While on the campaign trail, bringing back black money stashed away in foreign banks was one of the biggest election promises made by Narendra Modi. He made some very interesting -- and literally election-winning-- comments in the run up to the May 2014 election like:
“People say that if the black money stashed in foreign bank accounts is brought back and distributed among the poor in India, then each poor man will pocket Rs 3 lakh.
“I have decided if you bless me and give me the opportunity I will bring back all the black money.”
“I will bring back every rupee that is stored away in foreign banks, any which way, and ensure that it is used for the rehabilitation of the poor in the country.”
Soon after assuming the office of the PM, as was promised during the election campaign, a high-powered committee was formed under the leadership of a retired Supreme Court Justice to advise the government on the various avenues available to get all the black money stashed abroad back into the country. However within six months of coming to power, the PM has realized that the truth about the Foreign Black money is very different from what he had promised during the campaign.
First came the shocker from the PM, during the course of a radio interview, that the quantum of black money kept in foreign bank accounts is not known to anybody. Then came the media reports suggesting that the PMO has prepared a note stating that there is no legal mechanism to bring back the black money stashed in foreign countries to India. And two days back the Finance Minister was quoted as saying that India would seek a change in the treaties with certain countries, which would allow repatriation of black money. This seems to close the debate on the issue of repatriation of overseas black money to India. Oh let us not forget, the Revenue Secretary has recently stated that the problem of domestic black money is far more critical than overseas black money.
All the above, point only in one direction – the PM has used the Overseas Black Money issue as a great marketing tool and has succeeded. But great marketing succeeds in the long run only if it is backed by delivery. In the event of non-delivery, the people are quick to brand the marketing man as a con-man – and this is something the PM should always remember.
“People say that if the black money stashed in foreign bank accounts is brought back and distributed among the poor in India, then each poor man will pocket Rs 3 lakh.
“I have decided if you bless me and give me the opportunity I will bring back all the black money.”
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“When we bring back the black money, we will give it to regular salary holders. We must honour their patriotism. Till the time we don’t bring black money, such thefts will continue. So to stop new thefts and such cases, all black money should be brought home to teach one and all a lesson.”
“I will bring back every rupee that is stored away in foreign banks, any which way, and ensure that it is used for the rehabilitation of the poor in the country.”
Soon after assuming the office of the PM, as was promised during the election campaign, a high-powered committee was formed under the leadership of a retired Supreme Court Justice to advise the government on the various avenues available to get all the black money stashed abroad back into the country. However within six months of coming to power, the PM has realized that the truth about the Foreign Black money is very different from what he had promised during the campaign.
First came the shocker from the PM, during the course of a radio interview, that the quantum of black money kept in foreign bank accounts is not known to anybody. Then came the media reports suggesting that the PMO has prepared a note stating that there is no legal mechanism to bring back the black money stashed in foreign countries to India. And two days back the Finance Minister was quoted as saying that India would seek a change in the treaties with certain countries, which would allow repatriation of black money. This seems to close the debate on the issue of repatriation of overseas black money to India. Oh let us not forget, the Revenue Secretary has recently stated that the problem of domestic black money is far more critical than overseas black money.
All the above, point only in one direction – the PM has used the Overseas Black Money issue as a great marketing tool and has succeeded. But great marketing succeeds in the long run only if it is backed by delivery. In the event of non-delivery, the people are quick to brand the marketing man as a con-man – and this is something the PM should always remember.