Narendra Modi asked to follow 6 steps to bring back Black Money

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Black Money
New Delhi, Nov 6: Bharatiya Janata Party (BJP) leader Subramanian Swamy wrote an open letter to Prime Minister Narendra Modi. In his letter, Swamy explained six steps which may help the central government to bring back black money stashed in foreign banks.

In his second address to the nation through 'Mann Ki Baat' programme, Modi urged the people to keep faith in him and he also promised to bring back every single penny stashed in several banks in foreign countries.

The 6 points mentioned in Swamy's letter are:

Step 1:

Pass an ordinance (adopt Fali Nariman's private member's Bill introduced in the Rajya Sabha when he was MP) declaring all illicit wealth stashed abroad as national wealth and conveying to all foreign holders that they are obliged to bring back all such monies into Indian financial system and subjected to thorough investigation of any illegal transactions leading up to such accumulation of illicit wealth by Special Investigation Team (SIT) set up by Honorable Supreme Court. This will greatly help in bringing back black money which is about Rs 120 lakh crores, back to the country.

Step 2:

Review the reasons why the Exchange Earner's Foreign Currency (EEFC) Account authorized by RBI has been bypassed leading to black money accumulated mostly in tax havens such as Switzerland, Mauritius, Cayman Islands, Singapore etc. Revise this EEFC to authorize the Indian banks to operate the required accounts in foreign currencies and to refuse permission to Indian citizens seeking to open such accounts outside financial system of India.

Step 3:

Scrap the participatory notes scheme, which scheme was opposed by the Tarapore Committee. All monies held by Indian citizens under the Participatory Notes schemes should be declared as black money by the Ordinance as suggested in Step 1.

Step 4:

Direct CBI to probe the disclosure that I made in a letter to the Finance Ministry about Ms Sonia Gandhi and her son's accounts in Sarasin and Pichet Banks in Zurich.

Step 5:

Specific instances of black money like those of Hassan Ali, and Moin Qureshi should be specially investigated.

Step 6:

Please ask all your ministries to give an affidavit to you declaring that they do not operate on their own behalf or through their immediate family members, any undisclosed or illegal foreign accounts.

Recently, the Supreme Court asked the government to disclose all names mentioned in the list in connection with black money. Modi government at the centre, which initially refused to disclose all names citing trouble for treaties signed with other countries, shared the names with the top court.

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