In India, Black cash refers to funds earned on the black market, on that financial gain and alternative taxes haven’t been paid. The entire quantity of black cash deposited in foreign banks by Indians is unknown. Some reports claim a complete extraordinary US$1.4 trillion area unit stashed in Suisse. Alternative reports, together with those reportable by Swiss Bankers Association and also the Government of Suisse, claim that these reports area unit false and fancied, and also the total quantity command all told Swiss banks by voters of Republic of India is regarding US$2 billion.
In February 2012, the director of the Central Bureau of Investigation aforesaid that Indians have $500 billion of ineligible funds in foreign tax havens, quite the other country. In March 2012, the government of Republic of India processed in its parliament that the CBI Director’s statement on $500 billion of ineligible cash was associate estimate supported a press release created to India’s Supreme Court in July 2011.
In early 2011, many reports Indian media alleged Swiss Bankers Association officers to own same that the biggest depositors of embezzled foreign cash in European nation are Indian. These allegations were later denied by Swiss Bankers Association still because the financial organization of European nation that tracks total deposits control in European nation by Swiss and non-Swiss voters. In 2011, the Indian government received the names of 782 Indians United Nations agency had accounts with HSBC.
As of December, 2011, the Finance Ministry has refused to reveal the names, for privacy reasons, although they did ensure that no current Members of Parliament are on the list. In response to demands from the Bharatiya Janata Party (BJP) opposition party for the discharge of the knowledge, the government declared on 15th December that, whereas it might not publish the names, it might publish a study concerning the HSBC data. In line with study on Black cash in Republic of India report, printed in May 2012, Swiss commercial bank estimates that the full quantity of deposits altogether Swiss banks, at the tip of 2010, by voters of Republic of India were CHF 1.95 billion (INR 92.95 billion, US$2.1 billion).
Indian Express released the list of 1195 Indians account holders and their balances for the year 2006-07 in HSBC’s Geneva branch. The list was obtained by French newspaper lupus Monde and enclosed the names of many distinguished businessmen, diamond traders and politicians. The amount of Indian HSBC shoppers is roughly double the 628 names that French authorities gave to the Indian Government in 2011. Indian government aforementioned it’ll probe this matter.
The balance against the 1195 names stood at Rs. 25,420 crore. The list that had names of dictators and international criminals, was at the same time revealed by news organizations in forty five countries together with The Guardian, UK, Haaretz, Israel; BBC, London. HSBC had helped its shoppers evade taxes and aforementioned during a statement that “standards of due diligence were considerably under nowadays.”
Complying with the Supreme Court directive, the new government on its first day in office constituted a special investigative team (SIT) headed by a former Supreme Court Judge to unearth black money, including in the case of Hasan Ali. M B Shah, head of the SIT that also comprises another retired Supreme Court judge Arijit Pasayat as vice-chairman, assisted by the Revenue Secretary, directors of CBI, IB, RAW and ED, the CBDT Chairman and an RBI deputy governor.
But is it all that is enough to bring black money. Several protests have been held for the issue. Various social activists and people in common have alleged the government and demanded to ratify the issue of black money. This is really shocking that nation like India where poor people die of hunger and lack of basic amenities; rich make money and curb the poor. The statistics show that dishonest industrialists, scandalous politicians and corrupt IAS, IRS, IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $1500 billion, which have been misappropriated by them. This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1, 00,000 each.
This huge amount has been appropriated from the people of India by exploiting and betraying them. Once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central government. So even if all the taxes are abolished, then also the Central government will be able to maintain the country very comfortably. More smoke than light has been generated on the current outcry on black money. But now it’s time to separate wheat from chaff. We hope that the new government will fulfill its promise and will bring money back to home.