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White Paper on black money tabled by the government in Lok Sabha

21 May 2012 Evaluate

The White Paper on black money tabled by the government on Monday has strongly supported the setting up of Lokpal and Lokayutas to deal with the issue of black money. The paper has refrained from disclosing any names and has not provided any government estimates on black money. However estimates of other agencies have been quoted. It has been suggested that fast track courts be set up so that investigations in such matters can be expedited and the guilty are brought to trial as soon as possible. Tax incentives to encourage the use of debit and credit cards have also been recommended so that the guilty can be traced by the audit trail left by them.

To track and check the flight of black money from the country, developing an information exchange network at the international level has been suggested. The paper has also recommended taking measures to improve the moral fiber of the country.

The paper has attempted to dismiss the notion that the government has not done enough to control black money and has talked about the various policy measures taken by the government to deal with the issue. The Finance Minister has spoken about the various bills brought by the government to deal with the issue in the foreword.

While discussing the strategy to deal with the menace of black money the paper has recommended that more incentives for voluntary compliance of tax laws should be given. Also reforms in vulnerable sectors like finance and real estate should be undertaken. Further credible deterrence in terms of financial regulation and strengthening of reporting regimes has also been advised.

It has suggested that to curb black money in the real estate sector, which accounts for 11% of GDP, the Government should develop a nationwide data base, introduce TDS on the sale of property and set up electronic payment system.

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