Wait not long to get black money back: Arun Jaitley

Where there is a will there is a way. I have confidence in Jaitley and BJP .

Both major political parties are similar in financial policy and outlook. Both are financed by dishonest businessmen and corporates. Kejriwal had rightly said that whosoever you vote- your vote will be for Ambani.

So we can't expect much. In fact, the two party system is fooling people. Both major parties will cheat people and serve money bags by turn.

Bhajpa came into power by continuously arguing that when they come in power they will bring black money to India. Now they are in power, but bringing back the black money is not so easy. Do you think India will succeed in bringing back the black money?

First of all the money is in Swiss banks which also had a long association with the okdest ruling party which has most of its top leaders money stashed away there ! It will not be esy since there are many procedures to be followed , so we have to wait ..

Until this government did not change definitely bringing back money is possible. Slow and steady wins the race. The First step is taken. Today social networking sites playing an important role to convey the people messages in a worldly manner. If a song get so many hits in YouTube it is not only viewed by Indians other nation also watching that. It should go in this way Man ->Family->City->State-Country->World. First this awareness should start from all over India automatically it will be reflected in the world.

Both major political parties are similar in financial policy and outlook. Both are financed by dishonest businessmen and corporates. Kejriwal had rightly said that whosoever you vote- your vote will be for Ambani.

So we can't expect much. In fact, the two party system is fooling people. Both major parties will cheat people and serve money bags by turn.

Mr Ajmani : You are a tax consultant and familiar with finances. I have a question, what purpose does black money serve if it is stashed away in such large quantities in Swiss and other banks and not earning any interest. Businessmen would like to invest and earn more. I have a feeling that black money is in India and lot of it is Indian money taken abroad for some time and then brought back at particular times for particular reasons. If money is stashed abroad without profit then it is clear that it is done on behalf of those who are not in need of it for business but for influencing purposes. It will not be easy to get it back. Lot of it will have vanished into other safe places or even come back into India. But efforts must be made.

I don't believe that entire money in foreign banks is black. Now business is intrnational. Firms may receive payment from overseas customrs in foreign countries and deposit there. I remember that recently Kejriwal said in a public meeting that ambanis have account in Swiss bank. Then Ambai retorted that he and their firm have several accounts in other countries but the bank account given by Kejriwal is fake. Apart from businessmen in export and import, there are many NRIs who stay in other countries as well as in India. They have genuine accounts in India as well as abroad. My own nephews also have job in Dubai and other countries. Naturally, they have account there but these are genuine and not for black money. I agree that most of black money is in India in form of real estate, gold and jewelery. There is lot of black money in film industry as well.

Black money is generated in two ways. One is that honestly earned but tax is evaded. Another is that when business itself is illegal.
Income Tax department should deal with first one. The police and judiciary have to deal with the second one.
There is another aspect. Businessmen and others use black money for making unlawful payments. Now suppose that you have twenty lakh Rs. black money and you spent most of thsi in payment of dowry and bribe to the government departments, there will be no black money left. Many maintain some sort of ratio between black and white. Say- black money should be twenty percent of the white.

I agree with your 2 points.
Black money is generated in two ways. One is that honestly earned but tax is evaded. Another is that when business itself is illegal.

Hope the Indian government will bring this home soon.

Bhajpa came into power by continuously arguing that when they come in power they will bring black money to India. Now they are in power, but bringing back the black money is not so easy. Do you think India will succeed in bringing back the black money?

It is still very early to predict whether BJB govt. will be able to get back money (black) which has been accumulated for so many years in Swiss bank. It is definitely not an easy task and cannot happen overnight, but let us have some faith in the new govt, and see how much effort they take to act on their promises and come out successful.

I don't believe that entire money in foreign banks is black. Now business is intrnational. Firms may receive payment from overseas customrs in foreign countries and deposit there. I remember that recently Kejriwal said in a public meeting that ambanis have account in Swiss bank. Then Ambai retorted that he and their firm have several accounts in other countries but the bank account given by Kejriwal is fake. Apart from businessmen in export and import, there are many NRIs who stay in other countries as well as in India. They have genuine accounts in India as well as abroad. My own nephews also have job in Dubai and other countries. Naturally, they have account there but these are genuine and not for black money. I agree that most of black money is in India in form of real estate, gold and jewelery. There is lot of black money in film industry as well.

Black money is generated in two ways. One is that honestly earned but tax is evaded. Another is that when business itself is illegal.
Income Tax department should deal with first one. The police and judiciary have to deal with the second one.
There is another aspect. Businessmen and others use black money for making unlawful payments. Now suppose that you have twenty lakh Rs. black money and you spent most of thsi in payment of dowry and bribe to the government departments, there will be no black money left. Many maintain some sort of ratio between black and white. Say- black money should be twenty percent of the white.

Apart from real estate, film industry, unbilled trade etc , huge amounts of black money is used during elections by all parties especially the two bigger parties. In the five years such money is generated and then used during elections. If elections become clean a lot of black money will stop being generated. i feel that the quantum of black money within country is far higher than outside.