Until now lack of political will has kept India from aggressively pursuing black money stashed abroad, but with the director of Central Bureau of Investigation (CBI) openly admitting that Indians are the largest depositors in offshore tax havens, all eyes are on the government to take concrete steps in this matter. Experts speak up.

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There must be stringent laws for international transfer of moneySenior advocate Ram Jethmalani and others have already filed a case against illegal money stashed abroad and the matter is sub judice. The money stashed in tax havens abroad, is earned through illegal means, by people who do not serve any purpose in society. People who have very little public image in our society, hoard wealth earned through illegal means, in countries where they don’t have to pay tax, nor are they accountable for the source of money. Ideally, this black money should go to the poor, who are denied the basic necessities of life like food, clothing and shelter. If this money is reverted back to our country, we will be able to feed our hungry for many years to come. There is no political will to check this malpractice or to bring the money back because of power play. This money was largely transferred in post-liberalisation period, and those who are involved are obviously highly-influential and powerful. This is possible because of today’s party and money-centric politics. There must be stringent laws for international transfer of money.        — Shashikala Gurpur, member, Law Commission of IndiaGovt must wake up to the harsh reality, and take immediate steps Anna Hazare, Ramdev Baba and Sri Sri Ravi Shankar have been pleading everyone to join them in their attempt to force the government to bring back the black money stashed abroad. It was a bold attempt to show the government that so much black money is stashed in tax havens, something the government has always denied. With the CBI official admitting that Indians are among the largest depositors of illegal money in the world, it is a matter of great shame for our government. The government must wake up to the harsh reality, and should take immediate steps to bring back this money. This black money that is stashed abroad is all from transactions in Dollars. There are hawala and other such malpractices through which this money is channelled outside the country. Why do you think some in our political arena insist on giving tenders of government projects like Jaitapur Power Project, Dabhol and Union Carbide project in Bhopal, to foreign companies? It is only because it is a way to send money outside the country. Kickbacks are directly transferred to secret accounts in these tax havens.       — DB Somani, co-ordinator, India Against Corruption, Pune

We do not need preventive measures, but absolute solution to the problemFor the last 14 years, we have been talking about large amount of money stashed in tax havens. Our system is a faulty one. This practice of depositing illegal money in tax havens has been going on ever since independence. We need to rectify this process, and it will not happen until we have the courage to bring in change. What we are suggesting through  Arthakranti Pratishthan is a different system of banking and withdrawal of the existing taxation system. The amount of money stashed abroad, stated by the CBI director, is vague. In reality, nobody can determine the exact amount of money that our country has lost in transfers to tax havens. Even the government is not willing to publish the exact figure. As of now, all declared figures are assumptions and speculations. Bringing this money back is not an easy task. We do not need a preventive measure, but an absolute solution.   — Anil Bokil, Economic AnalystBring in electoral reforms to limit the role of money in election process What the director of the Central Bureau of Investigation (CBI) has openly admitted now is something that every caring Indian knew about. Now, the key question is will the government do something about it? The answer is ‘No’. The issue of black money has plagued India since the 60s when high taxation coupled with stringent rules on foreign travels resulted in stockpiling of our nation’s wealth in overseas tax havens. The political class has latched onto this system to feed its ever-increasing appetite to splurge during elections. Today, it has reached systemic proportions, thanks to the nexus between businessmen, babus and politicians. The first step to solve this problem is to bring in electoral reforms to limit the role of money in election process. India is fast becoming an economic giant, and has enough muscle power to bring back the black money from these tax havens. Every Indian should vote for educated and competent candidates, who have a strong desire to serve the nation and not themselves.— Krishnakumar Iyer, spokesperson, Professionals Party of IndiaCorrupt practices affect the poor, depriving them of bare essentialsIt is a known fact that a huge amount of country’s money is stashed in offshore tax havens. Having collateral treaties with these countries, the Indian government can use its influence to bring this money, or at least retrieve the names of the depositors. That is what is missing, so I don’t think there is any way we can bring that money back. These illegal funds deposited abroad are earned through wrong means, to avoid tax in India. It is an economic issue, which affects the poor people the most. All corrupt practices in our country adversely affect the poor, depriving them of bare essentials like food, clothing and shelter.       — Asim Sarode, Human Rights Activist