New Delhi, Oct 19
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]P[/dropcap]rime Minister Narendra Modi on Monday pitched for currency-less banking across the country to bring illegal income under tax net. “The future of banking would not just be premises-less and paper-less but also eventually currency-less, and this would help curb black money,” he said at a launch function of a branch of private sector lender IDFC.
Modi said the banking sector, undergoing major transformation, was poised to achieve a big boost in growth in rural areas which would be similar to the growth achieved by the telecom sector some years ago. He also described the banking sector reforms being undertaken by the central government in areas like senior appointments and empowering bank management through zero-interference.
Union Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha were also present on the occasion, the PMO said in a statement.
[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap]ccording to some estimates, the size of Black Money in India is almost the same as the White Money – so much so that no real estate transaction (one of the big ticket purchases) is done with all White money. Banking for all is a good first step but other steps should be done (e. g. eliminate Personal Income Tax, simplify Registration Tax for Real Estate etc.) in parallel to ensure that this menace is removed once and for all.
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