LET US TRY TO BRING THE BLACK MONEY INTO CIRCULATION




The money which is not brought into the books of Income Tax department is said to be black money. In fact we do not have any accurate account of this money available in the country. It is the aftermath of the historically recognised ways and means of corruption. However as per various estimation the amount is considerably varied. When one estimation shows it is over Rs 900 lakh crores, another shows it is over $10 trillion that is held illegally in Switzerland. In an unconfirmed report of the World Bank says it is about 20% of our GDP. The currency  in circulation as on 23 December 2022 is Rs 32.4 lakh crores. Part of this is being added to the black account every year.

If our government can take the risk of an earnest effort to account for the black money and bring into the use of the people of the country, India can make a quantum leap in the economic front. The government may select the following fronts for investment under a new scheme exclusively devised for this purpose. Any one who avail this scheme can invest any amount of money in these fronts by paying the existing rate of income tax and a lump sum fine of 10%. Those who avail this scheme need not disclose the source of income. Investment may be considered for the following sectors. Health, Education, Oil generations, Agriculture, Large Employment Generation Projects, 1,000 mw and more Electricity Generations, Infrastructure Development etc.

Some may find fault in it; especially those holding the conventionalist philosophy quite tight. Let us think about putting this idle money into use, benefitting the entire people of the country, than holding a worthless philosophy. If this is effectively implemented the prices of many essential items including petrol, diesel etc can be brought down considerably. This will also ensure large employment growth as well as a certain growth of the GDP PCI of the people especially the low and middle income groups.
Trust the Government of India may consider this suggestion. Knowledgeable people in the fields of law, finance management, social development etc may jointly consider this proposal and try to present to the government for early implementation.

K V George 

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