Yesterday I was hearing to budget speech of the Union Finance Minister, Chidambram. He said that Indian government had started proceeding in 65 cases to impose penalty on tax evaders who had deposited their money in foreign banks.
The statement was strange. The Finance minister was projecting as if these were simple cases of tax evasion. Most of the cases in which money has been stashed in foreign banks are criminal cases. The money deposited by politicians and middlemen in various foreign banks is generated from arms and other government deals. It is corruption money and cases of these persons should be dealt as criminal cases under sections 420 of the IPC and prevention of corruption act.
Here are some facts about how serious the present Union government has been in dealing with cases of bringing back Indian corruption money stashed in foreign banks.
1: The UN convention against corruption adopted a resolution declaring corruption money stashed in foreign banks as illegal on December 14, 2005. As per the resolution countries now had right to claim back black or corruption money stashed in foreign banks.
2: However, to be a part of the resolution every country had ratify the resolution in its own parliament. Many countries as US and Germany immediately ratified the resolution in their parliament and forced the Swiss Banks in Europe to handover the corruption money of their countries. US also imposed a penalty on Swiss Banks for keeping the corruption money of their country.
3: The Indian government waited for six years to ratify the resolution. The government of India ratified the resolution in May 2011 almost the last days for fixed by UN for ratification.
Why did the government of India wait for such a long time to ratify UN resolution against corruption
1: Just of give time to Indian corrupt to take out lakhs of crores out of Swiss banks and adjust somewhere else
Is is shameful that even now our Finance minister is terming the money taken out of country as tax evasion and not a criminal act.
The statement was strange. The Finance minister was projecting as if these were simple cases of tax evasion. Most of the cases in which money has been stashed in foreign banks are criminal cases. The money deposited by politicians and middlemen in various foreign banks is generated from arms and other government deals. It is corruption money and cases of these persons should be dealt as criminal cases under sections 420 of the IPC and prevention of corruption act.
Here are some facts about how serious the present Union government has been in dealing with cases of bringing back Indian corruption money stashed in foreign banks.
1: The UN convention against corruption adopted a resolution declaring corruption money stashed in foreign banks as illegal on December 14, 2005. As per the resolution countries now had right to claim back black or corruption money stashed in foreign banks.
2: However, to be a part of the resolution every country had ratify the resolution in its own parliament. Many countries as US and Germany immediately ratified the resolution in their parliament and forced the Swiss Banks in Europe to handover the corruption money of their countries. US also imposed a penalty on Swiss Banks for keeping the corruption money of their country.
3: The Indian government waited for six years to ratify the resolution. The government of India ratified the resolution in May 2011 almost the last days for fixed by UN for ratification.
Why did the government of India wait for such a long time to ratify UN resolution against corruption
1: Just of give time to Indian corrupt to take out lakhs of crores out of Swiss banks and adjust somewhere else
Is is shameful that even now our Finance minister is terming the money taken out of country as tax evasion and not a criminal act.
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