Modi Govt has done nothing to bring back black money

All efforts instead have been focused on the black money in INDIA.

Modi Govt has done nothing to bring back black money
Modi Govt has done nothing to bring back black money

Apologists for Modi may try to dodge this question, but they can’t fool all the people all the time.

That Prime Minister Narendra Modi is often unjustly criticized is an indisputable fact. Even for attending the marriage reception of Virat Kohli and Anushka Sharma, he was lampooned and lambasted. All criticism aimed at the Prime Minister, however, is not unjust; nor it can be dismissed as the rant of, to use a despicable term, ‘presstitudes.’ For example, the censure pertaining to the breach of promise of bringing back black money stashed in overseas accounts.

Arvind Lavakare goes at great lengths to prove that Modi never said every Indian would get Rs 15 lakh if the money is brought back. He has even posted the part of Modi’s speech in which he discussed black money hoarded abroad. Lavakare is right to the extent that Modi never said that every Indian would get Rs 15 lakh. What Modi did say, however, was that the money would be brought back and used for the welfare of the people. This clearly has not happened.

In fact, there hasn’t even been any serious effort in this regard. What we have got are only cinema dialogues from government functionaries. In July 2016, for example, Finance Minister Arun Jaitley thundered, “Today there is a panic among people who hold illegal assets outside the country.” Further, he said that “there is a sizable dip in Indian holdings outside the country.”

In 2005, the UN had passed a resolution that if a country passes a legislation stating that their nationals’ accounts in these countries are nationalized, then the UN will help them acquire that bank account.

But Modi didn’t promise that he would trigger panic among crooks and dip in Indian holdings outside the country. Nor, by the way, he promised to make India a cashless or less-cash society. He promised to bring back black money. Where is that money? Nobody knows, and the government doesn’t even talk about that.

It’s not that nothing can be done. Senior Bharatiya Janata Party leader Subramanian Swamy has made several recommendations. In an interview to Swarajya in December 2016, he had said that $1 trillion is abroad because there is secret banking in 70 countries. “In 2005, the UN had passed a resolution saying that if a country passes a legislation stating that their nationals’ accounts in these countries are nationalized, then the UN will help them acquire that bank account and the money in it. Now, the Egyptians did it. Mubarak and Gaddafi both got it.”

There are other methods also, he added. “We have a mutual assistance pact with Switzerland. If you can say Sonia Gandhi has an account in Sarasin Bank, which has its headquarters in Geneva or that Rahul Gandhi has an account in Pictet Bank in Zurich—and they do—and I have given it in writing to the Finance Minister, then you can tell the Swiss, please help us get it. The problem is that the Finance Minister doesn’t want to pursue the matter. I have also told the ED, but they have also been stopped from going forward.”

The army that the government has chosen to recover is comprises taxmen, who are not among the folks very famous for probity.

Perhaps Swamy’s suggestions are infeasible; maybe his information about Sonia and Rahul is incorrect; maybe getting back black money from tax havens is impossible, or perhaps there is no black money abroad at all. But all this is beside the point; what is germane here is the fact that Modi hasn’t done anything to redeem his pledge. Having tried and failed is acceptable; but what do we make out of the fact that little effort has been made so far?

All efforts instead have been focused on the black money in India. And the army that the government has chosen to recover is comprises taxmen, who are not among the folks very famous for probity. Which makes the fight against black money quixotic.

Also, what does the Prime Minister has to say to the charge that “the Finance Minister doesn’t want to pursue the matter”? No answers.

Whether the money recovered from overseas accounts is distributed among the citizens of India, used to bridge the fiscal deficit, or employed to fund infrastructure development are details. The moot question is: why hasn’t the Modi regime done anything to bring the money back?

No amount of sophistry and spin-doctoring can explain that. Apologists for Modi may try to dodge this question, but they can’t fool all the people all the time.


Note:
1. Text in Blue points to additional data on the topic.
2. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.

Ravi Shanker Kapoor

Ravi Shanker Kapoor

Ravi Shanker Kapoor is a journalist and author. He upholds freedom of expression, individual liberty, free market, and open society. He has published three books till date. His website is http://www.thehinduchronicle.com/.
Ravi Shanker Kapoor

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6 COMMENTS

  1. There is definitely a feeling among the intellectuals and the young generation that there is some delay in bringing back the hard earned many of the common citizens of the Country stacked illegally by the anti-national looters in foreign banks. It was a hope definitely assured to be brought back by the Prime Minister before the election. Now the entire Nation is waiting eagerly for that money to be brought back.
    Secondly, the people are very much disturbed by the way the 2G scam masters are being set free to roam around and challenge the present Government which is again not going well in the minds of honest people of the Country. Thirdly, legal actions against the looting carried out by P. Chindambaram and his son, Karthi Chidambaram, are also not getting fruitful. Fourthly, there are many more scams happened during the rule of Congis are in the preliminary stages. Fifthly, It is not understood, why there is a delay in abolishing the Participatory Notes introduced by the Congis and conveniently used by P. Chidambaram and Company to loot our money and stake it in foreign Banks and being allowed to loot even now under the cover of P Notes? To curb the illegal out flow of our money at least should have stopped immediately after our Prime Minister took charge of the Government before three years back. As it was doubted in my message the Prime Minister Shri Narendra Damodar Modi , it is definitely felt that the Finance Ministry is infested with the spies implanted by the Congis and they are blocking the initiatives of the Government. It is in the best interest of the people of Bharath if the Government swift in actions. Vande Mataram

  2. Modiji has to answer. Also the nation wants to know why this govt and FM Jaitley soft peddling NDTV, VODAFONE, Aircel-Maxis cases and the FM not letting the ED & CBI to take further actions. BJP leaders shd u’stnd one thing that a kind of aversion is existing against BJP among the intellects and bz community and it’s snowballing now. 2019 is not going to be a cake walk for BJP as they r dreaming.

  3. For the first time in the country after a brief period emergency people are afraid to express their views least they be persecuted as deshdrohis.It is a fact also support, remember a criticism during emergency “when people were asked to be done they crawled ” Situation today is no different. The ruling party believe there is no person wiser than Mr modi.Who disagree have been ruthlessly sidelined and babished.It is no good for democracy

    • Everyone knows this is 100% untrue. Let’s see if Dr Pimparkar or Mr Kapoor (or me for supporting this article) is being persecuted in any way.

  4. Modiji has ro answer for this. Also the whole nation wants to know why the current finance minister is soft peddling NDTV, Vodafone and Aircle-Maxis cases and not letting ED and CBI to take further actions? BJP leaders shd u’stnd that an aversion abt BJP is slowly developing among the intellects and bz community and it’s snowballing now. 2019 won’t be a cake walk for them as they dream.

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