BLACK MONEY- CAN WE STOP THE LOOT ?

Money stashed abroad is not always just tax-evaded money. There are more dangerous implications for the country . Drug lords, gun-runners, terrorist groups, gangsters international syndicates — all stash their money in safe havens, only to withdraw it at times of need for operational purposes and use it againt the country . . PRANABS STATEMENTS ON THE GOVTS  INABILITY TO RECOVER BLACK MONEY  READ LIKE A SATIRICAL MASTERPIECE. It is up to the Government to squash such laws that hinder the objective of unearthing black money and getting it back. AND IT IS UPTO THE INDIANCITIZENS TO FORCE THE GOVT TO ACT . So here are a few suggestions for the UPA Govt to implement  instead of just creating alibis for people who have illegally salted away cash in tax havens.:

A LAW ON ILLEGAL ENRICHMENT must be drafted by the GOVT in the next Budget session . Such a law could allow authorities to deem illegal and seize the wealth of a state officials or individuals  that is not reflected in annual tax returns and is alleged to be from illegal sources. 

A   NEW ANTI- MONEY LAUNDERING LAW should be enacted wherein the burden of proof that source of funds is legal is placed on the defendant  &  not on the prosecutors as with cases of corruption and other criminal cases wherin usually the accused  gets away unscathed .

All officials –beauraucrats ,  ministers etc , serving or retired and who are facing corruption charges or deemed to hold more  wealth than their income justifies ,may be required to prove the legality of theIr  enormous wealth in court.  If the accused is unable to provide proof of funds , it must be concluded that the money parked abroad is not only tax-evaded money  but also  crime-linked cash and  a heavier sentence under a ANTI MONEY LAUNDERING law must be awarded . This will also seve as a very good  deterrent for corruption .

And before the Govt declares any AMNESTY scheme , all Govt officials , elected representatives of the people and also  individuals , must be asked to declare whether  they are holding money abroad  . Any one who is not declaring but is later found to having foreign acounts must have the entire money confiscated , with  no eligibility for any Amnesty .

In Indonesia recently , The South Jakarta District Court has pioneered the implementation of the newly endorsed anti-money laundering law. And in a breakthrough ruling, the court’s judges last month placed the burden of proof on  a former tax official facing graft charges. The court sentenced him to 10 years in prison, arguing that he was unable to prove the source of funds amounting to more than $7.1 million. A member of the Judicial Mafia Taskforce, said placing the burden of proof on suspects would be more effective and powerful if regulated in a separate law.

India can atleast learn from Indonesia , where also the Govt battling rampant coruption has come up wih novel shemes to stop as well as unearth the loot ,and have been relatively far more successful than India in that aspect . THERE MUST BE POLITICAL WILL FOR THAT.  OR THE MEDIA AND THE PEOPLE MUST FORCE THE GOVT TO ACT  . LAST RESORT , THE SUPREME COURT MUST INTERVENE , AS IS HAPPENING NOW .