Black money in Indian economy
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Nelson Lopes
2014-10-17 17:34:52 UTC
Black money in Indian economy

The source of black money is the legal money stacked outside without paying
the taxes in both countries, It may also be the income generated by illegal
transaction and this huge amount crippling the economy. It may also be the
source within the country through sale of drugs etc and which no party is
sincere in investigating No political party has the guts to unearth the
source almost forming parallel economy, because it will hit their income
used for running elections. Hence most parties will obfuscate the issue by
resorting to delays, technicalities and legal compulsions

The Congress party entered into a bilateral agreement on double taxation
binding itself of not disclosing the names. The names cannot be disclosed
unless charge sheet s are filed, for the parties might take recourse on
defamation and thus derail the process. The Congress though in power for
over 3 years at least from 2011 to 2014, did nothing to bring out the truth
and kept on repeating adnauseam the difficulties due to clause in the
treaty. The BJP and senior functionaries like Nitin Gadkari, Arun Jaitley.
Yeswant Sinha, L.K.Advani could not have been oblivious of the
restrictions, when they went hammer and tongs both inside the parliament
and outside criticizing UPA II in power of shielding the culprits

It was a highly publicized election issue of promise that the names will
be disclosed within 145 days of assuming power and that black money will
flow immediately, which would be utilized for development purposes, BJP
thus lied to the people of India, by raising expectations and now back
tracking on technicalities in not wetting the expectations, It Is true
that UPA II resisted the appointment of SIT to unearth the truth and nail
the rogues. SIT thus far did nothing to repose the faith entrusted on it.
All the parties, including Congress and BJP in particular in discreet
connivance went further to bring an amendment to be outside the purview of
right to information act not to disclose their source of income

The BJP in power is now helplessly repeating the same tune of then UPAII in
expressing their in ability to fulfill their public election commitment.
The past attempts of demonetization, and voluntary disclosure schemes to
tap black money and to stop the havoc it plays by parallel economy did not
prove to be satisfactory

It is no secret and needs no space science to understand the extravagant
expenditure needed to fund and win elections The expenditure is
underestimated in spite of rigorous mechanism in place to monitor election
related expenses and the limits prescribed The contributions to election
fund below Rs 20,000= is not computed but is benami donations and most of
the income of the parties is undisclosed income from such a source.
Obviously the source of income for all the parties is generated by
contributions from black money and those industrialists, who will later be
pampered through legislative , legitimate and legal concessions to reap
profits to recover their donations. Hence the nexus between the politicians
and black money generators cannot be broken in spite of the tall talk of
state funded elections, whenever it happens in unforeseeable future .Strong
action will only expose all the political parties and hence they have a
vested interest not to flush out black money or to disclose the actors. Baba
Ramdev , who is a votary of BJP campaigned against corruption but is now
completely silent. The Aam admi party, which came into existence on the
platform of corruption has not done too well in extracting positive
response in unearthing black money

The BJP is cornered on their own promise, The SIT now put in place is at
the direction of S.C and not planned act of BJP to take credit, As and when
the cases are filled, it will be public knowledge of defaulters and not
special actions by BJP in disclosing of the names, The BJP is sending
special teams just as the UPAII. BJP is non committal about the time frame
of such an action, but accuses the previous Govt. of not having acted in
spite of being in office for much more time than 145 days. The public is
demanding apology for lying selectively to the unwary electorate .It is
either what their leaders knowingly said about black money before election
is truth or what they are now justifying is false. Nelson Lopes Chinchinim
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