Indian Black Money News Updates
- In India, Black money refers to funds make on the black market, on which income and other taxes have not been paid. According to the latest news, due to international pressure, the Swiss government agreed to out the names of the Swiss Bank Account Holder.
- The Supreme Court on Tuesday ordered the government to reveal the names of all Indians who stashing black money in bank accounts of abroad by Wednesday. Resuming its hearing in the Indian Black Money case, the Supreme Court pulled up government for seeking alteration of its order on unveiling names of account holders in foreign banks.
- A three-judge Bench of Chief Justice H.L. Dattu and Justices Ranjana Desai and Madan B. Lokur refuse this argument of Attorney-General Mukul Rohatgi and saying it need not give a “protective umbrella” to such persons.
Statement of union finance minister Arun Jaitely about the list of name of foreign account holders
“Trust must come out. List of black money account holders was submitted to the SIT on June 27 and the govt. will share it with the Supreme Court. It will be the court decision to make it public or not.”
Govt submits 627 names of Swiss Bank Account Holders to Supreme Court
Prior to the month of October a sophisticated Indian delegation of the revenue department met Swiss authorities and persuaded them to share details of the Indians who have bank accounts with the HSBC Bank in Geneva.
Recently the Modi sarkar placed a list containing names of 627 Indians account holders in foreign banks, in the black money case before the Supreme Court in a sealed envelope. Bringing back black money stashed away in Swiss banks was one of the major election promises made by Narendra Modi.
The Indian Supreme Court will send the names to a Special Investigation Team (SIT) set up by the Modi government, which will investigate claims and recommend action.
What Modi Promised India on Black Money?
In his campaign trail, Narendra Modi promises to brought back black money stashed in foreign bank. To find “Indian Black Money”, is one of the first decisions taken by the new Prime Minister, Narendra Modi that has sought details from Swiss authorities. According to the peoples if the black money stashed in foreign bank accounts is brought back and circulated amongst the poor in India, then each poor man will pocket Rs 3 lakh each.
Modi said, “If he brings back the black money, he will give it to standard salary holders”. Till the time we don’t get Indian black Money, such thefts will continue. So to end such cases, all black money should be brought in India to teach one and all a lesson. I will get back every rupee that is hoard away in foreign banks, any which means, and make sure that it is used for the rehabilitation of the poor in the country.
Besides Modi, LK Advani carried out a yatra at such an old age to bring about awareness about black money stashed away in foreign banks. Baba Ramdev has also taken up the issue.
One of the important sources of income for the government is Income Tax. If we speaking simply, black money is any income on which a person should have paid tax, but has not. Ever-increasing globalization is the main cause behind the untaxed money that kept offshore by affluent Indian businessmen and politicians.
However, our country faces an unusual problem in that an immense majority of the population lives below the poverty line. This is a very complex matter which can be solving through strong political will and reforms in the taxation rules of India.