Government’s white paper on black money tabled in Parliament on Monday listed a one-time tax amnesty to recover funds stashed abroad and a gold deposit scheme for locals as possible ways to deal with the menace.
NEW DELHI: The government's white paper on black money, tabled in Parliament on Monday, listed a one-time tax amnesty to recover funds stashed abroad and a gold deposit scheme for locals as possible ways to deal with the menace, while suggesting that individuals get the tax department's go-ahead for all property deals and face undue scrutiny on cash in their possession.
It also called for setting up of independent regulators, ombudsmen for allocation of natural resources, as well as Lokpal and Lokayuktas.
The document has been prepared in response to the clamour for crackdown on corruption and unaccounted wealth, and is supposed to help the government counter the perception of inaction that has bruised it politically. However, in its anxiety to appear tough, the government tilted towards prescriptions which can set the clock back on tax reforms and result in harassment of honest taxpayers.
It also called for setting up of independent regulators, ombudsmen for allocation of natural resources, as well as Lokpal and Lokayuktas.
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