Tuesday, July 01, 2014

How not to bring back black money!

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Happy new month and welcome to second half of 2014. This post shares some of my thoughts on black money.

The way our government is dealing with black money issue sounds miserable at the best.

The right approach for any tactical operation is stealth- ability to take advantage of surprise and catch the enemy (in this case, black money hoarders) unprepared. But see how our governments act on this issue

2 years ago, the then UPA government issued a 108 page white paper on black money [link] and there were some serious talk about bringing back black money.

This was the first hint to black money owners.

2 years later, there was hardly any progress.

In 2014, Supreme court intervenes and asks Govt to for a SIT, which the Govt complies.

Then our government writes a letter to Swiss Government

Swiss Government says it is preparing a list

As of this moment, there’s no news of even one crore rupee of black money recovered.

Why so much drama and no real action?

It takes less than few minutes to transfer funds across the globe. One rupee or a hundred thousand crores, computers don’t care. They are equally fast. So is our government expecting that owners of black money will continue to keep their funds in Switzerland, waiting for the government to seize them? By now many black money owners would have moved their money out, or invest it elsewhere in some other form. So another 2 years later, don’t be surprised if Govt of India issues a statement “Indian’s don’t have any black money abroad!”

Why give so much publicity to the issue and so little action? Is it not possible to send an envoy to Switzerland, make the Swiss Bankers pull out the list from their computers, simultaneously raid those people back in India, freeze their accounts and seize their properly till further investigation? Is it not the right way to act? Of course Swiss bankers may not be willing to comply- but with some diplomatic and international pressure, it is very much possible.

If you learn whereabouts of a terrorist, will you first announce it on TV that we’re going after the terrorist and then reach their hideout after it is vacated?

I thought Modi government may act smart. So far I don’t see any smartness. Below cartoon by Satish Acharya looks very apt. View Satish's blog here

6 comments:

Tomichan Matheikal said...

BJP won't be serious about this issue since many of its members have money locked away in those banks there.

Shrinidhi Hande said...

Looks like you're correct

STALAG SUKHOI said...
This comment has been removed by the author.
The wild said...

I think you are really very unfair on Modi and dont take ground realities.

Some facts that you should be aware of :
1)The previous govt didnt even form the SIT team ,kept dilly dallying for 3+ years.The final order came just on the day of election results or around that time giving the govt 1 week to form the SIT(i am surprised the supreme court didnt even give time for the new govt to swear in -that also shows who practical the 1 week time was)-Inspite of it the SIT was formed -i think the deadline was just 1 day after modi swore in his cabinet if i remember right.
2)I will judge modi by the work he does atleast after the 1st year not before that.

I am amazed how the country wants fast food results,its not possible.

Some of the treaties cant be done overnight especially financial related matters,it takes a long time,having said that ,thats not an excuse.

Maybe he will or he may not do much on the black money that time will tell(that is more of the scum of the UPA GOVT) but i am more bothered about present day scams and hopefully no corruption in his cabinet.

(the matter is in the open and public expects answers -so you are doomed if you give answers regarding steps being taken and doomed if you dont -more suspicions raised if they hadnt written)

Remember UPA didnt even accept that 2G was a scam ,final courts made them naked and the rest is history.I understand the concern of public money gone to dogs but to blame modi for everything just 1 month into office is quite bizzare.

Shrinidhi Hande said...

Sure, Let us wait for sometime.

Thanks for your detailed comments Sir.

Bill Gates said...

I agree with your demand on fast recovery of black money..your idea on sending envoy to swiz and freezing accounts...will it work? I am sure there is some loop holes in the law because of which the Govt. finding it difficult in taking a quick and stern action..It will be great info to the readers if your blog tell us more about that..otherwise this blog is just like a outcry of another illogical common(kejri) man

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