I-T cracks down on black money stashed abroad: Business Standard

I-T cracks down on black money stashed abroad: Indian assets of tax evaders can be attached...

Accounting black money

This refers to the report “I-T cracks down on black money stashed abroad” (BS, September 30). Prime Minister Modi got ridiculed for his   assertion about black money. He had said in 2014 that he will make
effort to bring back black money stashed abroad by Indians and make it available for resident Indians. It has to be said to Modi’s credit that his government created an awareness about corruption and unethical practices in which money played a prominent role. He somehow forgot one thing.
 World over, Government is, "Of the Rich, For the Rich and By the Rich". In some form or the other, legislative process, bureaucracy and judiciary as also electoral processes are owned and managed by the RICH and the POWERFUL. All discussions by the Media, Analysts
and activists in the social sector including social media need to be seen in this perspective.
This is simple commonsense, but is usually blacked out by media. If there is a will, there is a way to handle black money, corruption and all the ills that go with these two major tools used by the rich and the powerful to accumulate wealth. There will be resistance from the rich and the powerful as is being experienced by the present government in India.
Just for a change, think of CSR(Corporate Social Responsibility) going up from the present 2 percent to 20 percent or 50 percent, India deciding to exploit the country's domestic assets for economic development, judiciary deciding to fast-track pending cases to decide them within a year of the first posting in any court and restrictions are imposed on the expenditure by government, PSUs and corporates for fighting cases, GOI and state governments agreeing to tax agricultural income on par with any other income and every holder of assets in India being required by law to account and declare the holdings in whatever form and follow procedures that every citizen is being asked to follow under law of the land. The list is illustrative.
Changes can happen any time and hereafter they can be for the better.

M G Warrier, Mumbai


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