Black Money Issue: A Reminder Of What Modi Govt Promised


BANGALORE: The BJP rode on the promise to bring back the black money stashed away in foreign banks in order to win the election, which it did. Now that the list of the names of people in power and business has been given to BJP there seems to be a war. At the start, BJP took a dig at congress and said that they would be embarrassed if the names were revealed. Congress on the other hand challenged them to reveal it. All this fight going nowhere, the government finally revealed three names. Unfortunately it did not embarrass congress at all.

The Supreme Court could no longer watch the cat fights of words between parties, hence finally stepped in and taken full control of the list of black money holders. There is said to be around 700 high profile names involved in this black money case. The SC taking control of the names will be a relief for BJP in a way that they will claim no responsibility to the embarrassment endured by any party when the names are revealed.

It looks like the whole issue is in a mess, with the executive powers being taken over by the SC, in doing so the government is laid off. The SC lead by chief justice Dattu will handle the case and also give befitting judgments to the persons found guilty. The idea to bringing back black money is that there is no certainty that all of it will return to India, and also the hope to reduce the burden on tax payers is still a far fetch idea.

People stash money in foreign banks because it is easier to make money out there than in India. If India wants to avoid this mess later on, they need to develop better standards of investment remedies and taxation plans which will see money flowing in rather than flowing out.

The SIT, Special Investigating Team lead by MB Shah, retired judge, group will continue to investigate the cases of each of the names on the list. Some of the people on the list claim to have legitimate reasons and rights to have foreign accounts but all these claims will be something to follow upon. The outcome is not just about revealing the names of the account holders, but the result of seeing money coming back to India.

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