Converting black money to white
With the sudden governmental actions taken to curb black money circulation, many big shots of the country are facing the pressures of converting all illegally acquired wealth to white cash. Before proceeding further, it is important to understand what exactly black money is. Black money in the Indian economy refers to the money that is earned in the black market, that is, the money on which the individual does not pay taxes to the government. This is illegal and punishable under the law. This is perhaps why the black money recipients tend to hide such facts and spend this money in cash instead of other forms of banking transactions.
Though absolutely not advisable, there are certain loopholes in our economic system that makes it possible for black money to be converted to white money. These are perhaps the opportunities that black money recipients might use currently in order to overcome the government regulations against illegal money. Some commonly used practices include,
With excess money to be converted from black to white in hand, most people would prefer donating lavishly to orphanages, old age homes and other charitable organizations. The amount is generally paid in cash form, without any receipt requirement. Some organizations may also take direct deposits to their organizations account as well. This helps the person clear off black money as well earn praises from society for helping the needy.
Give it to the needy
This is perhaps the easiest way to get rid of black money. Passing on some money to someone in need or someone who is financially not sound enough can help the person live a better life and the donating person some peace of mind.
Invest in expensive valuable
With lots of hard cash in hand, it is common for people to buy high value goods to convert the black money to white. This may include buying a new property, land or flat, a new car or any other expensive good. The buyer generally requests for a back dated bill from the seller to cover up the ploy.
Set up a new start up
This is the best time to give wings to new ideas in the form of new business ventures. Setting a new company requires ample investments. This allows black money to be utilized fruitfully and also establish a start up company to avoid the eyes of the tax department.
Loan out to others on low interest rates
Another easy way to convert black money to white is passing on some amount as a loan to others while charging a really low interest rate of may be 1-2 %. This offer is lucrative enough for others to take up the loan and a way out for black money recipients during this period of crisis.
Invest into various sectors of finance
One can easily invest large amounts on various sectors of finance. They can buy new insurance policies of higher values and invest in mutual funds. This investment makes it possible for black money to be utilized profitably.
Businessmen can pass on large amounts of black money in the form of advance salary payments to employees. Appraisals and bonus paid to employees keep the staff happy and satisfied while the employer can get away without paying taxes on large illegally acquired cash.
Cough up taxes
The recipient can pay up taxes on some portions of the acquired black money in order to avoid the eyes of the Income Tax department in terms of the rest of the money, which can be an atrocious amount for the government officials.
Fill up on fuel
With fuel stations taking old notes and cars always requiring fuel, black money recipients can stack up on fuel like petrol and diesel in bulk quantities. Though this is a risky option, with the law over their heads, black money recipients are more likely to take up the risk in the current situation.
Income as Agriculture Income
Another popular way of converting black money to white is by showing the income amount as agriculture income. This is possible only when the person possess any land. If not, then the primary task is to acquire large areas of land. This land is then used for agriculture purposes like small scale plantations, gardening, farming and setting up nurseries.
Cash Income from Profession
One of the most popular options of converting black money to white is simply showing the cash income as payment from profession. This can be from professional income from tuition to students, and professional fees or commission for education related issues.
Stacking on liquor
Big businessmen can plan of stacking large quantities of highly expensive liquor and other alcoholic drinks. This can be shown as required for personal parties and other events. This helps spend the black money in the form of white cash
Lavish shopping soiree
Big large amounts of liquid cash in hand, though black money, people can easily spend up on lavish shopping trips to the malls. Purchasing expensive shoes, clothes, household items, accessories, make up items and other home products can help get rid of illegal funds.
One can relax and unwind with family and friends on a vacation to exotic locations. The holiday reservations can be paid using the black money cash fund. This way one gets to enjoy, have a nice time and also be stress-free in terms of tax-free money.
These are probably only few of the possible ways to convert black money to white. Black money recipients would probably be thinking of several other ways to overcome government regulations and get away with illegal money.
We don’t recommend readers to follow any of these methods for black money conversion. This article is just for exposing loop holes of our system. So, that RBI and the government can take appropriate action by formulating strict rules to remove black money from India. We are against black money and black money generation ideas.
If we have missed any other methods which people use to convert their black money into white money we’ll request you to share it in comment sec.
Critical Tests to Ensure Critical Calibre in Your Employees
A huge number of employers are managing critical thinking assessment tests during their recruitment process. This is exclusively designed to test the decision-making skills of an applicant. It is mainly based on standard critical thinking. Critical thinking demands a candidate to discover and define the issues and problems, collect essential information needed and expectations made, cater possible clarification to the problem, examining alternatives to select the finest solution and finally making conclusions to reach at a right and effective decision.
The right test for critical thinking ability is suitable for hiring at all levels like mid managerial and senior decision-making levels. These tests are used to assess the applicants on three chief areas like
- Proper recognition of Assumptions
- Exact evaluation of arguments
- Drawing conclusions
This all constitutes – Inference and Interpretation. The applicants are given diverse types of situations and statements to examine them on the above mentioned skills. The test is carefully scheduled to check the speed and correctness of candidates on reaching the conclusions. Once you have a test like this one, you can be sure about the critical abilities of your candidates. These are the tests that are both used as pre-employment test and promotion test. If you are recruiting some candidates for some important roles in your business, you have to be sure about their calibre and effectivity. You have to take steps to ensure that they are absolutely equipped with some sound critical abilities. What is the point if they don’t have a critical vision towards things? What is the point if the candidates are unable to tackle with a p [problem in an efficient manner? it would be a good thing to know about these calibres of your candidates before you change them into your employees.
Problem solving & decision making
The most important ingredient of an effective business setup is problem solving skills. If your candidates are good at their respective areas and tasks but they don’t have a neck at solving problems that won’t be a good thing for your business growth. You have to possess the right employees who know how to deal with the problems in the most prolific manner. Problem solving is really crucial in this present world. Anytime you can encounter a problem in your work and you should have some skills and knowledge to tackle with the situation. If a problem does not get solved within time and efficiently, it can be disastrous for your business. When you have critical Reasoning Test in your recruitment drive, it would assess the problem solving capabilities of the candidates taking part in the hiring drive.
Then decision making is another important ingredient of productive staff. No matter how skilled or intelligent your employees are; if they don’t have the skills to undertake the things and take decisions when needed; they won’t be an asset to your business. There are always instances when you have to take decisions to ensure that the business grows. If your employees hesitate to take decisions and they simply delay the things for this reason, it can turn out to be a loophole for your business growth. It is important that your staff members have the guts to take decisions when the need arises. In the absence of decisions, nobody can gain any effectiveness. Your business can collapse like a house of cards in the absence of decision making skills. Hence, there is a lot of prestige and importance associated with this attribute. You can make sure that your candidates have professional skills and knowledge to deal with the problems and take decisions with the help of critical testing. These tests are designed to get you the best information.
Even if you have some specific demands with the tests, you can always go for the customised versions of your critical tests. These critical tests are available in abundance and you can pick as per your requirement. However, if you want some specific things to be added or removed from the test, you can always get the test customised. In this way, you can be sure that your candidates are getting measured in the most prolific manner. There are many businessmen who use these tests to ensure that they are testing the areas of the candidates that matter the most to their business. Tests are always result oriented and get you the clear picture.
No partiality in critical tests
Many people have a doubt about the impartiality of the tests. Well, if you are new to the concept of pre-employment critical tests then it might surprise you that these tests are made in an exclusive manner. The tests are absolutely effective and not at all partial. Since the test has all questions same for everybody, there is no doubts about the genuineness of the test. Similarly, even the recruiters cannot do anything in this aspect. All the candidates give this test and then end up with a score as per their calibre and intelligence. On the basis of these tests, the recruitment team make a decision. Certainly the pre-employment test is blended with the interview and resume too. Maybe there is some amount of possibility of partiality in interview but not in these pre-employment tests. Scores are clear for everybody to see and whoever scores better, gets a seat in the next level of recruitment procedure.
So, in this complex and competitive world, critical thinking test is must for employees. You have to make sure that your staffs are equipped with critical thinking skills and for this you can use the best tests during the recruitment drive.
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