NEW CIRCLE rates for land in different part of capital-city though hiked sharply, still remains about one-fourth of real market-rates. Therefore role of black-money involved in property-transaction will still remain appreciably high as compared to accounted deals.
Since currency is the oxygen to all black-money deals, only and best remedy is to induce harsh measures so that people may find excess currency as ordinary ‘paper’. Union government should follow sensible and advanced countries by discontinuing currency in high denominations of rupees 500 and 1000.
Permanent provision of voluntarily disclosing unaccounted money on payment of income-tax at normal tax-slabs should be there in new-to-be implemented tax-code. Drafts/ Pay-Orders/ Traveller-cheques must carry names and address/ account-numbers of purchasers with reduced validity-period of say 45 days to check their misuse as ‘benami’ drafts for carriers of black money.
All sale-purchases exceeding say Rs 20000, even though payment may be made in parts, must be through banks. All expenses exceeding Rs 1000 including salaries must be allowed when made through bank-transfer/cheques/ drafts.