Last night TV channels were full of stories on Mrs. Mafatlal arrested and released for possessing undervalued jewelry while coming back to India. I confess when page 3 hogs page 1 I get confused and sniff a huge scandal. I would not like to go in to whether she was framed or picked for being an easy target, but I find so much hype a gimmick to add to TRP ratings.

I am sure the law will take its own course which is going to be damaging financially for Mrs. Mafatlal in this case. I am amazed at the casualness of the episode. Mrs. Mafatlal could not possibly be smuggling jewelry while coming from abroad. In all probability they must have been part of her luggage. Why she needed so much jewelry is none of my business but what I feel is the same must have not been disclosed to authorities or else she would not have paid the duty.

Now she will have to show the source of funds to justify such purchase tax on which is going to be tidy as it involves forex as well and may lead to a search I feel the same has been self acquired or inherited jewelry over the years and has not been disclosed to authorities due to wealth tax implications exemption limit for which has not been revised for decades though the price of diamonds and bullion has increased manifold.

To my mind wealth tax has no rational. For state has nothing to do with what one does with his income after paying tax. I find it amazing that even possessing cash above Rs 50000 on 31st march makes one liable to pay wealth tax. Besides even such tax is not tax deductible and has to pay out of after tax income.

Now when govt. is not burdened by the whims of left it will do well to remove this tax in this budget or at least revise the exemption reasonably particularly cash. Good luck to Mrs. Mafatlal. I recall a custom officer Shashi Kala who had detained a big wig in similar circumstances years back. I apprehend she is still rotting in dog house for her audacity. It is sad Mrs. Mafatlal had no God father/mother in this case. I am sure she will acquire one now or will go only with her Mangal Sutra