Chitra Subramaniam| The News Minute| October 29, 2014| 4.00 pm IST
And what if the whole thing had been managed from the start? It would be a masterstroke to keep the opposition quiet.
We don’t know how many lists of black money exist in French, German and English and how many are in circulation between various organs of the government, but one thing is certain – the issue of black money is effectively buried till March 31st 2015 when the Special Investigating Team (SIT) will submit its report to the Supreme Court (SC).
Till then two things can happen. One, the agency will go about its remit quietly and efficiently and in a time-bound manner. The task of checking out the over 600 names is a gargantuan one and our record at sending people to jail is not the world’s best, but the SIT must be given the benefit of doubt.
The second thing that can happen is that leaks that are now part of Delhi’s party circuit will acquire a sinister tone with threats and counter-threats and lists versus lists in a race to the bottom that can only harm the credibility of the process which is by far India’s most ambitious to bring money looted from the country back to where it belongs.
In more ways than one, this is perhaps the last chance India has to do this. This is probably the first time that the Revenue Department, the Central Board of Direct Taxes (CBDT), Revenue Intelligence, the Central Board of Investigation (CBI), the Intelligence Bureau, the Enforcement Directorate and the Research and Analysis Wing (RAW) have come together under one roof to accomplish one task.
The machine is mammoth, as big as the interests that will seek to sink it from within as also from outside because the enemy never rests. We are looking at tax-evaders on the one hand, but we are also looking at arms traders and drug peddlers on the other (many of whom fund terrorist groups), making the SIT’s work not only difficult, but possibly dangerous. Combatting that kind of crime is not within the means of one country however powerful it may be as dirty money travels at the speed of lightning.
The evasion part will be addressed after India will be signs a G-20 agreement that allows for automatic transfer of information to governments of their citizens’ accounts in foreign banks. The signature will have to be followed by a parliamentary ratification which is expected to be concluded swiftly.
Here’s a status of the agreement including ratifications.
The strongest piece of news coming out of the “names-names” news is that India will be able to seek support and resources from all countries that are serious about criminal money laundering. However, the world will take India seriously the day we send the black money makers and criminals in India to jail. We cannot expect other countries to do what we do not do for ourselves. Expectations are high on all sides as they must be.