[HumJanenge] Ringa Ringa Roses

The Indi Patriot:

Friday, May 13, 2011

Ringa Ringa Roses

 

The Economic Times today had an article a couple of days ago about how to legitimately bring your black money back to India legally by paying only 15% tax.

In light of my recent articles with regard to Hassan Ali and Tax havens , one of my readers sent it to me and I thought it is worth reproducing.

How do you bring money back legally that too with only 15% tax whereas we Indians pay 33%+ ? Well first of all you cant bring it back straight, if you did questions may be asked as to how and why it was lying in a Swiss or a Grand Cayman Bank in the first place. So a bit of lateral thinking is required.

The first step is to setup a company in a Tax haven like lets say Dubai or Hong Kong where tax is zero OFFICALLY as a subsidiary of the Indian company owned by you. Naturally this company will have an operational bank account in that country.

Now a wire transfer is done from the Swiss or the Grand Cayman Account to the bank account in Dubai / HK. This is then shown as consultancy fees for services to European or Eastern Bloc clients. Being Zero Tax regimes, no strict audits etc are done of any funds flowing in and out.

The Dubai / HK company then sends a part of the money to India as a dividend to its head office. This dividend is taxed at only 15%. The rest is useable OFFICAL white money.

The cherry on the cake, if you want to keep money abroad "for emergencies" all you need to do is send only a part of the money back to India and open a FRESH account in Switzerland / Grand Caymans  for the Dubai / HK Company OFFICALLY, since they are allowed to. 

Then the money left over after transfer to India can be transferred from Dubai / HK to the new account and the old account closed.

Once closed the Swiss rider comes into play where no information can be accessed for old closed accounts.

Voila the money is clean useable and all old tracks are wiped clean.

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Yesterday from the Times of India I came to know that there are no poor people in Mumbai.

This summary fact is based upon an NREGA ( A Ministry of Rural development Initiative)study and was conveyed by the Planning Commission. What the commission recommends is that anyone who spends above Rs. 20/- a day or Rs. 528/- per month should be considered as above Poverty line and ergo receive no social or economic benefits.

This ridiculous figure has been arrived using a national index. Some people may remember my article(beggars can be choosers) where I had spoken about beggars in Mumbai and their shenanigans and how they perhaps made more money than us with no PAN number, no paperwork and all cash. 

One thing though,now that they are declared rich, can the politicians stop protecting the slums which are grabbed claiming that the residents were too poor ?

I'm confused. How can you be rich and poor at the same time ? Obviously in India you can.

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let me introduce myself:

I am an person of Indian origin residing in Mumbai who feels that the time has come to speak up or be silent forever. We all see movies like Rang De Basanti or Lage Raho Munnabhai and after walking out of theatre for the next couple of days the effect hangs like a halo around us. A few days later we go back to our old ways. This is my way of keeping the spirit of India alive. 

 

As they say" 100 mein se 99% beimaan phir be India hai Mahaan"

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My Mission Statement is:

A lot of people have written in asking why do I write these articles?

My answer is simple.

We meet loads of people everyday. When we stand around talking a lot of issues are discussed, what I hope and see happening is that the next time one of the readers starts a conversation on a topic I have written about, at least they will talk about it from a new viewpoint from the rest.

Which is why I talk about all aspects on life in India be it the Ram Setu Bridge or the Elections or maybe even the latest soap on TV.
 

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I have started a blog under the name indipatriot and am sending you this article and the link to the blog http://theindipatriot.blogspot.com where you can read this and other articles. I would also request you to send me articles and other things you would like me to publish on this blog from jokes to spiritual articles all comments are welcome. The email address for sending articles to is theindipatriot@yahoo.co.in  If you feel that this blog is not to your taste and do not wish to receive updates about the same, please send an email to the same address and we shall remove you from the mailing list.

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Disclaimer This article is my personal opinion and is not meant to offend or hurt any person or any body of people. The matter is drawn from public domain and no copyright is knowingly transgressed. If any topic is found to be objectionable by you for any reason whatsoever, please do leave a comment and I will be glad to include a clarification in my followups.