Professional Documents
Culture Documents
1/2
02/11/2014
Yet another route is that of Participatory Notes (PN) which permits FIIs to invest in financial markets with funds from
undisclosed sources. Don't forget that the recent big scams in India like the 2G or the IPL also involved channeling of
funds through shell companies in Mauritius.
So the question is, why are these agreements not being reconsidered? Why are PNs not banned?
Moreover, these treaties do not even have a provision for repatriation of undisclosed assets. So, when Modi declares
that he will bring the black money back, it is nothing but rhetoric as long as these treaties in their present form remain.
Thirdly, was Parliament ever consulted before India became a signatory to them? Democratic opinion in India, reflected
in the consistent and sustained interventions by Left MPs in Parliament, has been demanding that international treaties
which have a bearing on the lives of our citizens should not be signed without the approval of Parliament. But this has
been ignored by both regimes.
Yet another aspect is the link between black money holders and political parties who are the direct beneficiaries of
black money to fund their election programmes. The Goa mining company, whose name became public after the
Supreme Court intervention, has, according to the Association for Democratic Reforms, funded the BJP nine times since
2004. It has given the BJP twice as much funding as the Congress. The friendly relations and quid pro quo between
some parties and politicians with companies involved in black money transactions is an open secret. There has been
little or no scrutiny on political links.
The extent of black money being estimated at around 30 per cent of GDP is part of the massive increase in corruption in
India. The Left has been arguing that this is linked not only to the criminality of those involved, but is rooted in a
particular set of economic policies. These policies have, as their core, the removal of all regulations as far as the private
sector is concerned and the handover of national and natural resources to private companies. The massive corruption
unearthed in the coal block allocations is linked equally to the denationalisation of India's coal resources.
The debate on and action to prevent and eliminate black money should take into account the different aspects of the
generation of black money.
India needs multi-pronged action including a relook at the treaties which have ended up helping the dishonest and a
scrutiny of links between black money and a section of political parties as also the policies which enable tax evasion
and the creation of black money.
It's time to stop the rhetoric and deliver on the promise.
Disclaimer: The opinions expressed within this article are the personal opinions of the author. NDTV is not responsible
for the accuracy, completeness, suitability, or validity of any information on this article. All information is provided on an
as-is basis. The information, facts or opinions appearing in the article do not reflect the views of NDTV and NDTV does
not assume any responsibility or liability for the same.
Story First Published: November 01, 2014 15:54 IST
ALSO READ
http://www.ndtv.com/article/opinion/blame-it-on-the-tax-treaties-614879?pfrom=home-topstories
PM Narendra Modi on
'Mann ki Baat': 'Trust
Your Pradhan Sevak,
Every Penny of Black
Money Will Be Brought
Back'
2/2