Many are expecting the government to now target gold and real estate to curb black money, after the demonetisation of Rs 500 and Rs 1,000 notes. Speculation is rife that the Centre can take draconian steps such as mandatory e-passbooks for all real estate holdings and compulsory checking of every single safe deposit vault. These steps are major decisions akin to demonetisation and have implications of similar scale. They need to be thought through carefully, if at all they are being considered.
The government can take two steps that might help catch tax evaders without making an honest taxpayer’s life