Conversion of Black Money to White
Here are some of your inputs on how black money is being converted to white money in India. Kindly review and if you have additional inputs, please share them.
Converting Black Money into White
1. One can go to Post offices with black money even without PAN and buy Kisan Vikas Patra of any amount. The return would be in white money
2. Many of the NGO's or trusts accept cash and in return give cheque to the donor, after taking a cut
3. While buying property, 25-30% black money cash is put in
4. Another way of converting black money to white is through agents, buying shares of those companies which have increased many fold in a short span through a backdated transaction
5. Cash receipts in any business are hidden and cash expenses shown more than actual- particularly in verticals such as real estate, hotels and restaurants
6. In General Insurance companies, crores of funds are being converted from black money to white. Most of them are procuring high premium and paying huge commission in the name of dummy agents
7. Opening schools and colleges in the guise of social service. Most engineering colleges that started in the last two decades are owned by either politicians or business houses to launder their black money. more
Converting Black Money into White
1. One can go to Post offices with black money even without PAN and buy Kisan Vikas Patra of any amount. The return would be in white money
2. Many of the NGO's or trusts accept cash and in return give cheque to the donor, after taking a cut
3. While buying property, 25-30% black money cash is put in
4. Another way of converting black money to white is through agents, buying shares of those companies which have increased many fold in a short span through a backdated transaction
5. Cash receipts in any business are hidden and cash expenses shown more than actual- particularly in verticals such as real estate, hotels and restaurants
6. In General Insurance companies, crores of funds are being converted from black money to white. Most of them are procuring high premium and paying huge commission in the name of dummy agents
7. Opening schools and colleges in the guise of social service. Most engineering colleges that started in the last two decades are owned by either politicians or business houses to launder their black money. more
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So, what is the solution to this practice. Removing black money from the system does not appear to be a solution. more
Jan 14
Eradicate corruption with capital punishment - those who take as well as give speed money in what ever way. Death should be the punishment when proven. Hang one corrupt person & see what happens. more
Dec 28
Can TI help in publishing in these columns the deptts that are under the Delhi Govt so that we can present problem areas for resolution.We have to take them on face value that they want to eradicate corruption. more
Dec 19
Black money is one where Income tax is not paid. So to remove black money remove income tax. Reduce government size and subsidies. more
Dec 19
