The Indian government is spawning more ambiguity in its quest to expose citizens who have illegal wealth stashed away in foreign bank accounts. The entire exercise has degenerated into a farce. Naming and shaming is not the answer. The authorities are dragging their feet in exposing the major players, given that they have simply not done their homework. It will, therefore, be an exercise that will not yield positive results unless criminal activity is proved beyond doubt. Thousands of Indians travel abroad and under the provisions of the Reserve Bank of India, they can open overseas accounts and remit money from India to those accounts. It is the effect of globalisation.
In order to have access to tainted bank accounts, the government will need to jump through diplomatic hoops, including examining existing treaties with countries and looking for legal loopholes to exploit. This could result in a colossal waste of time and money.
Failure to gather prima facie evidence, at the very least, would ensure that the government could be in breach of an individual’s privacy rights and confidentiality clauses, which could then jeopardise future dealings with other states. The answer to the black money problem lies closer to home. The overseas stockpile is tiny when compared to the illegal wealth and assets that are being siphoned off domestically by unscrupulous citizens.
Perhaps, the government and eminent members of the country’s social, political and cultural circles who indulge in such activities, would be more embarrassed by those revelations.
