RETRIEVAL OF CORRUPT/BLACK MONEY – A Wrong Approach by the Government

It is learnt from the media that the Finance Minister is not going to have a soft approach in retrieving the Black/Corrupt money. Instead he is going to penalize heavily if the corrupt do not comply with the present rules framed by the govt.

“This (black money) is not an issue which we are going to go soft on. Because, ultimately the target of any economy as it grows is to bring more and more resources into the system. It is extremely legitimate for any country to say my resources must come within the system, they must not remain parked outside the system. We were reasonable enough to put people on notice and gave them a fair opportunity to bring them in. I can only tell that those who disagree on black money issue, well we will agree to differ,”  The FM said at ‘The India Summit 2015’ organised by The Economist magazine.

This attitude may help the govt., to claim that it has also taken some steps in retrieving the stashed money. But if the bureaucrats and ministers dealing with that subject have any conscience, it should prick them as they are guilty. How?

The present party made promise during the last election that the govt., will bring back the corrupt money which runs into huge volumes. If the ruling party members have any real desire in the development of the nation, the finance minister and his team should not deal this with Egos rising. Even hypothetically speaking, on the retrieval of corrupt money through the legal means, the purpose of such retrieval for the development of nation may get defeated since it is not known how many farmers will commit suicide leaving their families high and dry. Also how many unemployed youth will turn hostile against their motherland giving room for the growth of terrorist outfits like naxalites, Maoists group etc.

Besides, the govt., is exposed in its inept dealing with the nation by levying tax on the people who are poverty stricken and also on those who are loyal to the motherland. Whenever a crises arises the govt., finds it easy to levy the tax, without a least consideration on the burden of the common man. For instance, the so called the ‘GST (Goods & Service Tax)’ which is only a hype, is nothing but a burden and nothing else. Why should the govt., levy tax at all indiscriminately, when unthinkable amount of money is available in the form of corrupt money. There is no excuse at all for the govt., to accept the failure in non-retrieval. If the govt., considers the nation to be the mother of every citizen including the members of the govt., leaving the nation in the lurch is unpardonable. Therefore the govt., is fully responsible for the retrieval of the corrupt money through some means or other giving up the ego.

Here punishing the corrupt money be the aim of the law and others. At what cost?
…At the cost of the precious lives of thousands of farmers and the untold miseries of the jobless. There is no point in begging for FDI’s for the sake of the fictitious development of the nation. A nation can be said to be developed only when it is debt-free and self sufficient in all aspects. Such a development will be possible only through the retrieval of corrupt money. Some may think ‘Is just an outcry of the middle class idiots?’ If such people think consciously without any prejudice, they will understand that their attitude is anti-national in as much as they hope for an imaginary development without the use of the supposed to be retrieved corrupt money that is available in abundance. Hence the govt., should act fast in retrieving the corrupt money even if it is through any other amicable means within a short period of time.

If the govt., has any willingness in the real development of the nation, it should make a friendly approach towards the corrupt money holders, keeping in mind that it is for the protection of the farmers of the land and the future generations. If the corrupt money is retrieved the development of the nation will be a reality for every citizen and there need not be any more committing of suicide and unrest in any form due to poverty. There cannot be any parity in the levying of tax in as much as every man will be willing to pay tax and as the govt., has justification in levying tax. Instead, if the govt., is not willing to give up its ego and at the same time in order to garner the votes during election, if it announces subsidies and others concessions like freebies, it amounts to the cheating of the public. It also reveals the arrogance of the govt., in treating the people like beggars.

Therefore, the govt., should not be whimsical in its approach towards the retrieval of the corrupt money. Already, number of alternative means of retrieval of corrupt money would have been suggested by number of patriots by now. So, the govt., should understand that there is no point in circumventing the problem and make the nation healthy and prosperous. If this is done our nation will also create an impact globally by becoming a well developed nation.

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 ““inadequate, ineffective” and of “diversionary value”.

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 said that though the statute ensured punishment for offenders, there was no option to track down and bring back the money.

Besides, the ill effects of corruption may be considered now. The govt., which ruled immediately after independence, was running a ‘License Raj’ which paved the way for the sprouting of corruption. Though, with a good intention reservation policy was implemented after the independence. By sticking on to that the corruption got nourishment. Since, the politicians acted smartly, the people started fighting amongst themselves due to the scarcity of opportunities forgetting the cause behind such unfortunate events, namely the policy of divide and rule. The politicians started exploiting such a weakness of the people, the corruption became rampant and the rulers never thought of providing even the basic necessities for a common man.

Various micro-studies reviewed by the authors unmistakably suggest that the efficiency costs of corruption could be quite severe, as corruption may jack up the marginal tax rate of firms, decrease business activity, raise the marginal costs of public funds and render certain government projects economically unviable.

This resulted in increasing the ill-effects. For example, the health programs were neglected and the common man could not have a hygienic environment and quality water for drinking and other purposes. Being deprived of healthy life, this resulted in various epidemics snatching away thousands of lives. As the people remained poverty stricken due to the carelessness of the rulers who were engrossed in corruption transactions, infant deaths were remaining the order of the day.

The carelessness the rulers showed in the education sector resulted in increasing the anti-social activities which was aptly supported by the unemployment problems.

 

Thus the corruption introduced by the British through the divide and rule policy percolated through and through and even now it is exhibited in the form of indifferent attitude of even the present govt.,. Thus it becomes imperative for the govt., to retrieve the corrupt money in a war footing.

HOW?

As a first step

• Instead of bringing corrupt under book, Govt. may request the corrupt to deposit their money in to the Govt. Treasury. No tax may be levied.

• On the other hand even an interest may be paid to the money so invested as it ceases to be corrupt money once it is deposited.

• The money may be invested in huge projects likes Inter linking of river etc., which will create large job opportunities directly and indirectly. Thus economy will develop in leaps and bounds.

• The govt., may also set a time limit like two months or so for its convenience.

• If the corrupt refuses to oblige, stringent laws like ‘cancellation of citizenship’ may be brought in to force.

Thus there will be every possibility for our nation becoming a “super power” in every respect within a short span of time.

One may ask, ‘if the money so deposited still belongs to the individual, how it will be considered as the public fund?’ To this the reply is that, it is far far better to collect from our own resources than to beg the FDIs and pledge the nation. This will be a win-win situation for both the Govt., and the corrupt money holders. Ego clash will be only detrimental to the nation.

If this has to happen, the present PM has to be supported by every citizen of India. A movement like “Quit India” movement during our Independent struggle has to evolve. The movement may be called as “Retrieval of Corrupt Money Movement”. The PM’s hands must be strengthened by every citizen in the issue related to retrieving corrupt money. Then only, effective tax regime will be possible; inflation may be under check and so many developments will be possible. PM should lead this operation, “Retrieval of Corrupt Money Movement” to make our nation wealthy and prosperous.



 

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