Re-launch Kisan Vikas Patra today!

One feature of the Kisan Vikas Patra is that name of holder wil not be published on this. This is easil transferale. There is likelihood of this being used for hiding black money. The Uion minister comented that this would sae peole from going for ponzy schemes. But this is falacious hope. There are already many post oice, Bank, mutual fund,    insurance etc. channels for savins. One extra channel will nt affect Pongy schemes. People are lured for such schemes by high rate of interest and agencts forceful convassing. 

Sir, lets go back to 1988 when Indira Vikas Patra was launched that doubled the amount withinn 60 months with no names needed at all and Kisan Vikas Patra with 66 months with multiple maturity periods.

Today the scheme is for 100 months and you have to mention the name although transferable in other names any number of times. It's better to send the black money to governmental use in place of sending it to Swiss banks.

Sunil ji- Indira Vikas Pata was also used for hiding black money. The KVP is also likely to be used similarly. In fact, it is not an easy task to unearth black money. Transactions in real estate, film industry, bullion are source of generatin black money. I feel that it is more necessary to prevent black money generation currently than that already generated and lying as ide cash or foreign/ Indian banks.   

Sir we can't leave the matter assuming we shall not be able to unearth BM if that is the case then there is no way we can stop generation also.

Sunil Ji. There are waysw to stop generating black money and unearth this. But Kisan Vikas Patra is not a means to curb black money. There are already many alternative investment avenues in bank and Post office. If these cannot help curbing black money, a new instrument also cannot. You need to closely monitor real estate, bullian and film industry to curb black money. I fear that the big business and capitalists holding huge black money and still generating this are influential in almost every political party. They are the people who finance election expenses of the politicians belonging to major political parties.

 We need to provide our PAN card details for all the transactions and now Aadhar too is mandatory for all Fixed deposits and postal deposits which will cut down black money to a great extent which was not the case earlier..

This will ensure black money stays in India and at least not transferred to other locations and in a way it will straighten Indian economy. 

The people who generate black money have other means and avenues to get and make black money. Like Usha said, by providing PAN card no and aadhar no, the chances are thin for black money makers to use this scheme to generate black money.

Pancard or adhar number does not reduce black money.  The transactions in land, real estate or elsewhere having black money content also are supported by pan number and will be suppored in future with adhar number.  Part consideration is in cash which is black money. 

Unless government will not take strict action against state governments, officers, and evaders strict action nothing will change. And we have almost reached to the stage we take firm actions not in BM but in all the irregularities going on. Listen the way Azam Khan answered to a question " the money is provided by Abu salaim, Alquaida and Daud for levishly celebrating Mulayam's Birthday. That is height of lawlessness by a state minister.

 

Azam was  speaking scornfully.  We are a federal state and so center alone cannot deliver results. We have to accept this reality. Center has aso to work within the constitutional limits. state governments are also elected by people and they are entitled to work according to te policy of the party ruling in states. If people feel that the government is not performing, they can change in elections. This is true aout center as well as states. 

yes, the KVP is a very good scheme.  Similarly, the Government of India should give a half percent more on post office recurring deposits. Many do not know that one can operate even a Rs.10./-, rd account in post offices.  Anything that will help the poor has be welcomed and we need to accept this point.  There is no point in taking too much about black money.  For example, agricultural income, which is not taxed, even today, is black money.  But it does help the economy, as it finds its way to buying a huge range of goods and services in the rural areas.

KVP has nothing to do or help black money as it will need all related documents and one witness to open an account . No black money holder will risk keeping his money where he could be traced back and caught.