Black Money – BJP’s list of white lies
BJP Stand as Opposition
April 17, 2014 Shri Rajnath Singh promised, “Black money would be brought back within 100 days if the party was voted to power” – Rajnath Singh. Source ABP News
Sh. Narendra Modi on different occasions has said that once Black Money is brought back, every person in this country will get around Rs15 lacs. Youtube url is http://m.youtube.com/watch?v=Gmt8imkW8yQ
Now Modi Ji as Prime Minister in his last Radio Address in ‘Man Ki Baat’ says that he does not know the exact amount of Black Money stashed abroad.
Modi Ji Tweeted on 1st February, 2011- At National Security Council today, I asked “why is the Money Laundering Act not being used to track black money abroad”.
18th January 2011 – Shri Ravi Shankar Prasad – “The government’s argument that it can reveal the names to the Supreme Court but not to the public due to double taxation is baseless.”
18th January 2011 – Shri Nitin Gadkari – Claiming that about Rs 21 lakh thousand crore had been deposited in Swiss banks, Gadkari said, “Any reluctance in declaring the names of Swiss bank account holders will simply raise doubts about the integrity of people at the helm.”
18th January 2011 – “What is the problem and reluctance in the Congress in revealing the names? Why this dogged refusal to reveal the names of those who have accounts abroad…. The country has a right to know and expects the names to be made public,”
4th July 2011 – Shri Prakash Javdekar – “The government has consistently failed to bring back Indian black money. This is because the government is merely engaged in cover-up. The government is trying to justify this by saying it has signed double taxation avoidance agreements with these countries,”
July 2011 Spokesperson Shri Prakash Javdekar said, “The government has consistently failed to bring back Indian black money. This is because the government is merely engaged in cover-up. The government is trying to justify this by saying it has signed double taxation avoidance agreements with these countries”.
Taking an about turn (from the pre-election stand), on 17th Oct, 2014, Modi Government through an Affidavit had stated to the Apex Court that it is unable to disclose the said names since it was bound by certain Double Taxation Avoidance Agreements (DTAAs).
The 17th Oct Affidavit further said that if the Government discloses the names of the black money account holders will violate “international standards on maintaining confidentiality” and the same will result in lowering of rating of India.
Remark: In reply to Government’s Affidavit, Supreme Court said: Why are you holding protective umbrella for these people? Source: Indian Express
Thereafter, when the Modi Government was attacked on taking a U-turn on the issue of Black Money, selective names were leaked through the media.
This notorious act of the Modi Government was identified by the Hon’ble Supreme Court and on 28th Oct, 2014, the Court asked the Government to furnish the entire list of account holders before it.
Fact of the matter is that not even a Single Paisa has come back in last 6 months of Modi government. All the names, reluctantly submitted to the Court by the Government are only those which were obtained by the previous UPA Government only.
How Kisan Vikas Patra Encourages Black Money Generation
NDA Government is non-serious on the issue of bringing back black money. The Finance Minister Shri Arun Jaitley must explain as to why they reintroduced this scheme, which was abolished after the recommendations of Shyamala Gopinath Committee on Small Savings Schemes in view of the risks of money laundering and financing terrorism in December 2011. Did they earlier only do lip serving by talking about bringing back black money?
On Pg 51 of the Shyamala Gopinath Report, it explicitly says:-
“In view of the recent developments on AML/CFT front, the Committee recommends that KVP should be discontinued.” (AML means Anti Money Laundering and CFT means Combating financing of Terrorism.)
With regards to the revival of the KVP scheme by the Modi Government, the questions still unanswered are:
Is it correct that payment is not required to be made by cheque or bank draft but can also be made in cash?
Will those who have a PAN be required to quote the PAN or is PAN being dispensed with?
What are the Know Your Customer (KYC) norms, if any, that will be applicable to an investment made in KVP?
Will a KVP be freely transferable without any limit on the number of transfers? If so, what is the use of applying KYC to the first purchaser?