The Supreme Court on Wednesday sliced through the Centre’s approach equating money plundered from India and stashed off shore with tax evasion and desired early netting of those who committed the mind boggling crime.
One trillion dollars is one estimate of the black money quantum. It is huge money; almost plunder of the nation and of far reaching consequences. Yet, the government has summarized the efforts as recovery of tax evaded on money kept in foreign banks. This is the worrying point, said a Bench of Justices B Sudershan Reddy and S S Nijjar.
Solicitor general Gopal Subramanium said the Centre, alive to the problem and its magnitude, has tasked officers to rapidly gather details about offshore accounts holding money siphoned from India and their possible links to arms smuggling, drug syndicates and terror net works. But the Bench was displeased at slow proceedings against 18 Indians who held Rs 4400 crore in Leichtenstein’s LGT Bank accounts, details of which were given to New Delhi by Germany last year. The Central Govt should re-infocred it’s all related machineries to take huge many lying outside country with international co-operations, in the larger national & public interest.