Why Modi Shouldn’t Get Credit For Black Money Crackdown.
Everybody is hailing the crackdown of the Rs 13,000 Cr black money unearthed from overseas banks as a success of Modi Government. But here is something that everyone missed.
The crackdown of Rs 13,000 Cr black money has been made trending news in all media today. Everybody is thinking that Prime Minister Narendra Modi during his foreign visits collected information about such grafts. This is what actually happened.
Image source : dnaindia.com
Why is it not a Modi Achievement?
Currently the Income Tax authorities have unearthed more than Rs 13 Crore from just two sets of information from 2011 and 2013. And yes 2011 and 2013, Modi and his Government came in 2014. So why make such a sham about all this being his achievement?
What happened in 2011?
In 2011 the French government gave details of about 400 Indians with deposits in HSBC and Geneva. The Government found 628 bank accounts owned by Indians in HSBC. Of these, there is no money in 213 accounts or are owned by NRIs and hence Government cannot take any action against these.
What happened in 2013?
The International Consortium of Investigative Journalists (ICIJ) in 2013 revealed that I-T officials have detected undisclosed amounting up to Rs. 5000 crore in foreign bank accounts lined to 700 Indians.
How did the I-T Department Follow-up?
An I-T report revealed that assessment for 398 cases has been completed by the I-T Settlement Commission. The I-T Department has filed 55 prosecution complaints before criminal courts in the ICIJ cases on charges of willful attempt to evade tax. In the HSBC Geneva case authorities have launched prosecution proceedings in 75 cases. The basis for most of these cases has been false statements made by the entities during the verification process.
What did the Courts do?
The criminal courts have paved the way for the Enforcement Directorate (ED) to initiate actions against these cases under the Prevention of Money Laundering Act (PMLA). This gives the ED the power to attach and confiscate properties of the accused, equivalent to their amount stashed abroad.
The I-T report said many Indians whose names appeared under the ICIJ cases have filed declarations under the Black Money Declaration Window Scheme. However the individuals against whom a probe has been launched are not eligible for any relief.
In the end, it doesn’t matter if it’s UPA or Modi Government that gets the credit but those who deserve punishment must be punished. This time, I-T Department is on the right track. Kudos for that!
feature image source : americansolardirect.com
