Utilizing Black Economy

Good to see another Siddiqui on CHOWK. Welcome!

Ras

Arshad,
Their is a term used in the financial world which describes turning black money into white. Its called money laundering and its a capital offence all over the world. Remember BCCI?

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nikki7777, since India is such a great place, why don`t you move back to your homeland?

Arshad,

Good idea. Wont work.

There had been n number of voluntary disclosure schemes in India in past. Did not solve the problem. If you want to discuss why they failed, it is different discussion. Say so. Problem simply is we, in India, do NOT respect the rule of law.

I have no idea or authority to talk about rest of south asia, unlike Urs who knows everything.

Very ugly question Urs... If I pay taxes what PBUH professes, is he answerable? Where do I find him ??? And if I do not get accountibilty then what?

As usual run away without anwering.

Yogiraj

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No taxation without representation. Paying taxes to fauji illegitimate usurpers of powers is a sin and keeping the money away from them is lesser of two evils. Unless there is a government that abides by the constitution and law of land tax evasion is mandatory.

Re: Article
If you want to bring black money the first thing we have to do is rationalize the tax structure, introduce a credit rating system and tie it to the individual and the company. The incentive to invest in the open economy has to be way higher than the lure of evading taxes.

Ragards,

Faruk

nikki7777,

yes there is corruption in economically developed countries too but you do not have world`s biggest slums in economically developed countries. the citizens of developed nations have basic amenities of life whereas governments of india, pakistan etc have failed to provide basic needs to its citizens. in this light i think that such governments need to look at various options to improve the lot of its citizenry. great that there were 4 million visitors to india last year, maybe additional investments resulting from such schemes will take that number to 40 million.

faredoon_freddy,

you have summarised in a paragraph what i said in approximately 500 words :)

My friend Arshad puts forth a few good points. The utilization of the modus operandi of the average black market financier as an asset, which is to say the methods of generating profit while minimizing costs (overhead or otherwise) and maintaining profit protential during fluctuating market trends, can be and should be considered by the government authorities to inherit remunerative effects on their own financial goal. Mr Arshad brings on the issue of self sustenance, which is essential to the future of any developing nation.. although some might disagree. Would like to read more from you.

My friend Arshad puts forth a few good points. The utilization of the modus operandi of the average black market financier as an asset, which is to say the methods of generating profit while minimizing costs (overhead or otherwise) and maintaining profit protential during fluctuating market trends, can be and should be considered by the government authorities to inherit remunerative effects on their own financial goal. Mr Arshad brings on the issue of self sustenance, which is essential to the future of any developing nation.. although some might disagree. Would like to read more from you.

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