BRING BACK THE BLACK MONEY AND DEVELOP INDIA - Business & Economy - General Economy - TIK Share

BRING BACK THE BLACK MONEY AND DEVELOP INDIA


BINESH NAIR

2014-12-21

The term named Black money will always be the darkest hour in the Indian politics. Many governments have come and gone, promising that the menace of black money will be brought back to India.  However nothing has changed in this regard and it always continues to be the crime which has gone unnoticed over many years.  The UPA and the NDA government after coming to power has stressed on the fact that the black money will be brought back to India. So far only three of the 628 money holders have come to light and all the three have denied. As per the directions of the Supreme Court the government has submitted a list of approx 680 names. The special investigation team led by Justice M. B Shah is investigating the matter.

MECCA OF BLACK MONEY

Switzerland is a very small nation landlocked by nations like France, Germany and others. IT is the only nation is Europe and only 15% of the land area is productive. Switzerland has only two months of summer and the population is approx 6 million. Berne is the capital and it is the hub of manufacturing segments like the Machines, Watches and the precision instruments. All the basic needs of the nations are imported. Switzerland was established in the ear 1848 after a federal set up took place. Approx 80% of the work force is employed in the financial services. The Per Capita Income of Switzerland is approx $64,000. Inflation is approx 0.06% in the last six decades. The stable economy of Switzerland looks hard like a rock and Switzerland is neither a member of the European Union nor the member of United Nations. This encouraged investment and all of the account comes under the ambit of wealth management, as there is no savings or a bank account. Investments are pouring in and the quantum of investment is kept as a secret. According to the section 13FC of the Swiss constitution the details of the money, clients and their identity cannot be disclosed under any circumstances. Switzerland has signed the treaties with various nations like USA and Germany. This has been done to avoid the menace of double taxation, money laundering and other financial related crimes.  The treaty also states that once the tax is collected, the names will not be disclosed. One of the important activities done by Switzerland is that it has blocked the funds of the terrorist groups and networks like the Lashkar E Taiba, Al Qaeda and the ISIS.

TOP SECRET AFFAIR

Switzerland Constitution gives utmost importance to secrecy since 1977. A strong amendment was introduced in which the money launders and the terrorists cannot hide behind the veil of secrecy. Till date Switzerland returned approx $2.8 million in the past 15 years. Money used in crimes like kidnapping, extortion money laundering, and smuggling has been returned if these acts are proved in the courts of the respective nations. Many people in India have done the tax fraud by false documentations and fake orders. Indian Government must bring the black money back for development of the nation. It is difficult to prove the mistakes committed by earlier business magnets. However the wisest move will be to forget the past and introduce the reforms to prevent the black money from getting generated and navigating abroad.