Indian money is parked in various countries. This amount is so big that it can easily take care of our debt. It is 12-13 times our debt. Many countries such as America, Britain and Italy are struggling with this problem. Some countries have also succeeded in getting back a part of amount but India so far has got nothing.
This week Samay's issue of the Muhim is black money.
The government’s lackadaisical attitude is cited as the chief reason that we are unable to get our money back. Supreme Court has taken a very serious note of it and has expressed its displeasure with the government initiatives in this direction till now.
According a report this amount is about 1.4 trillion dollar. Prime Minister Man Mohan Singh has got riddance of the issue by saying that names of those who have stashed fund in foreign countries can not be disclosed. He sees no fast mechanism by which the money can be brought back.
Pranab Mukerji, the Finance Minister talks of setting up Committee which would collect information on black money. He also promises to set up eight income tax cell and Tax Information Cell.
According to Mukerji government is formulating policy to combat this menace and talk to this effect has already begun with many countries.
According an estimate there are 40 such countries other than Switzerland where Indian money is parked. Such banks allow parking of fund and swear by the rule of secrecy. This suits our corrupt fellows eminently.
The whole matter of black money began to hog headlines in the year 2008 when a German bank gave a list of names of 26 persons to government of India. As usual, Govt sat on the list. BJP raked the issue in 2008 election and trio of Ram Jethmalani, K P S Gill and Subhash Kashyap filed a PIL in the court. It was said in PIL that an amount of Rs 70 lakh crores were deposited in foreign banks between 2002 to 2006.
The black money is being sent to foreign countries right under the nose of government. The lack of will on the part of govt is responsible for huge loss of common India.