Skip to main content

Govt fails to act on black money:-


Govt fails to act on black money
P Basanth

Liechtenstein is 190 km from Munich off Germany, which is the hub of black money investors. The LGT bank, which is under scanner now, is situated here. Among the details of 1400 accounts collected by the German intelligence agency BND through bank employees, 18 are of Indians. 

On March 18, 2009, the German government transferred details of the accounts to Indian government. But when no action was taken senior Advocate Ram Jethmalani approached the SC. When SC began to intervene, the government showed some move. But still the government is of the stand that it wouldn't publicize the details of persons having accounts there.

The court wanted to know why names of account holders who had looted the country couldn't be published? When media revealed the names that was kept hidden by the government, it included some industrialists from Maharashtra and Gujarat and some trusts, which are re-registered in foreign countries. The investigation agencies have not probed in detail the black money trail but only registered a case of tax fraud which the court questioned.

In the studies conducted by enforcement directorate and finance ministry, it was revealed that in majority of the cases money has been transferred outside as difference in exports and import prices by quoting more or less price. 77.6 % of the total money have been transferred by this. 

The directorate also stated that Rs 15,000 crore has been identified as black money in the search conducted during the last 18 years. The government had levied a fine of Rs 40 crore only from those whose names were given by Germany. But no prosecution proceedings were initiated. The German government gave the names of Manoj Rupliya, Roopla Rupeliya, Mohan Rupeliya, Hasmukh Gandhi, Chinthan Gandhi, Dileep Mehtha, Arun Mehtha, Arun Kochar, Gunvanthi Mehtha, Rajanikath Mehta, Pramod Mehta, Ashok Jaipuraiya and some trusts. Some among them are promoters of Kochi Tusker's team. The investigation officials doubt that some are politicians under benami names. The name of a chairman of South Indian industry also figured in the list. 

LGT bank say that it was the employees of the bank who had stolen information and passed it on to the agencies. Among the 1400, 600 were Germans and the German government had taken stern action against them.

The last study on black money was held during 1983-84 period conducted by the National Institute of Public Finance and Policies as per the direction of Direct Tax Board. At present, the government too has decided to conduct a study on black money trail.

Prof Arun Kumar of JNU university in his book `Black Economy in India' has said that black money during the period 2005-06 is Rs 39 lakh crores. But after that period there was increase in the number of scams and frauds. During 1996-1997, 26 corruption cases have been reported. 

The 2006-2008 period witnessed 150 huge scams. Studies by Global Financial Integrity stated that only 1 per cent has 57 per cent of the share of the total finance of the world. If black money stashed abroad is brought back, India can save itself from foreign debts.
Post a Comment

Popular posts from this blog

Future of Tamil Nadu Politics and Governance :-Rajinikanth not Fit for Politics says Subramanian Swamy?




Sub : Future of Tamil Nadu Politics and Governance :

Ref : Rajinikanth not Fit for Politics says Subramanian Swamy


The most expected celebrity to come into politics for the past 20 years is Rajinikanth. Sometimes his speech against certain political leaders gives us a hint of his political venture. But he constantly denies the fact.


Recently BJP party member Subramanian Swamy made a controversial statement about Rajinikanth.


'Rajini is not a stable person, so he is not fit to come in to politics' is the statement given by him. This made Rajini fans to go pissed off.

Note :
1. In the past many persons from cinema industry( in Bharatham as whole ) mainly actors joined politics and miserably failed to perform.
2. In the case Tamil Nadu, where people are mad about Cinema and actors, do not use their intellect to analyse a person.
3. Majority in Tamil Nadu are blind followers  of anything and anybody, without using their sense of knowledge.
4. I…


The whole of the Ramayana is an Epic of humanity. Humanity does not mean mankind but that which particularly characterises human nature.

It is in this sense, Sri Rama is oftentimes called the paragon of humanity, an example of the perfection of human nature.

This perfection of human nature is not inclusive of the foibles of man in his lower endowments.

In the majestic words of Valmiki with which the Epic commences, we are given a description of what this perfection of humanity is, as an answer given by sage Narada to a question put by sage Valmiki as to who is the ideal of human nature.

"Whom do you think, O sage, is the perfect embodiment of humanity in this world and can you give me an example of such a perfection?" was the question put by Valmiki to Narada.

And then, Narada commences a dignified description of a personality whom today we know and adore as Sri Rama.

That majestic feature of bodily personali…

PM’s Mann Ki Baat Programme on All India Radio :- 25/02/2018

25 Feb, 2018

My dear countrymen, Namaskar.

Let us begin today’s Mann Ki Baat with a phone call.

Phone Call…

Thank you very much for your phone call. My young friends have asked me many questions related to Science; they keep writing on quite a few points. All of us have seen that the sea appears blue, but we know from routine life experiences that water has no colour at all. Have we ever thought why water acquires colour in rivers and seas? The same thought occurred to a young man in the 1920s. The same question gave rise to a great scientist of modern India. When we talk about Science, the first name that strikes us is that of Bharat Ratna Sir C.V.Raman. He was awarded the Nobel Prize for his outstanding work on light scattering. One of his discoveries is famous as the Raman Effect.

We celebrate the 28th of February as National Science Day since on this very day, he is said to have discovered the phenomenon of light scattering, for which the Nobel Prize was conferred upon him. This …