On Sunday (05/12/2016), a family of four declared under the Income tax Declaration Scheme (IDS) that they have black money worth Rs. 2 lakh crores! This is even bigger than the notorious 2G scam which led to the electoral defeat of the Congress led UPA government in the 2015 elections. Even the 2G scam amounted to only 1.63 lakh crores. The Income Tax department has rejected the disclosure and is probing against the family members to determine the intention behind their claims. Read more on Demonetization Here are a few features of their disclosure:
- The amount disclosed is thrice the entire disclosure amount of Rs. 67,382 crores declared under the IDS so far.
- The disclosed amount is even bigger than the notorious 2G and coal gate scams which amounted to Rs. 1.7 lakh crores and Rs. 1.86 lakh crores respectively.
- This amount does not include Rs. 13,860 crores declaration by Ahmedabad – based Mahesh Kumar Champaklal Shah, who later claimed to deposit on behalf of some bigshots of city.
- The total number of demonetized 500 and Rs. 1000 currency notes amount to Rs. 14 lakh crores. This disclosed amount of Rs. 2 lakh crores accounts for 14% of the 14 lakh crores amount.
- It’s 2% of the value of all the companies listed in the BSE index.
- It’s 45% of the value of India’s most valued conglomerate, Tata Consultancy Services.
The demonetization move was taken by the PM Narendra Modi led BJP government, keeping in mind that all the currency notes in the lakhs of crores of black money what politicians, realtors and big businessmen in India have, are high value denominations like Rs. 500 and Rs. 1000. By demonetizing them, the people who have black money will be forced to deposit their black money in banks to get access to legal currency notes. Steps are also being taken to retrieve black property stashed in India and abroad by means of the EPPB scheme. This disclosure by the family of four demonstrates the effectiveness of the demonetization move. Although we’ll have to wait and watch if their disclosure is genuine or if there are some intentions behind it. Read more on Startup News