Tuesday, July 27, 2021
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Voluntary Disclosure Scheme

It refers to a news that under the Voluntary Disclosure Scheme Pradhan Mantri Garib Kalyan Yojna (PMGKY), Rs 4900 crore having been disclosed only by 21,000 members.

If PM himself would have announced the scheme in his speech when he surprised the nation with demonetisation of currency, this scheme would have seen a great success. People would have funded the scheme with unaccounted currency fetching a consolidated 49.9 per cent as tax, surcharge and penalty rather than risking by exchanging old currency at commissions ranging about 40-per cent above.

Demonetisation was indeed a bold step, but lack of bureaucratic-coordination and poor planning resulted in making it almost a flop. There would not have been any currency-crunch if old currency would have been allowed at outlets of essential services like Mother-Dairy booths, Kendriya-Bhandaar and petrol-pumps. If polling can be done in just a few hours of a single day, there was no reason to witness unending long day-night queues for weeks at a time when number of bank-branches was much higher than polling-booths.

Madhu Agrawal

(The views expressed by the author in the article are his/her own.)

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