BLACK MONEY ISN'T BLACK

When I first heard of black money I was in ninth class I wondered what the hell is black money and  I thought the money may be black in colour.I felt bad that I have never seen black money as we weren't rich enough to have that kind of money. Later when I found out what that means I laughed at my ignorance. I also found out that only select few in our country have black money and they stash away money obtained through illegal activities or in black market or earn income with out paying taxes to the government.

All persons try to help rich persons,  though they are smuggler,black marketeer,and even those who are involved in hawala market bringing in the money for terror activities. Now this black list is with the government for sometime and its given adequate time for the defaulters to transfer their money or cover their tracks. One can also expect black money changing hands from one account to another black account to remove their  name from the black list unless one is really dumb.


 Now I think how such huge quantities of money crossed our border with out coming to the notice of tax authorities. How a person was earning and stashing away huge amount of money with out paying taxes to the government. There is a nexus here. Instead of focusing on who is having what amount, our government should focus on how to reduce this scourge. Justifications such as "its not illegal to have a account in a foreign country" will not suffice.This list is prepared not because the concerned individual is having a account in foreign country but the mind boggling amount of money in their account is the real reason. Instead of prolonging the case the government should submit all the names to the Supreme Court and action may be initiated to bring back the money.

The biggest source of funny money has been real estate transactions. If one observes how real estate deals are done in our country its easy to understand. Instead of searching for black money in foreign accounts we could do better if tax man focuses more on the big real estate deals and also on small deals because its become a way of life and it should be changed.

After getting the list six years back and expecting the crooks to hold their money in the same bank is a joke. and if a person who has not moved his money is really dumb or his money is legitimate or he is dead. By naming a select few I don't think it will help anybody except for the name-and-shame tactics. If you follow the news channel one can see how brazenly this accused are denying they have any foreign accounts.

I only wish our authorities wake up from deep slumber and focus on how to stop this illegal activities and refrain people from tax evasion.