Black Money in India
1. (a) Make stringent laws.
(b) There should be community policing.
2. Those who are having accounts abroad must be given life imprisonment without mercy & delay.
3. CCTV cameras 24 hours for all government officials – police/lawyers/judges/doctors/sales tax officers/MLAs/CMs/PM etc.
4. Minimize paper currency and increase electronic money (cards).
5. Strict laws and its strict implementation without distinction between prominent personalities/politicians and ordinary people.
6. (a) Strict law.
(b) To convert all black money as national property.
(c) Penalty – special tax.
7. (a) Postal transactions using e-credits/online transactions.
(b) Stop currency notes of Rs. 500/- & Rs. 1000/-.
8. Scrutinise the admission fees of private schools in Surat.
(a) Reduce stamp duty, capital gains tax.
(b) Make bonds always available for tax free investment at lucrative terms.
10. Politicians are corrupt.
11. (a) Encourage online payments.
(b) Integrate all land/property registrations/property tax payments/I.T. Department records/Banks to assist digging out date and analysis to ascertain avoidance of tax.
12. Bring down corruption.
13. (a) Declare black money as national property.
(b) Detect and stop transfer of black money abroad.
(c) Will require to unearth black money as it mostly belongs to politicians, bureaucrats and businessmen.
14. (a) Declare black money as national money.
(b) Guilty to be sent to jail for life time.
15. Confiscate black money obtained through bribery and corruption.
16. Implement strict rules and laws.
17. (a) Declare black money as India’s property.
(b) Punish the guilty.
18. (b) Penalise the guilty.
(a) Attach properties procured from illegal money in India.
(b) Declare them as assets of the country.
20. Politicians should declare their assets before elections as they are ones who have most black money.
21. (a) Form a special team to unearth black money.
(b) Encourage informers with 10% – 15% of total black money.
(c) Severe punishment to the guilty.
(d) Give a period to declare black money with no penalties on 50:50 basis.
(e) Educate the children in schools about such subjects.
22. Income Tax system has failed.
23. (a) Use CCTV in offices/authorise sting operations.
(b) Punishment to the guilty.
24. Brought back black money to be used in reducing our foreign debt, loans etc. And extra if any, to be utilised for
(a) Investment in education.
(b) Investment in medical care for the poor.
(c) Reduce oil prices.
25. To end corruption throw all Congressmen in jail and confiscate their property.
26. (a) Fines and penalties to be most stringent.
(b) An opportunity may be given to defaulters to bring back black money on 50:50 basis government to collect 50% of the total black money and no penalty/punishment for a certain period.
27. Treat offenders as criminals/terrorists.
28. Black money should be brought back at all cost.
29. (a) Black money to be traced and brought immediately.
(b) Punishment to the guilty.
30. (a) Get back all black money.
(b) Improve our economy.
31. (a) Declare black money as national property.
(b) Harsh punishment to the guilty.
(c) All assets purchased by black money be declared as national property.
32. Bring back black money without any penalty and then implement harsh laws to fight corruption.
33. Expose names of people who have black money.
34. Enact effective laws against black money and corruption.
35. Provide an opportunity one time free of penal action to bring back black money.
36. (a) Create a special department to trace black money.
(b) Grant 1% of black money as bonus to this department (to prevent it from being bribed).
(c) Stringent penal laws to defaulters.
(d) Mandatory jail term of one year.
37. If government acts and brings back black money in short period it will sent a strong message to the people.
38. (a) Strong penal action against defaulters – passport impounded, properties attached.
(b) All to be treated equally under the same applicable law.
39. (a) Create awareness of negative effects of black money to public.
(b) Give an opportunity to declare their black money.
40. (a) Laws to handle corruption.
(b) Govt. servants to be dismissed.
(c) Create a national security number.
41. (a) Black money in foreign banks to be declared as national property.
(b) Pass a bill to bring back black money.
42. Imprisonment for ten years to defaulters.
43. (a) If an Indian has an account in foreign bank and the balance is high – IT Department to be informed.
(b) Strict laws and proceedings to be quick.
(c) Politicians if defaulter – prevent from contesting elections.
(d) Employees – private and government – to be suspended.
44. (a) Simplify procedures and all dealings.
(b) Lower Income Tax rates.
45. To cut short long drawn battle to bring back black money:
(a) Tax exemption schemes for money brought back.
(b) Some changes in FEMA act and rules.
46. (a) Declare black money as national property.
(b) Imprisonment for defaulters.
47. (a) People dealing with black money issue to be honest, they should not cover up their black money.
(b) Update the people of the developments.
48. Reduce stamp duty on house/flat registration.
49. (a) People should disclose black money.
(b) Black money should be taxed heavily.
50. Transactions relating to sale/purchase of real estate’s should be monitored more closely and publication of guidance value/cost relating to real estate’s on a weekly basis to a certain registration charges like in USA.
51. (a) Declare black money as national asset and confiscate it immediately.
(b) Offenders to be brought to book.
52. (a) A stringent law and jail term for 10-20 years if committing such crime.
(b) Separate speedy courts for such cases.
53. Stringent action against defaulters.
54. (a) Declare black money as national asset through ordinance/law.
(b) Constitute an independent monitoring agency to monitor and clean up the corrupt law enforcing agencies.
(c) Punishment for offenders to act as deterrent.
(d) Law enforcing agencies to be tech savvy and transparency required.
55. (a) Include PM under Lokpal bill.
(b) Ceiling/limit of wealth of politicians and all those related to them.
(c) Limit the years to 10 years a person can be PM/CM.
56. (a) Black money to be declared national asset.
(b) 5 – 25 year’s rigorous jail without parole.
(c) All amounts to be recovered.
(d) Law makers all tainted – trying to save themselves.
57. The Government should act without fear of people involved and make public their names.
58. (a) To have an international law which would require permission of the country’s government for deposit in foreign banks.
(b) To spend the retrieved black money on infrastructure.
59. (a) First assets of all politicians and government servants to declare if they and their families have Swiss accounts.
(b) Black money to be deposited with Finance Ministry as 100% tax.
(c) Minimum 10 years imprisonment.
60. Remove corruption black money will disappear.
(a) Increase the work force of IT Department and conduct more raids.
(b) Strict punishment.
62. Remedy is Lokpal bill.
63. (a) Bring back black money and use it for welfare of public.
(b) Strict action against defaulters/life imprisonment.
64. (a) Bring back black money and put it to right use.
(b) Act swiftly.
(c) Stringent punishment for defaulters.
65. (a) A law to punish who takes bribe and not giver.
(b) recover expenses related to recovery from defaulters.
(c) Opportunity to defaulter to convert black money to white money.
66. Retrieved black money to be used to benefit farmers.
67. Remove Rs.500/- & Rs.1000/- notes.
68. (a) Annual foreign currency accounts to be filed directly with Finance Ministry.
(b) Indian currency to be made fully convertible.
(c) A list of black money earners should be released periodically with action taken reports.
69. (a) Threaten defaulters to sue them.
(b) Create an economic wing in the RAW and have an officer attached at each embassy to track money inflows and outflows.
70. Defaulters to be declared anti-national and publicly hang them to death.
71. (a) Reduce tax rates and tax spending instead of income.
(b) President of India – powers to be given to lead the mission of bringing black money back.
(c) Implement voluntary disclosure schemes.
(d) Educate the young ones on the evils of corruption.
72. (a) All transactions above Rs. 50,000/- through bank only.
(b) De-notify the Rs.500/- & Rs.1000/- currency notes.
(c) Give discounts on online and bank transactions initially for encouragement.
Source MEASURES TO TACKLE BLACK MONEY IN INDIA AND ABROAD – REPORT OF THE COMMITTEE HEADED BY CHAIRMAN, CBDT
Also Read SIT on Black money