Moderate success on black money front
The black money disclosure scheme has met with moderate success. Aggregate (कुल/सकल) disclosures amount to Rs 65,250 crore ($10 billion), on which 45% is payable as tax, surcharge and penalty, yielding (उपज) some Rs 30,000 crore ($4.5 billion).
This is three times as much as the revenue garnered (इकट्ठा होना/ संचित होना) from the amnesty scheme of 1997 and in a different class from the scheme offered for undisclosed overseas (विदेशी) assets, which saw declarations of a paltry (तुच्छ, मात्र) Rs 4,000 crore.
However, collections from both the schemes are a sliver of the black money sloshing (इधर उधर घूमना/फिरना) around in the system. The systemic dependence of politics on funding with black money and continuance of real estate as a black money sink discourage true transparency on wealth and income, apart from relatively high tax rates and low tax thresholds.
India’s collections are paltry compared to the collections of amnesty schemes of Indonesia and Argentina. Asset declarations in Indonesia totalled $277 billion in the first three months of a nine-month scheme — authorities estimate Indonesians’ stash abroad at $900 billion. In Argentina, declarations are estimated to touch $80 billion.
In both countries, the tax charged on disclosed incomes is ridiculously low, and there is guarantee of no further penalty. In India, there is no guarantee of protection from further scrutiny (छान-बीन/ समीक्षा) and penal action, and the tax and penalty rates add up to just 31%, if no questions are asked about the source of the money used to pay the tax and penalty on the disclosed income.
In India, unlike in other countries, there is little credibility to the promise of either protection from penalties after coming clean on concealed (गुप्त) incomes or on punitive action on undeclared income once the window for coming clean closes.
The tax administration should make intelligent use of IT and deploy (नियुक्त/तैनात) big-data analytics to assess incomes. Adoption of the goods and services tax and automatic exchange of information among countries will make it tougher for people to hide income, but the need is to curb (नियंत्रण,रोक) the systemic demand for black money. And political funding must become transparent.
Aggregate
A whole formed by combining several separate elements. कुल/सकल
Synonyms: Cumulative, Combined, Total
Example: There are two national forest reserves, with an aggregate area of 1882 sq.
Yielding (Ad)
Giving a product or generating a financial return of a specified amount. उपज
Synonyms: Income, Output, Return
Example: The division of labor applied to science will yield substantial results.
Garnered (V)
Gather or collect (something, especially information or approval). इकट्ठा होना/ संचित होना
Synonyms: Cumulate, Assemble, Save
Example: The church members are trying to garner enough funds to purchase the pastor a new house.
Overseas (Ad)
In or to a foreign country, especially one across the sea. विदेशी
Synonyms: Foreign, Abroad, Away
Example: England’s overseas trade is principally with the Dutch colonies, New York, La Plata and the east and west coasts of Africa.
Paltry (Ad)
(Of an amount) very small or meager. तुच्छ, मात्र
Synonyms: Cheap, Low, Limited
Example: The paltry amount of evidence was not enough to convict the suspected killer.
Sloshing (V)
Move irregularly with a splashing sound. इधर उधर घूमना/फिरना
Synonyms: Spill, Wade
Example: The rain trickled down the back of her neck and she pulled up her hood, sloshing toward the house again.
Scrutiny (N)
Critical observation or examination. छान-बीन/ समीक्षा
Synonyms: Audit, Inquiry, Review
Example: In order to deter counterfeiters from passing fake money, cashiers apply scrutiny to the bills they receive.
Concealed (Ad)
Kept secret; hidden. गुप्त
Synonyms: Buried, Incognito, Covered
Example: Conceal nothing from me, I wish to know absolutely how things are.
Deploy (V)
Bring into effective action. नियुक्त/तैनात
Synonyms: Set Up, Position, Appoint
Example: Do you think we will need to deploy more soldiers in order to win the war?
Curb (N,V)
Meaning : A check or restraint on something. नियंत्रण,रोक
Synonyms: Rim, Restriction, Harness
Example: We've gotta curb the damage as much as possible.
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