Black Money

Out of many future tense sentences, lot of them on Black Money. My take is as below.

 Subject of Black Money is once again has come to centre stage with Arun Jaitely promising very stringent law on it in his Budget speech.

Whether law will be realty and whether it will be able to tackle the problem?

Considering the previous experience of behaviour of political parties (irrespective of being in power or in opposition), including the attitude on Lokpal, before and after passing the law, it is certain that this law will face  the same hurdle during  the passage and after the law becomes law ( if at all) as faced by Lokpal.

Whatever posture and action we are seeing presently is due to pressure generated by Anna movement and Supreme Court orders.

My view is first it will face the hurdle in passing, the way woman’s reservation is facing. And even if it is passed it will face the hurdle in the enforcement/ operationalization the way lokpal is facing.

Why it is so?

Basic thing is, those who are showing intention to pass the law (politician) are in fact in greater need of it, to win the elections. Thus electoral reforms are pre-requisite for law on Black Money. Similar is the case with Bureaucracy/ General public who need it for getting admission, appointment, posting and promotions. This is also true of Industry who needs it for getting clearances and promoting crony capitalism.

Ultimately all money reaches Political boss. Thus if electoral reforms are undertaken, administrative reforms and other changes for industry and for general public will not be far off.

This may smoothen the passage on law on Black Money or if need for generating Black Money is gone, who knows we may not require this law at all.

On the other hand, socially we need to discourage and criticise display of money and stop alluding the people who display money but do not have known source of it. In fact we should ask transparency in expenses and source of money.