Will the SIT be successful in bringing the black money back from the foreign banks?
Will the SIT be successful in bringing the black money back from the foreign banks?
In the first cabinet meeting of the newly formed NDA government, SIT is formed to bring back the black money from the foreign banks. Prime Minister Narendra Modi-led NDA government had hit the bullet by fulfilling the first most objective laid in its Election Manifesto. However, this is just the start of the game. The real test begins now. Will the 21 member Special Investigation Team will be successful in bringing the black money back from the foreign banks?
Yes
• It is a specially formulated team that will be headed by the former Supreme Court judge MV Shah, and therefore all the tasks will be done swiftly and transparently.
• The newly formed SIT team has got the heads or the top officers of ten different investigative enforcement agencies. It ensures that the process will have no loopholes.
• SIT that was pending from year 2011 under the UPA rule has finally been set in the first cabinet meeting. It is the clear signal that the new government will do whatever it can to bring back the country’s money.
• As per the sources, when UPA had asked for the white paper in year 2011, the party had received a high rate of success. So, the special team can perform much better than that attempt.
• US government had managed to get the account information of their citizens from the Swiss banks and have even levied the taxes on the black money. If the US can get the information, India can also do same.
No
• There would be many technical issues that will come in way while completing the entire process. The most important one is getting the information of accounts from the Swiss government.
• As per the estimates, there is more than $1.4 trillion black money held in the foreign banks. Getting the information on the owners and accounts held will be a complicated process.
• The SIT team formed includes 21 members that will increase the probability of leakage of information.
• The SIT team has officers of ten different investigative enforcement agencies that have their own format of work. Such a large team can delay the entire process giving the criminals a chance to escape by.
• Forming of SIT team was not an option but the obligation for the new government as India has signed the US convention against corruption in year 2005 which is due for review next year.
Conclusion
If the actions are taken considering the results will come or not then no action will ever be taken. The main thing as of now is that the new government has successfully set the SIT to probe the black money in the foreign banks. As the BJP president, Home Minister Rajnath Singh has said that they will get the black money back in 150 days. So, the result of the first credibility test of the NDA government will soon be seen in a matter of few months.
Discussion
- RE: Will the SIT be successful in bringing the black money back from the foreign banks? -deepak (05/31/14)
- In my view india have do more pressure swiss bank by external affairs ministry by uniting world's most super power than it can get quickly.
Sit is a lengthy process .So for fastly to get money india should took the step how USA recover black money from swiss bank.
By pressurising World Bank ,IMF and pressurising top institutes which will help India Recover Black Money.
I have seen that Sit set up for Godghra Riot or some other top incident it took so much time in our country.For Outside country so much time.
- RE: Will the SIT be successful in bringing the black money back from the foreign banks? -Deepa Kaushik (05/31/14)
- Will SIT keep up the honour of the NDA government or not? It is more of eagerness amongst the Indians, rather than just a topic of discussion. It is the first time the government has placed a front foot to give a fighting approach against corruption. This approach should be encouraged.
Any step in the direction of extracting black money from the foreign banks and curbing corruption, is going to face lots and lots of challenges. But the final destination is not impossible, provided the officials employed with the task remain committed and work with honesty.
Having a large committee for the same is a difficult option to think of, as the task to be accomplished require a team work with all the members getting united under a single work procedure to be followed. The task is tedious and NDA has committed a comparatively small time frame to get the task completed, so the number of people appointed for the same becomes a mandatory requirement.
Thus, we all need to support this bold step, which has shown a ray of light for corruption free India, instead of raising doubtful objections causing hindrance to the move.
