Bring back black money

As per some well researched reports, Indians have stashed around Rs 65 lakh crores away as black money abroad

Bring back black money

As per some well researched reports, Indians have stashed around Rs 65 lakh crores away as black money abroad. This staggering figure is even more than our entire national income. According to reports, India happens to be the largest account holder of black money abroad. Russia comes second, with less than a third of the Indian amount in banks and UK stands third with Rs 18 lakh crores.

Estimates published by various media groups reveal that black money circulating in the country in 1968 grew from nine per cent of GDP to 49 per cent of GDP by the end of 1979. No wonder, when Global Financial Integrity (GFI) in its recent report concluded that around 86,000 crores is lost in India as black money each year, we all know where the money comes from and where it goes to.

The government must bring back all the black money stashed abroad and stop corruption; else, Indian streets might soon look like those of Egypt
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The inculpated seeds of this were sowed during the second five year plan. Industrial licences were doled out to industrial houses that did not have any track record or any other credibility, other than their proximity to the underhanded political leadership. With time, the criminalisation in politics and evil nexus between businessmen, politicians and bureaucrats also gained gigantic proportions.

The situation now is that promoters have been raking in crores of rupees by offloading their stake in their own covinous companies and siphoning them off to various surreptitious tax havens across the world! Mauritius, Cayman Islands, Bermuda, British Virgin Islands, other Scandinavian, European countries even Asian countries like Thailand, Singapore, Hong Kong and Macau have emerged as tax havens for parking illicit funds for Indians.

It is so unfortunate that nations like Switzerland are thriving on our money; and today, when they are ready to cooperate, the perfidious government is reluctant to get the black money back and disclose the names of the perpetrators!

As a citizen, I am concerned that why is the government not getting the money back? Are they aberrantly waiting for all the black money-holders, including themselves, to shift the money to Dubai where the secrecy laws are still very stringent? The coming times will give the readers the answer. But one thing is for sure. If this jaundiced and venal government doesn't take action soon, the time is not far away when an Egypt will happen in India. And I hope the peccant people in power are listening.

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