How to convert all your black money into white following the #DeMonetization
-> Step 1 -
Create a political party, and get registered under Repre sentation of People's Act, 1951. [Not a difficult task.
There are more than 1000 registered parties who didn't even contest 2014 Lok Sabha Election, and EC cannot de-register a party]
-> Step 2 -
Donate all your black money to your party in parts, each part should be less than 20,000. You can make infinite such donations, and say that they came from people.
[According to the RP Act 1951, the political parties are not required to report (to the Election Commission of India (ECI)) the name of the individuals or organizations from whom they have received donations of amount less than Rs.20,000.]
-> Step 3 -
Go to bank, deposit all this amount in the party's account.
[No need to pay any income tax. Political parties are 100% exempted from income tax]
As per Section 13A of income tax 1961.
-> Step 4 - Withdraw the amount as and when you need, in 50/100/2000 rupee notes - It is all white.
[Since Political Parties are not under RTI, you can't ask them how they spent their money.
