Will the measures mentioned in the white paper on black money that was tabled in the parliament really help the country in bringing the safeguarded illegal money in foreign countries? Let us look at some of the salient features of the white paper:

Tax amnesty to recover black money:

The government has proposed to bring back the black money stashed in foreign countries by declaring tax amnesty. The tax amnesty will enable tax payers to pay the defined amount of tax in a limited period.

Independent regulators:

The white paper has also suggested for setting up of independent bodies such as Lokpals and Lokayuktas for solving the black money menace. Notably, the independent regulators would not only crack down the corruption but will also put an end to the unaccounted wealth.

Promote the use of plastic money:

The white paper has also suggested that incentives be provided in order to promote the use of plastic money so that money will be accounted and chances of preserving black money would be grim.

All in all, people seem to note the merits in the recent white paper but again whether it’s politically feasible is another big question.  (Phani)