Black money crackdown
Before Prime Minister Narendra Modi's coveted “ Income Disclosure Scheme”was launched, the previous Governments floated many such schemes periodically to the effect of only slowing the burgeoning black money market. However, they found themselves inept to cease its growth, resulting in a thriving parallel economy without any contribution to India’s development. What made Modi’s IDS-2016 a resounding success story is the way it was carried out nationwide with vigour and determination of our bureaucrats, especially the rigorous toiling and complying done by 2009-batch IRS officer Dhruva Purari Singh to foresee the immaculate execution of this monumental task with highest integrity.
Our Cover Story in this edition pertains to Singh’s probing acumen with the help of the Kolkata Income Tax Investigation Directorate and the Patna Directorate that uncovered a large paper trail of penny stocks and shell companies in turn unravelling large syndicates of Long Term Capital Gains through the BSE-listed penny stocks amounting to a staggering Rs 38,000 crore which also compelled the defaulters to declare their black money under the duress of Singh’s discern.
During his crusade against black money, Singh was subjected to sundry impediments by prominent people crossing his path, while he held his own through astute dedication. With all the chanting to bring back a foreign stash of black money, the work done by this IRS officer has proved to be a ray of hope not only to the Government but also to society as a whole.
To usher in an era of self-reliance the call for infrastructural foundation and widening the tax base has been recognised by the Government and through the IDS-2016, the Government is a few steps closer.
Although the Government’s certification programme for the honest taxpayer is a step in the right direction, this win would be incomplete without giving due recognition to the work of IRS officer Dhruva Singh whose service colleagues want parity with the IAS. While the move will not necessarily ease the burden of the Seventh Pay Commission report and OROP payments on the Government, it will act as a breather. The Government needs to come true to its general election promise of much-needed development of India with its cautious optimism of necessary boosting of the economy at a time when the morale of civil servants holds a bright ray of hope.