Categorisation of black money is indeed required
Majority of Black money is not untaxed money but blood money from criminal activities like drugs, prostitution & trafficking, smuggling, etc. So seems to me 50% of blood money is valid white money to be reinvested in terror, drugs, trafficking, etc. Is it another mistake the like of exchanging scrapped notes over the counter for new that almost messed up demonetization.
1. It lead to huge chunks of black money to be converted to white.
2. Incredible queues in banks due to proxy exchangers
........ Resource posted by a circle member Shri Arghya Ganguly is an eye opener?....... yes!
The govt should categorise the black money deposited by the depositors who are willing to declare their undisclosed cash........................Here are some tips/suggestions how the govt/banks can make the categories of the black money:-
At the time of deposits the similar form which is currently the depositors are required to be filled at the time of deposit should continue be accepted by the banks with deposits,just one more feature require to be added that is:-"If the depositor does not want to mention the source of income he/she can do the same within 30 days of the deposits,after 30 days the sum of amount deposited by the depositor will be categorised as :-
Category"B" :-money earned by doing fair business but did not disclose by the earner.Such depositors are liable for penalty of 50%.
Category "C" :-Money earned by the means of corrupt and unfair business trade practices,illegal donations etc and hide by them.Such depositors are liable for penalty of 70%.
Categoty"D" :-Otherwise a death category, blood money earned from criminal activities like drugs, prostitution & trafficking, smuggling,terror activities,extortion,jaali karobaar,theft,ducaity,supari(death contracts) etc.Such depositors will not disclose such source of income but banks should give them 30 days to declare the verified source of income or else their deposits should be Forfeited by the banks/govt.Govt should not do mercy with such menace more