After the first and bold step of identifying Indians holding money abroad, (“627 names on list; SIT probe is next,” Oct. 30), the next step must be to define how to curb black money. This could be done by marking certain indicators — owning more than one house, possessing expensive bikes and cars; donating huge amounts of money to religious places; maintaining club memberships, and so on. There must also be steps like monitoring high-value currency transactions. Such transactions must require supplying PAN card information.
Datta Shivane,Hyderabad
There could be thousands of Indians and NRIs with bank accounts in foreign countries and where most of the money in them could be pure white and where all transactions are legal. Rather than look for a foreign hand, the more important battle against black money is best waged at home. Unless it is generated at home, unaccounted money cannot be transferred outside the country. Moderate tax rates and simpler tax laws can mitigate the temptation to evade tax. Money transactions should be principally routed through banks. The government’s prosecution mechanism also needs to strengthened and made taint-free.
C.V. Venugopalan,Palakkad
After the government’s “threat drama” of embarrassment being caused to the Congress if the list was revealed, nothing much seems to have happened. Most of us are only amused by the tall electoral promises made by the NDA in the run-up to the general election and the agitations by Anna Hazare, Arvind Kejriwal and Baba Ramdev over the issue of black money.
Bidyut Kumar Chatterjee,Faridabad
The issue is more serious than it being just a case of tax-evasion per se. Such an understanding of the issue, in effect, dilutes the seriousness of ill-gotten wealth being deposited abroad. What is crucial is to not only quantify the amounts of tax evaded but also trace the legitimacy or otherwise of the sources of acquisition of such money clandestinely deposited in foreign banks. One can create wealth through business or transactions authorised by the law and yet evade tax thereon. It is the criminality aspect that assumes even greater significance for the country and needs to be identified for suitable action.
S.K. Choudhury,Bangalore
