I think the black money stashed in foreign banks should be brought back to India and it will help a bit to improve the Indian economy and the government has also set up a planning committee regarding this...
Black money is that money which has escaped income tax. Hence, the tax evader should be subjected to penalty or fine in addition to recovery of tax with interest. There is no need or justification to confiscate the 'black miney'as this belongs to the person concerned.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
Demon of black money can only be tackled when those who are in power have the kind of honesty that this job demands.I think the money that is reportedly stashed in Swiss bank accounts by Indian has been variously quantified and methods suggested to bring that back are very vague! We can follow the British model in this respect. the UK has struck a deal with Swiss government to slap a Withholding Tax of 30% on payment of interest on these accounts which would in turn would be transferred to UK treasury and the amount would run into a few billion!
