Make use of black money effectively - Fusion - WeRIndia

In a bold move by Prime Minister Narendra Modi imposed sudden ban on high denomination notes in India, many people who have black money found no ways to escape this ban.

Several choice were given to people with black money earlier. They were given the choice to reveal their black money and pay tax without any other issue. Only few people used them and avoided the present problem, but many of them ignored it and did not disclose their unaccountable and black money.

Now, it became mandatory to convert all existing currency through banking. Even though, there is no ceiling limit of depositing amount into bank, there will be keen monitoring on accounts who have deposited more than the taxable income. If the deposited amount does not match with the disclosed amount, then there will be a penalty of 200% of the tax payable on the amount. All jewelry shops are being thoroughly scrutinized.

Even the Benami law has new changes. So, all of these multi-folded the troubles of black money holders.

In this situation, the black money holders can make use of their money effectively in the following ways.

• – There are many orphanages and old age homes in the country that lack financial resources. You can donate the amount anonymously to them.
• – There are many poor patients in the hospitals. They permit ₹500 and ₹1000 till tomorrow, you can pay the bills for all of them. That way, you can save many of the lives and fetch value to your scrap money.
• – Visit slum areas and distribute some money to the poor people. They can exchange this money and live happily for at least some time.
• – Many people visit temples and put the black money in Hundis. This does not help people directly and will not make any difference immediately, but ultimately it reaches the government’s treasury. Many Black money holders prefer this method as they feel it is the most comfortable method.

Image credit: Photo by Ibrahim Rifath on Unsplash (Free for commercial use)

Image Reference: https://unsplash.com/photos/OApHds2yEGQ