After demonetising high-value notes to curb black money, Prime Minister Narendra Modi has rightly stated that he has “more projects” in mind to get rid of corruption from the country. Modi also said that he willing to face the consequences for the step taken by him to eliminate black money. The evil of corruption has been spread by certain sections of society for their selfish interests. The primary cause of concern here is the quality of India’s political leadership, which has consistently betrayed its own taxmen. Modi’s master stroke will eliminate the counterfeit notes in circulation and bring black money-holders under the scanner to a large extent. It will also help us move towards a cashless economy. Today, the rich and powerful, whose money is stashed in tax havens outside the country, are leading hassle-free lives. The timely and swift move to cleanse the corruption the cancerous black money is most welcome move. According to one estimate, the quantum of black money in circulation in domestic economy is three times the regular circulated currency. The bold stroke of demonetization may rattle people but it will definitely inject dynamism in the moribund economy. Prevention is better than the elusive cure. Accumulation of black money should be nipped in the bud. The prevalent system of cash transaction and most of the black money being involved in realty sector and hospitality industry needs to be brought within the system for tax purposes.
Vinod C. Dixit
(The views expressed by the author in the article are his/her own.)