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Wednesday, October 21, 2009

Timeline for duty free sugar import

India has extended tax-free white sugar imports until December 2010 as the world's biggest consumer of the sweetener faces robust demand and shrinking domestic output.

India's sugar season runs from October to September. The country's sugar output in the year that ended on Sep. 30 fell to 15 million tonnes from 26.4 million, forcing it to import 5 million tonnes and lifting raw sugar futures to the highest in nearly three decades.

Monday, October 19, 2009

Problem of black economy in india

Indian economy has crossed the 1 trillion worth mark and per capita income in india has also crossed the $3000 mark THATS a very good news indeed...but indian economy is actually worth more then the 1.13 trillion worth for sure thanks to the black economy which runs in parallel along with the white economy. that is worth $ 1+ trillion worth, still majority of trading in india is done in grey market which government doesn't come to know about or may be they know it but since many of their money earning sources are part of black economy they try to pretend as they are not aware of it.. what a pity on indian economy.

the growth of black economy in india can be controlled if the currency notes and coins come with an renewal date.. yes i know it may sound a little weird or horrible but it might be very effective, one good effect would be that more black money which currently doesnot circulate in market would come in circulation and the MP's MLA's beaurocrats which are indulged heavily in corrupt practices would be most effective.

The currency note which has met with exppiry date cannot be used until they are renewed by some government authorized agencies which should be independent of government and should be controlled directly by Reserve bank of india (RBI).

The other important plus point about this type of renewal based economy is that the Indian money which is deposited in Swiss banks and is unknown to the indian government would also be required for renewal which would be a major instrument in ending the black economy, we all know that the politicians have huge assets in their swiss bank accounts , renewal based economy would also help in improved circulation of economy in market.

RBI should maintain a database for all such renewal activities and it should further distribute such economy date renewal to state levels and then to district levels with a centralised system, thus we would also come to know about the Indian economy status in individual states. but one thing is sure that indian politicians and major business houses including some of the biggest indian businesses would be against such renewal based economy as their black money based assests would become public when they show them for renewal.

the Idea looked very interesting to me as it would really help in bringing money deposited in swiss banks, in unauthorised bank accounts in india, black money belonging to business houses and belonging to individuals too would be brought in notice of RBI.

I was talking to one of my relative about this type of currency which comes with a renewal date, so thought of posting it on my blog to get to know what the other fellow indians think about it.

So what do you think about such move so that the black economy would end