Where everyone
talking about that Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 is 50-50 schema, where you can convert your black
money into white by paying 50 percent of the portion to the government.
We are against that
statement because might everyone are ignoring the important condition of the
schema, which is as under
Declarant has to deposit 25%
of the undisclosed income in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
The deposits are interest free and have a lock-in period of four years with
other conditions of non- transferable and tradable.
Now taking the example, where
I have Rs. 100 Black money now I have to deposit Rs.25 out of that is the same
(Bonds)
This blockage of funds leads
to extra cost to declarant and extra benefit to government over to the Tax amount
of 50 percent (Precise 49.90 %)
Let’s say if, I have that Rs. 25 to invest today
Then future value over the four year will be as under
|
Year
|
Future value @10 %
|
Investment Made in starting of the year
|
Cumulative value
|
Income during the year
|
|
1
|
1.10
|
25.00
|
27.50
|
2.50
|
|
2
|
1.10
|
27.50
|
30.00
|
2.50
|
|
3
|
1.10
|
30.00
|
32.50
|
2.50
|
|
4
|
1.10
|
32.50
|
35.00
|
2.50
|
Income during the year which could be earn will no
more possible to the declarant
Now those benefit will be lost in the future so present value of the same benefits is as under
|
Income
|
Present value Factors @ 10 percent
|
Present value
|
|
2.50
|
0.91
|
2.27
|
|
2.50
|
0.83
|
2.07
|
|
2.50
|
0.75
|
1.88
|
|
2.50
|
0.68
|
1.71
|
|
Total
|
7.92
|
|
So the benefit to be lost by the declarant will be the
7.92 on the that Rs 25 deposit
So we can say there is Extra tax/cost of 7.92 percent over
to the 50 percent.
