You are on page 1of 5

BLACK MONEY Illegally earned money is called black money.

Black money is the result of hoarding smuggling tax evasion and dealing in immovable property for which the consideration is paid in black. It has been beyond the control of the government. The black money has already created a serious problem in our country. The Indian economy stands badly shattered because of the huge amount of this tainted wealth lying in the coffers of the rich. It has given rise to a parallel economy operating in the country. As a result the prices continue to rise in spite of all Government efforts to control them. The poor go on becoming poorer while the rich go on becoming richer. The gap between the haves and the have nots is widening every day. Black money is used by the rich in various evil activities. They use this money for corrupting and demoralizing social and political life. They display it in ostentatious living and wasteful luxuries. They bribe Government officers and lead them to corruption and dishonesty. They purchase political bosses and control the strings of the Government. Thus the entire social structure comes to be badly polluted. It is difficult to form an exact idea of the amount of black money operating in the country. Searches and raids by Income Tax authorities are conducted from time to time. Such raids yield millions of rupees. But the people are at times cleverer than the government. They seek the aim of the best legal brains and get the law twisted in their favor. Most of the offenders use all their money and influence and go Scot free whenever they are caught. The government has at various times announced some voluntary disclosure schemes for unearthing the black money. These schemes have proved successful to a very limited extent. The black money according to some reliable estimates has gone up to Rs. 1000000 million in our country. It is to a great extent responsible for a great rise in prices because the purchasing power of the people has increased. People having black money are leading a life of luxury whereas the poor people are leading miserable life. Cunning people have converted millions of black money into white money. Some leading economists of the country have suggested stringent measures to the government to unearth black money but the successive governments have been rejecting those measures. The vested interests always stand in the way of effective measures and get them diluted. The Congress Government did take some steps in the right direction. High currency notes were demonetized and income tax officials carried raids and searches all over the country. But the initial enthusiasm died down with the passage of time. The menace of black money continues to shatter the economy of the country. It is hoped that the government under the leadership of Mr. Manmohan Singh would tackle the evil of black money on a war footing. It must be clear to all that the nation cannot shut her eyes. Smugglers can no longer be tolerated. They are striking at the very roots of our democratic structure. All steps to weed the black money out of circulation must be taken as early as possible. The govern ment must come down with a heavy hand on smugglers, black-marketers and hoarders. Black money is a curse. It must be rooted out of public life.

. like somebody is forwarding to you.If black money deposits was an Olympics event.4 trillion (about Rs 71 lakh crore). is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently. . The share of Swiss banks in dirty money being a third of the global aggregate..and forward to all the honest Indians to. the Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it. It has gone to different tax and secret shelters. It is not that all these amounts went to Swiss banks. The important point is that this is only for five years.5 billion (about 692. and build a ground-swell of support!for action ! .466 crore). the most recent Global Financial Integrity study. It means that during the fiveyear period the amount stashed away is 27. More amounts were stashed away during the Nehruvian regime.328 crore).. in those days the rupee commanded a better value per dollar... BLACK MONEY Swiss bank revealed India has more money than rest of the world This is so shocking. due to international pressure. to expose the high and mighty and weed out corruption! ...S. India would have won a gold medal hands down. Indian government is not asking for the details. Please read on. some $45 billion out of the 136. So the estimation that the Indian money stashed away may be of the order of $1..5 billion stashed away from India would have been hoarded in these years in Swiss banks.. In fact. . So the loot for 55 years will be several times higher.. marks for guessing why? We need to start a movement to pressurize the government to do so! This is perhaps the only way. shows that the average amount stashed away from India annually during 2002-06 is $27. and a golden opportunity. The second best Russia has 4 times lesser deposit.. .3 billion (about 136.Black money in Swiss bank In 2006. So fewer rupee could get more dollars.3x5=136.

which have been misappropriated by them. Some 80. of whom 25. scandalous politicians. With this amount 45 crore poor people can get Rs 1.000 travel very frequently. who says? Ask the Swiss banks. we will have surplus amount. IRS.. And. the amount of interest will be more than the annual budget of the Central government.Swiss Banking Association report. almost 12 times larger than the foreign debt. then also the Central government will be able to maintain the country very comfortably. corrupt officers. illegal trade and protected wildlife operators. IPS officers have deposited in foreign banks in their illegal personal accounts a sum of about $1500 billion. 'Obviously.000 each. the entire foreign debt can be repaid in 24 hours. clearly.' believes an official involved in tracking illegal money.00.500 billion in foreign reserve which have been misappropriated. he isn't referring to the commerce ministry bureaucrats who've been flitting in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin! Just read the following details and note how these dishonest industrialists.Is India poor. This amount is about 13 times larger than the country's foreign debt. to name just a few. After paying the entire foreign debt.000 people travel to Switzerland every year.. If this surplus amount is invested in earning interest. sucked this country's wealth and prosperity. cricketers. This huge amount has been appropriated from the people of India by exploiting and betraying them. They must be travelling there for some other reason. What about other international banks ? Black money in Swiss banks . Once this huge amount of black money and property comes back to India . these people won't be tourists. This may be the picture of deposits in Swiss banks only. one needs to rethink if India is a poor country? DISHONEST INDUSTRIALISTS. film actors. scandalous politicians and corrupt IAS. an amount 13 times larger than the country's foreign debt. With personal account deposit bank of $1. 2006 details bank deposits in the territory of Switzerland by nationals of following countries : . So even if all the taxes are abolished.

456 billion or $1. Public loot since 1947: Can we bring back our money ? It is one of the biggest loots witnessed by mankind . It has been orchestrated by politicians. Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. secrecy and of course pilferage from developing countries into rich developed ones. the Tax Justice Network (TJN) published a research finding demonstrating that $11.4 trillion has more money in Swiss banks than rest of the world combined. $390 BILLION UKRAINE $100 BILLION CHINA $96 BILLION Now do the math's . What is even more depressing in that this ill-gotten wealth of ours has been stashed away abroad into secret bank accounts located in some of the world's best known tax havens.TOP FIVE INDIA $1. bureaucrats and some businessmen. one may well be aware of 'Swiss bank accounts. The list is almost all-encompassing. No wonder. everyone in India loots with impunity and without any fear. the western world explicitly encourages the movement of scarce capital from the developing countries to the rich. In March 2005. And to that extent the Indian economy has been stripped of its wealth.the loot of the Aam Aadmi (common man) since 1947. some finance experts and economists believe tax havens to be a conspiracy of the western world against the poor countries.456 BILLION RUSSIA $470 BILLION U. In fact.' the shorthand for murky dealings.K. by his brethren occupying public office.India with $1. By allowing the proliferation of tax havens in the twentieth century.5 trillion of personal wealth was held offshore . However.

by rich individuals across the globe. The findings estimated that a large proportion of this wealth was managed from some 70 tax havens. all are illegal only ... Raymond Baker . How much of this is from India is anybody's guess .in his widely celebrated book titled 'Capitalism' s Achilles Heel: Dirty Money and How to Renew the Free Market System' . Further.estimates that at least $5 trillion have been shifted out of poorer countries to the West since the mid-1970. augmenting these studies of TJN.???? if India is doing like this the annual tern over will be less and our market will have to close down (BSE\NSE) we have to trace out the black money when the polities have kept ? where there they use ? but they don't have correct tax details . It is further estimated by experts that one per cent of the world's population holds more than 57 per cent of total global wealth. routing it invariably through these tax havens.