Modi Government’s Strides in Tackling Black Money: Progress and Challenges
The question of whether the Modi government successfully brought back black money from Swiss banks remains a topic of considerable debate. While some critics argue that no evidence exists to support this claim, the government's actions have indeed tackled the issue in other significant ways.
Efforts to Combat Black Money
The Indian government under Narendra Modi has taken substantial steps to curb the generation and usage of black money. One of the most notable measures has been the linking of bank accounts with Aadhar and PAN, effectively tracking all major transactions. As a result, the Enforcement Directorate (ED) has been actively monitoring money laundering activities, issuing notices to a large number of individuals, including politicians. This shift towards digital transactions has made it increasingly difficult to generate and hold onto illicit funds.
Progress and Challenges
The aim of retrieving black money from Swiss banks was ambitious but fraught with logistical challenges. As other countries are not obliging to such orders, the focus has shifted to domestic measures that can effectively curb the practice. The slow pace of Indian actions has been attributed to a lack of a set timeline, but this is more a result of the government's overarching strategy than a failure.
Critics and Counterarguments
The confusion and skepticism from the public are understandable. Anecdotal evidence, such as an elderly woman waiting in a queue for days, has fueled doubts. However, the government's intention is not to deceive but to tackle the intricate technicalities involved. By increasing their influence and presence in the global arena, the Modi government aims to create an atmosphere where requests for the return of black money will be more effectively handled.
Examples of Criticisms
Vijay Mallya, a prominent figure in the party, is seen partying in London, which undermines claims that black money has been returned. Claims of black money being back in India are mostly made by organizations such as Vishwa Hindu Parishad, RSS, and Bajrang Dal, with mainstream media outlets like the Washington Post and BBC refuting these assertions. The assertion that 2G and Commonwealth games scam ministers are in jail further fuels skepticism, as many of these cases remain unresolved or are subject to legal challenges.Official Claims and Rebuttals
According to certain sources, all black money was deposited in banks during the period from November 8, 2016, to December 30, 2016. This marked the beginning of the demonetization drive, which was intended to curb black money and other illicit financial activities. With no further action taken by the Indian government, it can be inferred that the black money was successfully redirected into the formal economy.
The secrecy of the operations and the government's ongoing efforts to count and verify the notes since then contribute to the lack of public information. The RBI continues to work on this count, and the outcome of these efforts is still pending. These operations were conducted with strict confidentiality to avoid any backlash and ensure the authenticity of the funds.
Conclusion
The battle against black money is a complex and evolving process. While the demonetization drive and subsequent tracking efforts did not achieve the same scale as bringing money back from Swiss banks, the government's actions have significantly curtailed the generation of new black money. The challenges and criticisms are indeed real, but the efforts made are commendable. As the government continues to develop and implement new strategies, the possibility of addressing the root causes of black money persists.