I have a completely different idea about black money. In my opinion money is never black. It is actually a governance issue. Human beings will be human beings. Many will try to hide their actual income. Will try to get away paying less. Never mind. Money's worth is in exchange capability and its circulatory velocity. Even if people buy gold or land it is actually withheld motion of circulatory capability of money. Someday, with better opportunities, those money too get circulated. As it circulates government gets a chance to mop up a part of it. So Shri Narendra Modi is right in his thinking when he contemplates abolition of income tax and replace it with hand exchange tax during buying and selling activities. Whoever gets a service will pay to government for providing a safe facilitating society. All bigger payments should be through cheque or be made electronically. Small payments only should be through promissory notes and can be made tax exempt.