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India's money in Swiss Banks may return to the country soon
If reports are to be believed, then the positive inflow of black money which is stashed in the Swiss banks may be seen by the country under the rule of Prime Minister Narendra Modi. After taking the charge as the Prime Minister of the country, Narendra Modi has announced that a special investigation team (SIT) would be formed to get back the black money from abroad. This decision came after the first meeting of the prime minister with his Cabinet.

The Special Investigation Team will include deputy governor of Reserve Bank of India, Secretary (Revenue), CBI Director, RAW Director, Chairman of Central Board of Direct Taxes and Enforcement Directorate, amongst others. Highest level of revenue, economic and financial management of India are also present amongst the members of SIT.

Previously also Bharatiya Janta Party, being an opposition party in 2011, has voiced their demands to bring back the black money into the country.

The special research team would have jurisdiction over different cases of funds which remains unaccounted or the black money which is stashed abroad by the Indians. The team would also have the authority to govern pending cases along with those investigations which has already commenced, awaiting their initiation or have been completed. Cabinet ministers have welcomed the decision of forming the SIT and are supporting it completely.

India has joined other countries such as Britain and the U.S. and aims at cracking down on those people who do not report their offshore funds. Private companies and high net worth personalities are generally regarded as the primary culprits indulging in the illicit flow of money.

President Pranab Mukherjee in his joint addressal to both the houses of the Parliament also commented on the formation of the team and said that India would actively engage with foreign governments to bring back the black money.

The black money covers the money which is earned and illegally transferred to foreign countries in order to avoid tax. With the formation of special investigation team, India is getting closer to unlock the mysteries associated with the vaults of Swiss banks' black money sourced from Indians. These people can’t use top banks in India to stash their black money, since Indian banks have no such facility. Good news is that Switzerland has also agreed upon providing secret information about Indian citizen’s finances which are locked away in the bank.

Under the Prime Minister Narendra Modi’s clear vision, it is possible that India would become a developed country soon. He is focused on providing all the basic necessities to the citizens and aims at developing the country with the black money available in the foreign banks. 

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