White paper on black money with grey areas!

Mukesh Butani / May 28, 2012, 00:04 IST

The report has adequately captured most forms of contributory factors resulting in the peril of unaccounted money and more importantly, its growing significance in all walks of life. Though, the list is long, admission to bring reforms in sectors which are vulnerable deserve special mention. It would indeed be a tall order to deal with all simultaneously. The report has highlighted the need for efficient allocation of the country’s natural resources in the form of land, water, spectrum, etc., improvement in transparency for public procurement and the lack of it thereof which has contributed to unaccounted money. It would be interesting to observe how the Apex court deals with the presidential reference on this matter immediately after the summer break in light of its mention in the report! While the confession is welcome in light of recent spate of scandals on allocation of natural resources, at the same time, the report seems to have listed certain forms of business transactions and structure contributing to generation of black money.Firstly, the FM needs to be applauded for his efforts to present an all-encompassing report on black money, its ill effects, and strategies to counter the menace and impact on the economy. The FM did stick to his assurance in the Parliament to present the paper which captures its complex relationship with policy and administrative regime in India. While the paper is merely an outline and detailed reports from the three premier institutions are awaited, what came as a revelation was a bold acknowledgement of inter linkages between corruption and black money. Whereas, corruption is a known fact in public life, it is perhaps the first time the world will view an official acceptance by India.