Dear Friends,
We hope you enjoyed reading our previous article regarding government insurance schemes so effectively being implemented through banks.

Now shifting our attention, we were thinking about some rags to riches phenomena that we are seeing in our country since its independence. We hope that you know many of our great politicians who are worshiped more than even gods in our country, and whom we don't want to name over here just for the simple reason that we do not want to be judgmental and do the work of the courts of law. Our point here is to bring your attention to the rags to riches stories of these politicians and even in some cases, that of many businessmen who seem to have quite a good knack of a business to become millionaires or even billionaires in just a short span of time like say 5 to 6 years. A great example would be the family member of one of the erstwhile "ruling family" of India - no guesses of course!
Have you ever thought from where do these people who are commoners like us probably 10 years back have managed to become millionaires and more surprisingly how did their family members (like wives, brothers, brother-in-laws, sisters, etc.) suddenly developed a humongous business talent rivaled even by Harvard Business School graduates and went on to create assets (both business and property including gold and real estate) worth crores and crores of rupees suddenly and coincidentally just after the "coronation" or coming to power of some of their relatives.
It is the general rule of economics that money cannot be created and SHOULD NOT be created in order maintain a harmonic equilibrium in the society at large. But when the money shifts abnormally and asymmetrically and gets concentrated in the hands of a few, that starts the death knell for the society at large because then the law "jiski lathi uski bhains" starts applying - in short, law of the "hand" rather than law of the land.
We at Ethmos here were thinking and discussing regarding these phenomena and came to the conclusion that if this wealth and money is created out of legitimate means, then these public functionaries should not have any problem in getting them audited by an independent authority - like the CAG or other societies like us. We strongly believe that audit is a very important constituent in the functioning of the society and every body should be subjected to the accountability of their actions - whether positive or negative. Hence, we are proposing that the government introduce an audit called FINANCIAL TRAIL AUDIT and that it be made compulsory for all individuals whose net worth has increased more than 30% from the previous financial year just to ascertain that the means of this money is not illegitimate and does not include money laundering or illegal or corrupt activities. The audit should also include all the near and far family members of the entity so as to find out any ostensible window-dressing in the form of routing transactions through dummy accounts or creating assets that are of the sort of a "banana republic."
The Financial Trail Audit or the FTA should include the calculation of all the assets and liabilities of an entity (individual or business firm) for the past 10 years, the net increase/decrease in the same, the means and sources of income of the entity and its increase/decrease, the types of expenses and its legitimacy and the life-style of the entity, and many other parameters which will decide whether there was any malicious money involved or not. For starters, all politicians should be subjected to the same and they have to come out clean. If not so, then they should resign from their post, if not out of responsibility then at least out of sheer shame.
This will go a long way in curbing the domestic black money in our country and making the money to be utilized where it is really required like building of infrastructure (schools, hospitals, etc.) and funding of other developmental activities. If you really understand and believe the logic in what we are submitting, kindly join us in this fight. As usual, your comments, both negative and positive are most welcome, negatives more so than the positives.
Happy Ethmos to you all.
Have you ever thought from where do these people who are commoners like us probably 10 years back have managed to become millionaires and more surprisingly how did their family members (like wives, brothers, brother-in-laws, sisters, etc.) suddenly developed a humongous business talent rivaled even by Harvard Business School graduates and went on to create assets (both business and property including gold and real estate) worth crores and crores of rupees suddenly and coincidentally just after the "coronation" or coming to power of some of their relatives.
It is the general rule of economics that money cannot be created and SHOULD NOT be created in order maintain a harmonic equilibrium in the society at large. But when the money shifts abnormally and asymmetrically and gets concentrated in the hands of a few, that starts the death knell for the society at large because then the law "jiski lathi uski bhains" starts applying - in short, law of the "hand" rather than law of the land.
We at Ethmos here were thinking and discussing regarding these phenomena and came to the conclusion that if this wealth and money is created out of legitimate means, then these public functionaries should not have any problem in getting them audited by an independent authority - like the CAG or other societies like us. We strongly believe that audit is a very important constituent in the functioning of the society and every body should be subjected to the accountability of their actions - whether positive or negative. Hence, we are proposing that the government introduce an audit called FINANCIAL TRAIL AUDIT and that it be made compulsory for all individuals whose net worth has increased more than 30% from the previous financial year just to ascertain that the means of this money is not illegitimate and does not include money laundering or illegal or corrupt activities. The audit should also include all the near and far family members of the entity so as to find out any ostensible window-dressing in the form of routing transactions through dummy accounts or creating assets that are of the sort of a "banana republic."
The Financial Trail Audit or the FTA should include the calculation of all the assets and liabilities of an entity (individual or business firm) for the past 10 years, the net increase/decrease in the same, the means and sources of income of the entity and its increase/decrease, the types of expenses and its legitimacy and the life-style of the entity, and many other parameters which will decide whether there was any malicious money involved or not. For starters, all politicians should be subjected to the same and they have to come out clean. If not so, then they should resign from their post, if not out of responsibility then at least out of sheer shame.
This will go a long way in curbing the domestic black money in our country and making the money to be utilized where it is really required like building of infrastructure (schools, hospitals, etc.) and funding of other developmental activities. If you really understand and believe the logic in what we are submitting, kindly join us in this fight. As usual, your comments, both negative and positive are most welcome, negatives more so than the positives.
Happy Ethmos to you all.
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