PM Modi accepted the suggestion of Sambalpur CA Ajaya Agrawal
Bargarh 19th February 2017 (By Siba Prasad Mishra)-On the 8th day of November, 2016, the Honourable PM of India Shri Narendra Modi Ji demonetised the old currency notes of Rs. 500/- & Rs. 1000/- with immediate effect from midnight.After studying the impact of demonetisation & its subsequent consequences, Sambalpur (Khetrajpur) based CA Ajay Agrawal immediately suggested the Honourable Prime Minister of India on 09.11.16 to give one more chance to the hoarders of black money who failed to reap the benefits of the Income Disclosure Scheme, 2016 so that they can come clean by declaring their undisclosed money now and after paying tax & penalty at a specified rate, valid legal currencies can be issued to them in exchange. By this, huge amount of money by way of tax and penalties will be raised by the Government and in this scenario, people will voluntarily come out because there will be no other way left . Otherwise their whole money is going to be simple piece of papers which will be worthless.The erstwhile Income Declaration Scheme, 2016 came into effect from 1st June, 2016 & was opened for a period of four months . It provided an opportunity to persons who had not paid full taxes in the past to come forward and declare their domestic undisclosed income and assets & come clean by paying tax & penalty @ 45% on such undisclosed amount. A tremendous response was received from the public and as per Press Release by the GOI, a whooping amount of Rs. 65,250 /- crores hitherto undeclared incomes in the form of cash and other assets was being declared. It was a voluntary scheme & definitely many hoarders of black money may have not come forward to avail the scheme.On 16.12.2016, Pradhan Mantri Garib Kalyan Yojna was announced by the Honourable PM of India.In an RTI filed with the Prime Minister’s Office, it has been confirmed by the PMO that online petition of CA Ajay Agrawal was given due consideration in framing the scheme. It is clear that the suggestion of CA Ajay Agrawal was duly considered by the Prime Minister of India & in a short span of time, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) was announced to be operational from 17.12.16 till 31.03.2017. This scheme gives an opportunity to persons having undisclosed income in form of cash or deposits in banks or post offices to come clean by declaring such income & pay tax & penalty aggregating 49.9 % of such declared income and make a compulsory deposit of minimum 25% of such declared income & such deposit shall have a lock in period of 4 years. However, such deposit will not fetch any interest.When contacted CA Ajay Agrawal on his views regarding recognition of his suggestion by the PMO in framing the scheme, he said that it was indeed a happy moment to come to know that his suggestion was recognized by the Prime Minister Office and it was duly executed within a short span of time. He further, said that he is very much confident of the success of the scheme which is opened till the end of March, 2017. He congratulated the Honourable PM & his team in taking such a bold step of scrapping old Rs. 500/- & Rs. 1000/- notes & said such an announcement by the GOI is in lines with the objective of the present Government “Swacch Bharat.”When asked about what prompted him to suggest the PM of India, he said that the present Government is common people’s Government. The Government is keen in considering any suggestion which is in the interest of the nation. He said that such scheme was the need of the hour of demonetisation period.Further, when asked about the success of the Demonetisation scheme, he said that it will definitely be a grand success. He illustrated that even when a student appears for an examination, he has to wait for the result for a few months. After all, demonetisation move is an examination of the nation & we need to wait for a few months for the result which is definitely going to be positive & will provide long term benefits to the common person.