I want to share some facts regarding the conversion of black money to white money. I will demonstrate it taking an example. Here are the fictitious persons involved in a fictitious transaction.

Ajay (A) - Black money holder - He is a businessman who has 100 Cr of black money(cash) and he wants to convert it into white money. Banu (B) - Agent/Broker - He is an agent who will convert black to white by taking a commission of 5%. Chaman (C) - White money holder - He is a person who is ready to give white money by taking black money with a commission of 3%.

Conversion of black to white: Ajay gives his black money (100 Cr) to Banu. Both Banu and Chaman deducts the commission and gives the remaining money by either cheque or RTGS transer to Ajay.

Banu - 5% of 100 Cr = 5 Cr Chaman - 3% of 100 Cr = 3 Cr Ajay - 100 - (5 + 3) = 92 Cr (deduction of commission)

Now Ajay has converted his black money to white money. His income is 92 Cr. Income tax is 30% on 92 Cr = 27.6 Cr Ajay's net income after tax is = (92 - 27.6) = 64.4 Cr

Initially Ajay had 100 Cr and now he left with 64 Cr. Ajay loses nearly 36% of his entire black money.

Fact: Converting black to white by way of check/transfer

Once Ajay declares his income to IT Department, he has to prove the creditworthiness as well as the genuineness of the 100 Cr transaction to the IT Department. Ajay has not done a 'real' business deal with Chaman. He can't show any proof to the IT department. Obviously he lands in trouble or may be in jail. On top of all these, Ajay will be in the news for bad reasons. Media keeps him in the limelight for ill-gotten wealth.

To summarise the above, Ajay has lost 36 Cr and also he ended up in trouble because of the IT department and Media.

Recently, we had come across so many rich businessmen/politicians who ended up in jail because of ill-gotten wealth and evading tax etc.

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So the question is "How do you convert Black money to White money in a safe and legal way?"

Before answering it, I have to introduce myself.

I am neither a chartered accountant nor a broker. I am Sanjay, a Business Consultant from Bangalore. I have done an extensive study on how people are accumulating black money and converting that to white. I have also gone through various I-T policies and its drawbacks. I found out a major advantage of one of the rules in I-T policies which is a boon to all the rich people who are breaking their heads to avoid paying tax. To answer the above question, one basic fact is that you cannot convert black money to white money in a legal way. All the existing methods for converting b2w are illegal and will put you in trouble. There is a wise saying - "People who have eyes can only see the objects which are in front of them but people who have brains can see the entire world" Please don't assume that just converting black to white will solve the problem. You have to answer so many questions in future. I have come up with a unique idea for this problem. I want to openly declare that my idea is not a loophole instead it is an opportunity provided by our constitution. But no one utilises this golden opportunity, everyone will invest in something else like Real Estate, gold etc. which are not a safe option. My solution will not only protect your income but also it will give considerable returns on it. It will also give long term benefits and at the same time it is undoubtedly legal. You can relax yourself without undergoing the mental trauma of IT raids. I hope now you can relate the above saying to my solution. I will reveal this idea to only one customer. I will come to your location(house) and give a detailed explanation of my idea. If you are interested, we can make things work out and you can pay my fees. However, I would recommend that the customer should have an income of more than 100 Cr. I am currently in Bangalore and I can travel to any city in India. Initially, I won't charge any fees. I am not an agent/broker so I don't take commission. Instead , as a Consultant, I will charge fees. You can contact me at sanjayv8055@gmail.com