The Supreme Court-backed special investigation team (SIT) on black money has recommended a series of measures, including quoting of permanent account number for all purchases beyond Rs 1 lakh in addition to submitting an identity proof such as Aadhaar.
The rule, the SIT has suggested, should cover purchases made by cash as well as cheque. It has further recommended that a central "Know Your Customer" (KYC) database be set up which captures details of PAN, passport number or driving licence number, which are often quoted for transactions.
From India, Ahmadabad
34The rule, the SIT has suggested, should cover purchases made by cash as well as cheque. It has further recommended that a central "Know Your Customer" (KYC) database be set up which captures details of PAN, passport number or driving licence number, which are often quoted for transactions.
From India, Ahmadabad
Dear Sagar,
Nothing is new in these measures. The only thing added is Aadhar Card Number. Nevertheless, it would be naive to think that it would reduce the corruption.
Real estate industry generates the maximum amount of black money. When sales deed is made, PAN Card No is mentioned in the sales deed, however, it has not stopped from underhand dealings.
The malaise also lies in high volume of cash transaction even for legal purposes. Government should bring means to control the cash transaction in all spheres of economic activity. As long as we depend on cash transaction, we will face the menace of the black money.
Thanks,
Dinesh Divekar
From India, Bangalore
Nothing is new in these measures. The only thing added is Aadhar Card Number. Nevertheless, it would be naive to think that it would reduce the corruption.
Real estate industry generates the maximum amount of black money. When sales deed is made, PAN Card No is mentioned in the sales deed, however, it has not stopped from underhand dealings.
The malaise also lies in high volume of cash transaction even for legal purposes. Government should bring means to control the cash transaction in all spheres of economic activity. As long as we depend on cash transaction, we will face the menace of the black money.
Thanks,
Dinesh Divekar
From India, Bangalore
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