India, Sept. 10 -- Unaccounted cash, particularly in property transactions, has long posed a challenge to India's fiscal transparency and economic governance. Despite various provisions, successive governments have struggled to contain undervaluation of property, stamp duty evasion, and the circulation of black money

Once, there used to be a provision under Section 269U of the Income Tax Act, 1961 that gave the government the option to purchase property at 10 per cent above the sale consideration declared in the income tax return by the buyer. However, this provision was deleted from the Act with effect from 01.07.2002 because of practical difficulties faced by the government. First, the government required excessive funds to purchase pr...