Indians are very innovative and they try to save income tax by every means and in this league we suggest a method to govt of India to provide incentives to all the users to undertake online, cheque or debit/credit card transactions. Such type of transactions leave a trail which can be tracked by audit authorities. Incentive is available in South Korea for such type of transactions.
Steps to Eradicate Black Money in India
- Our aim is to reduce the cash culture and in this context we would like them to remove Rs 5 charges for NEFT transaction as it will reduce the rush in banks as well as money will be used in a legalised manner.
- Lastly property is the place where maximum black money is getting pumped and it should be made mandatory to have a Pancard endorsed in the registries to be able to track the properties and this will be an end to the benami property deals.
If above recommendations are implemented more than 3/4 black transactions will be curbed in India and we will be able to become a force to reckon with.