Controlling corruption

Our government has taken a number of key measures towards improving our economy like broadening the tax base, strengthening anti-smuggling measures and empowering banks to deal in foreign exchange, the latter hitherto reserved for money-changers, causing illegal money transfers abroad.Another critical measure that is proposed to the government is the demonetization of the five thousand rupees note. The one thousand rupees note should remain the maximum denomination.Persons surrendering five thousand rupees notes at the bank counter in exchange for smaller denomination should not be handed cash over the counter. Instead, their bank account should first be credited with the surrendered notes deposited and then they may withdraw the amount through cheque the normal way. This step would make corrupt practices difficult and discourage money laundering, as well as help document the economy. In this way, non-filers can be brought into the tax net without hassle. It is the easiest and most cost effective way to clampdown on white collar crime.Arif MajeedKarachi

from The News International - Newspost https://ift.tt/310wLRz