INDIA


Special Investigating Team (SIT) was a significant step. Shri Anurag Singh Thakur (BJP) said the BJP government took the decision to constitute a SIT in the first meeting of Cabinet held on 27 May after taking oath the previous day. Shri T. G. Venkatesh Babu (AIADMK) observed the government’s focus on bringing back black money was premised on the assumption that illicit money was only parked in tax heavens. It did not consider the phenomenon of round tripping of black money in the form of investments. He suggested imposing economic sanctions on countries which refused to part with information. Shri Sudip Bandyopadhyay (AITC) wanted the government should fulfill its promise made during 2014 general elections to bring back black money within 100 days of its coming to power. The government made this promise and commitment knowing well about the Double Taxation Avoidance Agreements (DTAA) with many countries. Shri Shrirang Appa Barne (SS) said black money was not only stashed abroad but it was also within the country and effort should be made to unearth that also. Dr Ravindra Babu (TDP) congratulated the government for appointing a SIT to probe into black money. Shri A.P. Jithender Reddy (TRS) believed if the huge black money was brought back, no citizen of the country might have to pay taxes. He thanked the Prime Minister for raising the issue at the G20 meeting in Australia. Shri M. Veerappa Moily (INC) said curbing black money that was available inside the country and which had been stashed away either by tax evasion or by other methods for gain


was one thing and using the money for promoting illegal activities like terrorism and drug trafficking was another thing. The Prime Minister owed an apology to the nation and Parliament for his failure to bring back the black money.


Participating in the


resumed debate on 27 November 2014, Shri Mulayam Singh Yadav (SP) said even six months after assuming office no effective work had been done in this matter. He wanted to know the names of the account holders and whether the list submitted to the Supreme Court was complete. Shri P. Srinivasa Reddy (YSR Congress) said most of the black money went out of India after India liberalized its economy. He appreciated the efforts being made by the government to bring back black money. Shri M. Venkaiah Naidu (BJP) was happy that the Prime Minister himself took up the issue in a big way in G20 meeting. He said the names of the accused had been obtained and their names would become public automatically when a charge sheet was filed.


Shri Mohammad Salim


(CPI-M) said governments came and went out of power but the black money could neither be brought nor its generation checked. The Prime Minister would not be able to bring back the black money as those who had stashed black money abroad were hands in glove with the government. Shri Tariq Anwar (NCP) alleged since the government had failed to honour the promise made during elections to bring back black money, it owed an apology to the people. Even the Supreme Court stated


Shri E. T. Mohammad Basheer


that the matter could not be left to government as its attitude was not credible. Shri Prem Singh Chandumajra (SAD) asserted that the government had made the beginning by constituting a SIT and the intent of the government was above doubt. Shri Rajesh Ranjan (RJD) pointed out that black money was being invested in the real estate and by giving sops to this sector the government was promoting generation of black money. Shri Bhagwant Mann (AAP) said there was no difference between the replies submitted to the Supreme Court by the NDA government and the erstwhile UPA government. Stating that the previous governments did nothing on the issue of black money, Shri Nishikant Dubey (BJP) asked the opposition to give more time to the government so that it could pursue the matter effectively. Shri Badruddin Ajmal (AIUDF) believed both the opposition and the government should consider the matter seriously to bring back black money stashed both within and outside the country. Smt. Anupriya Patel (Apna Dal) suggested for circulating smaller currency notes once again and formulating policy to implement transaction based taxation system. Shri E. T. Mohammad Basheer


(IUML) claimed that a lot of things had been done in this regard during the UPA government and instead of mud-slinging, all should put their heads together to find out exactly what legal and practical action could be taken to curb the problem. As India was a party to various international treaties, a specific and clear-cut legal case must be made to bring back black money from abroad. Shri Kaushalendra Kumar (JD-U) also wanted to know when the black money would be brought back and distributed among the people as promised by the Prime Minister. Dr Kirit Somaiya (BJP) highlighted the need to stop further generation of black money and recover whatever black money was there inside or outside the country.


Shri Asaduddin Owaisi


(AIMIM) asked for completely banning Participatory Notes as these posed the greatest danger to the security of the country. He wanted to know whether the government would enact a law or amend the Prevention of Money Laundering Act to include a provision that if an Indian opened accounts in any foreign country they would have to show it in their income tax return. Shri N. K. Premachandran (RSP) said black money had come back to India by way of foreign institutional investment through different routes and bringing it back was a litmus test for the NDA government. Shri C.N. Jayadevan (CPI) said the people of India had every right to know the names of all those with accounts in foreign banks. He added merely identifying the culprits was not enough; measures needed to be initiated to confiscate the


The Parliamentarian | 2015: Issue One | 55


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