The very promise made by Prime Minister Narendra Modi ahead of Parliamentary elections in 2014 was like a proverbial search of needle in the hay stack and whatever has been disclosed till date looks peanuts compared to the money deposited in the banks to convert into new denomination. Though Parliament had passed the bill to show that it is serious about fulfilling its promise of toughness on the parallel economy and cover its flanks against allegations of inaction by opposition. The Bill seeks to unearth unaccounted wealth stacked by Indians abroad has a provision of 12 per cent interest penalty with 10 years jail term for the defaulters but still it has failed to revoke the response Union government was looking at. The Bill was crafted in the backdrop of political grandstanding especially by BJP in the run up to the last general elections. The way the government is moving on the subject reflects that the expected results have not been achieved and whosoever’s names have been disclosed they have already insulated themselves against the move. So overall the whole gamut of getting an economy clean of black money is like a mirage in the desert. As far as Benami transactions are concerned they too are covered under the legislation but have not been able to check its spread. The Government has been constantly under opposition onslaught for inaction on this front and routinely taunted for Modi’s claim of Rs 15 lakh for every citizen’s account if the black money is brought back. The only possible fallout one sees out of the whole exercise was banking sector saw more accounts being opened and whatever the Government be able to unearth would be irrelevant except a boost for political game. India has suffered economic consequences on account of government legislating to actualise rhetoric. Something UPA-II learned it the hard way. Clamping down on black money has long been a hot topic in India. Modi and members of his ruling BJP have accused Gandhi family dynasty, which has ruled India for most of its history, of holding black money in Swiss bank accounts but the reality is still far away. And to see India emerging a cashless transacting society with plastic money remaining on the forefront of transactions is like asking for the impossible.
