As has been argued in these pages by the original author of the “black money” report, there are enough avenues left in the economy for the generation of black money, almost all of those through the still-labyrinthine process of controls. The Value-Based Advance Licensing Scheme (Vabal) was one particular favourite; but, as Dr Kelkar has pointed out in his report on indirect tax, transaction cost of the exporters itself costs the economy about Rs 5,000 crore every year. If these are plugged to restrict the creation of black money, the sum stashed abroad will find its way into the economy in a far more virtuous way. What’s actually needed: the new government must get serious about reforms.

subhomoy.bhattacharjee@expressindia.com