<b>Letters</b>: ‘Black swan’ moment
With reference to Indivjal Dhasmana’s report, “Surgical strike on black money” (November 9), lack of political will is often cited as the prime reason for the prevalence of black money. The Income Declaration Scheme, 2016, that preceded the demonetisation of Rs 500 and Rs 1,000 notes did not reward tax evaders, but offered them an opportunity to come clean by paying more tax than usual and thus avoiding further interest, penalty or prosecution under the Income Tax Act, 1961, and the Benami Transaction (Prohibition) Act, 1988.
It was heartening to learn that Rs 65,250 crore was recovered by the scheme. However, the efficacy of voluntary declaration schemes in deterring cash hoarding domestically and in preventing flight of currency to offshore destinations remains questionable.
The government’s latest move against black money, corruption and counterfeit currency is a “black swan” moment for the Indian economy. It must now ensure that investigations and prosecution against defaulters are carried out in the spirit of the High Denomination Bank Notes (Demonetisation) Act, 1978. This an opportunity to remove the the blot on the economy and curb illegal financial activities.
It is time the Opposition stopped indulging in parochial opportunism using political pulpits to carry out a charade against the government.
Shreyans Jain, New Delhi
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