Is black
money issue a Gordian Knot that cannot be unraveled ?
One gets
that feeling while observing the NDA governments attempts, viz:
> Setting up of SIT
> Signing bi-lateral treaties with foreign
countries for exchange of info on bank
accounts held by Indian citizens in these countries
> 90 day window for declaring assets held illegally
in foreign banks
> Proposal to grant minor tax-concessions if
payments for petrol / diesel etc is
made using credit cards
> Legislating that sundry kinds of payments
are to be made thru banking system
> Introduction of Gold Bonds
> Introduction of stringent laws for punishing
tax-evaders with jail terms, etc
Could not
UPA government have done all of these in the past 15 years ?
And , if
they could , why did they not ?
I could
think of only 2 reasons , viz :
> Either UPA government did not think that any
of such measures could solve the
black money problem , which is in the
nature of a Gordian Knot
OR ,
> UPA did
not want to solve this problem !
After one
year of NDA rule , people are asking :
" Why is this government , which has within one
year , launched some epoch-making economic and governance reforms , continuing
to tinker with the black money issue ?
Why is it
focusing on unearthing black money stashed away in foreign banks, which
constitute no more than 5 % of the black money hiding within the country ?
Why is all
the emphasis on " past " black money declaration rather than on
prevention of " future " black money generation - which goes on
unabated ? "
I sincerely
believe that NDA wants to put a permanent stop to black money generation
But , it
just cannot think " Out-of-the-box " as Alexander the Great did when
he simply cut the Gordian Knot with his sword rather than try to untie it !
It is still
not late for NDA to do the following :
> In the first instance , instead of increasing
the personal Income Tax rates with
each higher slab , reduce these ( eg : 10
% > 9% > 8% > 7% ..... )
> If this " Inverse Taxation Regime "
makes people want to declare more and
more income , in order to get into higher
tax slab , then next consider total
abolition of Personal Income Tax !
In a
nutshell :
> Take away incentive to hide income
> Motivate people to declare ALL income
> Celebrate Wealth Creation
> With no Personal Income Tax to be paid ,
everyone will insist on making /
receiving all payments officially thru
banking channels
> Do not
tax people at the point of income generation ( Source )
> Tax
them at the point of income expenditure ( Destination ) eg: GST
> Boost national
" Savings Rate " to 40 % ( never a Greek Tragedy ? )
> Enable
savings to flow into Infrastructure Bonds ( Railway / Ports / Airports /
Smart Cities / Highways / River Linking /
Solar Power etc ) , rather than into
non-productive assets
This is
NDA's " Moment of Opportunity " - an opportunity to re-write history
!
There is no
surer / simpler / faster way to bring India's 400 million poor people
out of
abysmal poverty .
---------------------------------------------------------------------------------------------
hemen parekh
05 July ,
2015
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