A K Bhattacharya's piece, "Black money and the PAN" (December 23), is apt and contains deep insights into the black money issue. It brings out the merits of a time-tested methodology to proactively handle the issue through a framework of disclosure and cashless transactions.
The point I wish to make is that the magnitude of the black money issue in our country is too large to let it remain unattended any longer. Even without going into the matter of whether the present government is delivering on its election promises, the issue has started to hamper India's international standing (be it Transparency International's rating or that of Standard & Poor's or other agencies) and its overall strong and positive image - largely the result of the prime minister's extensive expositions abroad. We need to match our image in the global arena with actions on the home turf.
I fully subscribe to the writer's view of recommending incentives for credit purchase, coupled with the introduction of PAN compliance for a lower limit. While more transactions in corporate entities are becoming cashless, the same can be practised in the public domain as remote places get connected via the internet. Even if PAN requirements are set for a higher limit, the focus should remain on registering transactions through traceable mechanisms, one such being credit/debit card purchases.
I hope to see increased intervention by the government in installing such systems of disclosure without delay.
M L Kabir Kolkata
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number
