ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
According to the NIPFP, there is the possibility that even if the banking system matures over time, some transactions could bypass the system so as not to pay the BTT.
With the government devising alternative ways to trail black money, the Banking Transaction Tax will be withdrawn by the end of this year, Finance Minister P Chidambaram said on Wednesday. The alternative methods to catch people with unaccounted money would be provided by the provisions in the new Money Laundering Law, Chidambaram said.
'There has to be an 18-month transition.' 'But if the government had some prior knowledge that the high value notes were being used for an imminent terrorist activity in the country, then we have to accept the step.'
Equity markets are currently difficult to gauge as the market has probably priced in a lot of things ahead of actual events.
What does the National Educational Policy 2020 mean for students, parents and teachers?
'People are willing to face temporary inconvenience as they are determined to support PM Modi's crackdown on black money,' Commerce Minister Nirmala Sitharaman tells Archis Mohan.
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