Black Money Solution

Black money is the hot topic these days. This article clearly shows that it is a problem that can very much be nipped in the bud provided our politicians have the will to do it

• The global financial integrity report, german banks declaration of assets of certain indians has unleashed a public outrage against black money
• The government has responded by setting up committees , group of ministers, signing up treaties with government for sharing of information

WAY AHEAD

• It is not because of secrecy laws that we are unable to trace the black money stashed abroad
• It is because of lack of political will
• For example, government claims that swiss banks would disclose information only when criminality is established
• But the same swiss banks blocked Hosini mubarak’s account without verifying any criminality, it also shared information of accounts of over 1000 people with US
• The problem of black money will not end by moves like commissions, treaties, voluntary disclosure etc
• Infact CAG report on 1997 voluntary disclosure scheme show that most of them who disclosed were habitual offenders
• Today we have a formal democracy with weak content
• We need to undertake serious investigation and prosecute the guilty
• Government needs to make use of intelligence agencies in sourcing information
• But all this requires a political will which is scarce in indian politics
• Committees setup on black money(the list is not exhaustive)
• Vohra
  
• wangchoo