Black into white

The government’s approach to controlling India’s black money economy, as outlined in the White Paper on the issue tabled in Parliament on Monday, is misguided. Central to the suggestions that are immediately operable is a scheme similar to past voluntary disclosures of income, which the White Paper says can be a “one-time option” to encourage Indians to bring back illicit money stashed abroad. Of course, as the Paper itself mentions while introducing the possibility, such schemes have often been tried before — meaning that it is not to be viewed as credibly being a “one-time” option.

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