Category: Miscellaneous

15 Mar 2023 15:46

Joined:	10/12/2016
Level:	Diamond
Points:	109190

Points:	5

What is the source of that kind of money?

We are witnessing the ED and CBI raids in our country and in some cases huge amount of money is being unearthed. It is being reported in the range of 200 to 2000 crores and may be more. Most of it is unaccounted. From a common sense calculation no Govt servant or no private company executive or no politician can have that kind of money and properties with him. A rough calculation will tell us that even the people retiring from high posts should have only a few crores (something in the range of 2 to 5 crores depending upon one's saving habits and lifestyle) of money and assets with them.
My surprise is from where this huge amount of money is coming? From where they are earning this? Who is giving them it and in lieu of what? Why a rich person or rich businessman pay them such a high amount and if yes then for what task? Can any member tell the answers to these questions or even guess the sources of this illegal money amassed by these corrupt people?

#770519

15 Mar 2023 19:46

Joined:	02/06/2009
Level:	Diamond
Points:	145553

Points:	5

All this is public money only. We pay income tax. We pay GST. We pay toll tax. We pay professional tax. If you calculate the total taxes we pay to the government it will be somewhere around 30 to 50% of our income. All this money is not being used properly by the governments.
The governments will be undertaking many works in various departments. The cost of these projects will run into thousands of crores of rupees. The cost will be escalated and 30 to 40% of the money shown as the cost of the project will get into the hands of various politicians and bureaucrats only.
An employee who depends only on his salary may not be able to make that much money. But a person who receives kickbacks can make huge money.
This is very unfortunate and there should be a revolution in the country and the government should be held responsible. They should be made answerable to taxpayers in the country. Finacial offenders should be punished very severely and there should not be any route to escape. But that will never happen.

drrao
always confident

#770520

15 Mar 2023 20:12

Joined:	10/12/2016
Level:	Diamond
Points:	109190

Points:	1

Well explained Dr Rao. Now the point is that this money that people have earned wrongly or in illegal ways, they would not keep it in bank and will spend on luxuries or properties by paying in black or travel or give to relatives for future security and so on. So how to catch them is a question. Still some of them are being caught red handed.

Knowledge is power.

#770521

15 Mar 2023 20:22

Joined:	03/12/2016
Level:	Gold
Points:	2307

Points:	4

In our country,unfortunately, some people may accumulate money through illegal means such as corruption, fraud, or other criminal activities. This type of money is often seized by authorities such as the ED and Income Tax Department.

It's important to note that not all money seized by the ED and Income Tax Department is acquired through illegal means. Sometimes, people may not have paid their taxes correctly or may have made mistakes in their financial reporting, leading to their money being seized.

Service to mankind is service to God.

#770524

15 Mar 2023 20:35

Joined:	25/11/2014
Level:	Diamond
Points:	43292

Points:	5

The author has raised a very sensible indicating how an employee in any government department can have so much unaccounted money amounting to crores of rupees. We would be surprised that it is not the case of few executives but such numbers are on the rise.
The government is trying its best to raise money collections through the different sources such as GST, toll taxes, professional taxes, income taxes, surcharge taxes due to their higher incomes etc. However, the money mopped up by way of collections from the different sources go into the different unlawful activities including the satisfaction of number of politicians and other connected officials thus raising the project costs floated by the government.
This system cannot be checked unless there is the consciousness of the sensible public and the government machineries. It appears that no solution is anvil as of now but surely public would rise in the upcoming time to frustrate such attempts.

#770537

16 Mar 2023 00:34

Joined:	14/03/2023
Level:	Gold
Points:	1324

Points:	5

Umesh Sir,

Very valid question. Unimaginable for our senses right? Here is my view!

The discovery of such huge amounts of unaccounted money during ED and CBI raids raises important questions about the sources of this money and the reasons behind its accumulation. It is unlikely that a single individual or entity could amass such wealth through legal means alone. It is possible that this money is coming from illegal activities such as corruption, fraud, or other criminal activities. Rich individuals or businesses may be paying these officials in exchange for favours, such as favourable policy decisions, government contracts, or regulatory exemptions. It is crucial that investigations into such cases are conducted thoroughly and impartially to bring the guilty to justice and prevent such activities from continuing.

Have a great day!

"Unlock the treasure trove of knowledge's delight,
Discover the world with wondrous insight."

#770550

16 Mar 2023 07:06

Joined:	10/12/2016
Level:	Diamond
Points:	109190

Points:	1

Interesting and valuable responses are pouring in.
If a businessman is legally earning but hiding his income and avoiding income tax then he will be penalized by income tax department and will have to pay all the income tax along with the penalty. That is alright. But the main problem is the money that people are earning from bribes or through commissions because of their important and powerful positions.

Knowledge is power.

What is the source of that kind of money?

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