Centre urged to unearth black money

05/05/2020, SPECIAL CORRESPONDENT,HYDERABAD

The National Backward Classes Welfare Association has requested the Centre to make all out efforts to bring out black money in the country so that it could be used for rebuilding the economy. In a letter addressed to Prime Minister Narendra Modi on Monday, president of association and former legislator R. Krishnaiah suggested that the government could issue Covid bonds with the facility for investment of unaccounted for money with 30% penalty. Mr. Krishnaiah stated that a psychological change is apparent among those holding the unaccounted for money after the coronavirus attack on humanity as they had been found helping the needy people in different ways. In such a situation, an opportunity provided to bring out the unaccounted for money with investment in government bonds after 30% deduction as penalty by the Income Tax Department would encourage such individuals to bring out their black wealth, he said.