The recent movement against corruption has paved the way for previous government to pass Judicial Standards and Accountability Bill, 2012, the Whistle Blowers Protection Bill, 2011, the Prevention of Corruption (Amendment) Bill, 2013, the Right of Citizens for Time Bound Delivery of Goods and Services Bill, 2011, the Prevention of Bribery of Foreign Public Officials Bill, 2011 and the Public Procurement Bill, 2012 and these are all termed as deterrent to corruption and to solidify accountability.
It was one of the foremost issues of the last general election to bring back black money stashed outside India, though a lot of rhetoric was propagated but reportedly Vijay Mallya cleared immigration authorities and flown to UK despite of Lookout Notice supposedly to be repealed by Supreme Court alone, and later government revoked his passport enabling him to apply for legal asylum outside India.
If deregulation of high denomination note was the only resort to curb black money then government should have done it two years back, it has provided big fishes enough time to park ill-earned money. Do not fantasize people sleeping on hoards of money in basements.
Continuous fight against corruption since 2011 has cautioned black marketer to go slow and play safe and, it is reflecting in real estate and infrastructure sectors, two major absorbents of black money, already on downfall since then and domestic black money is mostly converted into precious jewels & gold and that was the period when gold touched it’s peak. Now, hard-earned rural savings are targeted by government to increase it bank deposits.
It was reported that black money is routed to tax heavens via Mauritius, Mayasia, HongKong, Singapore etc during 2014 through dummy companies but government did not act instead informing the nation that black money deposited in international banks was decreased, but did not update where did it go?
It’s a populist decision to make general public feel good that it’s to hurt riches badly whereas I see discontinuation of 1000 rupee note and introducing 2000 rupee note will increase the gap between income groups and three month later it is easier to store black money in high denomination. Using five notes of 100 instead of a 500 note will not bring down price rise for sure, and further, once a 2000 rupee note breaks into smaller denominations, it finishes faster. This move is to increase bank deposits to use public money for maximum possible periods and to increase spending.
Keeping cash at home is not a problem as long as it is justified according to business balance sheet or Form 16, if employed. People with unjustifiable money will be wooed by those who can digest cash as per their balance sheets and it will again circulated in the market with new currency notes three months later.
Concerned authorities are continuously nailing fake currency racketeer though nabbing them and cancelling fake notes, this scheme will hit it to a larger extent and help flushing it out, and that is welcoming but it was never mixed with good money and regularized whenever exchanged on bank counters.
The government must crack down inactive/ partly-active limited & unlimited companies, sprouting mainly from Kolkata, as it could be the favorite destination for those who have missed the bus.
I welcome positive measures taken to curb corruption but it must not restrict to mere oratory and culprits must be brought to law instead facilitating them selectively. The system has to be enhanced to curb corruption at all levels, Pranab Mukherjee’s, former Finance Minster, digitization has made Income Tax Department corruption-free to a higher extent and previously tedious process like tax refund is made easy and now banks credit refunds automatically. It is one such example of obliteration of corruption and there are plenty.
The above mentioned laws have strengthen agencies teeth to bite wrongdoers sharply and government must public the status report on Jan Lokpal Bill to cement its commitment to defuse corruption at all level. We, the people of India, deserve a fair and just system to curb ill-practices distancing its people their pledged rights.