Will GST curb Black Money?
CA.Vinita Gupta (Deputy Manager- Finance) (2918 Points)
24 August 2016Will GST curb Black Money?
Hemen Parekh
(3 Points)
Replied 24 August 2016
1984 was nothing !
Remember , what George Orville predicted in his book , " 1984 " ?
No matter where you go , the BIG BROTHER ( the Establishment ) will be watching you - and will know exactly, what you are doing / saying , through ubiquitous CCTV cameras
This prediction is gradually being realized in a few cities of the World - with still , a long way to go
Times of India ( 18 Aug 2016 ) carries a news report which says that Govt may introduce radio tags , iris scans for prisoners
Acting advocate general ( Maharashtra ) , Rohit Deo told a division bench of High Court :
" The State government is examining the feasibility and legality of fixing RFID chips in the bodies of prisoners to track them by GPS if they are released on parole or furlough "
USA Food and Drugs Administration has approved the use of RFID chips in humans and it is widely practiced in US prisons
Today's Hindustan Times , carries following snippet :
" Scientists have developed a way of communication that may allow brain implants and contact lenses to talk to smart phones
A contact lens for instance, could monitor diabetics' blood sugar level and send notifications when the level drops "
What can you expect next ?
A RFID / GPS enabled permanent tattoo ( temporary ones are already available ! ) , fixed on hand , at birth for each child , to replace :
# Aadhar Number
# PAN Number
# Passport ....etc ?
But of course , such a draconian , privacy-violating , reform is unlikely to be initiated by ANY government or passed as an ACT by any legislature ! There would be a popular revolt and that government will lose next election !
But what is holding up NDA government from discarding old / paper-based currency notes of Rs 500 / 1,000 and replace these with new / plastic-based notes , embedded with RFID micro-sensors ( thinner than human hair ) ?
BENEFITS :
# This REFORM will permanently eliminate CORRUPTION and BLACK MONEY from our society , because each such
note ( and any pre-determined accumulation ) , will continuously announce its GPS location and get tracked !
# This reform does NOT require passing of any Bill in Parliament
# If coupled with a Amnesty Scheme for investment of all existing BLACK MONEY into Infrastructure SPVs (
without any questions being asked or any penal action ) , this innovation can bring into the MAIN STREAM
ECONOMY , Rs 100 Lakh*Crore , within 6 months ! ( Black Economy is 70 % of our GDP of Rs 140 lakh*crore )
# This will dramatically raise GST collection by an amount of Rs 18 lakh*crore ( since Rs 100 lakh*crore
of Black Money will get used legally for buying of either GOODS/ SERVICES, somewhere in the main stream
economy , attracting GST @ 18 % rate )
This windfall will get equally shared by the Centre and the States , and help reduce govt borrowings
For this reason it will become the MOST POPULAR REFORM ever , not only among ordinary citizens but
also among all States , irrespective of which political party they belong to !
By sending emails to NDA ministers , I have been advocating this for last two years and have not given up hope !
I am sure , if introduced , India will show to the entire World Economy , an example of Social Justice / Equity !
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24 Aug 2016
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