Money whitening
This year the government has again decided to give a chance to the black money holders to whiten their ill gotten money. It is a critical factor as far as our long-run economic sustainability and good governance are concerned. Every year this process of money whitening is repeated by giving chance to the corrupt businessmen and people of various professions. It has taken a new shape when the government has decided to spare those persons if they invest their ill gotten money in certain productive sectors in our economy, subject to some conditions. But the question is whether it is a perennial process to be continued year after year or there will be an end to it. The authorities concerned should be aware of the fact that it's a kind of hidden motivation to those corrupt block of society as they go unpunished, depressing the honest businessmen and professionals. Another aspect is that it is also inspiring people to get involved in the activities of the same kind to amass wealth illegally. Though money whitening may be beneficial in the short-run for our economy by giving them a chance to enter into the formal sector, but in the long run, it will promote corruption, irregularities and havocs of various dimensions, paralysing the formal sector.
So, it is up to the government to decide what will be the next course of action to eliminate this vicious phenomenon from society.
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