Shaikh Mohammad Hasnain What is common between the govt. in power and the black money holders of Swiss bank a/c? – A tenanted house owner’s perspective. The Prime Minister notwithstanding the remoteness and extreme difficulty of retrieving black money from Swiss banks promises the nation that he will bring back every single penny of black money stashed in banks abroad, yet, this govt. is fully aware of the fact that crores of rupees of rent dues of house owners are lying stashed in RBI and other banks and the states in connivance with the central govt. are refusing to return them to the rightful claimants. It will make sense if the rental money of the common citizens stashed in banks across the country ( akin to black money stashed by tax evaders abroad ) are returned to the house owners forthwith, otherwise, the govt. in power and the Swiss a/c holders will appear to be in the same footing, conduct and behavior. Here is a list comparing the two groups of defaulters of public money appearing similar in all respect. ------------------------------------------------------------------------------------------------------------ Govt. of India Black money holders of Swiss a/c --------------------------------------------|--------------------------------------------------------------- The govt. framed rules under Rent The black money holders parked Acts, to take rent deposit of tenants unaccounted funds in foreign banks though the rent controllers of the due to high tax rates and corrupt respective states and stash tax and other relevant laws. them in RBI and later SBI. Later contrived the rules to withhold withdrawals of rent by house owners. ------------------------------------------------------------------------------------------------------------- The deposits are almost 4 to 5 decades The deposits in foreign a/c’s are 4 old. to 5 decades old. ------------------------------------------------------------------------------------------------------------- The objective was to favour the tenants The objective was to peddle funds and garner votes and create anonymous out of the country and use them funds that will earn interest for the through hawala exchanges to fund govt. elections in India. ----------------------------------------------------------------------------------------------------------- The govt. does not talk about the funds Information on holders of a/c’s are and how it uses them, including the not disclosed to the public. interest earned on it. No information is available under RTI. Accounts are improperly maintained and disclosures are not made to the public. Audit by CAG is vague, imprecise and internal. Recommendations are not complied with. ------------------------------------------------------------------------------------------------------------- Govt. does not want to return funds Holders do not want to declare their to the rightful claimants and come a/c’s, pay off tax dues and clear clean. their names. ------------------------------------------------------------------------------------------------------------ Does not want to change rent laws Nexus exists between a/c holders and rules there under for fear of and political parties. loosing the deposits and committed voters. ----------------------------------------------------------------------------------------------------------- Interest earned by govt. on the funds Principal and interest earned by in deposit without accountability holders are siphoned out without or guilt. accountability. ------------------------------------------------------------------------------------------------------------ Judiciary silent over the issue. No Judiciary silent over the issue, till Enquiry, commission etc instituted ever. the formation of SIT this year. ------------------------------------------------------------------------------------------------------------ As the funds are rent deposits of The unaccounted income stashed house owners in custody of the govt., abroad, the tax chargeable on them by defaulting to pay back, it is hurting remains due and therefore hurts its own people. the people. ------------------------------------------------------------------------------------------------------------- The return of funds involve complex The return of funds involve paper work and unbearable costs to complexities of insurmountable the applicant. Proportion. ------------------------------------------------------------------------------------------------------------- This comparative study unequivocally proves that the govt. of India and the black money a/c holders are birds of the same feather, occasionally and invisibly flocking together, saying one thing to the public and doing something else behind the scene. The govt. of the day should urgently come clean with regard to returning of rent deposits forthwith and prove that it cares for and is serious about citizen’s welfare, committed to the principles of natural justice, accountable and forthright in disposal of house owners dues.
Posted on: Mon, 03 Nov 2014 20:41:52 +0000
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