Dishonest industrialists, scandalous politicians and corrupt officers have deposited in their illegal personal accounts the huge sum of about US$ 1000 Billion which have been misappropriated by them creating scandals and by corruption. This amount is about 13 times larger than foreign debt. This amount is such a big amount that from it 45 crores of poor people can get Rs. 100000/- each. This huge amount has been collected really from the people of India by exploiting the people of India and by betraying people of India. So really this entire amount belongs to the people of India. So all such property kept in to Foreign Banks must be declared as National property and it should be brought back in India. And for keeping such property in foreign banks illegally, all dishonest industrialists and merchants, scandalous politicians and corrupt officers must be punished.
The function of delcaring such property lying in to foreign banks illegally as the national property can be done in Parliament only by making law. Government will not do this such law until there is heavy pressure on the Government from every corner of the country to make such law because those who have collected such illegal money and kept into foreign banks are themselves sitting in the parliament and in the Government. However, any autocrate Government has to yield to the heavy pressure of public opinion. Once general public can understand the necessity of such law the best opportunity to create heavy pressure on Government is always at the time of elections.
People should declare not to vote for any candidate who does not promise in writing to make such law if elected in the parliament. If atmosphere is created every political party and every candidate of every political party will have to promise to make such law. Once all the candidates committed to make such law are elected in the parliament, such law to bring back all foreign money by delcaring national property will become a reality.
Once such law is enacted and passed by the parliament, all such property kept illegally in foreign banks as personal and private property will become national property. As per the rules of foreign banks, they can not keep national property. They can keep only personal property. As soon as such illegal personal properties are declared as national properties, the foreign banks have no other way except to return it to the Government of India.
Once this huge amount of black illegal money and property comes back to India, entire foreign debt can be repaid immediately in 24 hours only. After paying entire foreign debt, we will have surplus amount almost 12 times larger than the foreign debts. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central Government. So even though all the taxes are totally abolished, then also Central Government will be able to maintain their extravagant expenses and huge wasteges of money as being done since last 50 years.
But we do not want to continue the extravagant expenses and huge wasteges of the Government. We want to stop it. The above argument is just to give the idea how huge amount our dishonest people have looted our country and to what extent they have accumulated the wealth. In fact, due to such a huge malpractice and exploitation, our 45 crores of people are dying of starvation. In fact, all these wealth belongs to such poor people from whom the wealth has gone to dishonest upper class of the society i.e. politicians, bureaucrats, cricketers, film makers etc. So legally and morally, both the ways, this entire wealth belongs to the people of India and so it is a national property. So to get it back from foreign countries, foreign banks strong movement is essential.
The first action to achieve this should be to abolish Income Tax which is the most responsible factor to generate black money. It is estimated that almost 10 Lakh Crores of Rupees are circulating in the economy as black money. For want of enough money and under the excuse of dearth of money, our Government is obtaining loans from foreign countries at heavy interest rates by mortgaging our freedom. The total foreign debt is about 7 Lakh Crores of Rupees and annual interest payment is about 115000 Crores of Rupees which is 43% of total tax revenue of the Central Government. This amount is so much high that Government is not able to make payment from internal resources and just to make the payment of the interest, the Government is seeking the further loan from IMF, World Bank etc. by further mortgaging our sovereignty and our freedom.
When this is the situation, why not to utilise our own black money circulating in the country. This is the most practicable and patriotic idea. So it is quite practicable and patriotic to abolish Income Tax Act and other such taxes which are responsible for generating black money in the country. There will be some reduction in the income of the Government by abolishing Income Tax. But Government should adopt some frugality measures to reduce its extravagant expenditure and should make both ends meet.
The main functions of the Government is to interfere unduly in the life of the people, to harass the people by hook or crook, to supress them and to impose undue restrictions in the freedom of the people. These functions weeken the democracy and break the morale of the people. So real welfare of the country lies in cutting the size of the Government, in reducing the powers of the Government, reducing the no. of officers and staff of the Government and to stop their extravagant expenses. Then people will have more freedom and there will be more democracy in the country. So both ways it will be beneficial to the country.
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