THE NEW Direct Tax Code, which would soon be implemented in the country should also incorporate provisions, so as to practically check circulation of black money in the country. Role of black money is still dominant in property-deals, where buyers generally insists on paying major part in cash, while seller prefers getting all payment through properly accounted bank-transactions.

Direct Tax Code should have permanent provision of ‘Voluntary Disclosure’ so that people having surplus cash may be able to disclose it as income from undisclosed sources by paying tax on such amounts. This system will ultimately sharply reduce circulation of black money with revenue shooting up sharply not only through Income Tax but also through other aspects like stamp-duty and other taxes.