It is an anti-national act for Bharatiya Nagarik to keep money earned in India outside the country in tax havens, denying the deployment of this wealth for Bharat Vikas.
NaMo, punish the looters who have looted the nation since 1947 on a scale larger than the colonial loot.
The banking system has options for Resident Bharatiya to hold foreign currency accounts. Why should KD wale hold illicit wealth in tax havens?
The proof of the pudding is in the eating. Enforce the restitution of illicit wealth reported to Hon'ble SC on Hassan Ali case and in the case of Rajiv Gandhi's wealth held in a Swiss Account (pace Sweizer Illustriete). There are other well-known cases of PEPs (Politically Exposed Persons, a recognized entity under the UN Convention against Corruption) who have used the hawala-benami-PNote routes to stash away illicit wealth abroad.
Restitution of this illicit wealth is PRIORITY No. 1 for Finance Minister -- to be achieved by 15 April 2015. NaMo, announce nationalisation of KD in the proposed followup to the Budget 2015 Finance Bill. The actions of NaMo will be tested in the followup action to ensure restitution of illicit wealth held by PEPs in tax havens.
Swiss Magazine, Schweizer Illustriete “SI 46/1991 - Fluchtgelder - Seiten 40/41,” and “SI 46/1991— flight capital—pages 40/41,”
![famous but still secret for India news media….Rajiv Gandhi’s swiss ...]()
Enough. Kaalaadhan is evil. Eradicate it. The nation will bless you. The poor Bharatam Janam will bless you.
The nation has enough laws, a littany of laws. NO new laws are needed. Just enforce the EXISTING laws and send KD holders to Tihar. KD will come back.
Kalyanaraman
Black money holders will have a last chance to disclose assets: Jayant Sinha
Indians holding black money abroad will be given a last chance to disclose their overseas bank accounts or wealth to the government and avoid a jail term.
Revealing this, Minister of State for Finance Jayant Sinha today said the failure to unveil assets abroad will invite a rigorous jail term of up to seven years, while concealment of income and tax evasion would result in 10-year imprisonment.
These provisions will be part of a Bill that the government plans to bring in the current session of Parliament to check the black money menace.
Dismissing the suggestion that government was proposing an amnesty scheme for black money holders, the Minister in an interview to PTI said: “There is no amnesty scheme. We have said very clearly, we expect everybody, who has any undisclosed wealth, accounts, so on …outside the country should disclose that.
“We have created a window to do that. There is no amnesty at all. You have to disclose, what you have. You have a certain amount of time to disclose that…If they don’t disclose, they will be liable to punishment of various imprisonment up to 7 years.”
Elaborating on the proposed legislation, Jayant Sinha said the concealment of income and tax evasion could result in imprisonment of up to 10 years.
Moreover, as per the provisions, the account holder will have to mandatorily specify the date of opening of foreign account in the return of income.
Besides enacting a new law, the efforts to curb black money include changes in the benami transaction act and restrictions on acceptance of cash beyond Rs 20,000 as advance for real estate transactions.
While unveiling his budget proposals yesterday, Finance Minister Arun Jaitley had said that, “tracking down and bringing back the wealth which legitimately belongs to the country is our abiding commitment to the country.
“Recognising the limitations under the existing legislation, we have taken a considered decision to enact a comprehensive new law on black money to specifically deal with such money stashed away abroad. To this end, I propose to introduce a Bill in the current Session of the Parliament.”
As per the proposal, concealment of income and assets and evasion of tax in relation to foreign assets would be made a non-compoundable offence and would attract a penalty of 300 per cent.
Besides other things, the abettors of offences, whether individuals, entities, banks or financial institutions would also be liable for prosecution and penalty.