According to the data provided by Swiss Bank, India tops the list with almost $1600 bn in Swiss Bank followed by Russia, U.K. and China. This has tarnished India’s image in the comity of nations. Black money is cancer to the economic growth. The Government is trying to tackle this menace. Investigations, amnesty schemes and castigatory actions have not produced desired results. Black money is generated from the illicit economic activities like tax evasion, money laundering, unreported income and anti-social activities taking advantage of intrinsic lacunas of existing laws of the country. Thus Lokpal Bill is not going to be a miraculous bow to bring corruption to an end. It needs a large number of institutional, judicial, electoral reforms and most important decentralisation of political powers to fight corruption in all economic spheres effectively.
Majeed Mulla
Via E-mail