The scheme unveiled by the Centre to coax those hoarding black money into coming overboard is attractive. The government intends to charge a flat rate of 50 per cent if the money is voluntarily declared and 85 per cent if the person is caught. In addition, of the 50 per cent that is cleared for usage, the client will have to deposit half in a deposit scheme with a lock-in period of four years. The remainder can be spent with no strings attached. The choice before those hoarding black money, and it is believed that six per cent of the total quantum of black money is in the form of cash, is to either burn it all or disclose and save at least half of it. Earlier the government had threatened to levy a 200 per cent penalty which would have made burning a lot more attractive. The present scheme unveiled by the government gives those with black money exceeding the Rs 2.5 lakh mark a choice they can’t refuse. On the other hand, if it succeeds in drawing out the secret cash piles, the government stands to earn by way of income tax. It seems like a win-win situation, but with 30 days still to go until the deadline, those with black money would first want to explore all the alternatives before accepting the government’s offer.
Secular India... let's keep it that way!
Being Indian I am proud that I belong to a secular nation. A democracy that allows me the freedom to choose my religion, my belief without any infringement. In fact vis-Ã -vis the western model of secularism where the word ‘secular’ implies freedom of religion, equal citizenship to each citizen regardless of his or her religion, and the separation of religion and state. In India on the other hand, the state gives equal rights to all individuals regardless of which religion…
