In a move unprecedented in Indian and perhaps in any country's history, Narendra Modi's government in India submitted names of 627 black money holders to the country's Supreme Court (SC) in a sealed cover on Tuesday. This followed the earlier disclosure on Monday of eight names with foreign bank accounts presumably to stash away ill-gotten money. The list of 627 such account holders were handed over to the court after the Indian apex court expressed its displeasure over the government's reluctance to do so even after its claim that it had in its possession the full list of such illegal money holders. The court had no reason to take the dilly-dallying tactic by the government in good grace and instructed the government to pass on the information of those having accounts in foreign banks. This done, the apex court will take care of the rest of the procedure. Thus the message - clear and loud -was conveyed to the government.
Now why was the SC compelled to take such a stern stance and accuse the Modi government of 'providing a protective umbrella to foreign bank account holders'? Politicians are accustomed to making pledges during election campaign only to forget when in power. Narendra Modi also made such a vow to publish names of black money holders within 100 days of taking over. Clearly, those 100 days have passed off without his fulfilling the promise. Naturally different quarters in India were critical of the Indian prime minister and expressed their doubt about the government's sincerity to take such a step.
Whatever may have been the cause of the delay which came under critical observation of the SC, the prompt submission of the list of the account holders of illegal money is proof enough that the relevant wings involved with collection of information of the suspects have done their job painstakingly. After all, it was not an empty threat on the part of Finance Minister Arun Jaitley. Now the accusation that the ruling party in India was trying to hush up things will not stand.
The question now is, has the Bharatiya Janata Party (BJP) government let go the lid of the Pandora's Box? No, the box was opened long ago when some people used their guile and cunningness to take advantage of the multitudes of the Indian nationals in order to accumulate money and property by unfair means. For some the devilish accumulation could not be more brazen and therefore had no way of channelling into any acceptable financial route. They simply had to divert the illegal possession to foreign banks. Called financial scams, these are crimes against the people and the country. It is common knowledge that such crimes cannot occur without the knowledge of men in power, some of who become beneficiaries in facilitating the process of financial crime. Over time a corruption regime consolidates itself.
In the fascinating story of Pandora's Box, the last to come out of it was a tiny bug called 'Hope' which kindles in human bosom eternally. The symbolic value of Hope's coming out at last is immense. Should it prevail in the black money case in India after a long reign of dubious people ruling the roost in terms of that country's economic fate, a new dawn on that front can still be expected. Prime Minister Narendra Modi's protestation that he means business and will bring back every farthing home from foreign banks because the money belonged to the country's poor will definitely warm hundreds of millions of Indians' hearts.
Like India, Bangladesh is undergoing financial haemorrhage on account of black money and capital flight. According to an earlier media report, the amount of money deposited in different Swiss banks was Tk 30 billion (3,000 crore) by the end of 2013. Then, allegations have it, there are people who have made Malaysia their second home. That siphoning off money from the country has taken place in a massive way is not just a suspicion but indications are clear enough for corroborating the fact.
India has taken the step on the road to doing away with the devious means to cheating the government, the entire financial system and legal parameter for personal gains. Now that the SC has got the list in its possession, no outcome other than anything positive can be expected. Like the innocent common Indians, their counterparts in Bangladesh too will be keenly following the legal procedures involving the black money. People here will also expect that a similar move is taken sooner than later to bring the foreign bank account holders to book. Government functionaries here have time and again expressed the intention of bringing back illegally stashed away money from foreign banks.
Surely, it will not be a difficult task to get the names of such account holders. It is the German, French and Swiss authorities which have given the names of dubious Indian account holders. If those authorities had no reservation to cooperate with India in divulging the names of account holders in their countries, there is no reason why they will not do the same if approached by Bangladesh. But the initiative has to come from Bangladesh and in right earnest. Financial discipline warrants such a move so badly. Experts are of the opinion for nothing that the country's gross domestic product (GDP) could indeed mark a rise at a double digit rate if the endemic corruption could be done away with.
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