160 million Indian rupees declared by current Indian player

160 million Indian rupees declared by current Indian player

Post by vash2.. » Sun, 09 Apr 2000 04:00:00


It has been reported in Indian newspapers that an ex-cricket captain
has declared 160 million rupees in their countries voluntary disclosure
scheme.

Now how did a cricketer whose only source of income comes from their
cricket board or through endor***ts, manage to have so much money
earned through obvious illegal means.

The amount is so big but some feel that it is still a drop in the
bucket. His actual earnings are said to be double or triple from
betting.

Regarding who this ex-cricket captain may be should be pretty obvious.
When this came out Tendulkar was still the current captain. This leaves
only one man. (Azharuddin) as he has been the captain for almost a
decade in India. Of course one can always suspect even Gavaskar.
However, even if Gavaskar made money on betting. (the scandal with
Iqbal), the amount involved was not much. In those days there was not
that much money involved. Of course one can also suspect Kapildev.
However, I do not feel he would be involved in match fixing.

The obvious conclusion points to Azharuddin.

Of course I could be wrong about this and if so then I apologize.

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160 million Indian rupees declared by current Indian player

Post by Colin Kynoc » Sun, 09 Apr 2000 04:00:00

Quote:

> It has been reported in Indian newspapers that an ex-cricket captain
> has declared 160 million rupees in their countries voluntary disclosure
> scheme.

> Now how did a cricketer whose only source of income comes from their
> cricket board or through endor***ts, manage to have so much money
> earned through obvious illegal means.

> The amount is so big but some feel that it is still a drop in the
> bucket. His actual earnings are said to be double or triple from
> betting.

> Regarding who this ex-cricket captain may be should be pretty obvious.
> When this came out Tendulkar was still the current captain. This leaves
> only one man. (Azharuddin) as he has been the captain for almost a
> decade in India. Of course one can always suspect even Gavaskar.
> However, even if Gavaskar made money on betting. (the scandal with
> Iqbal), the amount involved was not much. In those days there was not
> that much money involved. Of course one can also suspect Kapildev.
> However, I do not feel he would be involved in match fixing.

> The obvious conclusion points to Azharuddin.

What because you couldn't believe a Hindu would do such a thing (ie
Kapil)??

Colin Kynoch

 
 
 

160 million Indian rupees declared by current Indian player

Post by Samir Dhum » Sun, 09 Apr 2000 04:00:00

Quote:

> The obvious conclusion points to Azharuddin.
> Of course I could be wrong about this and if so then I apologize.

If it's obvious, why would you be wrong?

samir

 
 
 

160 million Indian rupees declared by current Indian player

Post by R. Bharat Ra » Tue, 11 Apr 2000 04:00:00

Quote:

> The obvious conclusion points to Azharuddin.

> Of course I could be wrong about this and if so then I apologize.

Thats right.  Smear muck all over a man's reputation without even a
shred of proof.  Then, throw in a ***-wimp apology in case you
get sued or flamed.  Thats called "being a man."

As for Rs. 160 million being a lot of money, yes it is -- but have you
heard of a little thing called the stock market?  Wise investments over
there, say over the last 5-10 years, could easily lead to money of that
magnitude...  As could foreign investments....

Lets just say he invested in Wipro for about 1% of its worth some 10
years ago (wouldn't take much), the *interest* on his net worth would
come to about Rs 160 million per year....

Bharat
--

[Remove "-nospam-this" to reply]
Data Mining Grp, Siemens Corp. Research, Princeton, NJ
"These opinions are mine, not those of Siemens."

 
 
 

160 million Indian rupees declared by current Indian player

Post by cricketwal.. » Tue, 11 Apr 2000 04:00:00



Quote:

> > The obvious conclusion points to Azharuddin.

> > Of course I could be wrong about this and if so then I apologize.

> Thats right.  Smear muck all over a man's reputation without even a
> shred of proof.  Then, throw in a ***-wimp apology in case you
> get sued or flamed.  Thats called "being a man."

> As for Rs. 160 million being a lot of money, yes it is -- but have you
> heard of a little thing called the stock market?  Wise investments
over
> there, say over the last 5-10 years, could easily lead to money of
that
> magnitude...  As could foreign investments....

> Lets just say he invested in Wipro for about 1% of its worth some 10
> years ago (wouldn't take much), the *interest* on his net worth would
> come to about Rs 160 million per year....

Hum. I believe this is inaccurate. The VDI scheme (Voluntary Disclosure
of Income) is the ability to make a one-time declaration of income that
has not been disclosed before, the "black" money (if you recall the old
Indian terms used). It is a one-time disclosure permitted by the
Government nowadays, to convert "black" money into "white". Often used
by gangsters, builders etc, who had a lot of undisclosed and untaxed
money, to get legitimate "white" money into their accounts.

I dont think this applies to the stock-market (if Iam wrong, someone
please correct me). For, like annual income, income from advertisizing
companies, money that the BCCI pays you, money from stock dividends etc
is above board, and you have to pay tax on it every year. It is
not "black" money. Thus it would not need to be disclosed under VDI
scheme (unless one had figured out a way to illegally conceal stock
income over several years - quite hard to do, one would think).

And, BTW, we are talking a *lot* of money here - 16 crores ! To give
you a reference point - the BCCI is the richest cricket board in the
world today, thats a well-known fact. Now, the revenues for the BCCI
last year (income, mind you, *not* profit) was almost exactly 16 crores
(the fact that the BCCI made a profit of 8 crores out of it by spending
no money to speak of on coaching etc is a different issue altogether).
So we are talking here about one single cricketer declaring in "black
income" an amount equal to what the richest cricketing board in the
world earned in an entire *year* - stadium receipts, TV revenues,
everything, all inclusive ! And this is just "illegal" income - in
*addition* to the incredibly large sums of legal money our cricketers
make (which by itself makes them the richest in the world, when BCCI
payments and endor***ts are both taken into account). It is a mind-
boggling sum.

Sadiq [ who wishes he had enough to use the VDI scheme ] Yusuf

Quote:
> Bharat
> --

> [Remove "-nospam-this" to reply]
> Data Mining Grp, Siemens Corp. Research, Princeton, NJ
> "These opinions are mine, not those of Siemens."

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160 million Indian rupees declared by current Indian player

Post by i_arin.. » Tue, 11 Apr 2000 04:00:00

Sadiq, you are right.

VDI money is the past income not discolsed so far and the person has
decided to declare it voluntarily and pay taxes on it with the
declaration.

Q1: Why would a person not disclose the earnings if the monay has been
earned through all the right means?
A1:  - To escape from paying the income tax.

OK accepted as a reason going by the high rate of taxation.
But

Q2: Why this sudden urge to declare your income and pay those taxes
which the person wanted to avoid so long?
A2: ...  (can't think of anything except that the person has discovered
a huge stash of money in his backyard one fine morning).

Comment - the whole VDI scheme looks like some legal scheme to turn
sinners into the saints.

One will need info. on Azhar's yearly income tax returns and determine
how much money did he declare yearly before making any judgement on
whether those Rs 160 million are illegaly earned or not.

Anybody want to make a guess?

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160 million Indian rupees declared by current Indian player

Post by Uday Raja » Tue, 11 Apr 2000 04:00:00

Quote:

> And, BTW, we are talking a *lot* of money here - 16 crores ! To give
> you a reference point - the BCCI is the richest cricket board in the
> world today, thats a well-known fact. Now, the revenues for the BCCI
> last year (income, mind you, *not* profit) was almost exactly 16 crores
> (the fact that the BCCI made a profit of 8 crores out of it by spending
> no money to speak of on coaching etc is a different issue altogether).
> So we are talking here about one single cricketer declaring in "black
> income" an amount equal to what the richest cricketing board in the
> world earned in an entire *year* - stadium receipts, TV revenues,
> everything, all inclusive ! And this is just "illegal" income - in
> *addition* to the incredibly large sums of legal money our cricketers
> make (which by itself makes them the richest in the world, when BCCI
> payments and endor***ts are both taken into account). It is a mind-
> boggling sum.

        So I guess I've become senile and lost any ability to do
mathematics,
but please help me out here:
        1 lakh = 100,000
        1 crore = 100 lakhs = 10,000,000 (ten million, that is)
        16 crore = 160,000,000
        1 US dollar = approx 40 rupees (more, actually, but let's use the
                                                     conservative 40)
        Rs 160 million = approx $4 million

        $4 million is a mind-boggling sum for the BCCI to earn? I thought
Tendulkar himself made about that much each year.

 
 
 

160 million Indian rupees declared by current Indian player

Post by cricketwal.. » Tue, 11 Apr 2000 04:00:00



Quote:

> > And, BTW, we are talking a *lot* of money here - 16 crores ! To give
> > you a reference point - the BCCI is the richest cricket board in the
> > world today, thats a well-known fact. Now, the revenues for the BCCI
> > last year (income, mind you, *not* profit) was almost exactly 16
crores
> > (the fact that the BCCI made a profit of 8 crores out of it by
spending
> > no money to speak of on coaching etc is a different issue
altogether).
> > So we are talking here about one single cricketer declaring
in "black
> > income" an amount equal to what the richest cricketing board in the
> > world earned in an entire *year* - stadium receipts, TV revenues,
> > everything, all inclusive ! And this is just "illegal" income - in
> > *addition* to the incredibly large sums of legal money our
cricketers
> > make (which by itself makes them the richest in the world, when BCCI
> > payments and endor***ts are both taken into account). It is a
mind-
> > boggling sum.

>         So I guess I've become senile and lost any ability to do
> mathematics,
> but please help me out here:
>         1 lakh = 100,000
>         1 crore = 100 lakhs = 10,000,000 (ten million, that is)
>         16 crore = 160,000,000
>         1 US dollar = approx 40 rupees (more, actually, but let's use
the
>                                                      conservative 40)
>         Rs 160 million = approx $4 million

>         $4 million is a mind-boggling sum for the BCCI to earn? I
thought
> Tendulkar himself made about that much each year.

Heh. I meant that the sum was a mind-boggling figure for a cricketer to
have earned *illegally*, ie in non-declarable income. You dont agree?
After all, whatever one earns from the Board or thru adverti***ts are
taxable at source. We are talking 4 million dollars in income that is
in *addition* to that, here.

The BCCI comparison was merely to point out that that indeed *was* the
figure the BCCI earned *in income* last year. And it was one of their
best years in history, in terms of money earnt. They will, of course,
be earning much more in the future - the new TV deal assures them of
that.

Even in the boom-time India of today, 4 million US aint exactly chump
change :-)

Sadiq [ who wishes it was ] Yusuf

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160 million Indian rupees declared by current Indian player

Post by roshan.. » Tue, 11 Apr 2000 04:00:00

Quote:
>         So I guess I've become senile and lost any ability to do
> mathematics,
> but please help me out here:
>         1 lakh = 100,000
>         1 crore = 100 lakhs = 10,000,000 (ten million, that is)
>         16 crore = 160,000,000
>         1 US dollar = approx 40 rupees (more, actually, but let's use
the
>                                                      conservative 40)
>         Rs 160 million = approx $4 million

>         $4 million is a mind-boggling sum for the BCCI to earn? I
thought
> Tendulkar himself made about that much each year.

You are right, Sachin Tendulkar was offered $12 million for his
contract with the WorldTel. Guess how much Ravi Shastri, who acted a
mediator made in that deal? Nearly $2 million.

Cheers,
ROshan

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160 million Indian rupees declared by current Indian player

Post by cricketwal.. » Tue, 11 Apr 2000 04:00:00


Quote:

> Sadiq, you are right.

> VDI money is the past income not discolsed so far and the person has
> decided to declare it voluntarily and pay taxes on it with the
> declaration.

> Comment - the whole VDI scheme looks like some legal scheme to turn
> sinners into the saints.

That, actually, is almost exactly what it was designed for. It was
first instituted in Pakistan by Nawaz Sharif, well before anyone
thought of it in India. With the money-crunch in Government but
presence of *huge* sums of "black" money, Sharif decided to institue
the policy to get liquid cash, IIRC. There was a *lot* of illegal money
floating around in Pakistan, much of it drug-related. With this scheme,
he figured (rightly in many cases) that a lot of the incredibly wealthy
drug-lords and mafia-types would leap at the opportunity to change a
large portion of their black money into legitimate "white" even at the
cost of paying taxes to the Government - and this would enable the
Government to lay its hands on a large pile of cash, as well as inject
more legitimate money into the economy for legal business ventures etc.

One corollary of this in Pakistan, according to some friends, was a
steep rise in crime in legitimate businesses in the next couple of
years, as the former-drug-lords-turned-legitimate-businessmen continued
doing their new business using the old tried-and-tested business
theories that had worked so well for them in the past - ie ***pings,
assasinations, etc :-)

With the amount of black money in India, the Indian government decided
to follow suit so that they too could lay their hands on a brand new
pile of cash. Hence the VDI scheme (so say us cynics, at any rate :-)

Sadiq [ who will use the scheme only after
       working a few years with John-bhai ] Yusuf

Quote:

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160 million Indian rupees declared by current Indian player

Post by Rocky Raccoo » Tue, 11 Apr 2000 04:00:00

Quote:

> Comment - the whole VDI scheme looks like some legal scheme to turn
> sinners into the saints.

The VDI has a philosophy behind it.
A lot of people have black money, a lot of which they spend overseas +
other
illegal stuff, which they are anyway not going to declare.
Now if they were allowed to declare it under VDIS, then some of this
money would
come into circulation & boost the Indian economy.
 
 
 

160 million Indian rupees declared by current Indian player

Post by Gautham » Tue, 11 Apr 2000 04:00:00

Quote:

> As for Rs. 160 million being a lot of money, yes it is -- but have you
> heard of a little thing called the stock market?  Wise investments over
> there, say over the last 5-10 years, could easily lead to money of that
> magnitude...  As could foreign investments....

I would agree with Sadiq here... AFAIK (and I may be wrong here).  I think
the stock market earnings are usually reported by the company paying it
out.  I belive it may be something similar to the banks deducting x% of
interest on your Term Deposits and paying it out to IT.

Secondly, I'm still unsure if an individual in India who is a resident
Indian could hold foreign investments...

Any resident Indian Law expert ?

Quote:
> Lets just say he invested in Wipro for about 1% of its worth some 10
> years ago (wouldn't take much), the *interest* on his net worth would
> come to about Rs 160 million per year....

To think that I left that company ! :)  Another point here, Bharat, Wipro
shares although listed, was a rarity in the market.  Almost no one traded
them.  But then, this ex-captain, could have used his "influence" to get
Premji to shed some of the shares, which I dont think Premji would do...

laters,

- gautham -

 
 
 

160 million Indian rupees declared by current Indian player

Post by Shehzad H » Tue, 11 Apr 2000 04:00:00

Would someone post a reference, where there is a mention of a
cricketer depositing this kind of money.

Why do I get a feeling that this is just folklore ?

Quote:




>> > The obvious conclusion points to Azharuddin.

>> > Of course I could be wrong about this and if so then I apologize.

>> Thats right.  Smear muck all over a man's reputation without even a
>> shred of proof.  Then, throw in a ***-wimp apology in case you
>> get sued or flamed.  Thats called "being a man."

>> As for Rs. 160 million being a lot of money, yes it is -- but have you
>> heard of a little thing called the stock market?  Wise investments
>over
>> there, say over the last 5-10 years, could easily lead to money of
>that
>> magnitude...  As could foreign investments....

>> Lets just say he invested in Wipro for about 1% of its worth some 10
>> years ago (wouldn't take much), the *interest* on his net worth would
>> come to about Rs 160 million per year....

>Hum. I believe this is inaccurate. The VDI scheme (Voluntary Disclosure
>of Income) is the ability to make a one-time declaration of income that
>has not been disclosed before, the "black" money (if you recall the old
>Indian terms used). It is a one-time disclosure permitted by the
>Government nowadays, to convert "black" money into "white". Often used
>by gangsters, builders etc, who had a lot of undisclosed and untaxed
>money, to get legitimate "white" money into their accounts.

>I dont think this applies to the stock-market (if Iam wrong, someone
>please correct me). For, like annual income, income from advertisizing
>companies, money that the BCCI pays you, money from stock dividends etc
>is above board, and you have to pay tax on it every year. It is
>not "black" money. Thus it would not need to be disclosed under VDI
>scheme (unless one had figured out a way to illegally conceal stock
>income over several years - quite hard to do, one would think).

>And, BTW, we are talking a *lot* of money here - 16 crores ! To give
>you a reference point - the BCCI is the richest cricket board in the
>world today, thats a well-known fact. Now, the revenues for the BCCI
>last year (income, mind you, *not* profit) was almost exactly 16 crores
>(the fact that the BCCI made a profit of 8 crores out of it by spending
>no money to speak of on coaching etc is a different issue altogether).
>So we are talking here about one single cricketer declaring in "black
>income" an amount equal to what the richest cricketing board in the
>world earned in an entire *year* - stadium receipts, TV revenues,
>everything, all inclusive ! And this is just "illegal" income - in
>*addition* to the incredibly large sums of legal money our cricketers
>make (which by itself makes them the richest in the world, when BCCI
>payments and endor***ts are both taken into account). It is a mind-
>boggling sum.

>Sadiq [ who wishes he had enough to use the VDI scheme ] Yusuf

>> Bharat
>> --

>> [Remove "-nospam-this" to reply]
>> Data Mining Grp, Siemens Corp. Research, Princeton, NJ
>> "These opinions are mine, not those of Siemens."

>Sent via Deja.com http://SportToday.org/
>Before you buy.

 
 
 

160 million Indian rupees declared by current Indian player

Post by Ravi Krishn » Tue, 11 Apr 2000 04:00:00

Quote:

> The VDI has a philosophy behind it.
> A lot of people have black money, a lot of which they spend overseas +
> other
> illegal stuff, which they are anyway not going to declare.
> Now if they were allowed to declare it under VDIS, then some of this

                                                          ^^^^

Some????

Mumbai alone contributed Rs 2000 crs in 1998 as VDIS money.

RK- [ one more reason to bash Mumbai :-) ]

Quote:
> money would
> come into circulation & boost the Indian economy.

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160 million Indian rupees declared by current Indian player

Post by cricketwal.. » Tue, 11 Apr 2000 04:00:00


Quote:

> Would someone post a reference, where there is a mention of a
> cricketer depositing this kind of money.

> Why do I get a feeling that this is just folklore ?

To quote "Yes, Minister" - Iam not sure if the rumours are true, but it
*is* true that it is rumoured :-)

A few weeks ago, a bureaucrat working in the Income Tax Department in
India definitely made this disclosure - he came out publicly and said
that a "recent former Indian captain" had made a deposit of 16 crores
via the VDI scheme. It was front page news in some of the afternoon
dailies (I remember picking up the relevant Mid-Day on the street, for
one), and was widely reported.

The Income Tax official did *not* reveal the name. Of course, it is
possible that the official himself was not telling the truth - who
knows. But he did make a public statement in this regard (and it was
not an "annonymous official" either) - that much certainly is not
folklore.

Sadiq [ who wonders if he still has that Mid-Day ] Yusuf

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