Financial Daily from THE HINDU group of publications
Tuesday, Mar 29, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 29, 2005 |
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Opinion
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Letters Cash transaction tax
The proposed Banking Cash Transaction Tax (BCTT) is not new in public finance. The Finance Minister could have announced it as a revenue-raising measure and made it applicable to all debits to bank accounts calling it a Debits to Deposits Tax (DDT). There are no practical difficulties in implementation which cannot be surmounted. However, the objective is to tackle tax evasion and the generation of black money. To translate a Tamil proverb, this is comparable to trying to control an animal by holding its tail instead of the bridle! Much of the payments are made from cash hoards, not by withdrawing from banks, as the transactor would not like to leave a trail. A. Seshan Mumbai Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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