Wednesday, 16 November 2016

Future Expected Blueprint and Plan👇

How does the Government plan to remove black money from India ?

Step 1 : Demonetise Rs.500 and Rs.1000. get Rs.1420000 crores out of the market.

Step 2 : Print Rs.2000 and Rs.500 and Rs.100 in the replacement market.

Step 3 : Dismantle the cash economy by not allowing any cash transaction above Rs.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 Rs.50000 per person. 

Step 6 : As the cash economy is destroyed after a few months, the Rs.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 issued 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) and 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.

Other changes:
1. Shift finanial year to Jan Dec to avoid mismatch with global economy and minimise laundering avenues
2. Scrap income tax in phase 1 and have BTT and GST
3. In phase 2, when India is fully banking and fully digital,  scrap all indirect taxes and have only BTT

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