news Monday, June 08, 2015 - 05:30
  Calling the recently passed Black Money Bill, 2015 (Undisclosed Foreign Income and Assets Bill) futile, BJP leader Subramanian Swamy has criticised the NDA government’s efforts of bringing back India’s black money abroad saying that the steps taken so far are “ineffective” and of “diversionary value”. In an op-ed written in The Hindu discussing the intricacies involved in bringing back an estimated $1.50 trillion stashed abroad, he wrote that it was essential to understand the importance of eliminating black money. He listed out four different methods to track down names and accounts that are illegally held abroad. While one method involved the Central Bureau of Investigation or the Enforcement Directorate to register an FIR and in turn seek Swiss cooperation, another method involved getting records of a particular bank. Another way involved invoking the Resolution of the UN Convention against Corruption adopted by the UN. Stating that though in election speeches, Prime Minister Narendra Modi had reportedly pledged to bring back all the money back into India and also ensured every citizen received Rs. 15 lakh in their bank accounts, he said that the nation held the BJP-led government responsible for not keeping up with this statement. Comparing the country’s black money to cancer, he called the denial of a nation’s financial system the benefits of its citizens’ wealth as “treason”, and said that it would not be long before the country’s economy was completely contorted because of this. He also explained the effects caused by cash-heavy speculators creating fluctuation in prices due to hoarding in case of agricultural products. Calling the recently passed Undisclosed Foreign Income and Assets(Impostion of Tax) Bill popularly known as the Black Money Bill “inadequate”, he said that though the statute ensured punishment for offenders, there was no option to track down and bring back the money.