02 NOVEMBER 2014 – New Delhi – Indian Prime Minister Narendra Modi vows to bring back black money inside the country at any cost soon. Speaking on a Live radio cast, Narendra Modi has promised it as a mantra to him to bring those illegally deposited fund which may exceed over 300 Billion dollars, to the poor people of India and use it for the development of the country soon.
According to the news sources, India’s Prime Minister Narendra Modi said on Sunday he was committed to bring back funds illegally deposited in banks outside the country to avoid tax, widely referred to as “black money”.
In his second radio address to the nation since coming to power in May, Modi said the money stashed abroad illegally belonged to the poor of the country.
“The issue is an article of faith for me,” Modi said in his speech that was aired live by various public and private radio channels.
Illegal deposits abroad cost India billions of dollars in lost revenue and Modi had earlier promised his government would change laws or enact new measures to bring back such funds. On taking office, he appointed a panel to investigate the matter.
Modi said he did not know how much black money was deposited in banks overseas, but Washington-based think-tank Global Financial Integrity has estimated that India suffered $344 billion in illicit fund outflows between 2002 and 2011.
The government has already submitted a list of people with illegal foreign bank accounts to the Supreme Court of India, which is monitoring the case.
“From what I am understanding and based on the information I have, I am telling you that we are in the right direction,” he said in his address, which lasted for about 20 minutes.
Modi said he would take up the case of drug addiction in his next address.
India is one of the most corrupted country with the population in grades of high class, caste and colours.If succeeded, he and his party would be highly regarded as god for some of the poorest of modern society in India.
Source: Associated Press