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Yay! Finally, India is on its way to bring back the black money

Hey, why you look so confused after reading the heading of this blog? Do you have any doubt that India wouldn’t be able to bring back its black money from tax heaven foreign locations? If by any chance, your answer is in affirmative then I am sorry to say but you are not up to date with the current affairs. I, very humbly, suggest you to start taking some interest in the affairs of the politicians, oops I mean political affairs that are going to impact our nation, as a whole.

So, the good news is that the so-called Jumla (Empty Promise) of Achey Din (Good Days) is finally going to be a reality. Yes, you read it right the Achey Din will soon arrive. Indeed, it’s a celebration time for every Patriotic citizen of Motherland India. Finally, after a lot of brainstorming, the present Indian Government has been able to come up with a plan to bring back the black money that until now was safely stored in tax heaven nations.

You will be surprised to know that our SMART and INTELLIGENT politicians were actually able to solve this monstrous looking problem of black money with just two amendments in two of the Finance Bills, that’s it. In fact, it’s a matter of pride for all of us and we all should actually feel obliged for having such a gem of the political brigade in our country. At the same time, we should be ashamed of ourselves for unnecessarily questioning the integrity and ability of these HONEST politicians.

We always witness politicians from different political parties opposing and fighting with each other on every single issue. Oops! Sorry once again, I forgot to mention the two exceptional matters, wherein these politicians never oppose each other, on the contrary, they always stand united with each other i.e. when it’s the matter of raising their own salary or when it’s the matter of political party funding. Awe! Aren’t these politicians so cooperative when it comes to uniting together for these two common causes, keeping aside their political differences?

Carrying on the same custom, these politicians, who are known for creating so much of hullaballoo on each and every little thing, passed on a very important amendment in the recent Finance Bill, 2018, ‘unsurprisingly’ without any discussion. Quite similar was the fate of amendment brought by the earlier Finance Bill, 2016. Herewith, let me briefly apprise you with the two amendments brought by the Finance Bill 2016 and the Finance Bill 2018 respectively, amending the Foreign Contribution Regulation Act (FCRA), 1976.

In the Finance Act, 2016, the present Indian Government, changed the then existing definition of the ‘Foreign’ company itself by defining it as an ‘Indian’ company, when the percentage of its ownership in a company is well within the Foreign Direct Investment (FDI) limits of that respective sector to which it belongs. In simple words, these foreign companies can henceforth contribute towards the political donation, if it’s well within the FDI limit, irrespective of their shareholding percentage.

Further, in the recent Finance Bill, 2018, an amendment has once again been made in the same FCRA, 1976. Under the section 236, the date 26th September 2010, as inserted by the Finance Act, 2016, is now been substituted with the date 5th August 1976. Now, I am quite sure after reading this, a very valid question must have popped up in your mind that what was the need for once again amending the recently amended section?

Well, the above-mentioned amendment has been brought for the simple reason that none of the foreign political contributions received till date, right from the date of commencement of the FCRA, 1976 i.e. 5th August 1976, could be scrutinized or questioned for its legitimacy. So, in simple terms, whether it’s legitimate or illegitimate funding, everything stands legal, as far as, donation received by the Indian political parties is concerned. Wow, isn’t it the smartest way to bring back the black money?

So, now you very well know that how the Jumla of bringing the black money back into the country is going to turn into a reality. Henceforth, black money could easily be routed into the country via donation to political parties, without being questioned. Let’s congratulate our politicians for this well thought-out, simplest and most secure route of bringing back the black money, without getting involved in any kind of legal complications like bilateral treaties, etcetera.

God Bless.

Stay in touch!

Peyush Jain