The CBI director, Mr. A. P. Singh has said that the amount of Black Money deposited by Indians in tax-heavens abroad is over $500 billion. He further says that the money has been siphoned out of India through tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc. Not only that; India seems to be the biggest depositor of black money (aka unaccounted money) in foreign banks – a claim that’s been made by the Swiss banks themselves! He further added that digging out information about illegal transaction from India is a time consuming process as every step involves sending requests through the judiciary system.
The ‘least corrupt’ countries are the ones that are popular as tax heavens (and why’d they be corrupt when the corrupt are pouring all their money in their banks?). New Zealand is the least corrupt country while Singapore ranks 5th followed by Switzerland at #7. Mr. Singh also stressed that there’s complete lack of political will in dealing with the issue of black money. It’s no brainer why the government isn’t taking ‘interest’ in bringing the black money back to India.
Can Black Money Be Brought Back To India?
Yes! The answer is yes and there are three ways to do that. Read my earlier post which talks about the practical ways of bringing all of India’s black money back to our country. The fastest and most workable way is to declare all money deposited out of India as ‘National Asset’ – and this only requires a bill to be passed by the parliament. But the Government won’t do it.
What do you think India will do if we ever bring the money back to India?