MONEYLIFE DIGITAL TEAM | 13/05/2015 12:23 PM |
The new Black Money Bill will neither stop black money generation, not bring black money back
In a candid assessment of The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill (Black Money Bill in common parlance), Dr Subramanian Swamy, leader of Bharatiya Janata Party (BJP), said that the, recently introduced Bill in the Lok Sabha is unlikely yield the desired results. “The Black Money Bill tabled in the Parliament is not sufficient to eliminate the problem. In addition, there is nothing in the Bill on bringing black money back in India,” he said.
Instead, he explained the various strategies employed by other countries to bring back illicit wealth siphoned away from their countries. For instance, Dr Swamy said that many countries had declared wealth stashed abroad, or in tax havens, by overthrown dictators, as national wealth. “Under the United Nations Convention on Corruption, each of the countries (that holds such illicit wealth) can be directed to transfer the money back.” He suggested that India should promulgate an ordinance on this issue and, with UN support to have it enforced, we can bring black money back in two or three years.