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Why isn’t Modi bringing back the trillions of black money from the Swiss banks as he promised?

Let us first understand how the myth of Trillion Dollar black money was created in India.One R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bangalore, and a visiting faculty at Manchester Business School delivered a lecture in August 2010 on the topic “Black Money in Indian Economy”. In this lecture he claimed Indian black money worth 1.4 trillion US Dollar (over Rs 70 lakh crore) way over India’s gross domestic product of Rs 43 lakh crore for 2007-08 – was deposited in various foreign tax havens.[1] There were no supporting evidences for his claim, yet it was taken to be true by many Indians and most political parties.The fact is that no one knows for sure the quantity of black money that is deposited in foreign banks by Indians. However the preliminary findings, including those documents given by the Swiss Bankers Association and the Government of Switzerland, reveal that these exaggerated claims are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion or approximately 13,600 Crores.[2] Hence, the black money in Swiss bank has to be much lower than this amount since all the money deposited in foreign banks can’t be black money.It is nearly impossible to find out the exact amount of black money deposited in foreign countries since Indian agencies have no power or access to relevant original documents of those counties . Since you don’t have the reliable data, there is no point speculating over the figure.Narendra Modi Government has, however, done its best to bring back black money deposited in foreign countries to India. These steps include:-Constitution of the Special Investigation Team (SIT) on Black Money under Chairmanship and Vice-Chairmanship of two former Judges of Hon’ble Supreme Court,Enactment of a comprehensive law – ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ to deal specifically with black money stashed abroad,Constitution of Multi-Agency Group (MAG) consisting of officers of Central Board of Direct Taxes (CBDT), Reserve Bank of India (RBI), Enforcement Directorate (ED) and Financial Intelligence Unit (FIU) for investigation of revelations in Panama paper leaks,Proactively engaging with foreign governments with a view to facilitating and enhancing the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Conventions,Proactively furthering global efforts to combat tax evasion/black money, inter alia, by joining the Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEOI) and having information sharing arrangement with USA under its Foreign Account Tax Compliance Act (FATCA),Renegotiation of DTAAs with other countries to bring the Article on Exchange of Information to International Standards and expanding India’s treaty network by signing new DTAAs and TIEAs with many jurisdictions to facilitate the exchange of information and to bring transparency,Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015,Enactment of the Benami Transactions (Prohibition) Amendment Act, 2016 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia, enabling confiscation of Benami property and prosecution of benamidar and the beneficial owner,Initiation of the information technology based ‘Project Insight’ for strengthening the non-intrusive, information driven approach for improving tax compliance, andLaunching of ‘Operation Clean Money’ on 31st January 2017 for collection, collation and analysis of information on cash transactions, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious e-verification of suspect cases and enforcement actions in appropriate cases, which include searches, surveys, enquiries, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.[3]Hence it cannot be denied that all-around sincere efforts have been taken by the Modi government for tackling the black money issue and the results will come in time, not over-night as is being expected by many, since many legal issues involved with it are to be addressed suitably.Footnotes[1] Prof R Vaidyanathan, Estimate Indian Black Money at $1.4 Trillion[2] Indian black money - Wikipedia[3] Steps taken by Government to curb the generation of black money

My landlord asks for all my rent checks for the year at once. Is she allowed to do that?

Generous of those who, along with Alan d'Eon, attribute this weird 'prepay, postdated check maneuver' to landlord 'convenience.' This entire concept and the mere request is suspicious. It's in violation of laws at worst; at best, it's ignorant about legalities, mutual risks and awkwardness—and it is fraught with potential disaster!! Read why, pleeeeeeze…..First, there are 20 solid years of payment processing technologies that make the 'convenience' reasoning unrealistic: auto deductions (EFT/ACH), Zelle, PayPal, bank-to-bank transfers, U.S. Postal Service, UPS Two-Day, FedEx, V/MC debit by third-party at WalMart, 7–11, or carrier pigeon—all are safer, saner and more sensible than landlord lazine…. Oh, my bad… maybe it is pure techno-ignorance rather than too-much-trouble-to-open-mail-itis:/Orrrrr……. Could it be chicanery?!?!?! Aha!!!! Take the money and run? Bank and ID fraud: bleach paper checks and switch dates or payee and abscond…. Orrrr pay off the overdue mortgage with the TENANT's so-called "postdated checks."I smell something too foolish or too crooked to ignore. Look for other RED FLAGS, dear Tenant. Try this:(1) Check the county assessor and see if taxes are paid and who the lawful owner is. Is the property in pre-foreclosure? Headed to auction? In probate?(2) Don't be afraid to ask questions (with discretion) of close neighbors to see if the "Landlord" is known to anyone. Describe the person or get a description if possible.(3) Call immediately to the Community College or University Law Clinics, as well as free legal clinics and pro-bono workshops and ask about LANDLORD-TENANT statutes, ordinances and the responsibilities and rights that govern this all-important area of life.CAVEAT: Low-income renters, students, newcomers to the country/city, undocumented workers, and seniors are often targeted for phoney-landlord theft and ID theft crimes.(4) Let us know what you discover. The state attorney general and the district attorney also may be interested. Hint. Hint.IF it's just a last-century, ol' school, low-tech, overly cautious person with ZERO bad-intent, then tell them to get a licensed PROPERTY MANAGER and sit back, get paid normally, and relax. Taking rent money is not something this unskilled of a landlord is well-equipped to handle! Not at all!Got it? Good:)A Concerned, Cautious QuoranP.S. There are also risks and losses you would be absorbing in case of death of the other party, theft by depositing your checks, illegal check-writing activity prosecution of YOU, violation of banking agreements, overdraft fees, ill-will when it goes horribly wrong, and a year's loss of sleep worrying if any of our Quora 'whoaaaa' warnings would come true!Smart that you asked. If you already wrote checks, mitigate damages by talking to the legal advisory groups in my #3 above and your bank immediately. The law leans on your side if you are proactive.Happy Renting!

Are Melania and Barron moving to Florida?

All the news stories about Melania and Barron “moving to the family residence at Mar-A-Lago” are, at best, wishful thinking and, more likely, just plain lies.Unless you're a Floridian, Florida can be a pretty horrible place to live from Easter through the summer up until Halloween: tropical heat, hurricanes, good bugs & bad bugs, real rich people who recognize a wannabe when they see one.A solid two thirds of the residential population of Palm Beach despises the Trumps. Two-thirds of the population of Palm Beach goes there “for the season”. They are in full Florida vacation mode. They're completely fed up with Trump's constant politicking, rednecks in pick up trucks with giant US flags, and red hatted tourists walking around like they own the place. Trump souvenirs are not allowed in shops.Trump doesn't even own a house in Palm Beach.Legally, the Trump family are mere broke-ass hanger-oners at the Mar-A-Lago guest suites. They're just not Palm Beach material.Why should the Trumps expect tolerance of their coarse, weirdass *paisano* “eccentricities”? Most people who go to a place like Palm Beach go there specifically to get away from people like the Trumps.The “Trump guesthouse” at Mar-A-Lago is 2000 square feet. What kind of “millionaire” lives in a 2000 square foot house? Real American rich people live in six thousand and ten thousand and fourteen thousand square foot beachfront homes.Trump's larcenous former campaign manager Brad Parscale had a 3,000 sq. ft. beachfront Ft. Lauderdale home that cost $3 million.“Digging into the catacombs of local records to build an argument against the dock, a small group of loosely aligned preservationists, disgruntled neighbors and attorneys have unearthed documents that they assert call into question the legality of Trump’s much-publicized decision late last year to change his official domicile from Manhattan to Mar-a-Lago and to register to vote in Florida using the club’s address. According to those documents, and additional materials obtained by The Washington Post, Trump agreed in writing years ago to change the use of the Mar-a-Lago property from a single-family residence to a private club owned by a corporation he controls.“The distinction is significant. The property is taxed as a private club — not as a residence, according to Palm Beach County property appraiser records. Trump’s own attorney assured local officials in Palm Beach before they voted to approve the club in 1993 that he would not live there. Mar-a-Lago’s website says only that Trump maintains “private quarters” **at the club. “It’s one or the other — it’s a club or it’s your home,” Reginald Stambaugh, an attorney who represents a neighbor opposed to Trump’s dock plan, said in a recent interview. “You can’t have it both ways.“If Stambaugh and his client have their way and persuade Palm Beach to stand firm on its long-standing agreement, Trump will be forced to make a choice, he said: Stop operating Mar-a-Lago as a club and make it a single-family home again or change his official domicile to someplace else.’”https://www.washingtonpost.com/lifestyle/style/trump-made-florida-his-official-residence-he-may-have-also-made-a-legal-mess/2020/05/07/17d53fb2-849c-11ea-878a-86477a724bdb_story.htmlTrump has not maintained a residence in Florida long enough (two years) to get any benefit from the Florida bankruptcy laws.Maybe the one credible take away from those stories about Barron and Melania seeking new digs is the basic message of those stories: Melania and Barron are parting ways from the Orange Oaf.

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