Received third list of Indians' bank accounts, now what? That's a big question

- The curiosity to know when the money spent abroad will come back has also waned

Following the Pandora Papers, the Government of India has now received information from Switzerland about the Swiss bank accounts of Indian citizens and organizations. India has received this information under an agreement between India and Switzerland. The Government of India has received this third list of information of those who have deposited money in Switzerland. The Pandora Papers leak revealed the names of many people, including the country's athletes and filmmakers. The government has announced an inquiry into the name. Whenever reports of black money stashed abroad by Indians are published, the government initiates an investigation, but no information comes out as to what happened to the investigation. The Government of India has been receiving such information from Switzerland for the last three years.

The amount of money deposited by Indians in Swiss banks increased by 3% in a single year in 2020 to Rs 20,200 crore. In 2016, this figure was Rs 3 crore. The demand for the government to reveal the real facts on the issue of black money has been raised from time to time, but so far no government has satisfied such a demand. The current government came to power for the first time during the 2014 Lok Sabha elections by raising the issue of black money and corruption. Politicians who have raised the issue of corruption to seize power are raising the issue again and again under their own rule. The recently leaked Pandora Papers shed light on how the country's money was taken out through the formation of trusts and companies.

While our country's public and private sector banks are capable, the policy of our rich behind depositing money in banks abroad is questionable. The place of origin of Indians' money stashed in foreign banks needs to be investigated so that it can be ascertained whether it is hard earned money or money deposited through corruption or tax evasion.

Prime Minister Narendra Modi shocked the entire country, especially the black money holders, by introducing a ban on banknotes on November 9, 2014 to crack down on those who collect money through corruption and tax evasion. As a result of this announcement, 5 per cent of the country's financial system was withdrawn from the currency and deposited in banks. However, no specific details have been released on how much of the money was raised through corruption and how much was collected through tax evasion. The citizens of the country were eager to know the purpose for which this decision was taken but over time their curiosity has waned. Now that the government has received the information from Pandora Papers and Swiss Bank, it remains to be seen how much of this fact will come out. An earlier leaked Panama Paper had revealed that many Indians had lost money abroad, but no serious effort was seen on that front.

In view of the fact that earnings from India are deposited in Swiss banks, the country's government has entered into an automatic exchange of information agreement with Switzerland. Authorities in Switzerland may have been leaking information after the agreement was signed. It is said that most of the money that is deposited in Swiss banks belongs to the country's politicians, businessmen and bureaucrats, so it is natural for Swiss MPs or businessmen to take care of their counterparts in the world. Doubts also remain as to whether the necessary information is being exchanged transparently in this situation.

Some plans were also unveiled to bring out the black money stashed in the country and abroad in which the government did not get the expected response, according to information leaked in Pandora Papers. Despite the agreement with Switzerland, there is no immediate prospect of an immediate return of the country's money deposited in its banks to India, and ways and means are needed to curb the flow of money out of India. In addition, the emergence of black money should focus on effective measures to curb corruption. Indian companies are also lagging behind their global rivals in training employees against corruption. Indian companies do not have a mechanism to fight corruption and do not provide a budget for it. Leaders-bureaucrats have to be cut to start a business in India.

In the country, cut payments have become a part of trade expenditure. Businesses have to bribe officials from customs to tax administration to run their businesses smoothly. Lack of a clear anti-corruption policy has not led to the expected success. The time has come to tarnish the place of origin of black money, otherwise countries like Switzerland will continue to give us a list of so-called corrupt and tax evaders and this list will eventually accumulate in the cupboards of the government.