Live India News Desk | Written on 5 Apr, 2014 at 20:51 in India |
Live India exposed how national security is compromised by the goverment. Itis related to Balco i,e Bharat aluminium company limited located in Korba,Chattisgarh.
The story talks about a chinese company named SEPCO being awarded a contract for setting up of a power unit inside BALCO, a Navratna company. At BALCO,DRDO’s research and development centre is in operation.They are making aluminium alloys like AA2014 ,AA2219 etc for different kind of missiles.
They are also producing various kinds of aerospace material for ISRO and Vikram Sarabhai space centre.Apart from this missile casing,designing and assembling is also being done here.
Vedanta,a UK based company,being the majority stake holder(51 percent) took the arbitrary decision of giving the contract to a chinese company SEPCO for setting a power unit inside BALCO thus compromising the national security interest.Interestingly SEPCO went a step further by subletting construction work to a company called Gannon Dunkerley.
This company claims to be an Indian company but it has its business interest mostly in Dubai,Abudhabi,Gulf and middle-east. This was done despite govt of India’s instructions that contract should be given to an indian company.The Govt of India remained a silent spectator to Vedanta’s decision.No action was taken.
Prior to entry of the chinese a shocking incident took place at BALCO. Missile proof and design were stolen from BALCO.Adding to that Vedanta,the 51percent stake holder in Balco sold missile assembly line under the pretext of it being oldwith taking due permission or clearance from defence ministry and other security agencies.
A congress MP Dadai dubey wrote a letter to then prime minister and home minister about it.But no action was taken.Now the govt has approved complete disinvestment of BALCO in favour of Vedanta.Finance minister P.chidambaram was non executive director of Vedanta from Nov 2003 till 22nd may,2004 a day before formation of UPA1.
He was given finance portfolio in the UPA govt.Allegation is that he facilitated complete disinvestment of BALCO, a Navratna company in favour of Vedanta.
To Be or not To Be ?
Shakespeare would say , ” That is the question ”
For Federal Reserve Board of Revenue ( Pakistan ) , that question was ,
” What to publish ? And what not to publish ? ”
It seems , in Pakistan , only 1 million people [ out of a population of 140 million ] , pay income tax
Finally , the Board published the names of those 1 million ( running into a 17,000 page directory ) , with the amount of tax paid by each
To give to Pakistan , a loan of $ 6.7 billion ( approx Rs 41* Thousand * Crores ) , the International Monetary Fund ( IMF ) , insisted on such a publication
Now , in India , we have 40 million people who pay personal income tax ( out of a population of approx 1220 million )
Obviously , for India’s Income Tax Department , it would be an impossible task to publish their names in a directory – which could possibly run into 17,000*40 pages !
Then again , India has no need for an IMF loan , what with its Personal Income Tax revenue amounting to , Rs 2.47*Lakh*Crores
And if the incoming government at the Centre , dares to implement my suggestion of INVERSE TAXATION regime , that revenue could go up 100 times !
Simply , ” Inverse ” the tax slabs as follows :
> Up to Rs 2 lakhs………………… NIL
> 2.1 – 5.0 lakhs…………………. 10 %
> 5.1 – 10 lakhs………………….. 8 %
> 10.1 – 20 lakhs…………………. 6 %
> 20.1 – 50 lakhs………………… 5 %
> 50.1 – 100 lakhs………………… 3 %
> Above 100 lakhs…………………. 1 %
What is likely to happen with such ” INVERSE TAXATION ” regime ?
Following few things :
> Total personal tax payer base will go up dramatically from current 4
crores tax-payers
> Total personal tax collection too , will rise dramatically
> with this ” INVERSE TAX REGIME ” , there will be no incentive to evade
taxes and to generate ” BLACK MONEY ”
> There will be no resistance to accept ALL payments by cheque / electronic
clearance !
> The more you disclose as your income , the less you pay by way of taxes
( Of course , incrementally )
> For a change , we will learn to reward honesty / efficiency / productivity !
No need to bribe those Income Tax officers !
> Lakhs of crores of BLACK MONEY , stashed away in bank
lockers / gold / land – and , of course those Swiss bank accounts – will ,
become ” WHITE MONEY ” , overnight !
> There will be a huge surge in bank deposits ( – even with , the inevitable
lower interest rates )
> Banks will be awash with funds to finance businesses / infrastructure
projects etc , encouraging entrepreneurs / self-employed to set up new
businesses ( at 2 % interest rates of loans ) and generate millions of jobs
> There will be a phenomenal rise in Capital Markets
Only questions worth debating are :
> To innovate or not ?
> To think out-of-the-box or not ?
> To feed poor or to teach them how to fish ?
> To enable people to earn more or to subsidize their expenditure ?
> To let people stand on their own legs or continue “Dependency Culture” ?
* hemen parekh ( 18 April 2014 / Mumbai )