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Issue No.: 574 | April 2015

Black Money

Ashok Karnik
...Bill to check Black Money would be moved shortly...details of the legal provisions are not clear yet...

The Finance Minister’s pronouncement that a Bill to check Black Money would be moved shortly is heartening. The present system leaves too many loop-holes. Even after foreign bank accounts are detected, the account holder has no fear of going to jail. Generally, he transfers the holdings elsewhere and the account is found empty. He has to explain at the most whether he had paid tax on his earnings. Holding a foreign account is not per se an offence. He has to pay tax and penalty under the IT Act; there is no deterrent punishment as his only loss through his misadventure is the penalty he has to pay. Income Tax cases go through tortuous processes of hearings and appeals for years and the culprit has nothing.

The Government now proposes to impose a jail term of 7 years for holding an undeclared foreign account and jail term up to 10 years for stashing money abroad. It is proposed to have a more stringent law against benami holdings to discourage generation of black money within the country too. The details of the legal provisions are not clear yet and therefore the effectiveness of the new laws would not be clear for some time. The welcome development is that the Government has realized the weakness of the present system and plans to take remedial action. These measures may not eliminate black money but at least those detected will not escape through loop-holes. No law makes people moral but the fear of stringent punishment may keep the wrong-doers at bay. Confiscation of the stashed wealth will be the real deterrent.
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Other Articles in this Issue

Parliament is Back: Doing its Job - Finally!

The Functioning of the Lok Sabha

S. V. Raju


Kisan Mehta, R.I.P.


From Our Readers

Jamsetji Tata

Ali Khwaja

Amartya Sen’s Outbursts on Being Denied a Second Term

N. S. Venkataraman

Growing Saffronization

Firoze Hirjikaka

Nagaland Lynching

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Our "Inconsistencies"

A Lesson in Public Life from Rajaji and Masani


The Land Acquisition Bill

Hypocrites All!

S. V. Raju

The Land Acquisition Bill Not Convincing

N. S. Venkataraman

Point Counter Point : Every issue has at least two sides

Daughter of India

Ashok Karnik

Porbandar Boat Again

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Sensitive Documents

Ashok Karnik

Black Money

Ashok Karnik

The National Scene

Remembering Pandit Nehru’s ‘Tryst with Destiny’ Thereby Lies ... A Twist in the Tale

H. R. Bapu Satyanarayana

“Daughter of India” – The BBC Documentary - – Banning Not the Answer

Nitin G. Raut

Rahul Takes A Break

Firoze Hirjikaka

How to bolo the boli and chalo the boli


Ugly Truths about Young India

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Congress in reboot stage


Budget 2015-16

Budget 2015-16: An Evaluation

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Distortion, Damned Distortion and National Accounts Statistics

Sunil S. Bhandare

The 14th Finance Commission

S. Viswanathan

The Rural Perspective

Agriculture and Rural Indebtedness - VI

R. M. Mohan Rao

Foreign Relations in the 21st Century

Obama Came and Concurred: Convergences Enhanced and New Vistas of Cooperation Opened

B. Ramesh Babu

Pakistan’s Quest for Nationhood

Suresh C. Sharma

Warriors after War


Book Review


S. K. Rau


K. Natwar Singh

Educating Adults

Three Emerging Religious Icons for Maharashtra Politics

Sharu Rangnekar

Shortage of Qualified Teachers

Suresh C. Sharma

The Right to Sanitation as a Human Right

B. N. Mehrish

Sankranti Kanukalu (Gift on Sankranti)




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