TMI BlogBlack money eradication from India - white India missionX X X X Extracts X X X X X X X X Extracts X X X X ..... Black money eradication from India - white India mission - By: - CS Swati Dodhi - Income Tax - Dated:- 17-11-2016 - - How does the Government plan to remove black money from India ? Step 1 : Demonetise ₹ 500 and ₹ 1000. get ₹ 1420000 crores out of the market. Step 2 : Print ₹ 2000 and ₹ 500 and ₹ 100 in the replacement market. Step 3 : Dismantle the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash economy by not allowing any cash transaction above ₹ 10000 without PAN or Aadhar. Step 4 : All salaries and business expenses required to be made in cheque or RTGS only to claim expenses in Income Tax. All cash transactions to be disallowed. Step 5 : A Cash Limitation order will be issued that will allow only maximum cash allowance of total ₹ 50000 per person. Step 6 : As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cash economy is destroyed after a few months, the ₹ 2000 note will be demonetised with a limited notice. With very limited cash available in the market, the cash economy will be strangled to death. Step 7 : As some of the cash economy will try to shift to Gold, Gold coins manufacturing and imports will be banned. Step 8 : A Gold and Precious Jewellery control order will be issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed which will allow only 500 gram of Gold per person and a certain value of other jewellery. Relaxation will be given for existing jewellery if declared to authorities as per format. After a certain date, all undeclared Gold and jewellery will be liable to be taken over by the state. Step 9 : A Property and Asset Declaration order will be issued where all property (Land, Buildings and Flats) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d shares will have to be declared to the authorities in a particular format. After a certain date, all undeclared property or shares will be liable to be taken over by the state. That will complete the removal of black money from India. - Reply By Suresh Hanamshet as = If 2000 rupee notes are to be withdrawn then why print at all? Instead allow all cash to be deposited in bank accounts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make online transactions, like RTGS etc mandatory. There will be no cash deposits and withdrawal after a specified date. This will save the cost of printing notes and reduce the work of bank in handling notes. The currency printing press will also less work and could be utilised for some other work. online transactions will require wifi internet connection and a smart phone. Internet should be m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade free and one time subsidy be given to buy a smart phone to economically week. In this case there would be not\ fear of of Pakistan printing our notes.This will kill the menace of black money once for all and the public has not to suffer again and again. Dated: 17-11-2016 Reply By CS Swati Dodhi as = Plastic money option will surely be a next big step but as we Indians (specially uneducated o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r backward class people) do not accept the change so easily and are not sometimes readily available with alternate source to welcome the change promulgated so things should be done in phases. Serving the entire food in one plate will be difficult to digest. India will surely be soon better India. Dated: 18-11-2016 Reply By Suresh Hanamshet as = THE STOMACH IS UPSET AND CAN NOT EAT THEN YOU HAVE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO GIVE PURGATIVE AND CLEAN THE SAME AND REMOVE THE ROOT CAUSE i e printing of our notes by Pakistan printing press so conduct surgical strike on the Pak . printing press or stop printing our note altogether and go for online transactions and enter cashless society This a one time medicine and will cure the ailment once for all. Dated: 18-11-2016 - Scholarly articles for knowledge sharing auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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