can we put a cap on one family/ one individual of the same family should not own more than two residential properties? In Mumbai particular, individuals with black money can own more than two residential flats and do black marketing of residential flats.This will stop speculation in real estates, which is fuelling the prices. In Navi Mumbai, though the flats are sold out, anyone can see more than 50% flats are unoccupied and more than 10% occupied are on rent. Real estate developers, except Navi Mumbai, take 30-50% of the sale amount in black and the rest they shown on paper .i.e. white. This is huge money considering the no. of transactions and high cost in metros. This money goes to underworld and organised criminal syndicate.It not only escalates the real estates price and adds to infaltion. Is there no solution to this menace?
Law:- To transfer more than 50K, PAN number is required to make the transaction.
hole: Scenario 1:- To deposit a black money of 5 lakhs, 5 lakhs can be given to a small Bank manager who is under pressure to increase the deposit. He then deposits 49K every hour, showing as cash deposit by some X
Scenario 2:- Any body can deposit cash 49K every hour without having PAN
Fix:- Put a cap on Per day transaction limit of 1 lakhs along with 50K single trans limit This will prevent 49K 49K 49K transactions
Govt must issue 20 year bonds without interest the deposit may be in cash.It will reduce the bad effect of black money. It will also control inflation and reduce the misuse of funds to commit crimes.
I recall that when late Chaudhuri Charan Singh when he was our country's Finance Minister for sometime, had once said that almost half of country's black money which is running a parallel economy, can be found in our country's capital city Delhi itself. But it is unfortunate that no Government has so far taken any serious steps to unearth these lakhs of crores of money and put them to proper use to improve health, education, power, and other essential infrastructure projects. With an Honest PM like MMS and a FM like Pranab Babu occupying the highest position in the Government today, can we expect some early stern measures to dig out the black money and give deterrent punishment to people involved in it.
1) Provide rebate on sales taxes if the payment is made through a credit/debit card. Most of the high end electronics dealers give discounts upto 5% if the payment is made in cash.
2) Remove service tax and cess on credit card fees and charges
3)use of platic money would certainly reduce the menace of forges currency.
4) All the governement departments should insist payments by way of IPO, Demand drafts, credit/debit cards for amounts greater that 5000 rupees
5)Last but NOT the least, the plastic transaction would create a trail that would result in lower tax evasion and curtailment of black money and parallel economy.
Sir, Corruption is rampant in all walks of life and we need to smartly control this.At present there is inadequate infrastructure to control this. I recommend a general one time amnesty for people to declare all their black and unrecorded monies.This will bring unrecorded and undeclared monies into the national mainstream.
Sir, Corruption is rampant in all walks of life and we need to smartly control this.At present there is inadequate infrastructure to control this. I recommend a general one time amnesty for people to declare all their black and unrecorded monies.This will bring unrecorded and undeclared monies into the national mainstream.
1. make it mandatory for all Govt and PSU payments above 5000 thru ECS. 2. Re-introduce cash withdrawal tax - atleast 1 % for cash above 1 lac and banks must report 3. Cancell notes of 500 and 1000 denomination. they are not needed by 98% population. Pak counterfiets also will get busted. 4. Unified ID and PAN for every Indian 5. Income above 10L taxable even if it is from agriculture. regards Bhave
1. make it mandatory for all Govt and PSU payments above 5000 thru ECS. 2. Re-introduce cash withdrawal tax - atleast 1 % for cash above 1 lac and banks must report 3. Cancell notes of 500 and 1000 denomination. they are not needed by 98% population. Pak counterfiets also will get busted. 4. Unified ID and PAN for every Indian 5. Income above 10L taxable even if it is from agriculture. regards Bhave
