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| Cry against black money hits foreign assets in Swiss bank | | | As the roar over stashing of black money in foreign banks has started getting louder in India reports have emanated from various quarters that a large number of Indian millionaires besides political leaders have begun withdrawing some money from banks in the foreign lands. This step was being taken to prevent the Government of India from securing information about the quantum of black money that has been stashed in the banks abroad. Though the Government of India claims its war against Baba Ram Dev has been won by it, the general impression in the country speaks of growing uneasiness on the part of the centre, the states and those having black money stashed in foreign banks. No doubt after winning the first bout with Ram Dev the union Government is getting ready to meet Anna Hazare's challenge with the same ease and grace, rather disgrace, with which it tackled the threat from the Baba.But Anna seems to have better credentials than Baba Ram Dev whose image has been sullied by the Government while referring to his huge assets in the shape of companies.
It is this growing threat to those having black money that has prompted or motivated them from withdrawing part of their money from the banks abroad. It is no longer a secret that senior Indian political leaders, rich businessmen and even bureaucrats have shown preference for stashing their black money in Swiss bank. Such withdrawals have been reported from other countries too. As per the latest reports the Swiss banks' foreign assets have fallen by about Rs 5 lakh crores.The foreign assets kept with Swiss banks came down by about Rs 5,00,000 crore last eight months, amid a global outcry against the alleged practice of providing secret accounts for black money from different countries, including India. The securities kept by foreign entities in Swiss banks were valued at 2.39 trillion Swiss francs at the end of 2010 (about Rs 12,600,000 crore at the current exchange rates), down from 2.49 trillion Swiss francs (about Rs 13, 00,000 crore) a year ago.
Comparatively the demands raised by Anna Hazare with that of Baba Ram Dev the latter's action plan was more uncomfortable and embarrassing than that of the former for the Government of India.If there is a conflict between Anna led team and the Government it is on the issues of bringing Prime Minister, Judges of supreme court and other judicial bodies besides the top functionaries of the Armed Forces within the ambit of the Lok Pal bill. Now that the Government has decided to convene an All Party meeting for resolving the issues that have brought the civil society team and the centre to the stage of conflict indications are that the two sides may be asked to remain slightly flexible in the interest of the larger issues that Anna Hazare has raised. But Ram Dev's demand for bringing back the entire black money stashed in the foreign banks and unearthing illegal money within the country by waging a war against corruption and the corrupt seemed to be to the Government a difficult task to carry out.Even if the Baba has gone on a temporary hibernation he has set the Ganges on fire and the Government will have to frame new laws and rules against corruption and the corrupt and against those who thrive on stashing black money in foreign banks. Ram Dev wants the money to be brought back for the uplift of the people. It is no longer a secret that if the entire quantum of black money was unearthed it can help India to set up 50 major power generation projects, over 100 large industrial units, over 500 major hospitals, construct 12000 km long road network, improve health care system, education facilities, irrigation and drinking water by 20 times and provide jobs to over one million people.
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