NBR should say no to black money
PHOTO: PHOTOSINDIA
In a bid to stabilise the capital market, the National Board of Revenue (NBR) issued a circular on November 21, 2011 asking people to invest black money in the stock market without fear. According to the circular, if anybody invests black money in stock market, the NBR will not raise any question about the source of the funds. I think this will pave the way for dishonest people to invest black money in the stock market and the market will ultimately go into the hands of a selected group of people. Thus, the small investors will suffer losses again. Moreover, black money has already had a bad impact on our economy and it is contributing heavily in push up inflation. It is deplorable that NBR is facilitating wrongdoers and increasing taxes on honest taxpayers every year to fulfil their revenue budget, making life miserable for the honest people. We urge the government and the Securities and Exchange Commission (SEC), in particular, to protect the honest people and come up with new, well thought out and alternative ways to stabilise the stock market.
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