The Indian government has been proactive — if recent developments are an indicator — in its bid to expose those holding illicit overseas accounts. Finance Minister Arun Jaitley said that names will be made public after the identities are registered in court. This could open up a pandora’s box. Accounts differ on the official estimates of black money that has been stashed away in overseas accounts, between 1948 and 2008. When totalled, it could account for roughly one third of India’s gross domestic product. The certified figures, when made public, could raise a few eyebrows.
Illegal money must be brought back to India immediately and the guilty must face the stiffest possible sentencing. The huge amounts should be utilised for welfare, given that India lacks proper facilities across multiple platforms. The government, by setting up a special investigation team — comprising of a judge, revenue secretary, Central Bureau of Investigation directors, Intelligence Bureau, Research and Analysis Wing, Enforcement Directorate, chairman of the Central Board of Direct Taxes and a deputy governor of the Reserve Bank of India — has made everyone accountable to ensure that there is closure to this festering issue.
