'Black Money Can Be Smart Strategy For Inefficient Economy'

NEW DELHI: If use of local currency or other forms of money has proven effective in countering debt money, black money can prove to be smart strategy especially for an inefficient economy, says a new book.

"In the Indian context, one of the high-ranking black-market operating countries, it is a combination of curse and boon. It is a curse because if black-market economy were to merge with the mainstream economy, India will probably be one of the top economies in the world right at this moment," writes Samar Vijay in "A Tryst with Money: An Account of our Journey with Money to an Unknown Destination".

Besides, tax collection will jump overnight and our government will not be running a fiscal deficit budget, he says.

The book says though black money is viewed as cheaper money, it is not a true assertion. Whenever a system tilts to one side, new forces will prop up to offer counter balance.

"Black money is the fallout of mainstream money. These are notorious brats who deliberately evaded tax. If it were possible to impose tax on black money, it would be treated equivalent to its 'white' counterpart.
Read Also:
U.S. Offers To Develop Aviation City In Andhra
Flipkart Initiates New Schemes To Increase Profit