{"id":2976,"date":"2016-07-15T05:12:00","date_gmt":"2016-07-15T05:12:00","guid":{"rendered":"http:\/\/dwarkaparichay.com\/blog\/2016\/07\/sit-report-on-black-money-should-be\/"},"modified":"2018-06-04T15:55:46","modified_gmt":"2018-06-04T15:55:46","slug":"sit-report-on-black-money-should-be","status":"publish","type":"post","link":"https:\/\/dwarkaparichay.com\/blog\/sit-report-on-black-money-should-be\/","title":{"rendered":"SIT report on black money should be implemented with even more steps to curb black money"},"content":{"rendered":"
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\nMADHU AGRAWAL<\/i><\/b>
\n(Guinness Record Holder for letters in Newspapers)<\/b><\/div>\n
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It refers to quite a \u2018liberal\u2019 report presented by Special Investigation Team (SIT) set up by Supreme Court for suggesting ways to curb black money. Limit suggested by SIT for cash-transactions of rupees three lakhs is quite low and should not be more than rupees fifty thousand, now with a wide network of banks throughout the country where even poor-most can open bank-account with zero-balance. Likewise maximum cash-holdings can be further reduced to rupees five or ten lakhs rather than rupees fifteen lakhs as suggested. Permission can be obtained and given liberally for having more cash-holdings in actual need.<\/p>\n

Useless and misused tax-exemptions like including 80G, 80GGB and 80GGC relating to donations for social cause and contributions received-by\/made-to political parties should be abolished. Agricultural income should be taxed where super-rich rather than ordinary farmers take benefit to evade taxes. Import and sale of gold should only be through banks because gold-traders issue multiple numbers of cash-receipts even for bulk sale made to those parking black money in gold.<\/p>\n

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\nTax-laws should be simplified by providing a permanent voluntary-declaration scheme to declare as much income as possible from \u2018undisclosed sources\u2019 on payment of maximum tax-slab of 30-percent. This will catch hold of those purchasing property from unaccounted cash when tax-persons will find \u2018income from undisclosed sources\u2019 in tax-returns of those selling the property. Capital-gain and stamp-duty should be reduced to 10 and 2 percent respectively to make people voluntarily declare true value of transacted property which in turn will give much-much more revenue than at present.<\/p>\n

Sweden should be the role-model for India to become totally cashless country, where presently India is far behind 86-percent deals through cash. Aim should be to ultimately stop printing notes of higher denominations of rupees 500 and 1000. Not only all government-payments, but even salaries and other expenses by private parties above say rupees 5000 should also be compulsorily made through electronic bank-transfers only. System of electronic bank-transfers should also be encouraged and popularised so that small-salaried persons may not have to wait for three days to get cash. Such a system will effectively check corrupt practices as well apart from tax-authorities having an automatic tracking of suspicious bank-transactions if bank-accounts are compulsorily linked to Aadhar-number and Income Tax PAN card.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

MADHU AGRAWAL (Guinness Record Holder for letters in Newspapers) It refers to quite a \u2018liberal\u2019 report presented by Special Investigation Team (SIT) set up by Supreme Court for suggesting ways to curb black money. Limit suggested by SIT for cash-transactions of rupees three lakhs is quite low and should not be more than rupees fifty thousand, now with a wide network of banks throughout the country where even poor-most can open bank-account with zero-balance. Likewise maximum cash-holdings can be further reduced to rupees five or ten lakhs rather than rupees fifteen lakhs as suggested. Permission can be obtained and given <\/p>\n","protected":false},"author":1,"featured_media":22342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1879,67],"class_list":["post-2976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-update","tag-update","tag-views","has_thumb"],"_links":{"self":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/2976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/comments?post=2976"}],"version-history":[{"count":1,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/2976\/revisions"}],"predecessor-version":[{"id":22344,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/posts\/2976\/revisions\/22344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/media\/22342"}],"wp:attachment":[{"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/media?parent=2976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/categories?post=2976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dwarkaparichay.com\/blog\/wp-json\/wp\/v2\/tags?post=2976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}