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PM pledges to bring back black money New Delhi, November 2
Under fire for going soft on black money holders like the previous Congress-led UPA government, the latest edition of "Mann Ki Baat" on All India Radio came at the right time to provide Modi an opportunity to clarify his stand. He sought the country's faith and promised that he would "definitely do everything to bring back black money". "Please trust your Pradhan Sevak. Every single rupee that the poor of the country have lost to people who have stashed black money abroad will be brought back. This is my commitment." The government revealed names of 627 black money holders in a Geneva bank following the SC orders. The SIT will now investigate the foreign bank account holders. Modi said: "There may be disagreement over the process through which black money will be brought back... that is bound to happen in a democracy. But I can assure that the government is on the right track to bring black money back.""Nobody knows how much money is stashed in banks abroad. Even the previous government had no estimate. Everybody is making his own assessment. I do not want to get involved in figures. This money belongs to the poor people of this country and should be brought back. And I can assure you that nothing will be lacking in my efforts. I only want your blessings to continue," said Modi. In his 20-minute radio address, Modi also hailed his Swachh Bharat campaign and said he was amazed how it had influenced the ordinary citizens of the country. He quoted one Bharat Gupta of Satna, who has sent him a mail as saying people on trains are now refraining from littering the compartments. "I came to know from the social media that children have showed enthusiasm in keeping the country clean. They don't throw chocolate wrappers on streets anymore," said Modi. "When you keep the country clean, you do the poor a great favour. Diseases attack the poor before they get to the rich. So, if you keep the country clean and don't litter, the poor will not contract diseases. They will also battle poverty effectively if they are healthy. They can work and don't have to spend on medicines," the PM said. Modi also left a hint of what he would take up in his next episode of "Mann Ki Baat". He said drug menace was spreading fast in the country and effecting the youth. This, he said, would be the topic which would be discussed in detail in his next talk to the nation. The PM said the HRD Ministry had made an inspired initiative to make the education system easily available to the disabled children. "The government will give special scholarship to 1,000 differently abled children who want to pursue technical or vocation training under a central university," the PM said. "The HRD ministry has decided that every Kendraya Vidyalaya and central university will receive a special grant of Rs 1 lakh each to make the institution disabled friendly. From separate washrooms to proper facilities in classrooms, these students will be given all facilities," Modi said. The PM also paid tributes to the armed forces while referring to his visit to Siachen on Diwali where soldiers live in difficult conditions.
Govt can get back black money: Experts New Delhi, November 2
“It is possible if the government wants,” former Additional Solicitor General Mohan Jain said. Asked to specify a time-line, he said it could be done even in a matter of months. He rejected a suggestion that it would take ages for achieving this as it took nearly two decades for the conviction of former Tamil Nadu Chief Minister J Jayalalithaa in a disproportionate assets case despite the fact that the litigation did not involve any foreign country. Black money taken out of the country could not be equated with unaccounted wealth circulating within the nation and the local economy and as such the government would have to show urgency and fast-track the proceedings, the senior advocate said. Echoing similar sentiments, senior advocate MN Krishnamani suggested promulgation of an ordinance, if necessary, for expeditious disposal of black money matters. The authorities could confiscate all the assets within India of those having black money in foreign banks which would make the culprits fall in line and pay up their tax dues, he said. Advocates with vast experience in handling tax and other financial cases said recovery of tax dues alone would be more than the actual black money held abroad as the liability would include interest and hefty penalty. They noted that the existing laws also provided for jail terms ranging from three months to seven years for wilful evasion of tax. The views of the legal experts have come in the wake of Prime Minister Narendra Modi’s announcement today that his government was on the “right track” and bringing back the black money was an “article of faith” for him. The Supreme Court, which is hearing a batch of PILs on the issue, has said it could devise new methods if the present procedure was found to be ineffective. Justices MB Shah and Arijit Pasayat, retired SC judges who are heading the special investigation team (SIT) of experts from various government departments, have also stated recently that they would not spare anyone irrespective of such offenders’ standing in society, big or small. Senior advocate Bishwajit Bhattacharyya was, however, pessimistic about the outcome of the ongoing efforts. Even if the government succeeded in recovery of tax dues from a few persons, it would be only in Indian rupees, not in foreign currency. ‘Multiple provisions to make culprits fall in line’
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There were several legal provisions, including the Income Tax Act, Prevention of Money Laundering Act (PMLA) and the Double Taxation Avoidance Agreement (DTAA), that would enable the government to crack down on those holding such funds in overseas tax havens, they said.