Janata Party president Subramanian Swamy on Thursday demanded an ordinance nationalising all the accounts of Indians in banks abroad to bring back black money.
“Whoever is prepared to prove that it is legitimate money can get it back. This is the most foolproof and surest way,” he averred.
Delivering a lecture on ‘How to bring back the black money from abroad,' organised by the Catalyst Trust at the Ethiraj College for Women here, he pointed out how income tax rates in India, which were exorbitantly high at times, had proved a disincentive for even honest tax payers. “We should have a law to provide an incentive to pay taxes.”
Lamenting that money was being taken out of India since Independence, he said the 2G spectrum allocation scam was symbolic of that.
While banking secrecy laws were in existence in 77 countries, Indians had become so paranoiac that they failed to even mention the beneficiary's names in their accounts. “But for Indians' accounts Switzerland economy would have become bankrupt.”
Dr. Swamy said he was totally opposed to declaring amnesty (for bringing back black money), terming it “pure racket.” Even cracking down on hawala operators would be effective only “partially.”
Tracing black money alone would not do; the culprits should be prosecuted and that alone could help dispel the contempt that people had for Indian laws.
Above all, Dr. Swamy called for “new outlook in life, where money is not the highest value in society.” While corruption is the main disease, sanathana dharma is the main cure, he asserted.
He released his book, ‘2G scam,' and the first copy was received by R. Desikan, chairman of the Trust. S. Krishnaswamy, managing trustee, and S.P. Ambrose, trustee, spoke.