Unless the government cleans up its act, people will keep trying to store their wealth in other mediums and will avoid paying taxes. I question the premise that all untaxed money is evil based on the past performance of any Central/State/City/Municipal government in India. The nature of the Indian bureaucracy is such that it induces massive waste of tax payers' money at every stage of Government. For a tax payer from a game theoretic perspective, there is a rational basis for hoarding untaxed assets since to get things done in the bureaucracy, people need to bribe officials in cash or kind anyway. I wonder how people here feel about this thread after observing two weeks of the war against black money. https://news.ycombinator.com/item?id=12902817