Black money in Indian economy and market..?

Question

How it can be checked ?

it is in circulation and helping the rich and speculators in shooting up the real estate prices by creating supply crunch.

will it ever be checked, if yes then by how... ?

Answer 1

don"t know when, PAN card was introduced for the same purpose but it is still not mandatory...

Answer 2

It can be checked if there is political will.

Everyone in India should be made to have PAN or similar card compulsorily andeveryone's income and expenditure should be recorded in dedicated files. For this a lot of computerisation is needed. Expenditure of regular and routine nature like purchase of provisions, milk, vegetables etc need not go thro. computer record but can be assessed. All other expenditures shd go thro' the PAN Card. All income shd be routed thro' PAN card.
Then the real income can be assessed in everybody's case and tax imposed based on expenditure / income. Every transaction whether own or benamy will get exposed and total amount based on some rules can be taxed and automatically black money will disappear.
Ordinary people will not be affected by this, but tgose who are having blackmoney transactions will get exposed.

Similarly tax rates should be restructured similar to those existing in USA and similar countries.This also will help. For example stamp duty on property registration