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Black Money – Why UPA Government Is Hesitant To Retrieve Money Stashed Overseas?

Government of India has admitted that billions of dollars are parked in overseas banks by Indians which is black money. This matter of retrieving the money from overseas shores should have been resolved by the executive which is pending for long. Unfortunately, as in other cases of national importance, this matter too has been referred to judiciary to adjudicate. This government should have the courage and political will to approach the safe haven banks and ask them to give details of money deposited by Indians. Probably, this government is hesitant to take this bold step as it fears that many politicians of its party and favoured business honchos may have kept the money in foreign safe havens. The government shall have to take this initiative as this will reduce budget deficit of the country and the money brought in can be used in various social schemes and infrastructure projects.

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If the government does not want to punish the guilty then other alternative could be to offer amnesty scheme. Those desirous of bringing back stashed money in overseas should be charged negligible tax or no tax at all and should not be subjected to any questioning. In this way, at least funds will flow back to India in a difficult time.

We are passing through very difficult time and our PM, which is renowned economist should do something historical for the country for which posterity shall always remember him. He should put his foot down and assert himself and get instructions issued for retrieval of black money. Although this is not an easy job as politicians with vested interest shall not allow him to implement his willingness. Our Prime Minister has already committed lot of mistakes in his second tenure and this is the ideal time and opportunity for him to retrieve his position and stature. Citizens of India are with him and even he has to lose his chair for this attempt, it is still worth doing it and history shall always remember him and if he loses his chair then UPA cannot dream of coming to power again in the near future.


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