People should not blindly deposit 2.5 lakhs cash in bank accounts of their family members as this is not an Income Declaration Scheme where you pay 45 % to the government to convert the balance 55% into white. One should have valid reasons for having cash balance in your hands and one of it could be accumulated savings over the years or some money kept for medical emergencies but a family having 10 members and depositing 25 lakhs will have difficulty in explaining such huge cash balance in physical form.
Also, the government needs to scrap the ‘exchange scheme’ which is being misused by bankers and corporates. People who do not have an bank account should be encouraged to open one as it would then mean every Indian would have an bank account in his name. Henceforth, every birth certificate of a new born baby should be issued with a bank account so that it can be used for the proper upbringing of the child and for his or her education. People are experiencing pain at the moment due to some tough measures that are being taken by the government but the fruit of which would be seen in the long run and this is the transformation phase which would take our nation into a new league.
S.N. Kabra
(The views expressed by the author in the article are his/her own.)
