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| Govt. may introduce another VDS to unearth black money | | |
India is considered a developing nation. When compared to the progress the US, the Britain and other nations, including France and Germany, have achieved during the last 60 years, when India became a free nation, the Indian economy is regarded as poor. But when it comes to the amassing of wealth in the foreign banks especially the Swiss Bank India is on the top when compared to Russia, the UK, Ukraine and China. As per the Swiss Banking Association Report of 2006 the Indians have deposited over 1456 billion dollars in the Swiss bank followed by 470 billion dollars from the Russians,390 billion dollars by those living in the UK,100 billion dollars from the Ukraines and 96 billion dollars from the Chinese. This disclosure was possible after the Government of India introduced a voluntary disclosure scheme which motivated and encouraged several business houses and politicians to disclose the amount deposited in foreign banks. Reports indicate that the Government of India planned to bring another voluntary disclosure scheme in some form or the other to attract the account holders in tax havens to India. When the American President, Barack Obama, mounted pressure on some of the Swiss Banks to disclose the illegally deposited money it had immediate response. The same procedure can be adopted by Delhi. Yes, Delhi cannot mount any pressure on the Swiss Banks but it can seek cooperation from the Swiss banks either through diplomatic channels or on a bilateral basis.The Government of India had introduced a VDS scheme in 1996-97 but its impact was limited because people cooperated but the major portion of over Rs.35 thousand crores of undisclosed income had come in the form of old silver utensils, gold jewellery and ornaments. Actual cash disclosures did not touch even Rs.15 thousand crores. Hence experts are of the view that the Government of India should confine the VDS scheme to the disclosure of only black money assets in the banks. Once it is done Indian entities having black money deposited in foreign banks would have to be motivated to transfer that money in their accounts in the Indian banks. The scheme may evoke good response provided there was total amnesty from fine. In addition to this the Government should keep the transfer details confidential and encourage people, who had transferred money from foreign banks to the Indian banks, to invest the money in key developmental scheme. This exercise could help banks in evading the threat of meltdown. A snap survey has indicated that major portion of the black money deposited in foreign banks is from people belonging to Haryana, Punjab, Maharashtra, Gujarat, Delhi, UP. And as far as Jammu and Kashmir is concerned not more than a dozen people, including some top politicians have amassed their wealth in foreign banks. And those who have done it have their houses and land pourchased in foreign lands. Hope those from Jammu and Kashmir, who have wealth deposited in foreign banks, transfer major portion of their money to the banks in Jammu and Kashmir which they could invest in various schemes aimed at building infrastructure that was to improve the living conditions of the people in the troubled state
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