The Supreme Court directed the government to reveal all names of Indian nationals holding Swiss Bank accounts, accordingly a sealed envelope containing such names was handed over to SC. Rightly it is said that all foreign bank account holders may not have black money. Black money in foreign bank accounts must be brought back in India; and also black money in India must be unearthed – a huge amount is with politicians too. Apart from businessmen, many politicians too allegedly do have foreign bank accounts. And more often there is direct or indirect interest of many politicians as they get huge donations even in black from them.
The revealing of names is not enough unless there is end result – i.e., confiscation of all such wealth and adequate punishment like sentence to imprisonment etc.
Such a disclosure should not have fate of past practice of pressure of politicians on government as already wealth to the tune of crores of rupees is disclosed by almost all politicians amassed knowingly within a short span of their political life. To safeguard such a grave situation in future, all permissions must be legally required to be obtained by Reserve Bank of India for opening of a foreign bank account, must have Income Tax Clearance Certificate (ITCC) by all Indian nationals. Moreover, every year they must also file a copy of such ITCC to continue their foreign bank accounts.
And on National level, to minimise generation of black money by politicians, it should be made compulsory for all politicians to get Income Tax Clearance Certificate with total wealth assessed by it with figure of income tax and wealth amount paid on it – to be added in the filing of nomination papers at every public election, not just declaring at their own figures – without any authentication of a competent authority.
