Launder Black Money & Bring it Back to India-2
22-04-2011 by Robby Sharma --sharmarobby@hotmail.com
Steps--
1) Earn Lots of Bribe or lots of Crime Money or plain black money & Send it to a Foreign Tax Haven by Havala and park it there in a secret Account preferably in the name of a company of your friend / relative.
2) A firm/company(called unit) is made in the name of the person in
3) The units gets enquiry from abroad from the fictitious company formed by you in Tax Haven Country regarding export of software to that Company .
4) Thereafter, your Indian unit gets confirmed orders from the Client (your Company in Tax Haven) at VERY HIGH PRICES in comparison to the work required to be done for developing software as required by the client.
5) Your Indian unit gets the software developed from open market (but shown on papers as it has been developed
by the unit) and gets it checked and approved by STPI (to whom of course some bribe is paid).
6) After getting vet by STPI the software is uploaded through internet and exported to the Client, your tax Haven Company, who sends you payment converting your Black Money in to white.
7) In case you are unable to send your black money by Havala to a Tax Haven & open a Account there or open a Company there ,there are operators who will provide the Foreign Client Company for you for a small fee and in that case they will collect the cash (Black money) from you in India and the Client sends the payment from abroad. Thus the black money gets converted into business (WHITE) money.
8) This exercise of conversion is carried out in view of the provision of Section 10B of the Income Tax Act,1961 which states that 100% profit of the unit is exempted from tax in case it is a hundred percent export oriented undertaking and produces or manufactures article or computer software.
9) there are thousands of such Fictitious Software Exporting Companies in
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