Demonetisation a good move
For the demonetisation of large denomination currency notes in India to be successful and fetch desired results, it is necessary that all enforcement agencies work in tandem in tracing economic offenders. It is hence appreciable that the government has now given a freehand to the income tax department, to use electronic surveillance and phone tapping to trace hawala operators and black money dealers. This decision gives the required authority to the department to work more efficiently and catch hold of the big-fish that have been evading the tax net all these years. It is also expected that the I-T department does not follow cases on a selective basis but goes after all suspected offenders despite their standing in the society and their clout with those in power. In exercising their powers, the officials should also use the discretion vested on them judiciously without causing any harassment or inconvenience to the honest tax-payers
Shalini Gerald, Chennai
Since the demonetisation of high-value currency notes, the suffering of the common man is immense, but neither the ruling alliance nor the Opposition is concerned about resolving the issues. The political leadership is interested in twisting the issue to gain maximum mileage. As such, the adverse effects of the demonetisation on all the segments of the economy don’t seem like ending in the near furture. In fact, in this process, banks, especially government-owned banks, have also had to shoulder a greater burden than required. At a time when banks are weighed down by non-performing assets, instead of sparing more time for the fast resolution of these bad assets, the larger part of the work day is being spent on management of currency notes.
VSK Pillai, Kottayam
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