Cutting investment avenues for black money

It is common knowledge that the money earned by corrupt means is invested mainly in real estate. Every real estate deal has 2 components- white money and black money. If the government can stop or at least limit this avenue of investment of black money, the corrupt will have very few options left for deploying / hiding his black money. Gold has already lost its sheen. And there is a limit up to which currency notes can be hoarded. It is not difficult to do so. While the government think-tanks may devise ways and means of doing so, I have few basic steps in mind:-

1. The income tax department should be asked to scrutinise such deals, especially high value re-sale deals. Cases caught should be disclosed in media.
2. Regular press releases in media advising public that the government is keeping an eye on such transactions.
3. Most importantly, the government should have the first right to purchase the property on the price being recorded on sale deed.

Of course, the government needs to do this only in case it is serious of getting rid of corruption to a large extent. Alternatively, it may acquiesce in it and ignore the promises made to voters before elections.

R. B. Singh more  

View all 12 comments Below 12 comments
But the 3rd point is valid and can be imposed immediately more  
Only demonetization is the only solution for all these evils. Nothing else can curb black money. It has become the primary responsibility of this circle to take up this issue with the Government. more  
Sir Thanks for your comment over sweep machine more  
High denomination notes that is above 50 Rs. are not required. By reducing the available currency denomination the cash transaction can be minimised this can be the first step in curbing black money more  
National integrity & Citizen Responsibilities if imbibed and stepped up to move the supreme court demanding seizure of Concentrated illegitimate wealth in land , shares , buildings , gold and currency ;; or approaching the Indian President action under article 340 , there will be the requisite economical address to all classes of people for Food , Education , Health which only supports our attempts through these local circles for good governance please. more  
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