The Supreme Court Appointed Special Investigation Team has made a startling recommendation today over the issue of Black Money. The SIT recommended a ban on cash transactions above 3 Lakh Rupees, to curb black money and high volume cash transactions.
While the Govt of India is yet to respond to the recommendation, there are reports that it may respond favourably. There may be an enhancement of the ceiling from the recommended 3 Lakhs to 5 Lakhs or 10 Lakhs. But even then, this measure, if passed into law, will have a huge impact on Tollywood.
Tollywood is an Industry where a lot of transactions still take place in cash. Many artistes and suppliers do not have proper income tax returns etc and they will all be forced to go the ‘white money’ route if this law comes into force. Even if it may prove to be a minor hiccup initially, this may be a good thing for the economy and for the country as a whole.