Sunday, March 18, 2012

Black Money Heaven

It's funny that black money is not black in color, it can be of any color but obtained illegally or undeclared to authorities, and therefore untaxed. During the BBS discussion on rupee crunch the Governor of Royal Monetary Authority explained why it all happened. The man was straightforward to the extend of declaring everybody as ignorant and irresponsible. Of course, everybody know who's been irresponsible.
What was so disturbing was the figures he shared of our import and export. Going by the record he mentioned Bhutan is a rich country with export far exceeding import, and record he had was our national record, which means import figure is insanely understated. Nu. 25 Million is so much we imported? Later on Twitter I got to know from some learned Bhutanese that we import 9 Billion worth of fuel, forget all the other things. Now it's simple maths to solve and see how much money is unaccounted for. When unaccounted, it is untaxed and that's black money.
For the population of ours, and the economy health, so much black money is outrageously too much, and so far neither authorities made any stringent law to stop black money nor we thought it would impact this big, thus Bhutan was the heaven of Black Money. If every import was declared and taxed we would have never reached here. And now I am worried if there is anybody who knows how to get out of this mess.

1 comment:

  1. As per your article, Bhutan imports 9 Billion worth of fuel alone. I think we can save the big import by going green. Save fuel by walking to office if your office is nearby or take a public transport if travelling to far distance.. In this modern world, going green is one solution. There can be other solutions.

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