Black Money stashed abroad - What is this all about?

By Sanchit on Wednesday, May 06, 2009

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Recently the issue of Black Money stashed abroad has come up in news. The issue is not as recent as it may sound. It was raised by L.K. Advani more than a year ago when he sent a letter to the Finance minister of India. It was raised almost 5 years earlier by Baba Ramdev in his shivirs across India.

Many may not know what the real issue is and who is responsible. Some may think that this is just a poll tactic as NDA didn't do anything when it was in power. Lets answer both the questions-

The issue is about the billions of dollars that are illegally stashed by Indians in banks abroad which provide banking secrecy and the reluctance of Indian govt. to do any effort to bring back the money. NDA didn't do anything when it was in power because the global position has changed a lot during the past 1 year.

It all started when German govt bribed a swiss bank official and got the list of persons who have stashed money illegally. The german govt in a goodwill gesture said that they will give the list to all countries who approach them. But shockingly Indian govt showed no interest in it. Then in the recent G20 meet there was strong discussion on getting back illegal money to fight global recession and to pressurize countries which act as TAX HAVENS. So there are 2 conclusions-

1.) Congress blaming NDA of inaction is ridiculous as the global policies has changed only in past 1 year and now is the chance to get the money back.

2.) Its not just a poll issue as it was raised as early as 1 year before. Congress is just trying to get away by terming it as poll issue.

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