What is wrong? What should be done?

LK Advani wants to bring back black money

LK Advani of BJP’s prome ministerial candidate has raised the issue of black money stashed away abroad. Let us look at this objective of LK Advani from two perspective.

One who do you think the black money belongs to? My guess would be that major portions would belong to politicians or political parties. I remember hearing unbelievable rumours when Promod Mahajan was murdered by his brother. The other group to whom this money would belong would again be big time business people who are anyway linked with the politicians. I doubt LK Advani would be allowed to take any action in this matter by not only his foes but even his freinds.

But what about the black money being generated every day and every year as we speak. We have a parallel black money or unaccounted money economy. I think I read somewhere that nearly Rs. 12000 crores is being spent on this coming elections. With just Rs. 15 lakhs allowed per candidate, how did we reach this figure. Most of the money spent on elections is unaccounted for. I have even heard that journalists and newspapers are taking money without receipts to publish positive news about candidates. So many candidates have been caught on the camera distributing money. There are even reports in the newspapers that liquor is being distributed. What does LK Advani think that all this money is accounted for money?

I believe Rahul Bajaj even raised this issue at the CII Annual meeting. It seems that a number of industrialists and business people have been asked for donations. Rahul Bajaj has also asked for electoral reforms just to curb this practice.

Also, LK Advani should make removing corruption and elimination of black money as the key issue for election and mention it as the first point on its manifesto and not mention it on the 40th page.

I think we should forget about trying to bring black money from abroad. Let us treat that as sunk cost. Let us focus on reducing the huge amount of black money being generated on a daily basis. By the time we bring the black moneyfrom abroad, 100 times that black money would be generated in India.

First step towards reducing black money would be to make all property transactions transparent. Today, in number of markets, property is the currency in which black money is being traded. All we have to do is to regularly adjust the circle rates to 90% of the market value. At the same time reduce the registeration fee.

avinash narula

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