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by Eragairma Yal

Recently I wrote about how tax can be effectively measured and collected and how Asians were evading taxation matters by violating the norms and practices of business in PNG.

Does anyone get to know or question why we have cash flow problems in the country as of or about the late 90s to date?

Asians have taken over all reserved businesses and own about 95% of all shops from tucker shops to trade stores, Kai bars and up to retail stores, supermarkets and wholesale. About 80% of these businesses don't have an operating bank account with our commercial banks. However, they store cash in their safe back in their bedrooms. And listen carefully what I will share with you.

Nearly all these businesses are not owned by the so-called managers and handymen who run the shops but are owned by their millionaires and billionaires back in their own countries.

These Asians who are here are least significant and those that have no real values back in their place of origin have come here by container shipment overtime period and have negotiated with building owners here to operate their trading. Once consensus has reached, they consult their rich people back home and borrowed millions of Kina to operate their shops here.

So there is an agreement between the shop operators here and the owner back home in their country that certain amount of money must be sent every month to them. So the cash that's being kept at home are being counted on a daily basis to be sent to the owners by bypassing the monthly cash threshold transactions overseas. You know how it's done?

Our very own PNGeans help facilitate this. Do you realize some PNG shop assistants are very close to the Asians? They are the ones who normally carry the money to the overseas transactions counter to send the money.

For instance, if the monthly cash transaction limit overseas is K30,000 and if the shop owner back in their country wants K100,000 every month, these Asians here will somehow send that much. So one Asian will send K30,000 as his maximum overseas transaction. Another Asian in the same shop will send another K30,000 for the same month and the other will do likewise and some of our own PNG working with them also go and send money as well. Regardless of who does the daily or weekly transfer, the money ends up with the same person overseas who happens to be the owner of the money they borrowed from.

So the rich people back home organize syndicates and mafias who are highly paid to establish Vsats and other media networks behind closed doors to monitor the business activities here and report back to the owners overseas. If the monthly cash targets are not met in a month they're warned and the mafias and syndicates are put on red alert notice to monitor their activities here. If they fail the second or third time, the syndicates zero in on them and terminate their lives and bring in new managers to manage their shops etc...

The vicious cycle continues until the owners of the money back in China or wherever have been fully paid their loan with interest.

Now, where do the bulk of our people go and do business or buy their goods and services from? Obviously the Asians so cash collected every day is not banked but sent overseas bypassing or violating our monthly cash threshold transactions leaving our country high and dry! So how do you get the money back in again? Just work out how you get this much money transferred back into the country to ensure sufficient cash is flowing within our business community as well as our community?

Moni nogat...kou pora dum...minge paikrum...no money! CASHFLOW hard yah! So where has all our money gone to?

Device some strategies how we can control this prevailing cash transfer violating our laws. Please share your ideas here.

Ladies and gentlemen, I stand to be corrected.