The black money and corruption

Black money generation takes place through umpteen ways. Corruption is prevalent literally from cradle to grave. Except politicians and bureaucrats, every body knows how to prevent corruption and minimise geration of black money. The simplest method is to track high value transactions through insistence of PAN card and payment by means of plastic cards and Cheques above Rs 5000. If this is introduced on a trial basis the result can be visible within a period of six months. Through out the world Indian IT strength is well recognised but unfortunately In India,It has not been put into optimum use to keep track of all transactions,tie up with the transactions with their origin,destination and link them ultimately to tax revenues, GDP growth etc intelligently. If there is a will there is a way. Readiness to trace black money and prevent corruption is all that matters. Will the authorities viz Politicians and bureaucrats bell the cat?

Dr.T.V.Gopalakrishnan

(This appeared in The Hindu Business Line E paper dated 2nd August 2011).