The swiss scare

For a democracy to properly function, an existence of a strong opposition is very necessary. The disintegration among the leading opposition parties is very glaring, but still I believe the issue of Indian black money parked in secretive Swiss bank accounts, which has been raised is a progressive step towards the unmasking of thousands of such cheats and fraudulent malpractitioners in India.

Replying to the investigation plans, the Swiss bankers association has said that such fishing expeditions is not to be allowed according to the norms and policies of the SBA. Thus, clearly, we have been asked not to meddle in their and their clients’ affairs. Fair enough for a tax haven state with such liberal tax and finance regulations (if any) to say so. But it is also a fact that Swiss bank-client confidentiality had never been 100% absolute, not even at the time of its formal codification in law in the 1930s. Swiss legislators built in provisions for it to be lifted during criminal investigations and also in many civil cases. Moreover the UBS has entered into a negotiation with the US government to lay bare some of its clients’ accounts and transaction records to expose the tax evaders, according to a deal entered by both the countries.

So our country has a lot of chance to put its foot forward and demand for an enquiry. Mr. Pranab Mukherjee has taken up the charges to gain a momentum in this operation and fortunately, the Swiss authorities have finally agreed to extract information on tax evaders who have stashed away money in Swiss bank accounts. Both the countries have also begun to negotiate the amendment of the double taxation avoidance agreement in respect of the exchange of information. The finance minister said India would approach the Swiss authorities for specific information that would help the taxman crack down on defaulters while ruling out any frivolous enquiry or the so called fishing expeditions. This, clearly, can unearth a humungous scam and can spill a can of worms in the public.

So, its time the ministers and the actors and the so called society developers may very well panic and head for Switzerland to flush out the hordes of black money that they are suspected to squirrel away in Swiss banks. But a fear still lurks around, given the fact that India has a dubious record of disengaging foreign affairs midway, the huge time taken in completing these operations. A thought may also be spared of the reluctance of some our esteemed MoPs whose cash might be stacked in those banks too. But one thing is for sure. If this operation is carried out and carried out successfully, then it will be an achievement for the UPA government nearing its 150 days of completion in office.

But yes, plain facts related to the amount of wealth stored in the accounts or tax evaded wont do much apart from adding to the already corrupt mechanism which is rampantly practised in India and for which it is notoriously held by the rest of the world. Bring out names in the open, if you can, That will test the real mettle of India, its strong opposition and its power in the arena of global relations. It will also provide acceleration to the much controversial bofors scandal.

Ah delectable thoughts. Swiss cheese.