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.