Thanks to the education system we’ve been following in India since British Rule that ‘Economics’ & ‘Finance’ – two of the most important topics have become TOO COMPLICATED for a normal human to understand. Now, I’ve began believing that Economics and Finance aren’t complicated topics. I’ve talked about Bringing India’s Black Money Back previously. I had doubts whether there are any ways to bring India’s black money deposited abroad back to India. Following are the answers –
1. Supreme Court Of India Should Declare All Black Money Deposited In India as ‘National Asset’
If the Supreme Court of India declares all of India’s money deposited abroad as ‘National Asset’, then it would be a cakewalk for India to bring all its money back. As long as money deposited in banks abroad is ‘personal’, it can’t be brought back. But as soon as we declare it as ‘national asset’, it can’t remain deposited in foreign banks.
The biggest obstacle in this method is that the case may take decades to come up with a result. Noted lawyer Ram Jethmalani is already representing this case in India’s Supreme Court.
2. Parliament Should Pass A Law To Declare All This Money as ‘National Asset’.
This is one of the faster but a bit difficult way to get our money back. 2 of the parliament members will have to present the bill and then other members will have to vote for it. If Parliament declares black money deposited abroad as India’s National Asset – then we can bring India’s money back.
3. Treaty With United Nations
Various sources estimate that India’s black money has been deposited in over 70 countries including the ‘tax heavens’. If we can form a treaty with UN “Treaty Against Corruption” – then UN will have to act and give us all our black money back.
Question: Where will we keep all this money? (Estimated Rs. 400,00,00,000)
Deposit this money in Reserve Bank Of India. The Government will earn Interest on this money. Where will RBI generate money to pay the Interest to Government? Well, they’ll do what they do anyway – Print it! Free Markets may go to hell! Economics experts will now frown at me for simplifying this and making them feel lesser important.
Question: Would this give rise to Inflation?
What the hell? If Government earns interest at 10%, we WON’T have to pay Income Tax! There won’t be SERVICE TAX. Now imagine the prices of all the goods that you buy ( Petrol, Car, TV, Computer and so on) – they’ll come down to a third! REMEMBER – prices of the goods will COME DOWN, not GO UP!
So next time, in 2014 elections – vote for the people I will tell you to vote for. Don’t use your brain. I wish to see a well developed and happy India in my lifetime.
Listen to Scientist Late. Shri Rajiv Dixit –