Commentary/Rajiv Shukla

VDS might revolutionise our entire revenue system

Good thing that the United Front government, despite all its troubles, is going ahead with the launching preparations for the voluntary disclosure scheme -- the success of friend Palaniappan Chidambaram's Budget largely depends on it.

The preparations, it would appear, are thorough. Five chartered accountancy companies have been retained to present a detailed outline of the scheme to the government before April 14. In addition, six advertising agencies have been engaged.to work on the project. These agencies will make their presentation on April. 5.

Chidambaram himself, along with Revenue Secretary N K Singh and other top officials, plans to hold talks with a wide cross-section of people before finalising the scheme. "The scheme," assures a top ministry official, "will be tailor-made for the target group."

Meanwhile, initial feedbacks to the revenue department makes one thing clear -- while many are eager to disclose their black money, they fear harassment and persecution. Some feel that even if the present government gives them a fair deal, the next in power might not honour the right to secrecy and take action against them.

To allay such fears, revenue department officials are now working out the modalities for introducing a legislation which would provide total immunity to all the scheme members. The proposed legislation will guarantee total secrecy and safeguard them from prosecution, both from the present as well as future governments.

Further, efforts are on to involve non-resident Indians also in the scheme. For this, foreign chartered accountancy, finance, and marketing firms will be enlisted. International advertising agencies, too, will be retained to give wide publicity to the scheme.

We must not forget that the scheme, which might revolutionise our entire revenue system, would not have been taken up if it was not for West Bengal Chief Minister Jyoti Basu. During the last National Development Council meeting, Basu's finance minister Asim Dasgupta had floated the plan. And it was Basu who put it up before Prime Minister H D Deve Gowda and Chidambaram.

Chidambaram has openly credited the scheme to Jyoti Basu. And he has also announced that 77 per cent of the money generated thus would go to state governments.

If the scheme pays off, it would definitely silence most of Chidambaram's critics.

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