Attempts to unearth black money abroad run aground

1:39 PM, Sunday, January 30th, 2011
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P ChidambaramNew Delhi: The Union Finance Minister, while refusing to name any black money hoarder in India stashing money in piles abroad in tax free nations such as S.t Kitt’s and licenstein or Switzerland, has set up two separate teams to unearth blackmoney and its extent (availability) in secret accounts in millions or billions of dollars. There is a plan to pardon the hoarders of unaccounted money deposited abroad, to make use of it for public purposes. Earlier, Indian Finance Ministers C.Subrahmaniam and P.Chidambaram, and others have floated schemes in which black money could be brought out within a fixed period for public use.
Attempts have failed in years to assess black money, which was put at 20% of the money in regular circulation. In the new century, the percentage of such hidden wealth in bank abroad has been estimated at 50% of that in circulation.
At any rate, Swiss bank have not obliged the Indian Govt. for its half hearted attempts to unearth this precious treasure not available for Indian development, and which can more than meet all foreign debts of India put together.
The offenders have not been proscribed, nor have been arrested and prosecuted. The insiders in the Union govt. have colluded with the money depositors used the money in film making and industrial volunteers buying deals to launder the unaccounted (black) money. Its size is veritably frightening and in giant proportions now.
They congress rulers have always protected all economic offenders by sharing their wealth till now as in CWG and 2G Spectrum Scandalous deals running in thousands of crores of rupees. Better wisdom has not downed on these powers in Indian polity.


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