Interview on black money- How to bring back the 500 billion dollars
New Delhi, Feb 10: Every Indian would hope that the black money stashed away abroad by the high and mighty is brought. A lower estimate would show that there is 500 billion dollars stashed away abroad.
What does the Indian government need to do now? What about the rubies, diamonds and gold worth several trillions of dollars which is stashed away abroad?
We have data and figures. What should be the next course of action on black money?
Now it is time for the government to issue an ordinance. Both houses of
Parliament should pass this ordinance and once it is approved by the President of India, it should be used to bring black money back.Once such an ordinance is issued it can be taken to those countries where Indians have stashed away black money. Those countries will have to abide by our request since we would have an ordinance.
There is a claim that all money is not black money. How does one handle the legitimate funds that are stashed away abroad?
Yes I agree that all money stashed away abroad is not illegal. The first step would be to bring back all the money whether legal or illegal. Once it is brought back, those who claim that the money is legal should be accorded an opportunity to prove the same.
If the money is genuine then it will not take more than a day for the person to prove that. However, if the person does not come forward or is unable to prove it, then the government should take over that money.
What about money in banks deposited by the Non Resident Indians?
The
whole
issue
of
NRI
money
should
be
revisited.
It
all
started
in
the
1960s
because
India
there
was
a
scarcity
of
foreign
exchance.
I
feel
that
this
concept
should
be
abolished
and
Indians
earning
anywhere
in
the
world
should
pay
tax
to
the
Indian
government.
This
could
be
easily
implemented
in
countries
where
we
have
a
double
taxation
treaty.
Should
depositing
foreign
currency
be
encouraged
in
Indian
banks?
Yes it should be encouraged. This would ensure that the money remains in India and does not go out of the country. This would also help ensure that the money does not go out of the country and in turn our foreign exchange will swell.
What is your estimate? How must black money is there abroad?
My lower estimate is that there could be around 500 billion US dollars stashed away abroad.
Is it just money or are valuable too stashed away abroad?
That
is
correct.
It
is
not
just
money
that
is
stashed
away
abroad.
There
are
plenty
of
diamonds,
pearls
and
rubies
which
have
been
parked
in
safe
deposit
lockers
abroad.
Only
God
could
estimate
the
value
of
that.
It
would
easily
run
into
trillions
of
dollars.
Many
of
the
old
timers
especially
in
the
royal
families
have
stashed
away
their
gold
and
other
valuables
in
foreign
banks.
There
is
a
need
to
bring
that
back
too
and
that
can
be
achieved
only
by
arm
twisting
the
country
where
all
this
is
deposited.
Will
the
government
take
the
black
money
issue
to
its
logical
end?
A great deal of pressure is mounting on the government over this issue. The government knows that this is a primary issue for every Indian. As the popular saying goes, " the reasons for success could become the reason for failures."
Black money will be an issue in every election and the government knows it. I feel that an ordinance will be passed in the next few months.
OneIndia News