Does Indian Government really wish to bring back the black money in swiss banks?

***After the Supreme Courts Statement today, a question *crops up in my mind. *Does the government really wish to bring back India’s money slashed away into foreign banks? or As Ram Jethmalani said, Government does not want to disclose the li…

Another Article found on the BJP website.

Statement of Shri Pranab Mukherjee on Black Money and
Foreign Bank Account Evasive and Delightfully Vague



It is indeed ironic that the long awaited statement of the Government on the menace of black money and the foreign bank accounts of Indians in banks around the world including Swiss Bank, as articulated by the Finance Minister Shri Pranab Mukherjee today, is not only utterly evasive but delightfully vague. We need to recall its context. During the 2009 Lok Sabha election this became a very important issue of the country. The Leader of the BJP Parliamentary Party Shri L. K. Advani has highlighted this serious problem very effectively and vigorously. Initially, it was described by the Prime Minister Dr. Manmohan Singh as an election stunt. Mr. Chidambaram observed that Shri Advani is alerting the black money accounts holder. However, when the Congress realised that the issue is grave and there is overwhelming popular support then in the Congress Manifesto itself it was announced that meaningful steps will be taken within hundred days of coming to power.

Now, when the entire nation is agitated and even the Supreme Court has observed that it amounts to plunder; after nearly two years the stand of the Government, apart from being evasive; shows lack of will to pursue the matter in a substantial and meaningful way and tell the country the names of those who have stashed ill gotten money in banks abroad. Comments of Shri Mukharjee like the study by a multidisciplinary Committee already constituted to get studies conducted to estimate the amount of illicit fund generated and formulation of a five pronged strategy including attempts to join the global crusade against black money, are just phoney declarations without any meaningful intent to execute a time bound programme to unearth black money and share with the people of the country the details of accounts holders abroad.

It is believed that Leichsteien Authorities had agreed to share with any one the names of the account holders. There was no confidentiality clause. Yet, the Government did not pursue it. The USA, in spite of the double taxation regime could use the leverage of its economy to force the Swiss Bank Authorities to reveal the names of tax defaulters. India is no more a third world economy but an emerging economic power house having powerful voice in the G-20 nations. What prevents the Governments from using this leverage.

case of Hasan Ali


In this connection the case of Hasan Ali of Pune deserves special mention. More than two years ago Enforcement Directorate and other investigative wing of the Finance department began examination into the unusual flow of foreign funds in his account. It was conveyed by the Agencies that he is in tax default to the tune of nearly Rs. 76,000/- crores. He was also detained and surprisingly his case was not pursued properly enabling him to get bail. There are also serious allegations against him of money laundering and it is learnt that the Swiss Bank Authorities were willing to reveal everything about him, suddenly, the whole process was slowed down. Today also, Shri Pranab Mukherjee gave just a vague reply that the matter is being examined. Even in the Bofors Case the Income tax Appellate Tribunal after elaborate examination of evidence found that kickbacks earned and deposited abroad is liable for tax. The Government instead of following it has almost disowned this judgement because of the ill famous Quottrochi angle. The surrounding circumstances are too suspicious to infer that the Government is reluctant to pursue the matter because the disclosure of name would only embarrass the Government more particularly the Congress Party. Mr. Mukharjee did not even tell the nation as to against how many Indians having their deposits abroad in foreign banks and tax heavens, various proceedings are pending for violation of tax and other laws. The very intention of the Government is suspect.

The BJP assures the nation and the people of the country that it will continue to pursue both inside and outside of the Parliament; the sources of black money and for revealing the names of foreign bank accounts of Indians who have kept their illicit money abroad.

He also informed that the Government has constituted a multi-disciplinary committee to get studies conducted, to estimate the quantum of illicit funds generated by Indian citizens. The Government has formulated a five pronged strategy which consists of joining the global crusade against black money, creating an appropriate legislative framework, setting up institution for dealing with illicit funds and developing systems for implementation


see i dont have faith in these bold parts. UPA 2 is a complete failure and it is happening because we have one of the weakest opposition.
someone should tell MUKHRJI known as " UPA's trouble shooter " that when u do any actions it should show some result .

yesterday i was watching times now debate and in that someone said very interesting thing about politicians:

they are no longer public servents but politics has become the risk free business with guaranteed return.

1. It is not just about black money trapped in swiss accounts. Considering the official response of Central Govt., to Supreme Court's 'tough' questions on 2G scam, CWG scam, appointment of Tainted CVC and also on disclosing the names of the account holders in Leichsteien bank, it appears that party bosses in congress government are party to the money looted in each of the above issues. Hence it is utterly stupid to expect them to take concrete steps.
2. Black money won't just sit in Swiss banks. It keeps getting transfered from account to account, country to country and above all, they are held in fake accounts. Also money never sits idle. Since India is an emerging market, black money is reinvested in Indian firms. If IT authorities are interested enough, they can catch hold of that part of the money(I read it somewhere else, donno where)
3. It requires persons of integrity like present day CAG in our bureaucratic system to bring some degree of transparency.

To add more points, i think that CitiBank fraud is also one more example of hoarding black money and investing them for personal reasons. It is conspicuous that government is not very confident on unearthing the issues and following a typical political approach, but a thing which comes to my mind is that government does not have many options to play or test with.

This is because the system has become too complex with its roots and almost no transparency, it's very hard to rectify the issue fully at this point of time. It's always good to take preventive action rather than corrective action for every blunder committed.

One needs to ensure that no issues are getting cropped up during its nascent stage. After a particular point of time, goverment cannot control it fully.

i think congress needs to change as a whole . they can not function and the rule with the same principles and same ideology as it used to in the past. everything is changing and so the political regime. as we aspire to become the largest economy in the near future , congress will have to change to reflect this aspiration. india is taking big strides with per capita income and in the education also, avg indian now understands the political game more than before. so they can no longer rule by saying we are better than BJP.

you know what happens when people loose hope in each and every institution that government has set up, people statrs taking law in their hands.and this is what happing in india today.

this may seem off topic but if you look at the root of the problem then you will surely get to this point.

Please stick to the topic of the debate. Otherwise every discussion after 4 posts will end in BJP/Congress bashing.

Cheers,
Rohit



Thanks for reminding me. However, after going through these videos, I could not contain myself. I just found one thread where I could post my views and hence, posted here.

However, the main reason that I posted here was that I found the thread to be somewhat dead and no further discussion was going on the original topic. Hence, I thought that this thread would be suitable for posting my views.

Anyways, will start new threads from the next time.

P.S. Is starting threads on political topics allowed?

I hope, it is.

Karan Bhardwaj.
Thanks for reminding me. However, after going through these videos, I could not contain myself. I just found one thread where I could post my views and hence, posted here.

However, the main reason that I posted here was that I found the thread to be somewhat dead and no further discussion was going on the original topic. Hence, I thought that this thread would be suitable for posting my views.

Anyways, will start new threads from the next time.

P.S. Is starting threads on political topics allowed?

I hope, it is.

Karan Bhardwaj.


I am starting a new thread on this topic if you do not mind.
Roshan Jha
I am starting a new thread on this topic if you do not mind.
Roshan Jha


Please start the thread. Do post these video links there.

Karan Bhardwaj.
Copied from my post in another thread -

Do not get personal. Do not use bad language. Understand the fact that people can have diverse opinions. Let us agree to disagree on topics. That is why we need to debate and present different perpectives to a discussion. As for quoting History, I am reminded of an interesting quote -
"After you've heard two eyewitness accounts of an auto accident, you begin to worry about history. "

Do not hit the reply button as soon as you have read a post. Take your time, do some research about the facts and reply logically, not emotionally.

Moreover, we do not encourage debates on caste, religion because they are most often shrouded by our personal prejudices and preferences. The right to moderate a debate topic lies with the moderators.

Find out more interesting topics to debate and start a thread. Remember the objective that the debates here on pagalguy are not meant to know who is the winner, but to increase our breadth of perceptions and of what we know.

It will be a good idea to have one or maximum two debate topic at one time. Why can't we have a topic say, every 3-4 days? PM me for any suggestions. :)

Rohit


Rohit Bhai, I have been starting some political debates since the last weeks. Will make sure to start threads on other topics too. Roshan Jha.