Black Money

Black Money , the two of the most talked about words which have been holding the nerve of the nation for the past few days.The country's roads have witnessed outrage of the common people, provoked sometimes by social activists like Anna Hazaare  and the other times by the highly unplanned agitations led by the Industrialists cum yoga guru Swami Ramdev  ,but all these protests had one common issue and primarily wanted the authorities to bring back the Black Money  to India from the so called tax havens of the world. A lot of fuss is being created by the opposition parties whose primary interests lie in slandering the ruling party and the news channels that are flooded with the people blabbering about the figures (of which there is no authentic source)of the black money roosting in foreign banks but what about the source of this problem prevailing at home.

                       The black money is born with the desire to evade taxes and the under the table incomes but there is hardly any attention given to these dynamics.Government has formed SIT(special investigation team) to tackle this issue which surely has the potential to act as an antidote, but the sole focus is being diverted  on how to bring those illegal deposits to the country.We need to take notice of the sluggish policies prevailing in the system and authorities must exercise it's powers to reform the system. 

                      In order to take a leap forward against the unaccounted money ,Indian property market needs to be reformed as it accounts for the major volume of the black money generated. Buyers and Sellers clandestinely make deals over the counter with government being totally oblivious to the ground realities or should i say pretend to be totally oblivious to these facts, out of the total daily transactions in the property market , maximum deals involve more than half of the money being paid in cash ,thereby depriving the state of capital gains tax and stamp duty etc.All these transaction can be accountable , but just need a few reforms. SIT must keep up the work of bringing money from abroad but at the same time should exercise it's powers and push for the reforms so as to solve the problem at the grass root level .