Dr.T.V.Gopalakrishnan (Mumbai)
It is really a wonder as to how these sorts of accummulation of wealth by individuals can happen in the economy where very stringent KYC norms are insisted upon even for opening a SB account. The harassment an ordinary person undergoes to have a phone connection , a pan card, a ration card, a voter ID a gas connection with all genuine documents , has to be experienced to believe that our officials mean a serious business in implementation of KYC norms. They suspect even the genuine documents submitted even by an official who has occupied a senior position and is part of the rules making under KYC. This sort of evasion by monied persons having Crores of rupees as deposits in banks needs to be thoroughly investigated and loopholes adequately plugged to improve the tax collection in the economy. This will also enhance the confidence in the system that no one can escape the laws of the country under any circumstances.
(A changed version of this appeared in Times of India Dated 3/1/13)
It is really a wonder as to how these sorts of accummulation of wealth by individuals can happen in the economy where very stringent KYC norms are insisted upon even for opening a SB account. The harassment an ordinary person undergoes to have a phone connection , a pan card, a ration card, a voter ID a gas connection with all genuine documents , has to be experienced to believe that our officials mean a serious business in implementation of KYC norms. They suspect even the genuine documents submitted even by an official who has occupied a senior position and is part of the rules making under KYC. This sort of evasion by monied persons having Crores of rupees as deposits in banks needs to be thoroughly investigated and loopholes adequately plugged to improve the tax collection in the economy. This will also enhance the confidence in the system that no one can escape the laws of the country under any circumstances.
(A changed version of this appeared in Times of India Dated 3/1/13)
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