Is govt taking right steps to recover black money?

Give the new government some time to get their act right

Obviously only if the black money is brought back into India, it will serve any purpose, however, the people of India have to give some time to the new government to get their act right. Probably Narendra Modi is the first prime minister under whose leadership the government has taken a step in making the Swiss banks disclose bank account details of Indian citizen. Modi has done something in this direction within one month, which Sonia or the Congress has not done in their ten years of rule. Modi is at least openly declaring that they will make the information public. He has taken the first step, we should give him more time.
Arun Bhatia, President of People’s Guardian Party & ex-Municipal Commissioner of Pune

Double taxation treaty should be stopped
What the government can do is publish the names on the websites and make it public. The authorities should take some strong disciplinary actions against the guilty. The provisions like double taxation treaty and such should be curbed and the rules and regulations should be changed or altered to avoid such acts in the future. The double taxation treaty is in collaboration with various countries like Mauritious etc. It is nothing but a major loop hole for the private investors or the government officials to invest their money in the foreign banks. Such loopholes should be looked upon and closed permanently. Only if this is done legally, the problem can be avoided. They need to re-look and make changes in the laws regarding the investing of money in foreign banks. Once the money comes to the country it is nationalized and can be used by the government wherever it is needed. Basically, the loopholes should be attended and they should have better legislation to get to the offenders.
Vihar Durve, RTI Activist

Public opinion will push government to recover black money
The new government has at least taken the first step in seeking details of bank accounts of Indian money stashed in foreign banks. The previous government was not ready to take this step even after repeatedly being demanded by the public. Once this first process of getting the details of back money stashed in foreign banks is obtained and made public, the rest of the process will follow under public pressure. The recovery process of the black money will start once the names of these account holders are made public. The pressure of public opinion will make the government to start the recovery process. If the government is initiating such a process it is a god step. Once the details are obtained the government can use their leverage for the recovery process. Earlier in a similar situation, US government had pressurised foreign banks that if they do not disclose details of their citizens money stashed abroad, they will not be allowed to function in US. To happen in India, it will require a political will, if it is there or not we will see in the coming days.
Madhav Godbole, Former Union Home Secretary

Quick steps should be taken to recover the money
Asking for the names of people having bank accounts in the foreign banks will definitely not suffice. Knowing who has an account will not serve the true purpose of the Indians. The Indian government should also ask for the proof as well as the amount of money that is invested by the Indian politicians. If they only make the names public, it will lead to unruly behaviour and confuse people and the leaders. Commenting on this topic is a strong political view. The government can not ignore the black money stuck in the other banks all over the world. They should set up an impartial inquiry and go further into the matter. They should definitely take better and faster steps for all the money trapped across the world.
Pranay Ajmera, practicing lawyer

Stern steps should be taken to get money back

They should certainly take extra steps regarding the Indian money that is trapped in foreign banks. Writing a letter by the Indian Government is not enough. They should declare the money as ours and then bring it or nationalize it first and then use it. Whatever the unaccounted money is in the banks all over the world, they should first make an ordinance and pass it and then declare the entire money as national. They can invest it in the Indian banks or hand it over.
DB Somani, vice president, Narendra Modi Army