to be illegally obtained should be frozen and should be held by the courts till the case is over. This is to ensure that the illegal funds are not used to circumvent justice and to buy themselves a favorable judgement.
- Fines and bale should be set at a fee that is higher and the person feels the pain of paying the money as a deterrent to future criminals.
- The IT officials and the investigating bodies need to be better equipped to do their job with the most updated techniques and forensic support to close cases.
- Justice should be swift and fair.
- Govt officials, law and order depts should be immediately fired and jailed for collusion and/or corruption.
It is unfortunate that we still have laws that allows the corrupt and illegal to flourish and continue with their anti-national activities unhindered.
Let us get together to stop this practice and to ensure that the resources of this country are not robbed and lost forever by the criminals. more
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Where did you get the info that only 10% need be paid as tax on ill gotten income? more
Nov 12
My apologies.. I meant one Ex CM of Bihar.. we all know who.. more
Dec 30
Good point ? I dont think they pay back even the 10% mentioned. Most of the culprits go scott free.. E.g. 2G Scam.. Even in case of Satyam now that the culprit is over the family is enjoying all the ill gotten wealth. Consider our dear CM of Bihar.. He and his family have made money for their next seven generations and nothing will be coming back to the country. more
Dec 30
The most important thing, is that the Government should bring out a portal, wherein any person can enter the details of any shop, authority, etc. who is corrupt - means not just seeking bribes, includes all those who do not issue bills, accept payments other than through cash (min amount of rs250/-). Then the authorities can check the same through a third person and once confirmed, action can be initiated. In case several persons report the same violation against any one person / shop, time and again, then actions to be initiated against that third person also. more
Nov 12
Absurd law. Implies sympathy with the perpetrator. The whole amount should be confiscated because none of it has been honestly earned. It’s all a creation from bribes only. Then the perp should be incarcerated. more
Nov 09
Can you please provide any government web link or any on line news paper article which mentions about just 10% penalty for benami or illegal resources. Here I can see something that sort of article which is completely different than 10% mentioned in the original post. ------------------------ http://www.thenewsminute.com/article/75-penalty-surcharge-undisclosed-income-new-black-money-scheme-launched-53536 The amending legislation also gives discretionary power to the assessing officer to increase the penalty by 10 per cent of the total tax, thus raising the outgo to 82.5 per cent (75 per cent plus 10 per cent of that amount) of the unexplained or concealed income. No deductions or set-off is allowed on this amount. The government has also come up with an income disclosure scheme called the Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 which allows people to deposit money in their accounts till April 1, 2017, by paying 50 per cent of the total amount -- 30 per cent as tax, 10 per cent as penalty and 33 per cent of the taxed amount-- that is 10 per cent -- as Garib Kalyan Cess. more
Nov 09
At first site we should get together to deny to pay any kind of bribe to any one as also make it a mass movement in every walk of life asking our citizens not to pay bribe at any stage as all of us are aware that bribing is one of the main resources for accumulating black money. Until the sources for black money are dried up, no law and court could effectively uproot the trend. 2. One of the main source of black money is payment of commission @%age basis on all contractual public works, which ranges from 30% to 60% of the contractual amount and right from the peon of the concerned department to the ministry and the local so called netas are the beneficiaries of such commission. The result is undue delay in the completion of the projects to get more allocation and very very poor quality of works. Since the people running a government are deeply involved in such cases, it would be foolishness to expect any solution/action therefrom. The only solution in these cases could be to form groups of citizens to monitor voluntarily all public works and bring out all irregularities in public through mass movements. But will it be possible in a nation, the citizens of which have only learnt to accept all kind of injustice silently during last 70 years? 3. We must always keep close watch on all so called upstarted leaders and on all their activities and movements and unitedly oppose all their unjustified activities and demands, if necessitated, make them aloof of the societies to generate pressure within from their own families to behave and to live a honest life. This way we can another source of black money. 4. However, the biggest source of black money being evasion of tax payment could be effectively dealt with by the government and its related departments. Unless honesty prevails therein and their officers & employees, no action would be suffice in curtailing and/or eradication of the menace of black money. 5. Coming to the point of confiscating of 100% of black money disclosed by any individual or entity, in my opinion, the government had made the offer of one time concession only with a view to encourage the concerns to come forward themselves to disclose their undeclared assets. However, only 10% taxation on such assets is not acceptable under any circumstance & plea, which should have not been less than 60 to 70% of the total value of such declared assets, if not 100%, as in the event of confiscation of 100%, no one would have come forward to surrender their hidden assets. more
Nov 08
