Black Money – Domestic and International Efforts

[op-ed snap] Progress in black money amnesty scheme

  1. Theme: Record collections under the Government’s black money amnesty scheme.
  2. What worked this time: Tax department’s focus on demystifying and propagating the scheme.
  3. The tax department actively monitored high-value transactions that took place without PAN card details and sent letters to suspected evaders based on the information.
  4. Stern warnings from the Prime Minister himself about tough action and possible jail terms for tax evaders.
  5. Other steps being taken to uncover black money: Tax havens where Indian holdings have come to light are being actively pursued.
  6. The way ahead: The tax department must spruce up its data-mining methods to expand the country’s shallow tax base.
  7. The government needs to attack the root cause of the problem by making electoral funding transparent, curbing the misuse by the wealthy of tax-free income sops for farmers, and encouraging cashless transactions.
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