It is time to realise that this so-called ‘black money’ has been earned through a lot of hard work. It is only different from other money because tax has not been paid for the collection of this wealth. We can say that this tax evasion is a direct consequence of unfriendly government policy biased against honest business enterprise.
Is it a crime to save money? All Indians have the mentality to save money, while Americans do not, which has had led to their bankruptcy. Instead of chasing this saved money, termed as black, wouldn’t it be better for the government to offer an investment system which will encourage voluntary deposits of this unaccounted ‘national’ wealth?
My suggestion is that the government should float Water Bonds, which can be utilised for Water Conservation, Purification and Restoration. The supply of pure water will solve the problem of agriculture, inflation and employment. Increased milk and dairy production and the subsequent creation of green petrol (bio-energy) will also stop the migration of people from the village to the city.
To do all these things infrastructure just like dams, ponds, tube wells and wells, canals and connecting pipelines are necessary, which require a lot of investment. Thus, the Water Bonds will give twin benefits; one, they will infuse much needed funds into the water dependent economy as well as finish the ‘black money’ problem.
That’s why, to encourage people to buy these bonds, I request you to not ask depositors/investors the source of their black money or penalise them for not disclosing their accumulated collection. Further, these bonds should be transferable and the money should be returned to the bond holder.
To solve the problem of ‘black money’ I once again request the President of India, Prime Minister, Finance Minister, the leading members of the media to please consider the issuance of Water Bonds to mop up black money and utilise it for the resolution of our most critical problem i.e. Clean and Abundant Availability of Water throughout Our Country.
Sanjay Sharma Raj (P.R.O.)