Since demonetization, 15 days have passed; it is crystal clear that its implementation was a huge failure. This fact is not said by me but is agreed by famous economists of the world such as Chief Economist of World Bank who stated that it shall have a negligible effect on black money & corruption. Economists estimated that it shall have a 2-3% loss on Indian GDP and a loss of 400000 jobs.
So, now the question is If demonetization cannot put an end to black money & corruption, then what can? So, I shall answer what can be done to put an end on black money & corruption.
How to fight Corruption & Black Money?
To finish black money, it’s important to understand what is the reason for having black money is the currency on which tax is not paid. In India, around 1-2% of people pay tax i.e. 99% of people do not pay tax. This is so because people don’t have trust on Govt. they feel that their amount of tax is going waste and not utilized for any development.
That’s why govt needs to assure people that their tax money is being utilized for good purposes not eaten up by corrupt politicians else people shall keep on finding new ways to evade tax.
Put up Online where Tax money, MP/MLA Fund is Spend
This can be done if Govt shows its accountability i.e. it publishes utilization of every penny of tax money on its website so that people can also know where their money is being used up. It shall further act as motivation for people to pay tax.
Donations should be put online
We all know that political institutions are one of the most corrupted institutions in India. BJP & Congress get their 70-80% contribution from unaccounted sources i.e. nobody knows from where they are getting their money for donation. So, the next most important point for political parties is that their donations should be put online, transparent & accountable.
Bring Political Parties under RTI act
The third most important point for a political party is that they should be covered under the RTI Act because we all know that many scams have been exposed due to RTI Act.
Bring strong Lokpal Bill
The fourth point is to bring strong Lokpal Bill for which entire nation came on the road to protest 5 years back but today, there is hardly any discussion on it. Even Supreme Court has accosted Govt. on the same lines that if Govt. doesn’t take action
Action Against Black money Holders Outside of India
Fifth number: To bring back unaccounted & black money which is deposited in foreign banks such as in Swiss Banks. If Govt desires then it can do so very easily with the help of corruption whistleblowers. As told by HSBC whistleblower that they have plenty of information & solution to take action even agreed to cooperate with Govt.’s investigative agency but according to them, Govt. has had a very disappointing response on this. This transpired that Govt. has no intention to take action on this.
Protection to Corruption Whistleblowers
Talking about corruption whistleblowers, they are treated very badly in India. Half of them are murdered & remaining are treated as in the case of whistleblowers from Vyapam Scam, India’s deadliest scam. and in name of security, only 1 security guard was provided. Another eg. of this is Sanjiv Chaturvedi who exposed AIIMS corruption. He was appointed as chief of Anti-corruption in Delhi Govt.in 2015 but CG had a problem with this & transferred him 2-3 times afterward. During his 5 year stint, he has been transferred 12 times. In such a manner, corruption whistleblowers are harassed. So, the Sixth point is to give deserved security & protection to corruption whistleblowers.
Make CBI independent
Number Seven is to make CBI independent. In today’s scenario, CBI is answerable to 3 Govt. ministries which implies that if Govt has any corrupt politician, CBI shall never be able to investigate it since why would Govt. initiate investigation on itself. Hence, It is necessary to do so. It is also necessary since the ruling party misuses CBI many times to play political games.
Levelized Salary of GOVT. Employees with Private sector
A big reason for the corruption of Govt. employees is that they feel that they do not get their deserved salary and are underpaid. So, increasing public sector salary to bring it at comparable value with the private sector is necessary.
Finish Bureaucratic Loopholes
A long & tiring way to end corruption is to finish bureaucratic loopholes, bring digitalization & smart governance. This can be done by taking assistance from Delhi Govt whose tax collection has shown record growth even after giving subsidies for free water & electricity.
So, these were some simple but effective steps that Govt, if desires can take against corruption & black money. Further, its implementation would be easier in comparison to demonetization by many folds. but it shall also help in fighting black money & corruption Share this on all platforms so that Govt. gets to know how to end corruption & black money.