Fix Black Money generation First

 Black Money first gets generated in domestic market and  transferred to International Market through official and unofficial channels.The generation of black money in the domestic market needs to be totally eliminated through enforcement of all existing laws of the land without fear or favour and this requires very strong will power on the part of the Government to plug all loopholes where black money generation is made possible.Real Estate transactions, High value transactions in cash involving gold, silver , and other Commodities etc are to be tracked intelligently with proper tie up of point of sales, cash transfers, tax collections and Income tax returns with the aid of Information Technology,social audit and independent verification of all transactions in a centralized data collection center. The guidance value fixed for land deals in various states are seldom scruinised and put through strictly  is a ground reality and this can be easily detected if honestly verified. The guidance value and the market price have no relationship and the market value on real estate transactions are three to four times of the guidance value. This can be easily tracked and fixed if the autorities so desire. The loss of revenue to the state Government through Corrupt practices in real estate transactions is known to all states and efforts are not even attempted to detect and fix the problem. Forex transactions are liberalised and it becomes an easy route to transfer funds. Over invoicing and under invoicing of imports and exports and other forex transactions the genuineness of which is seldom verified or suspected even make the international movement of funds is easy. The black money malaise needs to be tackled culturally by educating the people involved in trade, commerce and making the law enforcement agencies accountable and responsible. The problem definitely is not insurmountable and there should be a willingness. Readiness is all that is required. Involve people and see that the target is easily met. 95% of the population will definitely not have black money. Only a few are having it and it can be controlled over a period.

Dr.T.V.Gopalakrishnan

(This comment appeared in BS in response to the editorial The wrong prongs).