He says, How much time did they take for Hosni Mubarak's accounts to be seized? They took seven months. Same thing with Gadhafi. In case of Marcos, it took a year and a half and that was 1991-92. Things have become much tougher because of terrorist financing and tax havens, and two countries US and Germany are very sensitive to this. Therefore, I think we should not go for a system where we are lenient to those who broke the law. In India, we appear to be lenient to those who break the law to the extent that those who adhere to the law are found to be silly. It is imperative that India's black money be brought back using the United Nations’ Convention on Corruption and a big chunk of it should go into savings and investment in the Indian economy."
Black money or kala dhan is a topic that has elicited much debate in recent times. The debate has been mostly marked by mud-slinging and name-calling and the discussions that have ensued often have no basis in fact. While most people have a hazy notion of black money, only a few understand it in its entirety.
According to Prof Vaidyanathan, estimated black money in India could be 10% to 20% of our gross domestic product (GDP) or about Rs15 lakh crore, considering our GDP of Rs150 lakh crore for 2016-17. "Indian money in tax havens across the world could be about Rs65 lakh crore. The issue of tax havens is perhaps even more misunderstood. Most people fail to see the connection between tax havens and black money," he said.
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I know what I'm suggesting is avant garde, but someone like Modi can at least do this, its totally within his control. But no, he too, just like congress is going on announcing thousands of crores of projects to each state, and letting money be siphoned off from these projects because they are not going to be benefical to the economy in any way.
If any government targets the expenditure side and stops wastage of money, then the tax collection can be automatically reduced.
Unfortunately, this is not on the agenda of any government or political party.