Skip to main content

White Paper points to 4-pronged strategy to curb black money

By

Finance Minister Pranab Mukherjee tabled a White Paper on black money in Lok Sabha, which makes a strong case for setting up Lokpal and Lokayuktas to deal with the menace of Black Money. The minister informed that there was no exact estimation of the black money generated in the country but refuted the reports that Indians held the largest deposits in Swiss banks by providing data.
The White Paper suggests 4-pronged strategy to curb generation of black money which includes-

  • More incentives for voluntary compliance of tax laws
  • Reforms in vulnerable sectors of economy
  • Creation of credible deterrence.
  • Reforms in financial and real estate sectors would help in reducing generation of black money in long term as freeing of gold imports had helped in checking smuggling.
  • Fast-track courts to seriously deal with financial offences and deterrent punishment for offenders
  • More research to get to the reliable estimates of amount of black money and also sought the cooperation of the state governments in tackle the problem
  • Provide tax incentives for encouraging use of debit and credit cards as these leave audit trails.
On the possibility of any tax immunity scheme, especially gold deposit scheme, to deal with black money, it held: The issue of complete tax immunity needs to be examined in the light of other policy objectives.
Black money in the real estate sector accounts for 11% of GDP. In order to curb this it suggests to:
  • Develop a nationwide data base
  • Introduce TDS on sale of property
  • Set up electronic payment system
The government has brought 5 bills which are at various stages of consideration by Parliament:
  1. The Lokpal Bill
  2. The Judicial Accountability Bill
  3. The Whistle Blowers Bill
  4. The Grievance Redressal Bill
  5. The Public Procurement Bill
The expansion of information exchange network at the international level will assist in checking cross-border flow of illegitimate wealth. These measures will prepare the ground for just, transparent and a more effective economy.


Source : www.gktoday.in
Labels:

Comments

Post a Comment

Popular posts from this blog

Folk Dances of India

By
India is a land of diverse cultures and traditions. Each region of the country has a unique culture, which is also prominently visible in its various art forms. Almost all the regions of the country have their specific folk music and dance, which proves to be a wonderful way of expression of their community and its traditions. Though these folk dances are not as complex as the classical dance forms, they are very beautiful, because of the essence of rawness in them. Be it the Bihu of Assam, Dol-Cholom of Manipur, Hikal of Himachal Pradesh or Chhau of Bihar, each of the Indian folk dance forms comes across as a reflection of the deep sited beliefs and traditions of a particular culture. The folk dances of any community are performed on almost every special occasion and festival, to express elation and joy. These dances are also considered to be auspicious by many of the tribal communities in the country. Many folk dances are dedicated to the presiding deity of the specific commu...
1 comment
Read more

Anthropology-I, 2011

By
Civil Services (Main) Examination - 2011 Anthropology Paper I Time Allowed : Three Hours Maximum Marks : 300   Candidates should attempt Questions no. 1 and 5 which are compulsory, and any three of the remaining questions selecting at least one question from each Section. SECTION A 1. Write short notes on the following in about 150 words each: 15*4=60      a) Synthetic Theory         b) Neanderthal Man         c) Fieldwork Tradition in Anthropology         d) Cultural Materialism 2. a) Describe major skeletal similarities and differences between Homo erectus    and Homo sapiens . 30     b) 'Man is a primate.' Discuss. 30 3. a) Critically examine the contribution of Anthropologists in the interpretation of symbols. 30     b) Critically examine the debate between Formalists and Substantiv...
Post a Comment
Read more

India 2012 - A must buy

By
INDIA- 2012 by Publication Division A book that is mandatory to have...!!!! Much awaited book of the year India-2012 was finally out on february 27,2012.It covers all important areas regarding this country such as science and technology,defence,agriculture etc... As it is published by govt of India(ministry of Information and broadcasting,department of publication division)the information in this book is more genuine that any other book. for the people who are preparing for competitive exams(especially for UPSC exams)this book will be very useful.It is more better than having any other gk book.so friends order your copy and start reading... Book Summary of India 2012 India 2012 Reference Annual gives a comprehensive view of country's progress in the field of rural and urban development, industry and infrastructure, science and technology, art and culture, economy, health, defence, education and mass communication. The Reference Annual incorporates sections on gene...
5 comments
Read more