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Black Money And Culprits

Black money refers to funds earned by individuals or companies on the black market, on which income and other taxes have not been paid. The total amounts of black money that are deposited by Indians in the foreign banks are unknown. This issue was lightened up by Swami Ramdev, a spiritual saint and social activist who has gained much acclaim around the world due to his meditation and yoga practices. After some giant scams like 2G, Commonwealth and Coalgate, black money issue was brought up by opposition parties.

It is said that many of renowned business tycoons, politicians and film stars have their bank accounts in different foreign banks and if brought back, can make Indian economy better. The problem is how to bring back black money and what punishment can culprits get if they found guilty? According to a very well-known and talented Corruption Matters Advocate Mr. Kislay Pandey¬≠ Supreme Court of India, “A Central Board of Direct Taxes (CBDT) has suggested implementing some strict legislation and controls to prevent this practice in future such as to regulate the cash economy and also there is a need to change some existing corruption laws and regulations. Furthermore, we need to implement deterrent penalties for tax offences to deal with the menace.”

Furthermore, there is a need to start newly fast-track courts to conduct trials for all those black money culprits and make sure that the hearings are held and quick judgments are announced after the investigation. Government needs to act fast irrespective of culprits’ designation and party background. According to a recent report published in this week by Special Investigation Team (SIT) on black money, out of 628 account holders in the Swiss bank, almost half of accounts are found with zero bank balance. What it suggests? The government needs to take action before account holders can reach to their accounts.