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Modi's genuine obsession with retrieving black money 11/16/2014 10:03:37 PM If Prime Minister, Narendra Modi,who succeeded in weaving magic at G-20 meet, seems to be obsessed with the issue of bringing back black money that the Indians have stashed in foreign banks from time to time his obsession is not whimsical.His concern over the quantum of black money kept in foreign banks is genuine because rough estimates indicate that the Indians have kept over Rs.31.4 lakh crores in foreign banks. If the amount is brought back to India it can alter the economic and fiscal health of the country. Economists say that if the black money is brought back and is subjected to tax the revenue yielded from the taxes was sufficient enough to help the Government in building major hospitals in each district in India. The tax revenue on black money alone could help the country in revolutionizing sectors of industry, agriculture, horticultre and other areas for the welfare of people in India. It is in this context Modi has said that repatriation of black money kept abroad is a "priority" for his government, as he sought close global coordination to achieve this objective.Raising the black money issue at an informal meeting of leaders of the five-nation BRICS bloc, Modi set the tone on this key issue during the G20 Summit in the wake of his commitment to bring back every penny of black money stashed abroad. He has conveyed to BRICS leaders that the BJP led Government in India has plans of bringing back black money from foreign banks on priority basis.Calling for close coordination on the issue of black money kept abroad, Modi also said this unaccounted money is also linked to security challenges. As India makes attempts to retrieve the black money, the Prime Minister has already made it clear that close cooperation to retrieve the black money from abroad is a key issue for him. The G20 host Australia on Friday vowed a "very aggressive" crackdown on tax avoidance. India is also seeking strong action by the Group of 20 industrialised and emerging economies against tax havens. Modi seems to be right when he said he highlighted the importance of international cooperation against black money. Modi had said, as he is set to renew the country's commitment at the G20 summit to a global response to deal with cross border tax avoidance and evasion. While the aim of other G-20 leaders is to revive the economy. Modi's thrust has been on the repatriation of black money and India is not the only country that suffers from the tax fraud from those who have stashed black money in foreign banks. Leaders at the G-20 meeting planned to lay emphasis on achieving a stronger and sustainable growth which was yet to touch the pre global crisis. At the meet stress is to be laid on improving the growth level which continues to be still weak, uneven with GDP still below its pre-crisis picture in many rich countries. India has some genuine fears that some of the black money could be utilized by the vested interests in supporting terrorist activities. Modi has fears that part of the black money could be diverted for procuring weapons, ammunition and other lethal weapons for terrorists. Whatever may be the reason for Modi's fears he is right when he believes that the black money stashed in foreign banks belongs to the people of India. Well those who own this black money need not worry. They can bring back the money and convert it into white after paying taxes. Once they pay taxes it could help the Government in framing and implementing series of people friendly schemes. From the tax money on black money India could reshape the sector of education right from the village to the city level. The tax money could be used for building better roads,improving irrigation facilities and increasing power generation.And Modi could deserve credit in case he succeeds in ensuring cooperation from various nations in helping India to get back black money.   Share This News with Your Friends on Social Network     Comment on this Story

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