The Supreme Court has issues notice to the Centre, RBI and CVC on a petition seeking directions to the government to ratify the UN convention on corruption, which would help bring back the black money stashed abroad.
The Court further asks the government to file report on action taken by it against people and firms that have stashed black money in foreign banks.
The apex Court has asked government to go after the sources of black money stashed in foreign banks.
According to an estimate, India has reportedly more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in swiss banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion.
It's embarrassing for any country to top the list of black money holders. The money which belongs to the nation and it's citizens, is stashed in the illegal personal accounts of corrupt politicians, IRS, IPS officers and industrialists.
It is an amount which is 13 times larger than the nations foreign debt. Every year this amount is increasing at a rapid speed but the Indian government seem to be silent over this matter from a very long time. The total black money accounts for 40% of GDP of India, if all the money comes back to India then that could result in huge growth burst for India
News From: http://www.7StarNews.com
Thursday, January 27, 2011
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