TaxTMI 
TaxTMI 
TaxTMI 
How does the Government plan to remove black money from India ?
Step 1 : Demonetise ₹ 500 and ₹ 1000. get ₹ 1420000 crores out of the market.
Step 2 : Print ₹ 2000 and ₹ 500 and ₹ 100 in the replacement market.
Step 3 : Dismantle the cash economy by not allowing any cash transaction above ₹ 10000 without PAN or Aadhar.
Step 4 : All salaries and business expenses required to be made in cheque or RTGS only to claim expenses in Income Tax. All cash transactions to be disallowed.
Step 5 : A Cash Limitation order will be issued that will allow only maximum cash allowance of total ₹ 50000 per person.
Step 6 : As the cash economy is destroyed after a few months, the ₹ 2000 note will be demonetised with a limited notice.
With very limited cash available in the market, the cash economy will be strangled to death.
Step 7 : As some of the cash economy will try to shift to Gold, Gold coins manufacturing and imports will be banned.
Step 8 : A Gold and Precious Jewellery control order will be issued which will allow only 500 gram of Gold per person and a certain value of other jewellery. Relaxation will be given for existing jewellery if declared to authorities as per format. After a certain date, all undeclared Gold and jewellery will be liable to be taken over by the state.
Step 9 : A Property and Asset Declaration order will be issued where all property (Land, Buildings and Flats) and shares will have to be declared to the authorities in a particular format. After a certain date, all undeclared property or shares will be liable to be taken over by the state.
That will complete the removal of black money from India.
