According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in swiss banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion.
The Supreme Court today reserved its order on a plea to set up a special investigation team (SIT) to track the black money stashed away in foreign banks and to take steps for bringing it back to the country.
A bench of Justices B Sudershan Reddy and S S Nijjar also reserved its verdict on a petition seeking directions to the government to make public the names of persons who have kept black money in the Liechtenstein Bank.
The Centre opposed the plea and contended before the bench that a committee comprising top officers from CBI, ED, IB and other departments has already been formed to deal with the black money cases.
It’s embarrassing for any country to top the list of black money holders. The money which belongs to the nation and it’s citizens, is stashed in the illegal personal accounts of corrupt politicians, IRS, IPS officers and industrialists. An amount which is 13 times larger than the nations foreign debt. Every year this amount is increasing at a rapid speed but the Indian government seem to be silent over this matter from a very long time. The total black money accounts for 40% of GDP of India, if all the money comes back to India then that could result in huge growth burst for India.
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