ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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VDIS A Fraud on the People

TSK THE VDIS is perhaps the only piece or legislation that parliament in its history has been persuaded (or was it pressurised?) to pass with utter disregard of the principles of equity, propriety and the consequent damage to the moral fabric of our society. The only other case was the legislation that Indira Gandhi undertook to protect her position. At that time it was sycophancy; now it is a sinister collaboration between so- called liberal but self-seeking pseudo intelligentsia and obliging politicians. Coming as it did after a series of disclosures of manipulations of the various schemes of customs and excise concessions in the name of market orientation and globalisation, the syphoning of public monies through stocks and shares frauds, unprecedented corruption not only of bureaucrats and of politi- tians but also the corporate gentry,the motive and purpose should have been clear to everyone, more so to friends in the Left who meekly succumbed to save their seats. The only purpose of the scheme seems to have been to make it safe for those who have plundered this country, especially during the era of permissiveness brought about in the name of liberalisation. To pretend that the scheme was to bring into the regular tax regime some more persons or use the black money for productive purposes is nonsense, Toundestand the full import of the scheme let us examine what normally constitutes black money. This can be divided into many parts; (a) Monies earned by individuals through their own effort only not declared for tax purposes, both state and central, (b) Monies retained by individuals, that legitimately belong to others, including mis- appropriation, irregular self-payments in the corporate sector, monies not accounted to bodies in respect of which they stood in a fiduciary resposibility (including insider trading in companies, monies secreted abroad by way of commission and kickbacks, monies taken out of companies through false vouchers by privileged managers including directors in fact these sources are critical in raising funds for paying bribes), (c) Monies earned through illegal activities such as gambling, drug trafficking, smuggling and sale of spurious goods, (d) Simple cheating and misappropriation take the cases of failed finance companies

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