While we are focused of black money in foreign banks , experts claim that most black money are parked in our country itself!!!!!!!!!…The volume is huge. Cobra Post brought out one of parking place or rather mode of making black money into white.
In sting operation we saw producers like vashu bhagnani,Anees Bazmee,shailesh singh where caught on camera discussing means to make black money , white.vashu bhagnani shared with under cover journalist that if they invest 10 crore , paper work would be of 2 crores while 8 crores would be in cash. Vasu claimed that then he would be giving distribution rights for 9 crores while paper work would be of 3 crores.
Anees Bazmee shared unqiue idea and that was investing black money in movie , then selling it to corporate and getting money of sale by cheque . By this way getting black money converted into white.
Bollywood seemed defensive and claimed that most movies are being financed by corporate and there are black sheeps in every business ,Industry. This point is valid and it is not just bollywood where black money is parked or invested or used to convert into white.
Kabhogameraghar.org claims that every year 1 lakh crore is generated as black money in real estate and since all biggies like politicians,ias,ips,industrialist ,media all invest in real estate , no one is interested in disturbing status quo.
One other avenue which kiran bedi mentioned is self employed who deal in cash and hardly report in their IT returns…
One of alleged parking place is NGO too..so the list seems to be growing…
We do need to pressurize government to bring black money parked in foreign banks back but at same time we do need to work on solution to work on black money parked in India itself. Its huge volume and much more than what we can think of.
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How is money laundered? It’s difficult for undeclared profit to enter the “white,” or legal, economy. But there are ways of doing that. It’s no big surprise that the report identifies the jewelry industry and real estate as two sectors where plenty of black money is stashed away.
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New Delhi, May 28 (IANS) Under pressure from the Supreme Court on unearthing black money stashed abroad, the government Saturday said it has formed a committee chaired by the Central Board of Direct Taxes chief to suggest ways of strengthening anti-money laundering laws and recovering black money parked in overseas banks.
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A white paper on eradicating world poverty with one single policy change. I presents a integrated view on black money in real estate, unemployment, poverty, government deficit, corruption and financial markets and a possible solution through a single policy change.
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