Dhaka (Bangladesh), June 14: Hundreds of Rohingya Muslims fleeing violence in Myanmar tried to enter Bangladesh on Wedne..
V P Singh removed from the post, Committed 25 percent of black money as reward
Though corruption was prevalent in India since the 1970s, it
climbed unbelievable heights after 1992 when the Indian government
adopted a neoliberal economic policy, noted Gurumurthy speaking on
the topic 'Stashing Away of Black Money in Foreign
Countries' at a function organised here by 'We The People
of India'."The judiciary or selfless individuals can fight only to
a certain extent against injustice. But only people's power, if
synchronised with proactive media, can eradicate corruption," he
said.
"Earlier, people who indulged in corruption had a sense of fear,
but nowadays, instead of fear they show off in public. To bring
back this fear, people should unite to fight against corruption,"
he said. Tracing the black money trail abroad chronologically,
Gurumurthy said when V P Singh was the finance minister in 1986, he
announced that 25 per cent of the black money stashed abroad would
be given as reward to any organisation that gave details of Indians
who involved in this sort of corruption. He was removed
from the post three months after the announcement. But
selfless individuals like Ramnath Goenka, founder
of The Indian Express, and a few others did not give up, their
fight against corruption.
The shocking revelation on Indian black money hoarded abroad came
to light when an organisation called the 'Global Financial
Integrity' announced that between 1948 and 2008, black
money amounting to $462 billion from India had
been stashed abroad, he said. Incidentally, he said, it was only
after 1992 that 80 per cent of black money from India was being
stashed abroad. He asked people not to presume that industrialists
and politicians were doing to it to evade tax. "We have a friendly
tax system. But, most of the money hoarded abroad was due to
corruption and criminal activities" Besides, the issue of black
money had affected several Western countries due to the market
economy.
They, however, woke up only after the financial crisis in 2008.
Although leading G20 countries like France and
Germany were campaigning to put an end to the issue, the
US was not showing any interest because of its habit on borrowing
money from other countries, he explained. Gurumurthy said that the
world has woken up to the danger of black money and it was time
people’s power in India put a decisive end to corruption.
- S Gurumurthy
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