Converting Black to White Malpractices

While the post indicates that some of the gaps in illegal conversion of black money into white have since bee addressed, in reality the game is still on in full swing as the action taken by the government so far is not enough & adequate. Though the Chartered Accountants are most favoured communities of the government, they are the architects of preparation of manipulated balance sheets for business communities to evade tax payments against hefty fees misusing their imaginative reputation. more  

The formula for conversion of black to white is as old as Indian Independence Day. Initially there was no clarity but after 70 years still big gaps remains in incomes and taxes.With agricultural revolution the incomes of big farmers ,communes ,cooperatives and corporate agriculturists( More,Reliance , Spencer's ,Heritage ) have become richer by leaps and bounds and since it is exempt from income taxes they are showing losses in agriculture and showing their black from other source in to white agri sources.This is the trick of all people who deliberately buy land and produce some thing to make their black as white. Like film producers ,the 90 % invest from black is converted to white even if it is shown as loss to some extent. Cloth businesses shown as rejected second stuff,cut piece industry,also do the same . Pawn brokers assets after pledge expiry ,stolen gold and silver goes to Coimbatore and Salem and gets converted to new silver articles and small ready made jewellery by factories and they are supplied to many Marwari,Gujarati jewellers small shops . Chit funds are totally by black, tax evaded cash .with no guarantees for fraud and they must be banned.Private fixed deposit takers by chit funds and others in vest to small medium business at exorbitant Interst is nothing but black money. Unless all incomes from businesses must submit this daily collection due to sale to banks and then with draw money for buying bulk later ,this cannot be prevented. The BPL is a Joke .It exists only in 1% in my state .People who earn 500- a day ,stay five earners under one roof and possess a mobile,a motor bike each have BPL label and have a ration card ,Aadharcard ,health card ( free arogya shree)and stay with parents who get old age pension and women generate another 5000-each by being a maid .Make atleast one lakh a month. They do not come under income tax and all welfare measures like double bedroom houses ,subsidized ration and free health care! They produce indirectly black money ,daily liquor bottle costing rs 80-,and eat biryani .Unless a realistic audit 100 % is done by govt the welfare is reaching the undeserving and a cause of black money circulating in the system. more  

This is in NUT shell the total scenario every nuke and corner. Corruption and the speed remedy is the need of the time. Should be the next Decision with proper mechanism, time and cost effective. more  

Yes Mr. Pardeep Sen, I too have observed how Bank staff are obliging their contacts, calling traders with current A/Cs to come and collect Rs. 500,000 in new currency ignoring the long que at the gates. There is no body to check the bank. I feel local committees of eminent social workers should be involved in the process. I fear the horrible current situation may lead to law and order problem at wider scale as per reports coming on may news channels. Reports of leaking currency demonetisation & collection of new currency prier to 8th Nov. by some BJP leaders as well as use of Adhaar ID proofs received against JIO sims for exchanging huge old currency by Reliance peoples is already causing frustration among common man. more  

I think the place to monitor and put a vigilance is in the PSU banks where some people as we have heard are getting money converted with the help of Bank staff who are making a deal in this process. The queues in the branches and change limits will restrict conversion but people who will use traders or farmers can draw out significant amount using these channels in connivance with branch staff. more