1.I shall ban cash transactions in buildings,showing cash in registrations of land and buildings. 2.I shall put ban of deposite & withdrawl from banks more than 25000/-in a day in one A/c. One person- one bank A/c only, at the max two but both declared in IT. 3.Middle man, commission agents to be registered and can't have any cash transaction. 4.Bank transaction for more than Rs 5 lakh in S/B A/c shall be once only per month. 5.Exchange 500/-&1000/- Rs notes every 3 years. If more than Tax limit deduct Tax at bank of exchange at highest rate with penalty.
If the Govt.and Political leaders are really serious on this matter,they can take some simple steps to do so. There are lot of brilliant people in the Govt.who know what should be done to recover and curb Black money but the the problem is either they are not allowed to make any plan or they are a part of the system which promotes Black money.
If the Govt.and Political leaders are really serious on this matter,they can take some simple steps to do so. There are lot of brilliant people in the Govt.who know what should be done to recover and curb Black money but the the problem is either they are not allowed to make any plan or they are a part of the system which promotes Black money.
Two steps which I feel that the Govt should take which would check the black money circulation are:- 1. Banks should stop giving loans for under construction homes. Banks should give home loans to the consumers only for the constructed property which is absolutely ready to move in.
2. Govt. bodies such as DDA/NOIDA/GDA/ etc should make a plan so that there is a good mix of builder flats and authority flats/plots. Also, the plots/flats allotted by the authorities should not be for speculation. This can be ensured by adding a clause that the buyer can sell the plot/flat only back to the authority and he will get a price based on the WPI Index/CPI Inded. The authority can further sell these flats/plots through proper channel.
We need to do away with 1000 rupee, 500 rupee and 100 rupee notes. We need to Change currency design quite frequently, say every two years. The old design needs to be made obsulate and currency of the old design needs to be made non tenderable, on expiry of the design. Emphasis should be made to make cash transactions above 5000 illegal in all urban areas and when the financial infrastructure improves, it should cover rural areas also. The ultimate goal should be to make all financial transaction either electronic or through financial intruments throughout the country, except small transactions, which is impossible to cover. This will not solve corrpution directly, but increase traceability tremandously. Stached cash will become toilet paper every two years. Even if one receives bribe in cash ( as is usual practise ) he/she may not be able to spend it as people would not like to receive huge cash. All other form of bribe, in goods and services are easily traceable.
I go back to our Prime Minister's statement which states that there will be crack down on assets declared by politicians. I'm sure our honourable FM will agree that the current assets amassed by ruling politicians can't be earned with the salary provided but by the virtue of their position in the govt. I request to ask them to re-declare their assets of family and near and dear so that you can crack down on the black money amassed.
1) Please stop printing 500 and 1000 rupee notes.Make currency of 10,20 and 50 rupees and little bit 100 rupees notes. 2) Make compulsary cashless transactions through plastic cards only and that transactions must be done through bank as media
By these 2 measures,black money will be controlled. But depends how seriously our government thinks about it
Easy. When u buy a flat worth Rs50 lakhs show IT paid of Rs16.50 lakh to the Registrar appointed for registering flats.That is IT be paid at the point of sale only.
you buy a TV set for Rs300000 (HDTV)then pay Rs 99000 and get it registered/recorded in your name.So for every purchase by an individual you get IT.Maybe you can ration the items like 2 TV sets per family, 2 flats per family of 5, etc.
Now what happens to money not used just saved/stashed away.Money saved be recorded in a savings passbook open only at Post offices.this money is free of IT as long as it is savings but when used shd be charged to IT at the rate of 10% upto 5 lakhs,15% upto5-15lakhs and so on.
the money stashed cant be used anywhere as IT has to be paid and moreover, items are rationed.
For the existing items let the govt come out with a declaration scheme on slab rate basis and collect IT.A flat in Malabar Hill may be worth 2 cr, 5 years back charge 33% and if the buyer has income/funds over and above his known sources 50%.
A lot of retired bank officers and Govt officers (60 to 70 yrs) are available and can be easily deployed.
IT to be collected at point of spending.Benami properties or FDs can easily be weeded out by the method of matching known sources of income to purchases.
All transactions to have PAN card and foto details.
Savings must be exempt from IT because that is in formal channels and at 6% interest it is available to Govt for infrastructure develoment.
