No update on black money in foreign banks: Modi led-government and poll gimmick

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• Dec 15, 2021 | moderator

New Delhi: Prime Minister Narendra Modi, back in 2014, just before the polls, made promises of having a hold on the amount of black money stashed in the foreign banks. Possibly in a trick, the Modi led-government made promises of depositing ₹ 15 lakh into every citizen's bank account, which has drawn a blank reply from the Prime Minister's Office as of now.

The government on Tuesday stated in the Parliament that there is no official estimation of how much worth of black money is lying in foreign accounts over the last five years. After almost decades, the government is making statements that have turned sick for the nation's people. In 2020, the government responded with the same answer when asked about the estimate of black money in foreign banks. However, the government mentioned that Rs 2,476 crore has been collected as taxes and fines under a one-time three-month compliance window during 2015.

Minister of State for Finance Pankaj Choudhary expressed in a written response to a query during Question Hour in the Rajya Sabha that 648 disclosures linked to unknown foreign assets worth Rs 4,164 crore were made in the one-time three-month compliance window that closed in September. He also said that the amount collected as tax and penalty was roughly Rs 2,476 crore in such cases. In a written reply, Choudhary stated, "There is no official estimate regarding the amount of black money in foreign accounts during the last five years. " Shri Chowdhary also magnified the point that the government has taken several measures against black money stashed abroad, which have yielded positive results.

The question that arises is, even after taking so many measures, the government cannot provide an estimated amount of money stashed in the foreign banks. Taking measures and making panels for essential issues is like a skip way for the ruling government to trick people. However, in reality, the execution of these rules and measures is not done. These measures seem like a political agenda for every ruling party to draw votes ahead of polls. Why is India everywhere linked with political agendas and not fact? 

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In 2014, while campaigning for the Lok Sabha election, Modi pledged to bring black money stashed in overseas to India. He said that these amounts would be deposited ₹ 15 lakh to every citizen's bank account. The promise had provided the opposition parties, including the Congress and Lalu Yadav's Rashtriya Janata Dal, a huge opportunity to target the government. But, every time the government needed to respond to any query regarding this black money, they have always answered having 'no details.'

Nobody has the data for the black money stacked in foreign accounts. Neither the government nor any private body could estimate this black money in foreign banks. Minister of State for Finance Pankaj Choudhary stated that the government had taken pro-active and helpful steps such as setting up a special investigation team (SIT) on black money in May 2014, enactment of the stringent new law on black money that came into effect from July 2015. 

Almost five years on demonetization, yet the government says they are not sure of the amount of black money stashed in foreign banks. Eradicating black money was the prime target of demonetization. Though what has occurred in reality? In reality, demonetization has only brought hurdles among ordinary people of the nation. For sure, the government also knew that demonetization was a big failure, which is why he has not mentioned it under the list of achievements.

India loses hundreds of billions of dollars every year to tax evasion. This money could be utilized to decrease poverty and inequality dramatically. The promise of Rs 15 lakh was a poll gimmick, and the government has proven it every time.