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Created by : Ravali , Sub Editor/Reporter, Creative Advertising  | 05 09 2011 06:57:22 +0000
Industry : Radio, TV & FilmsFunctional Area : India(Markets)
Activity:  1772 views;  last activity : 02 04 2012 19:55:28 +0000

We all know that lot of black money is lying out therein Swiss Banks.. Now our government is on new move. This is what they have said : "Bring black money from the Swiss bank accounts and legitimise by paying 15% tax".. Is this fair, is this the right way to bring back the money?

http://stbjp.msn.com/i/BD/D29096EA7DC266B89C1110FC986EC0.jpg

 
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At least money will come back Vs Totally unfair
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This reminds me of the incident(in toostep) quoted by somebody who has lost the motor cycle found in a police station while going to complain & presumably , intimated that the individual paid rupees 10,000/ to the constable to recover it. Instead of loosing the whole money on the motor cycle, he was ready to pay Rs 10,000/.

Similar situation I see here. Something is better than nothing. This has not happened only in Congress ruling govt.but, since India's independence. This reflects the liberty that we enjoy during this regime. Earlier we had no such occasion to reveal it.

By giving this concession, govt machinery may hope to recover at-least some part of the loot. It may ease the process in the future in new dimension.


By KALIYAMOORTHY , Oil & Gas Area Coordinator, Undisclosed  05 11 2011 15:26:58 +0000
 
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This is a delightful news for the Swiss bank account holders and not for the common man.. Hoe can it be a  good news if the black moeny an be converted into white just by paying some tax!!


By Ravali , Sub Editor/Reporter, Creative Advertising  05 09 2011 06:57:22 +0000
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saale tum logon ko kya kissi ko koi haq nahin hai politicians ko gaali de ,tumhara kya hai pehle puri jawani paisse kamane mein challa jaata hai uske baad retirement ke baad 1/2 acres kaa jagah country side par ,uske saath eek chai ki chuskiyaa lete huye DARLING iis desh kaa kuch nahin ho saakta corruption ne le duba .Itni dard uthti hai toh maidan mein aao nahin pathti hai kyuin?


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:31:43 +0000
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HEY MORON U WANT SOME SO THAT U CAN ENJOY SOME WHAT SAY ????????????? STOP BEHAVING LIKE MOTHER FUCKERS


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:27:26 +0000
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u go to jail asshole


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:24:45 +0000
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Jo nahin kar sakta wahin badi badi batein karta hai

 


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:20:48 +0000
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SHUT UP U MORON


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:18:44 +0000
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If you give In Our Nation So I need in every"gentleman" make the Anna" means No Marraige Do for the Nation coz .When I say We are Indian Jai Hind
By DEEPAK MITTAL, GENERAL MANGAR,  | 08 30 2011 10:47:42 +0000
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I Cross the Ravali Answer In the Past We See so Razia Sultan Is Also a Brave Empire.
By DEEPAK MITTAL, GENERAL MANGAR,  | 08 30 2011 10:36:01 +0000
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first money should come back
By Manmath Patil, Marketing executive  | 05 27 2011 10:04:42 +0000
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I think it is very fair, considering the fact that doing business in India is not a fair game as some believe. If developed nations have 4 of 5 different types of 'stake holders', in India it runs up to 1000s. To satisfy all of them may be easy only through such tactics of siphoning off part of your income to foreign banks where you can park it and use for better investments. The best option for government is to create an environment where 'scientific business practices' can be achieved. Until then these sorts of methods will keep occuring which many not be scientific. The problem with our economy is that we don't have a 'structure' on which the economy is built up which the citizen and also businessmen can depend on to live and run their business. Purely on dynamic events one cannot invests ones wealth which tantamount speculation and sure loss of capital. So one try to legitimise ones method which can reduce the risks of default which turns our to be parking income in foreign banks.
By Mathew Cherian, Research Associate/Analyst, Western Michigan University  | 05 14 2011 18:16:36 +0000
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How it would be unfair Ms.Ravali? Don't you think it would be a good move to convert the black money into white? by paying 15 percent is very low but it should be 30 percent on the unaccounted black money generation through cheating our government.In case the money deposited in the Swiss Bank account or elsewhere come back to India, it could be circulated here for useful purposes and now the black money is unused out side India. The black money holder need not be punished but they should be charged with 30 percent as income tax on the total black money kept outside. There is no other way to bring back the money without any penalization.

Thanks for the referral Ms.Ravali.


By NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd  | 05 14 2011 16:00:37 +0000
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I want to support this side, as we may get lot of money for strengthening our economy. & 15 % tax is huge amount & it also helps to know the names of the culprits. & here after we can watch their every transaction of their accounts. Thanks for referral, Ravali.
By SHRIKANT MANOHAR DANKE, Project Manager, Phadnis Infrastructur Ltd  | 05 12 2011 12:45:35 +0000
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I do not support much on this because no country never accepts others interference in their administrative jobs. First let the name are to be publicized and announce tax free income. Then issue Government Bonds (Secured) at higher rate of interest on long term not to be withdrawn condition. The Amounts received should be spent on Projects and construction of dams.
By v s sastry _ akella, Head/VP/GM-Marketing, jayakumari ice and cold storage p ltd.,  | 05 10 2011 15:51:39 +0000
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It is not hard earned money, it is the loan that has been taken by various state governments for various projects wherein the projects ddnt come up at all or stopped half way hindering the general public. This is a decoity done on public by the collision of politicians with capitalists. This is how the huge sum blocked in swiss bank. If it is brought to India, the owners properties should be seized and put them behind the bar without any enquiry
By V.Chandramouli , Admin/Facilities Manager, Saimira Associates  | 05 10 2011 12:43:22 +0000
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Definitely,it will be a fair step for economic growth and prospects...But, Ravali, do you think, Swiss authorities would allow such a transfer?We should get hold on earlier withdrawal scandals of Swiss Bank.
By Prashant Dilip Parakh, B.Com, LLB, PGDM (Finance)  | 05 10 2011 08:36:41 +0000
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@Ravali 15% is better, EU had a deal with tax heavens that you keep 7.5% and gives the country (where tax fraud has been done) 7.5%. Something is better than nothing.


By Sarabjeet Singh Johar, BMS student, Mumbai University  | 05 10 2011 04:32:40 +0000
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Earlier Governments were giving an amnesty to these people. The present Government is atleast collecting 15% tax. Let the money come back first.

Then we should plug all the loopholes which help them to generate the black money. When controls are tightened, the black money wil be reduced and these schemes will not be necessary.

We should use the tax so collected to develop our infrastructure and education sectors. 

Imagine 15% of 1,76,000 crore.  This is huge and will go a long way in augmenting the budget.  Also the total money recovered will wipe out our external debt and strengthen our currency.  India will be a stronger country.


By Raju V P, Senior Manager, an International Bank  | 05 09 2011 08:19:07 +0000
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One way it looks more diplomatic ..but definitely not an excuse to do so in future. It might harm their image in general and such information will be misused by the media. But again people or the law might forgive their action since they displayed some consideration in returned the black money.
By Basil Cheriyamadathil, IT Specialist ( System Testing ), Genting Malaysia Berhad  | 05 09 2011 08:07:49 +0000
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Get Back ASAP
By Sanjay Yadav, Print & TV Production, Nac Advertising India Pvt Ltd  | 05 09 2011 07:26:43 +0000
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This would be like saying if u did not loot till date u r looser and one who looted the most is winner. That money should be bought back and entirely put in use for national issues grass root level up-liftment under SC monitoring.
By SUMEET DIKSHIT, Real Estate Transactions & Advisory, Real Estate  | 02 04 2012 19:55:28 +0000
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It is totally unfair. It is not going to bring back those money rather it is showing that our govt in unable to bring back that money. It will promote money laundering. Those who have got their black money stashed in swiss banks will get a new way to escape. If it is applied then in future more such cases will come into light and this crime will increase. Those involved in this case should be adaquately punished for their wrongdoing. If government is unable to do so then they have no right to hold the office. We don`t elect them to reward criminals. They are our representative and if certain power is given to them by our constitution then it is one of their duty to take those swindlers behind the ber or they should leave the office.
By Saquib Alam, B.A (sociology), BRA Bihar university  | 01 30 2012 07:14:00 +0000
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chup kar be kutte


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:22:36 +0000
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I AGREE


By Biswajit Senapati, 12th student, Kendriya Vidyalaya No.1, Bhubaneswar  | 01 30 2012 06:18:10 +0000
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ya offcourse ravali


By puneet , Manager Admin  | 05 16 2011 10:51:30 +0000
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U mean legitimating the financial crime and making it as the reference or law of land for the future, for future defaulters and unlawful money holders/depositors is it? there are no possible ways to make it legal unless there is the willful or volunteer participation of the defaulter to bring the deposits back or else the government make it a separate financial bill or one time law to transfer and legitimate the deposits, as it is correctly said by Ravali, it can not be just converted by paying 15% and one can post in cash reserve? no it is totally unfair and unlawful? good content, thanx for refrl.


By Dr. S.Pruthviraja pande, Visiting Professor, Bangalore/Ravenshaw University  | 05 15 2011 06:53:50 +0000
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It should read as bring back the black money or face 15 years in Jail. You will automatically see all the money coming back ! In worst case scenario, at least court fees will increase with which new high courts can be opened in 'b' class towns. The court fee should be a special one for these type of cases which should be 50% of the estimated wealth stashed abroad !
By Jaygopal Raghavan, Marketing Manager, Landmark Group  | 05 14 2011 16:40:05 +0000
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This will provide an oppertunity to them converblack money to white
By subitha s, MBA/PGDM student, c ms college kottayam  | 05 11 2011 09:00:50 +0000
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I like the answer Ranjeet has given. true, it will be unfair. Public money should be brought back in full & to be utilized on related developmenet causes.
By Dr.Zubair Irshad, Project Management/ Construction management professional  | 05 11 2011 04:18:33 +0000
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Extending this argument to You (Ravali) what I conclude is that if somebody robs you of your money ,you will accept 15% of the money robbed and set the robber free with thanks .Am I right ? I aspect the answer yes.
By Ranjeet Kumar, Mech. Engg,Kurukshetra University  | 05 10 2011 17:11:28 +0000
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Ravali the attitude of government is what ever we get will add to our kitty and the money will be in circulation may even result in higher GDP.

Some thing is better than nothing. It is sheer poor governance.


By Rathin Deb, Advisor and retail consultant, currently as Branch Manager, Tower Infotech Ltd  | 05 10 2011 05:35:43 +0000
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True Ravali, some thing is better than nothing.


By PRITHVI RAJ DUBEY, Managing Director, RAJ ENGINEERING INDUSTRIES PVT LTD  | 05 10 2011 03:21:18 +0000
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It is nothing but legitimising black money(IN RBI PARLANCE MONEY LAUNDERING) so scrap AML Act first.  One cannot expect nothing more from this Government, the party in power has done such things in the past will continue to do so as long as it continues in power.


By kanukurthy sudershanrao, Operations Manager, Andhra Bank  | 05 09 2011 16:22:54 +0000
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we want 100% back + send behind bars those who deposited money
By Er.LASTMAN OF INDIA, president  | 05 09 2011 12:13:07 +0000
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JUST A SIMPLE LATIN MAXIM ,  " FALSE IN UNO, FALSE IN OMNIBUS"  which means that once anything is false, the same is false always.    WHEN THE ORIGIN IS UNLAWFUL, SUCH ILLEGALITY CANNOT BE CURED SO AS TO MAKE THE END PRODUCT LAWFUL.  The fact that the same is unlawful remains and cannot be cured by any number of steps taken to remove such illegality. Even if the transactions in between are lawful and even the end product is lawful,the same cannot be  lawful because the origin is unlawful. 

HENCE RAVALI STANDS SUPPORTED


By Amarendra Gogoi, Law, Law  | 05 09 2011 09:53:47 +0000
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I agree with Mr. Murthy and Ravali because this is totally unfair for the Common man.
By Gopal Paliwal, SEO Executive, eLuminous Technologies  | 05 09 2011 08:38:28 +0000
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Mr.X deals in smuglling of arms and drugs and stash away the money in swiss banks. The punishment is only 15% of the earnings ???? Is this justice... Not acceptable to me, for that matter to any Indian !!


By Suryanarayan Murthy, Free lancer  | 05 09 2011 08:29:55 +0000
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Bringing back swiss account money and paying tax is ok provided the money is to be confiscated by government to be used for public works and the person only get pardon from prosecution and not send to jail ..


By Vidhu Dar, CEO/MD/Director, Shiva's Retreat  | 05 09 2011 08:17:45 +0000
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Ill-gotten wealth should be attached to the Government 100%. Mostly, the amount that got stashed away are received by way of consideration /help rendered by the competent authority (both with the help of politicians and bureaucrats) for mega projects, etc. Only legitimate transactions should be allowed after paying relevant taxes.
By S. Muralidharan, Executive Director, Knowledge Foundation & Campus Around the Corner  | 05 09 2011 08:09:59 +0000
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instead of allowing to enjoy 15% tax deduction Govt may better encourage those offenders to start a new industry in India in the name of PRIVATE PUBLIC PARTICIPATION. BY DOING IT WILL NOT ONLY ENHANCE EMPLOYMENT / PRODUCTIVITY BUT THE OVERALL GROWTH IS ENSURED.
By sudhakar , BUSINESS CONSULTANT  | 05 09 2011 07:44:56 +0000
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Its crystal clear that its the party money thats lying in Swiss and they want to save their ass by legitimizing the same. Evading tax, taking bribe and kickbacks, stashing unaccounted money... everything is a criminal offence that has to be punishable by law with jail term. Now the govt is in a dilemma. they cant bring the money without declaring the names, they cant declare the names and sit quiet without taking action against them, and the best part is they will be prosecuting themselves :). The only way out for them is to just make a new law to legitimize and pay a meager fine of 15% tax (an eyewash to the nation) and enjoy the remaining 85% public money. Dirty people with dirty and filthy thinking only can come up with such ideas. Bloody corrupt politicians. Just imagine if all that money comes back, none of us have to pay IT at such exorbitant rate, Homeless people get a decent home to live in, ready funds for infrastructure development... what not can happen. But seems like this is all a dream and nothing will happen.
By Deep , Key Account Manager, Advertising  | 05 09 2011 07:43:08 +0000
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This will set a very bad precedent and will be mis-utilized in future high and mighty.
By Vinay Srivastava, Head/VP/GM- Purchase/Material Mgmt, Future Supplychain Solutions Limited  | 05 09 2011 07:34:14 +0000
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we cannot sanctify the black money by pouring Ganga Jal (15%) Tax, this is tantamount to indirect encouragement for hoarding black money permanently. We should punish the wrong doer deftly.
By seshadri ramabadran iyengar, Marketing Manager, forever living USA  | 05 09 2011 07:16:39 +0000
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