TMI BlogTHE CORRUPTION AND BLACK MONEY ARE THE HINDERS OF THE INDIAN ECONOMYX X X X Extracts X X X X X X X X Extracts X X X X ..... THE CORRUPTION AND BLACK MONEY ARE THE HINDERS OF THE INDIAN ECONOMY - By: - krishna murthy - Other Topics - Dated:- 9-1-2017 - - Every one should understand that with a great and long period about 90 years struggle with British Gov.ment and satyagrahas, scarification of lives, finally we got an Independence on 15th August, 1947. Even today, the Govt.(s) are paying thousands of rupees as the pensions to the freedom fighters. British rulers were gone. But only 5% to 10% of Indian rulers dominating the whole country as a monopoly at their wish and will. Un fortunately, most of the people in India do not have freedom to live , freedom to know information, freedom to to express views, freedom to cast the votes. Only few people about 5% of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... about 127 crore of India , dominating the country with their power and black money , because the weakness of poor, illiteracy, honest and sincearity of people and others. Hence the other 95% people must support the Jan Lokpal bill and must do the satyagrahas for the real freedom and make the India as corruption less country. What is black money? Black money is nothing but corrupted money hiding without paying any taxes and duties. Why the people are making the money black? The answer may be ' to not to identify as the corrupted money' due to avoid the Taxes and Duties and to help these in future for their needs etc. Who are having the Black money? Generally, the people having power their associates and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... those who easily accessible to the money. What are the hinders of Block Money ? 1. India can not become as a developed country. 2. Un employment increases due to lack of Industries and infrastrcture fecilities. 3.Cost of living will increase due to heigh inflation. 4.Per capita income decreases. 5.people like farmers and weavers may get suicide due to financial problems. 6. Gov.ments can not release funds for social welfare schemes. 7. Gov.ments try to put so many conditions to release the funds for education. 8. National and International Loans interest burden will continue. 9. If corruption and Block money continues, people can understand that the corruption only the way to earn money. And the next gene ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rations will follow the same. 10. Un social elements may increases. 11. Law and order problems and burdens on courts will increase. 12.And so many others. How toget Black Money information? Black money information may be available from corrupted and black money people, and their P.As, car drivers, ayas, watchmen, security guards,agents, brokers, Freinds and relatives, peronal lawyers, personal doctors, accounts people,Media etc. Inspire the people and Encourage the people to get the information and appreciate them and do not leak out the names and give them prtection. The name 'TRUST' is a mask of service organisations to iniate corruption and build up the Black money. The Gov.ment, immediately either ban all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Trusts or keep under close control of respective appex bodies with reguler audting. Because of Globalization, Liberalization and privatization, poor becoming too poor and rich becoming too rich. Today, the millionaires number increased to 1.53 Lakh in India. Now India is in 12th rank in the world. By the same time the BPL people increased to above 30 percent. Black money only is the major root cause to India to not to develop so fast like US, Japan and China etc.,. Whatever, financial problems are there in India, all these are because of Black money only. Today we are facing lot of financial problems due to lack of sufficient money to make employees salaries, Fee reimbursements, scholarships, to execute social welfare schemes , to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... construct the houses to the poor, to provide food, cloth and water facilities and electricity. To execute the above schemes to some extent, Gov.ments regularly increasing the Petrol prices, diesel prices and kerocin prices etc. and keeping heavy burden on poor people. Day by day the inflation is going upper level. Increasing un employment even in engineers due to lack of industries. Education became so burden to the poor and middle class people. Several farmers,weavers and other poor are getting suicide. Besides to that every one is trying to follow the black money maker and becoming the unsocial elements and creating the problems to the law and order and courts. Hence,there must be an end to the corruption and Black money . This is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right time to the Medhavi people, as humanity bases to think for the growth of poor, innocent and honest people and to stop corruption and to recover black money. Further, every one, mainly middle class, poor, educated, media and honest people etc., irrespective of political parties must support to the Anna Hazare and Jan Lokpal Bill. Now it is stuggle between 'the Honest and the Deceived people'. I am beliving it is not parallel to the gov.ment. It is only a separate wing with the special powers to control and reduce the corruption, recover the Black money and to punish the corrupted people. Atleast there should be some fear to the corrupted people and deceived people. Today there is no fear about the God also. Out of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrupted money, they are performing hitech poojas and droping some amount in Hundies or donating to the Gods and comming back and earning thrice the amount through corruption. By watching T.Vs, Internets and reading news papers, we can know that some people , with in 2 or 3 years they are becoming carode patthies, when the other educated people also working 12 hours a day, still they are in rented rooms and struggling for necessaries for last 30 years .Why? Is it possible to stop the 'corruption' and recover the 'Block money'? Yes. It is so easy to stop the 'corruption' and recover the 'Block money'. 1. First, the corrupted and Block money hoders must leave the selfishness and greedyness. They ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... must respect to the father of the nation Mahatma Gandhi and other national leaders and freedom fighters viz., Javarlal Nehru, Sardhar Vallabh bai Patel, Dr.Ambedkar, Netaji Subhas chandra Bose,Jhansi Lakshmi Bai, Alluri SitaramaRaju, Bhagat Singh for the sacrifice of their lives for the bringing the Independace to the Indian people from British Gov.ment. They must think, Why and how many soliders and how many people were died during the period 1857 to 1947 . They also must mentally prepare that they can not carry anything with their last day. 2. Secondly, high rich people , those who have respect on their national leaders and on their own country, immediately start to return voluntarily the excess money to the gov.men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and that should be treated as the 'National Asset'. 3. It is experienced that no party will be constant for years to geather. Hence the Gov.ment should consider to support to the Jan Lokpal Bill. Further, it should cover all the people who are earning and living in India. Jan Lokpal should consist of all the vigilances, Intelligences, CBI, CID Dep.ments etc., It should be formed as a separate entity. We may call it as a Fifth Estate. 4. Gov.ment has to give 3 months time to the black money holders to give explanation and surrender the black money voluntarily without any force and threatening. And should not impose any penalty and punishment. If the plead, must not disclose the names of Black money holders. 5. Block ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... money hoders and corrupted people , as a humanity bases, surrender voluntarily about 90% of corrupted block money to the central gov.ment. Out of 90% of black money 30% may be recovered by the Income Tax dep.ment.This black money fund should be under close control of all the political members and Lokpal members and Honorable chief justice of supreme court. Black money should be treated as National Asset and must be used it to the Natural resources utilization and development, Human resources development , Establishment of new Industries, Education, Health , Housing, Water, Electricity, Science Technology, Social welfare schemes and also may be used it for pay back country national and international Loans. In this case Black money holder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s should not be imposed any penalty and punishment. If they plead, must not disclose the names of Black money holders. 6. After 3 months, after knowing the Swiss Bank and other bank accounts deposits or bhinami assets, must seize 100% assets or deposits and take necessary actions against corrupted people, as the case may be. 7. Special fast track courts to be formed to speed up the Black money cases. Cases should not take longer period to settle the issues. Swiss Bank accounts and Bhinami assets must be verified for last 10 years. 8 .The name 'TRUST' is a mask of service organisations to iniate corruption and build up the Black money. The Gov.ment, immediately either ban all the Trusts or keep under close control of res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pective appex bodies with reguler audting. 9. If not, 95% of the people of India must choose the alternative, who can assure to support the Jan Lokpal bill and who can able to recover Black money and who can rule the country as corruption less and transparent. 10. Must bring all the foreigners earnings in India in to the Tax net. By the same time all the Indians earnings in foreign, must be Taxed. Our black money is enough to put in to the Investments. 11. Must give Tax holiday for five years to the individual tax payers. Increase Net income slab limit upto ₹ 5.00 lakh. Increase U/S 80c exemption to ₹ 5.00 lakh. Remove conditions on all the capital gains taxes,HRA and all other sections. Remove all catogories like me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n,women and senior citizens and super senior citizens since you are giving maximum exemptions.Remove sur charge and edu.cess. Restore the wealth tax limit for ₹ 50 Lakh. Let the low class people to go upper levels. Simplify the Income tax caluculations. 12. Must take and accept the suggestions from all the public and encourage and involve them to give full support to their own country. 13. Out of about 127 crore population, atleast one ruler takes decision,others will follow and automaticaly jan Lokpal bill 'will be passed and Black money will be recovered. - Reply By Ganeshan Kalyani as = Good suggestions. Dated: 9-1-2017 - Scholarly articles for knowledge sharing authors experts professionals Tax Management I ..... 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