Tag Archives: #swissaccounts

Does Black Money lie in “Black Hole”?

Well, Black money does not lie holed up in the ‘Black Hole’ that it can not be recouped! I hope we Indians -irrespective of our political affiliations and beliefs- understand this simple fact!

It is clear that the Modi Government is  trying to save its face on non compliance of Black Money promise.
Per media reports, BJP will be disclosing a few SELECTED names of black money holders to the Supreme Court (SC). A very obvious question arises: Why only selected, around 136 names and why not all?
Is this not just a diversionary tactic to buy time to save rest of the influential tainted people?
Aam Aadmi Party (AAP)has been insisting that all the names should be revealed.. AAP has published a detailed document on this issue on its website too. The reality is that there is not any law in India or treaty with any country due to which the government cannot take action against the black- money holders.
Simple! Where there is a will, there is a way! Always! 

Two main reasons that raise doubts about Mr. Modi government’s intentions are:
1) Double Taxation Avoidance Treaty: Is it a mere shield to escape from reality or the issue? The way, Modi government has been squirming, it raises doubts.
On the double Tax Avoidance Agreement between India and Germany, the Supreme Court observed that there was no provision in the agreement that limits the disclosure of information. It also stated that the plea is unsustainable as neither an agreement can limit nor violate the principles laid down in our constitution.
An extract from the judgment: “The above clause in the relevant agreement with Germany would indicate that, contrary to the assertions of Union of India, there is no absolute bar of secrecy.Comity of nations cannot be predicated upon clauses of secrecy that could hinder constitutional proceedings such as these or criminal proceedings”.
2) The provisions of the 
United Nations Convention against Corruption (UNCAC) are being ignored by BJP.
India, Germany and Switzerland are signatories to the UNCAC. Therefore:
• India is authorized to make requisite changes in the laws of our country to deal with black money issues.
• UNCAC overrides ‘bank secrecy laws’.
• UNCAC permits us to freeze, seize and confiscate illegal money.
So, BJP should utilize powers given under UNCAC to get back the black money rather than using it as an excuse to protect the black money holders!
Mr. Modi, do not genuflect! As Swami Vivekand said: Be up and doing!