TO CONVERT BLACK MONEY CIRCULATING IN THE ECONOMY IN TO WHITE MONEY.

TO CONVERT BLACK MONEY CIRCULATING IN THE ECONOMY IN TO WHITE MONEY.
The first action to achieve this should be to abolish Income Tax which is the most responsible factor to generate black money. It is estimated that almost 10 Lakh Crores of Rupees are circulating in the economy as black money. For want of enough money and under the excuse of dearth of money, our Government is obtaining loans from foreign countries at heavy interest rates by mortgaging our freedom. The total foreign debt is about 7 Lakh Crores of Rupees and annual interest payment is about 115000 crores of Rupees which is 43% of total tax revenue of the Central Government. This amount is so much high that Government is not able to make payment from internal resources and just to make the payment of the interest, the Government is seeking the further loan from IMF, World Bank etc. by further mortgaging our sovereignty and our freedom. When this is the situation, why not to utilise our own black money circulating in the country. This is the most practicable and patriotic idea. So it is quite practicable and patriotic to abolish Income Tax Act and other such taxes which are responsible for generating black money in the country. There will be some reduction in the income of the Government by abolishing Income Tax. But Government should adopt some frugality measures to reduce its extravagant expenditure and should make both ends meet. The main functions of the Government is to interfere unduly in the life of the people, to harass the people by hook or crook, to supress them and to impose undue restrictions in the freedom of the people. These functions weeken the democracy and break the morale of the people. So real welfare of the country lies in cutting the size of the Government, in reducing the powers of the Government, reducing the no. of officers and staff of the Government and to stop their extravagant expenses. Then people will have more freedom and there will be more democracy in the country. So both ways it will be beneficial to the country.