Today we learnt through media news that our finance minister is about to introduce a scheme for converting the black money white . He will offer very shortly a very ambitious plan to the most favorite class of his government bring their black money to the while laundry of present government to get rid of all worries from being accountable else where in the world.
From the olden days where the barter system prevailed till the phenomenal phase of technology today, from small traders and merchants to the CEO’s of vast business empires, there has always been a very strong urge to earn profits. Well, this situation can be traced back to World War II. The World War II period was one of the main causes of black money generation because during this period the British Government cut out supplies of industrial goods from foreign countries. So there was a heavy shortage of goods in important product lines. This in turn sharply raised the prices of goods. Also, tax rates were raised on high income and excess profits giving an opportunity to high net worth (income) individuals to evade taxes. This also enabled businessmen to sell goods which were supply deficient in the black market for exorbitant profits. So this became a practice in the future years and has till today shaken the economy of many developing countries having weak network of rule of law.
The rich are not being satiated of this loot and plunder; they now want to convert this into double gain by first looting and thieving the resources and then making them holy to spend on the welfare of their families yet without becoming accountable before the state for wrongs they did to the society .
Karachi, January 1.