We need different thinking
We, the whole country, India is in a dare straits. We are in a very big tight corner is just because of the continuous lock down and the aftermath of this is going to be the crucial period of life to every Indian in this country and this can be taken forward only by our strong and courageous Prime Minister Mr Modiji. We are going to envisage a thick economic climate, which would protrude so many factors to tackle and see through the valet of goody things, which would see that the common person is not put into more hardship and pushed to the corner. Our country is a very wealthy with so many poor people below the poverty line and they are the ones who need our attention at once.
Recently I read an article in a Tamil magazine Dinamalar dated 26th April 2020 and was very much impressed about his suggestions and am really wondered why not our country takes some leaves out of his finding. His name is Mr. Prithivi Raja Gopal and Administrative Advisor. He had brought in some hand in solutions and the same is taken in the right earnest we, as Indian can really be proud of about our situation. I have taken some excerpts from his writing.
We understand that our own Indians hae put and invested their black money in Swiss Banks and other vantage areas to an extent of 10 lakh crores over and enjoying the benefit of hoarding their money without any use to themselves or to our country because they do not pay taxes on that. Added to this we have been told we do have Gold bars worth 14 lakh crores have been kept unaccounted in the hands of certain Corporate Individuals. Due to the Corona and the lock down has put in our treasuries got drowning and if this can be put to use, there would be little to suffer. Who will bell the cat, create a sound, and see through this ordeal. If these hoarders of black money and Gold, an amnesty be given to circumvent this tight corner. More so, they are all investing in American bond, which is earning only 2 %, interest for them and that too they all invest for 20 years there. The beauty is that our richest community even invest their black money in Swiss banks just to have security for their assets; they even pay interest on those investments. These healthy assets have to be put into our use and see that our country is coming good on all this tight situations.
There can be certain measure introduced for those hoarders of the black money and gold. They need to be fully exempted and a permanent amnesty to be given to them for lifetime for bringing in this money and gold. They should not be put into any other procedural actions for lifetime from the government. The money that is brought in by them can be invested in any leading bank with the permission of RBI (Reserve Bank of India) we should put interest factors with a least ratings to enable them to show a small punishment. This will attract them and see that they bring in their investments and gold to our country. Their black money can be invested in Indian Bonds for twenty years as a cumulative investment and this is matured only after 20 years. They can be paid interest of 2% every year for this investment. Their yearly interest has to be exempted from the income tax structure. This will attract them to bring in their money possibly in the right way and they are converting their black money into white after twenty years. After this period, the Government can take 20% of their investment and the remaining 80% to be paid to them. Likewise, the people who are holding gold unaccountable can use this method, bring in the gold, deposit with the government for 20 years, get those gold bonds on previously mentioned interest rates, and make their 80% gold in the accountable circles.
You know our Indian Government is importing gold by paying in US dollars, not in Indian currency for 800 tonnes yearly. We have to bring in an ordinance to release big controls on gold and make the people buy and sell gold properly when you take away the unwanted squeezed measures. They can also pay 30% as tax and bring in the balance 70% as accountable and convert the hoarding gold properly.
By these acts all, the black money would be coming back to books. All gold hoarders will like to come back to books without having trouble for themselves and to the government. If this is introduced, we need not beg to any country for their investments in India, we shall be having assured money from our own investors and the tax-structured income also will benefit the government.
This will also improve our Industrial growth and Agricultural investment as these black money hoarders and bigger Corporate are investing considerable in Foreign Industries and Profitable investments, of course, the rate of interest is very low at the foreign countries when compared to Indian rates of interest on investments. In this crisis hour, if the Governmental thinking goes in this direction means we can easily get over this lock down as well, we shall have abundant funds for investments for various modes like agriculture and other areas where our government is willing. When our Industries grow our unemployment problems also be reduced considerably paving way to very many opportunities. If the status grows as emancipated even a day will come, our country need not tax the individual any tax and can be out of the regime. We as government can use this affluent wealth in various sectors like housing to poor and the downtrodden and the banks can charge lesser interest on housing loans for the new applicants and each and every household will share the benefit and make our country most developed and we can be really pride of India and also being an Indian. This is my presumption and I do see the future of India is going to be great and it is definitely not at a distance and very soon, we are all going to have this and enjoy the privileges of this wonderful leadership of our Country, Most enviable Mr.Narendra Modi. Let us take these proposals to him and I do not think he shall ignore and turn a deaf ear to this act.
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