Senior Bharatiya Janata Party (BJP) leader Dr Subramanian Swamy on Friday claimed that the black money bill will be ineffective in getting the money stashed in tax heavens abroad, back to the country.
Swamy, speaking in Mumbai during a discussion on black money organised by Moneylife Foundation, said that the Undisclosed Foreign Income and Assets (Imposition of Tax) bill, popularly known as black money bill, in the present form will be ineffective in achieving its purpose. "The bill in the present form has nothing to with how the black money should be taken back in the country. The bill plays role in cases when black money is already detected or someone voluntarily has disclosed it. The bill is incomplete as far as electoral promises (by BJP) are concerned," said Swamy.
He also said that the public may feel the provisions of the bill are draconian as it gives Income Tax officers enormous powers.
He suggested strict measures like those taken by Germany, France and the US to bring black money deposited by Indians in foreign banks illegally, without paying due tax.
He also slammed previous UPA government for failing to act, especially when other countries were willing to share names of the Indians with black money stashed abroad. "The Congress government made a few amendments that ensure the names of people having black money are not revealed. I am sure that BJP government will not disappoint us. There is need to have strong public pressure," Swamy said.
Swamy advocated demolition of personal Income Tax system and the scrapping of Adhaar scheme to empower the fight against black money.