The public demand for getting back the money stashed away illegally in Switzerland by Indians seeking to avoid taxes should be taken seriously. It has been reported that the black money of over Rs 25,000 lakh crore was stashed in Swiss banks.This staggering amount of black money is a big hole in the national exchequer and the same can be diverted to the country’s growth and development.
Amazingly, each of 600,000 villages in India would get a share of Rs 4 crore if the full amount of money is retrieved. Now is the time for the Indian government to take effective steps to regain the black money by forging a proper deal with the Swiss government.
Besides, enacting specific anti-tax haven laws (like the Obama administration has done in the US) to trace black money is a good idea.
P Senthil Saravana Durai, Hyderabad
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