The White Paper On Black Money

Finance  Minister  Pranab  Mukherjee  will  today  bring  out the  much  awaited  white  bill on  black  money  in  parliament. The  bill is  expected  to  be  tabled  in  both  houses  of  the parliament.

The  bill  comes  after  much  pressure  created  from the  senior  BJP leader  demanding  actions  from  the  government  on  bringing  black  money  back  to  India.The  opposition  leaders  have  from  long  been  targeting  the  government  of  not  taking  measures  to  bring  back  black  money. The  bill will share what  efforts  is  the  government  making   for  the  same.

A white paper is an authoritative report or guide that helps solve a problem. White papers are used to educate readers and help people make decisions, and may be a consultation as to the details of new legislation. The publishing of a white paper signifies a clear intention on the part of a government to pass new law.

Stressing  on  the  need  to  set  up  lokpals  and  lokayuktas  to  speed  up investigation  in corruption  cases  the  paper  also  stresses  for  implementation  of  Goods  and  Service  Tax ( GST )incidentally  the  data  shows  that  between 2006  and  2010  the  Indian  funds  in  Swiss  Banks  were  almost  down  by  60%. The  Real  estate  which  has   close  to  about  11%  of  GDP  may  be  asked  to  deduct  tax  at  source.

The  Paper  also  stresses  on  the  need  to  promote  credit  card  and  debit  card  and  increase  payment  of regulars i.e salaries  through  banking  channels  like  done  in  republic  of  Korea.The  minister  added that  there  was  a need  to  maintain  records  of  Non  Profit  organizations(NGO’s)  sop  that  their  activities  can  be  monitored.

Meanwhile  the  opposition  has  hit  out  strongly  at  the  goverment    with  the  senior  BJP  leader  Jaswant  Singh  calling  the  bill as a ‘bikini’ which conceals all the essentials and hid  the  essentials.


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