PM's ADDRESS TO THE NATION - TOTAL DISAPPOINTMENT

I was watching the TV just to hear the total number of Black 500/1000 notes were demonetised. But the PM was all talking about the white deposited in the banks. Who will call depositing in the bank or exchanging the old with new as demonetization? What is not come out is the demonetised currency. If our digital technology is efficient, it could have been calculated very easily. RBI should know the total number of old currency in circulation. The banks must know how much is returned. The balance would be the really demonetised notes subject to adjustment later changed through the RBI up to March. This should be the net benefit if any out of this drama. This is what is to be revealed. People depositing or changing money at gun point, making serpentine lines cannot be considered as an achievement.

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GOVERNMENT ADMITTED FAILURE OF CURRENCY DEMONETISATION – NEW SCHEME ANNOUNCED

The new Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 which comes into force from the 17th day of December, 2016 is literally an admission of the Government of its failure on the Currency Demonetisation. The Scheme will be valid till 31st day of March, 2017. Definitely it is an attempt to save those VVIPs who hoard black money even now. How many such Black Money Schemes are yet to come? Definitely many more “ACHE DIN” schemes are yet to come.

(Please refer Chapter 4 of my book “A FRAUD IN THE INDIAN CONSTITUTION”. For details, go to link:- https://www.facebook.com/afraudintheindianconstitution/ ). 

Under the scheme, deposit is to be made in the form of cash or draft or cheque or by electronic transfer and shall be drawn in favour of the authorised bank accepting such deposit.  But there is no mention whether the term “CASH” include the recently demonetised currencies which are accepted by the Banks till 31/12/2016. If it includes, clearly it is a ‘scam scheme’ tailor made for the biggie scam masters to offload their black money without making a queue under the scorching sun as the many ordinary poor people stood in the queue to change their meagre amount demonetised because of these black money masters. Even if “CASH” does not include demonetised currency, still it is a bonanza for the black money masters. They could easily transfer their white money into these accounts and replace it with the declared black money under the scheme. And the general public will become fools as usual – standing in queue below the fiery sun for hours and days.

Main part of the scheme is given below:-

Notification dated the December 16, 2016: 

1.  Short title, commencement and application.— (1) This Scheme may be called the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.      

(2) It shall come into force from the 17th day of December, 2016 and shall be valid till 31st day of March, 2017.  

    (3) This Scheme shall be applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 

2. Eligibility for Deposits.— The deposit under this Scheme shall be made by any person who intends to declare undisclosed income under sub-section (1) of section 199C of the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016. 

3.   Form of the deposits.— (1) The deposits shall be held at the credit of the declarant in Bonds Ledger Account   maintained with Reserve Bank of India.   

 (2) A certificate of holding the deposit shall be issued to declarant in Form I. 

            (3)The Reserve Bank of India shall transfer the deposit received under this Scheme into the designated Reserve Fund in the Public account of the Government of India. 

4.     Subscription and Mode of investment in the Bonds Ledger Account.— (1) The deposits shall be accepted at all the authorised banks notified by Government of India. 

              (2)   The deposits shall be made in multiples of rupees one hundred.  

 (3)  The deposit under sub-section (1) of section 199F by a declarant shall not be less than twenty-five per cent. of the undisclosed income to be declared under sub-section (1) of section 199C of the Act.

 (4) The entire deposit to be made under sub-section (1) of section 199F under this Scheme shall be made, in a single payment, before filing declaration under sub-section (1) of section 199C.

 (5) The deposit shall be made in the form of cash or draft or cheque or by electronic transfer and shall be drawn in favour of the authorised bank accepting such deposit. 

5. Effective date of deposit.— The effective date of opening of the Bonds Ledger Account shall be the date of tender of cash or the date of realisation of draft or cheque or transfer through electronic transfer. ..................................

NEW CORRUPTION BILL BEFORE THE PARLIAMENT

The Government is now creating a new avenue for corruption through the introduction of the new Taxation  Laws  (Second  Amendment)  Bill,  2016  which  has  been passed  by  the  Lok  Sabha  and  is  under  consideration  with  Rajya  Sabha. The  Bill seeks to  enhance  the  applicable tax  rate  under  section  115BBE  of  the  Income-tax  Act,  1961  (the  Act)  from  existing  30% to  60%  plus  surcharge  of  25%  and  cess  thereon.  This tax  rate  under  section  115BBE proposed  to  be  increased  is only  for unexplained  income  as there were reports that  the  tax  evaders are  trying  to  include  their undisclosed  income  in  the  return  of  income  as  business  income  or  income  from  other sources.  The  provisions of  section  115BBE  apply  mainly  in  those  cases where assets  or cash  etc.  are  sought  to  be  declared  as  ‘unexplained  cash  or  asset’  or  where  it  is  hidden as unsubstantiated business income, and the Assessing Officer detects it as such. This is the area where the corruption starts. It is for the assessing officer to detect it. With my experience with the Income Tax Department (REF:- My autobiography "A FRAUD IN THE INDIAN CONSTITUTION" - With full details part II is under preparation), an Income Tax Officer can be very easily be convinced that there is no unexplained income. If he is not convinced there are authorities above him to get him convined. Since due to the shortage of currency, convincing can be done through the unexplained income readily available with the assessee. Then comes the CAG audit to certify that there is no unexplained income and whatever ITO has done is absolutely correct. Then everything is white....white......White....  

So after the bill is passed everything will be white. What is outside India is already WHITE.

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