Black-Money-Conundrum

The hue and cry over the money stashed abroad does not seem genuine as no one appears resolute about getting back this Black money running into tens of thousands of Crores of rupees to home - estimated to be a mouth-watering Rs 500 billion ($1.4 trillion) according to conservative figures. The din about this unholy money is intended to score some political brownie points and aimed at one-upmanship. The Swiss-model ‘no-questions-asked’ banking has served only the countries like the Swiss and the filthy rich of the developed, developing and under-developed nations. The nations like the Sweden et al built their castles on the grave-yard of the poorest of the poor of the poor nations. The so-called international laws and covenants are made to serve this self-serving cause of these safe-havens. While the economies of other nations lay straddled with heavy international borrowings and on borrowed time, the economy of the tax-havens thrived on such stashed trillions. The citizens of the poor nations have per capita fiscal burden/liability due to external borrowings in five-six digits. The rich escaped the clutches of the Income tax and wealth Tax and directly refrained from the excruciating and shared nation building even as they brazenly enjoyed the fruits of developments. Therefore, it is imperative on the government to book those black-money-hoarders without any further delay.