Home » Web Updates Insights » How Can We Avoid Black Money?

How Can We Avoid Black Money?

Elena Rostova • • 6 min read
How Can We Avoid Black Money?
The government has come up with a Gold Amnesty scheme to prevent black money in this asset. This is similar to Voluntary Income Disclosure scheme to tap black money in income taxes. Again any cash transaction above Rs 2 lakh demands PAN number. So any large cash deal won't be able to generate black money.

How can we stop black money?

Measures to curb Black Money in India

  1. Demonetization.
  2. Voluntary Disclosure Scheme.
  3. Raids.
  4. Rationalization of Controls.
  5. Taxation Reforms.
  6. Vigorous Prosecution.
  7. Special Bearer Bonds.
  8. Rewards and Awards.

What must be done in order to remove black money from the economy?

1) Mandatory digitisation of all land and property records linked to PAN/ Aadhaar numbers. 2) Tax on agricultural income based on farm holding, leaving small and marginal farmer untouched and unaffected.
Elena Rostova
Author

Elena Rostova

Elena Rostova holds a Master's degree in Public Health Journalism. She covers groundbreaking medical research, holistic wellness trends, mental health awareness, and nutritional science.