Tag Archives: black money

Black Money Declaration – Only by Small Fish

03 Monday Oct 2016

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Finance minister Arun Jaitely has proudly announced that 64,285 persons have declared their black money coming to Rs. 65,250 crore. The government will get Income Tax @ 45% of the amount coming to Rs. 29,362 crore. The name of the declarants will not be disclosed. Well and fine!

But certain questions are there. Instead of confiscating the entire black money, why the government is allowing it to be made white money by taking 45% tax only?

From the number of persons and the amount declared, it comes to an average of Rs. one crore or so for a person. This means that the declaration has come from the small fish only. Those big fish having hundreds or thousands of crores of black money have not declared at all. In that respect, the declaration process is a failure. What action the government is going to take against the big fish?

Whether it is NPA, Black Money, Corruption, Cheating, it is only the small fish which are caught in the net. The big fish, the big corporates, super rich, who have contributed much to the election funds etc. will never be caught. They will continue with their big mansions in In India and outside, numerous foreign cars and yachts, planes and helicopters and five star hotels and black money kept safe in the foreign havens.

What Dr. B.R.Ambedkar stated at the time of adoption of Constitution is relevant even today: Constitution has only provided equal vote for all; but there is no equality provided in income, education, job or any other thing.

 

Black Money, Panama Papers, NPA etc – Government unwilling for strict action

08 Friday Apr 2016

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It is very clear now that the the Central Government, while shouting at top hitch  that strict action will be taken against hoarders of black money in to tax heaven and unlawful foreign accounts etc, is actually trying to delay and weaken such actions. Whether it is collecting the Rs. 20,000 crore tax arrears from Vodafone or Rs. 12,000 crore tax arrears from Nokia, or taking action against the black money put in tax havens exposed through the Panama Papers or Swiss Accounts by rich and influential persons violating tax laws – the government is dilly-dallying. The statement of the Finance Minister Arun Jaitely or RBI Governor Raghuram Rangarajan and others in power that ‘questioning of legitimacy of self-made wealth is dangerous’ and ‘strict actions will discourage foreign inflow’ etc. are only to help these law-breakers and tax evaders.

This one again proves that the government is the ‘government of the corporates, by the corporates and for the corporates.’ Expose the unholy alliance of the corporates, the government and the super rich, who jointly exploits the common people.

6-7 Trillions of Black Money in tax havens all over the world.

21 Monday Mar 2016

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It is reported in the press that according to a analysis by an Italian agency, there may be about 6-7 trillion dollars of black money world wide. The India share will be a good portion of it.

The greedy capitalists are behind such anti-national and illegal activities. Why the government is not taking drastic action?

After much hipe about unearthing black money, declaration of only Rs. 3,770 crore

02 Friday Oct 2015

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Modi Government had stated that it expected about about Rs. 7,000 crores black money will come out by way of the chance given to persons to declare the same. But after the expiry of the last date only Rs. 3,770 has been declared by  638 persons. There are thousands of persons still to declare. What action the government is going to take?

$ 439 billion Black Money outside India, almost same in India

18 Thursday Dec 2014

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According to a study report of the Global Financial Integrity, it is estimated that about $ 439 billion is the financial outflow from India to other countries, mostly black money from 2003 to 2012. In 2012 alone it is $. 94.8 billion.

The report also indicates that almost the same amount will be the black money stashed inside India also.

Studies, reports etc. are OK. But what about catching the holders of black money and punishing the guilty? The inaction on the part of the UPA and NDA  governments clearly show that they are not interested in catching the big fish. Till such time drastic actions are taken, black money will flourish.

 

339 persons stashed Rs. 4,479 crore in Swiss banks – SIT recommends stringent Action

12 Friday Dec 2014

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NEW DELHI: In the first major disclosure on black money, 339 Indians have been found to have stashed Rs 4,479 crore in Swiss banks, while domestic unaccounted wealth to the tune of Rs 14,958 crore has been traced, even as the SIT recommended stringent measures to check the menace.

The Supreme Court-constituted SIT has recommended amendments to laws to provide for confiscation of domestic properties of those with illicit assets abroad and making tax evasion of over Rs 50 lakh a ‘predicate offence’ or a serious crime to facilitate necessary action under the Prevention of Money Laundering Act (PMLA).

The 13 recommendations made by the SIT also include imposing a threshold of Rs 10-15 lakh on holding and transporting cash to check the black money menace.

After probing into a list of 628 Indians, who figured on a list of account holders in HSBC’s Geneva branch that India got from the French government, the Special Investigation Team (SIT) has said that prosecution has begun against 79 entities.

Out of these, no balance has been found in case of 289 accounts, according to a report of the SIT submitted to the court, portions of which were released by government on Friday.

“Out of the 628 persons, 201 are either non-residents or non-traceable, leaving 427 persons cases as actionable cases,” an official statement said.

While the total amount involved in these cases is about Rs 4,479 crore, the income tax department has finalized assessment for 79 entities involving 339 cases.

“An amount of Rs 2,926 crore has been brought to tax towards the undisclosed balances in the accounts relating to these persons,” the statement said, adding that taxes along with interest at applicable rates have been levied.

While suggesting steps like curbs on cash transportation beyond a level and mandatory quoting of PAN for cash and cheque payments over Rs 1 lakh, the SIT has flagged off mining, ponzi schemes, iron ore exports, misuse of export-import route as major areas prone to black money transactions.

The issue of black money has been a major political issue in India, including in the last Lok Sabha polls.

Incidentally, today’s disclosure comes at a time when Switzerland has indicted Herve Falciani, a former HSBC employee, who had leaked information related to thousands of bank account holders at its Geneva branch. He was charged on Thursday by the Swiss authorities for ‘industrial espionage, breach of trade and banking secrecy’. (Courtesy: Times of India)

 

Publish the List of Black Money Accounts, Mr. Jaitley!

27 Thursday Nov 2014

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The Finance Minister Shri Arun Jaitley has stated in the Parliament that it has tracked down 427 foreign accounts in HSBC in  Geneva and that 250 account holders out of them have admitted that they have accounts. Well!

What is the need of keeping these account holders name secret? Is it to give time to them to withdraw the amount and put it in some other foreign banks? Or is it to give them time to shift themselves to other countries so that they can escape?

As Finance Minister, Mr. Arun Jaitley should immediately publish the name of the holders of black money accounts and expose them before the public. These are not ordinary or common people, but who have made illegal money. Bring them to  justice!

BJP Government on the defensive on Black Money

26 Wednesday Nov 2014

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In the Parliament today, the BJP Government was in real trouble. The entire opposition thrashed the government on the Black money issue. They charged the government with doing nothing and not honouring its poll promises.

Of course the government defended its position, but was not convincing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Black Money – SC directs Government to share the names with the court

28 Tuesday Oct 2014

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In a big set back to the NDA government, the Supreme Court today directed the government to share by tomorrow the names of all Indians with foreign bank accounts.

The government was dilly-dallying without giving the names of the black money account holders. The SC has correctly censured the government.

Both the ruling parties will have skeletons in the cup board. Let all this tumble upon the floor. The BJP, which was shouting from the hill top that if they are elected they will publish the names of black money holders as also that the unaccounted money will be brought back to India is backing out in the name of treaties etc.
The SC direction is fully justified.

Black Money in Swiss banks being converted to Gold and smuggled ?

27 Monday Oct 2014

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Reports have come in the media that the statement of the Government that names of holders of black money accounts in Swiss and other foreign banks will be made public after filing charge sheets seems to have created some panic to the involved account holders. The Swiss Banks are also worried, since any such exposure would harm them.

As per reports, the Swiss Banks are advising their clients to close such accounts or to divert the money from the banks. Another method is by purchasing gold and smuggling to India. It seems that the second option is already being implemented. The yellow metal worth more than Rs. 70,000 crore has already left for India, according to Swiss authorities. The catching of gold biscuits in kilos in many airports in India is an indication of the same.

Whether the Government is watching and taking necessary action to curb the smuggling as also the unaccounted money account holders? Or whether the government will succumb to the high decibel pressures of the corrupt politicians (both Congress and BJP) and the big business houses? Let us wait and see.