Black Money and Corruption in India
The black money / Corruption in India can be controlled in few months if the intents of the governments are real, genuine and for nation building rather than self building:- a) Compulsory use of Debit Card / Credit Card / Cheque for purchase above rupees 400.00 in any retail or whole sale shop.
b) Use and provide debit/credit card swap machine to each and every shop compulsory without any service charges by bank so that each purchase and actual sale figure of shops are monitored.
c) Discontinue and ban all Rs 500.00 and Rs 1000.00 notes immediately in country.
d) No cash withdraws from ATM above Rs 1000.00 and encourage everyone to use the debit/credit/cheques facility for payment to shops.
e) Each and every house data should be electronically/ digitally maintained in India so that how many house an Individual can have in country are known. Further if more than 02 (Two) houses an individual have than tax at least 90% to 100% on that property,it will curb the real estate corruption in one stroke.
f) It will solve the tax collection revenue problem and increase the government kitty and this fund can be vigorously use for social/public infrastructure buildup, which in few will curb the black money and corruption from India. more
b) Use and provide debit/credit card swap machine to each and every shop compulsory without any service charges by bank so that each purchase and actual sale figure of shops are monitored.
c) Discontinue and ban all Rs 500.00 and Rs 1000.00 notes immediately in country.
d) No cash withdraws from ATM above Rs 1000.00 and encourage everyone to use the debit/credit/cheques facility for payment to shops.
e) Each and every house data should be electronically/ digitally maintained in India so that how many house an Individual can have in country are known. Further if more than 02 (Two) houses an individual have than tax at least 90% to 100% on that property,it will curb the real estate corruption in one stroke.
f) It will solve the tax collection revenue problem and increase the government kitty and this fund can be vigorously use for social/public infrastructure buildup, which in few will curb the black money and corruption from India. more
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Dear Mr Saini we need to move forward and not go backward. you are suggesting so many restrictions for a common man. instead, government should focus and catch those who are not paying or paying less taxes. look at doctors, lawyers and other professionals who accept cash. they are all rich with unaccounted money. no need to focus on salaried, common man who pays his taxes most dilligently. more
Aug 18
Dear Sh P K Saini, You have indeed suggested practicable suggestions for the control of generation of black money. Your suggestions of demonetising Rs500/= and Rs.1000/= currency notes is the academically most effective way of crystallizing stashed money in homes and elsewhere. this suggestion was once upon mooted by one of our late PM Sh Morarji Desai in 1977 probably or while he was the FM ,I dont remember exactly but old timers may support this. The only problem in this demonetisation is that the common man suffres because most of the ATMs store same notes and then catering to huge number of customers using small denominations is out of scope and serpentine ques may be seen outside ATMs and riots may follow. So the govt. has to strike a balance between the two and devise another method. Otherwise this is an excellent method to flush out black money and I am sure atleast 70-80 % black money shall be crystallised into circulation and inflation would be controlled. However if the govt. has the will anything may be achieved.Lets wait and watch. more
Aug 18
Generally the business Class's expenditures are much more in comparison to the income shown ? Lot many their properties (assets) are in the name of wife, children, staff etc. are heard by their self generated funds? Salaried people income is under control unless he is working in a office where other source of income is not possible like bribes. Bribes in any form generates lot of black money Unaccounted Income is another source of black money. Lot many individuals are under paid like police staff, army circle are some of those areas where the temptation of bribes in addition to the M C D, sales tax, income tax departments where honest individual is harassed and other's get their job done as per their specifications/requirements. If all the assets can be or explained in the Income Tax return by the individual's source of income, Bank's loans etc.even then lot many things can be justified. Lot many are protected by the politicians by looking after their interests. There can be many more inputs by others also........... more
Aug 18
Corruption and Black Money are two different things , Black money is generated after INDEPENDENCE SO GOVERNMENT TAX POLICIES ARE RESPONSIBLE , corruption MONEY GENERATED THROUGH .BRIBES , WHICH IS DEPOSITED IN BANKS OR IN PURCHASE OR GOLD SILVER AND PROPERTY . AND LAVISH EXPENDITURES more
Aug 17
Superb Idea. The steps mentioned is too harsh but necessary. It can be implemented in a phased manner. more
Aug 17
