Black money list : Will anybody ever get punished ?

The Black Money List containing 627 Indians names having foreign bank accounts has been already submitted to Supreme Court by the central government. The government has requested the Supreme court NOT to make it public. Interestingly, just before the government submitted the list to Apex court, two black money holders lists have been doing the rounds on social media. It is also being claimed that lists are exposed by Wikileaks
As Indian government continues its pursuit of black money stashed abroad, an international think tank has awarded the country third rank globally with an approximately USD 94.76 billion (About Rs 6 lakh crore) illicit amount outflows in 2012 ONLY.

As a result, the combined illicit money moving out of the nation over a period of ten year from 2003 to 2012 has risen to around USD 439.59 billion (Rs 28 lakh crore), as per the latest statistics released by the Global Financial Integrity recently.

Russia tops the list with USD 122.86 billion, followed by China at (USD 249.57 billion) in terms of the quantum of illegal black money moving out of a country for 2012 — the latest year for which above data estimates have been done.

As per Annual Global Update of GFI’s 2014 on Illicit Financial Flows report, that the cumulative illegal outflows from developing economies for a decade between 2003 and 2012 stands at total USD 6.6 trillion. This includes USD 439 billion worth black money that has moved out of India in these ten years, putting the growing nation at fourth position in complete ranking for a decade, after China (USD 1.25 trillion), Russia (973.86 billion) and Mexico (USD514.26 billion).

सोशल मीडिया में उठी आवाज़ – अगर पाकिस्तान कर सकता है तो भारत क्यों नहीं ? #पनामापेपर्स #PanamaPapers

The huge estimate of these illegal money flow follows a Supreme Court made Special Investigation Team (SIT) tracing around Rs 4,479 crore in the accounts of Indians found in a list of account holders of Geneva HSBC’s branch.Besides this, the SIT has also named unaccounted wealth worth Rs 14,500 crore within India, which are now being investigated by the ED(Enforcement Directorate) and the department of Income Tax.

In India, the issue of black money has been matter of a BIG political debate, including during the last Lok Sabha elections. While the new government taking a U-TURN at her promises has said it is committed to tackle this menace, although there are no official figures for the complete size of illicit wealth stashed by Indians within the India or abroad.

Despite, so many sources which confirms account holders, Modi led BJP government don’t seems to have clean intentions to tackle the menace. As it’s correctly said – In the absense of strict laws to stop Black money, people will keep looting money and evade taxes below government’s nose.

We question Modi government, why NOT even a single person has been jailed for his/her wrong doings in last 6 months. How long will it take to create fear in the minds of people who break law? Questions which remained un-answered in last UPA government, are still un-answered. India is still waiting to see results !!

Author: indianswaraj