Indians..(..?..) black money in Swiss accounts

Despite the fact that a clear trail has been found regarding the fact that a large number of Indians have stashed away their Black money in Swiss banks, the attitude of the government towards this menace has been indifferent. It is only when the elections take place or a scandal is unearthed that the usual lips service promising the unearthing of Swiss bank accounts held by powerful and the rich Indians is frothed.

As per the latest data, Indians have about 1600 billion US dollars stashed away secretly in the safe vaults of Swiss banks and this count is increasing even as I write this. This money has been culled by corporate czars, politicians, bureaucrats and big time traders from the shadow economy also called underground Indian economy, where the rules of law does not operate.

Huge amount of this Black money, which is concealed and untraceable, is sent abroad using criminal's methods. There is a strong linkage of these black money operations with the mafia, which is instrumental in many cases in helping the people in parking their money in illegal businesses, tax heavens and even in Swiss banks.

In what could be termed as shocking, every year around half of the national income is siphoned off to different destinations as Black money. And this happens because even those, who have been charged the job of preventing this crime themselves indulge in corruption and amassing assets, which are beyond the scope of their income.

What is surprising is that those, who have been caught in the government dragnet manage to keep away the long arm of law due to the apathy of the officials, which could might be due to certain reasons.

For instance, take the case of Pune based hawala operator Hasan Ali, as per the Swiss authorities, the Indian government has not given them sufficient information to proceed further in the case.

This is despite the fact that a Mumbai court had recently requested the Swiss officials to assist the India Income Tax department in connection with this case. Hasan Ali is accused of acting as a front man for big time businessmen and politicians and accused of evading taxes to the tune of 15 billion.

Hasan Ali is facing a number of criminal as well as money laundering cases slapped against him by the Indian authorities.

Here is must be said that if the Indian government is prompt in bringing out the truth in this case, then it would bring the lid off in many other similar cases, where Indian money has been sent abroad to the Swiss banks or other tax heavens.

However, the indications that there could be the involvement of the high and mighty of Indian corporate and political world in this fraud is perhaps preventing the authorities in going full throttle in this case.

The stigma of endemic corruption makes this problem even more complicated as initial estimates suggest that a whopping amount in billions of dollars exchanges hand every year. Now, who is getting this black money, those sitting on powerful chairs and vested with upholding the fundamentals of democracy.

Complicity of the system in perpetuating the black money economy is revealed after it was found that despite the Swiss banks promising transparency and information, Indian authorities are reluctant to obtain information from these institutions.

There has been a growing US pressure also that these banks should help in stopping the global money laundering menace, but will the Indian government act. May be, may not be. But, it is time that Indian civil society, the media and people at large force the system to take into account their opinion as well and are forced to act, to save the people and the nation.

Source: http://www.voiceofindia.in/content/view/6700/62/