Will Modi's Solution For Black Money Work In India?

Prime Minister Narendra Modi has suggested a simple solution for the problem of black money in India.

Well, on the face of it, it appears totally uncomplicated. Well, Modiji feels that all transactions must be done through debit and credit cards and all monetary transactions must be done away with.

Okay, countries like the United States of America and various Western countries already do that. But it is equally true that there are a lot of money transactions even in those countries.

Coming to India, nearly 50 to 60 per cent of people in our country are not adequately educated. And that is not including those who are below poverty line. So, technically there are millions of users who do not possess a debit or credit card.

For starters, efforts must be made to introduce ‘jana dhan’ accounts for such people and facilitate the usage of any card in lieu of money. Then, a process has to be set to get the idea rolling.

Six months after they have come to power, Modi government has been talking of bringing the black money stashed away in foreign accounts back home. The Prime Minister has also started talking about black money reserves in India now.

But it would do a world of good if he begins by putting curbs on the huge amount of black money that changes hands during election time. If he can do that, it will be a huge step ahead. Will Modi be able to do that?

GA