काळा पैसा माझे काही तुटके फुटके विचार

Hello friends and professional collegues in furtherance of my yesterday's articles regarding some questions on the scheme of Govt/ RBI, I have received a lot of criticism and curses by some of my respected friends and known contacts.

In fact, I have been asked upon whether I have any full proof/ guaranteed/ alternative plan for curtailing black money and boosting of the economy. I have been working on this throughout last night and derived some rough plan. This plan is not full proof and requires lot of fine tunning and brainstorming is required to make it practicable to meet the objects. All our professional collegues, professionals from other streams, economists, lawyers, administrators,IRS officers has to have work in totality to get the desired outcome

The draft abrupt plan proposed is as under

1) Low value currency notes of Re 1 Rs 5 Rs 10 Rs 20 Rs 50 and Rs 100 should be fully functional. Coins should be discontinued
In addition, only one high value note of say Rs 2000 or Rs 5000 may be introduced in the system (this will ensure only low value transactions in cash and augment electronic fund transfer, cheque payments, payment wallates etc)

2) Apart from pvt App such as Freecharge, PayTM ,Govt App or software or mobile facility to be developed in with options to chose languages such as English, Hindi, Regional language etc ( this will ensure to build a common platform for all)

3) dealing in Rs 2000/ 5000 note to be discouraged by leving processing charges of say 2% on all withdrawals whether by ATM or through bank for total value of these high value denominations. This will be purely revenue of the Govt and bank has to deposit the amount collected to Govt Treasury account which will be Govt income ( this will ensure minimisation of usage of high value notes in the economy and also provide revenue to the Govt)

4) As a corollary, to point number 3, any deposit of high vallue currency notes in banks and ATM should make the Depositor entitled to claim some incentive of say 0.25% of total value of high value currency notes deposited. This amount is to be paid annually to the deposit holder ( this will ensure that these high vallue currency notes are always availible in the system and not withdrawn out of the system. Plus Govt has to pay annually and receive monthly. So it is as good as interest free money for its usage)

5) A regular infrastructure of banking, payment wallates, electricity and basic education to utilise the app etc to be provided. For those who are uneducated special agents pvt/ Govt to be appointed at a nominal fee ( this will ensure that all people are brought into system. Sabka saath sabka vikas)

6) For dealing with black money, an immunity scheme may be introduced by the Govt wherein all the money in Swiss bank account and hawala money etc can be brought into India without any enquiry within the stipulated period by payment of nominal tax of 15 to 20 %. This amount may be allowed to be repatriated or used in Indian market by paying tax. For domestic consumption tax may be levied at 15% upfront and for foreign investment tax may be levied at ,20% of the amount brought in. Before bringing the money the person has to give a declaration supported by indemnity bond about whether the amount will be utilised for domestic consumption or foreign investments in permissible sectors by RBI. The authorised dealer bank has to deduct the tax amount and pay immediately to Govt Treasury. Further switch over of utilisation either way by properly paying adjusting tax. If within stipulated time, the funds are not utilised the purpose mentioned, the immunity provided will be lost and tax of 50% will be levied including earlier tax rate. This additional tax to be paid immediately. A special extension of time over stipulated time may be provided on case to case basis but not exceeding total 18 months in any case. ( this will ensure curtailing of black money to certain extent, add to Govt revenue and will also help to bring unutilsed unaccounted money on main stream )

7) The concept of One person company may be made popular by relaxing some of its conditions on compulsory conversion of OPC to Private Company only if annual turnover exceeds threshold say rs 50 crores the other conditions on reserves, balancesheet total may be relaxed Specific sectors such as construction, jwellers, film and serial makers, certain professionals etc should only operate through the Structure of OPC or LLP or company ( No partnership, AOP, proprietorship will be allowed) tax rate for OPC can be restructured to say 15-20% to encourage and popularise OPC concept. The OPC can be managed by MCA ROC or other stipulated authority just to ensure that the existing Dept of ROC is not overburdened with work. If possible it should be on seperate platform developed by any reputed vendor other than Infosys ( who is developer for mca portal) say TCS , WIPRO to name with ( this will increase Govt revenue by way of taxes from normal slab of 10% for individuals. Offcourse for partnetship firm tax is reduced but it will be compensated more than enough in proprietory business where normal tax slab rate is 10% Also it will control sectors which are exposed for creation of black money)

8) Significant revision in tax slab and/ or tax rate may be considered

Disclaimer: This is my personal opinion expressed in good faith and does not any way degrade, discourage, criticize policies implemented by honourable prime minister and the Govt. I love my country and respect the rules and laws as a honest law abiding citizen does)