The government’s income disclosure scheme, the window for black money declaration may not have started yielding desired results yet, but the government has started building pressure on the suspect tax evaders by increasing the number of Income Tax raids across the country, which went up nearly three times in the first four months of this year—from 55 last year to 145 this year.
Chief minister Chandrababu Naidu on Wednesday claimed that out of the Rs 13,000 Cr black money declared in Hyderabad under a recent scheme, Rs 10,000 Cr belonged to a single individual, in apparent hints towards his political rivals. Who is that, we can’t know as per law. Is it possible for a businessman to declare such huge money,” he told a press conference in his new office at Velagapudi.
“In the future, in 2-3 or 5 years, they will again regularize black money, depending on their need. You just pay 40-45 per cent penalty and the rest becomes white. Isn’t that better? Nobody can question. Now, there will no social stigma as well,” CM said.
“In course of time, we have to go for total bank accounts. We have to bring in that culture. One, you have to regulate and two, you have to bring in that culture. Then it will curb the evils,” Chandrababu said.
He wrote to Prime Minister Narendra Modi on Wednesday, seeking a ‘gradual ban on big denomination currency notes of Rs 1,000 and Rs 500 to curtail black money and check corruption’. He suggested cash transactions be phased out through promotion of online or bank transactions.
Wishing ourselves all the best for a corrupt free nation. *Fingers crossed*