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Former Director of Infosys T V Mohandas Pai today said the Narendra Modi government’s strategy to unearth black money is a ‘joke’. Here we list the top 10 noteworthy points Mohandas Pai, currently chairman of Manipal Global Education Services (he was a member of the Kelkar Committee on reforming direct taxes), said about black money in India and why he considers government’s efforts to crack down on it a ‘joke’: (Express Photo)
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1. Calling it (not having an effective strategy to unearth black money) a ‘big failure’ of the Narendra Modi government, Mohandas Pai said better intelligence and prosecution are needed to achieve the objective as the present law is ‘unworkable’, Mohandas Pai said. (PTI)
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2. “Tax terrorism has not come to an end in the country even though Finance Minister Arun Jaitley continues to say that it’s stopping,” Mohandas Pai said. (Reuters)
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Global Financial Integrity: The Supreme Court appointed Special Investigation Team on black money has asked the Directorate of Revenue Intelligence (DRI) to verify whether $505 billion had flown out of the country during 2004-13, when Congress-led UPA was in power.The instruction to DRI comes on the heels of US-based think-tank Global Finance Integrity stating in a report that India had fourth largest outflow of black money in the world with a whopping $51 billion being siphoned out every year between 2004 and 2013. [15-02-2016]
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4. “It (the government) does not have super intelligence yet. It does not have superior prosecution capabilities, and unless they get better intelligence, they are able to prosecute better, they set up fast track courts, things are not going to work,” Mohandas Pai said. (Express Photo)
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5. “Black money is not waiting in foreign banks for you to go and get information and do. There are sophisticated structures; government should find out what these structures are, who is doing it and how it’s being done,” Mohandas Pai said. (PTI)
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6. “There is a lot of corruption in the ports. They must set up special investigation teams, appoint special prosecutors, build up capacity, add special courts, try them (offenders) and put them in jail within six months…not five years or ten years. If you don’t do that, nothing will work,” Mohandas Pai said. (Twitter photo)
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7. “It (tax terrorism) is still continuing at the grass-roots level. (Tax) disputes have gone up to unprecedented levels. They (the government) have to clean up the whole system; and that (tax terrorism) is stopping investments,” Mohandas Pai said. (Twitter photo)
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(IS:Infosys)
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9. “There should not be reservation anywhere and it should be on merit. There is nothing wrong if socially disadvantaged sections…if they get good education… they will do very well. We have tried to experiment in Bengaluru five-six years ago, it worked beautifully,” Mohandas Pai said. (Reuters)
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(Reuters)
US announces new rules for selection of H-1B visa for foreign workers
