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Let the UN utilise stashed black money for ailing economies
Why should developed nations harness benefits from trillions of black money which belongs to under-developed economies? The UN enjoys prerogative responsibility to rescue black money from tax-havens for alleviating underdeveloped economies.

ONE WOULD surely confer India a gold medal in World event (championship) of stashing black money in offshore tax-havens. And this time, India deserves a very big applause as the record sum of about $1,456 billion as stashed by Indians is four times more than the second best deposit by Russia and surprisingly more than all the other countries combined!
 
The fact is that this amount is about 13 times the country's foreign debt and once this amount of black money is transferred back to India, the entire foreign debt can be cleared in 24 hours. If the interest is earned on the rest amount, the interest received will be so much that the government can abolish all taxes for next 30 years.
 
Julian Assange, WikiLeaks founder, was more concerned than the Indian government in that billions of dollars deposited in foreign banks by Indians was resulting in severe economy damages to India. He sought that the Government of India needs to seriously get that black money and also pressurise Swiss banks to release the details of account holders of Indian nationality in order to prevent further money laundering. People in India similarly expect the Government of India must bring the money back to India and also collect due taxes, which have been evaded.
 
The Swiss government has agreed also to disclose the names of the account holders with the conditions that the respective governments formally ask for it. Now, the entire world looks at each country, particularly India, to address the black money issue on hard lines.
 
However, the current apathy and attitude displayed by Indian government on the issue of retrieving black money indicates that the country and the government will ensue ridiculous for the entire world. Everyone knows this black money has been secreted in foreign banks by large number of crooked politicians, dishonest industrialists, corrupt civil servants, depraved army officers, and many other deceitful personalities involved in events and trades involving enormous amount.
 
When the country and its functioning and investigation departments are mostly handled by these people and their gangs, who are primarily motivated to hoard country’s wealth offshore, needless to say someone could hardly expect concrete measures from government for direct investigation. Perpetrators of the misappropriated money are largely controlling the investigation departments in India and they solely aim to delay every investigation or initiate processes with improper provisions so that investigating agencies couldn’t be able to extract any detail pertaining to black money.
 
Nevertheless, India and its people have all rights to reclaim Indian money, hoarded in foreign banks, especially in view that the money has been plundered from the Indian economy. The Indian economy is struggling badly where people living below the poverty line make 50 per cent of the world’s hungry (around 500 million who live-by meagre $1.25 a day) and the economy’s fiscal deficit is one of the highest in the world. India’s government must work on war-front to repossess the country’s wealth in the interests of the country and its people.
 
Even in the situation Indian government shows apathy because the government basically comprises looters, steps should come from the World bodies in tracing those stashed money and returning them to respective countries as recently the international pressure made the Swiss government to agree to reveal illegal accounts in Swiss banks.
 
The money stashed by Indian nationals is, no doubt, India’s wealth and property and therefore should be handed over to India at any cost whereas nations serving as tax-havens have already garnered huge profits/interests from illegally deposited trillions of dollar. Few years back, the Tax Justice Network (TJN) divulged that some $11.5 trillion of ill-gotten wealth was hoarded offshore in some 70 tax havens.
 
Tax havens, as argued by experts and economists, are the brain-child of the western world in order to plunder wealth of the other countries and keep developing economies stressed as the essential capital from the developing countries is being transferred to tax-havens for explicit use by the western world.
 
World Bank (WB), International Monetary Fund (IMF), and various UN bodies must work out a resolution that the black money stashed in tax-havens should be necessarily returned to the respective nations. They must mount pressure on tax-havens to disclose secret accounts amassing trillions of dollars. UN, IMF, and WB should constitute some agencies and make pledges to retrieve all ill-gotten wealth from tax-havens.
 
These agencies should be competent for any investigation on black money, have direct access to details of each account in any bank of the world, and enjoy the authority to pass information on black money to the government of respective nation, or the UN bodies or to a respective court/trial or to even media, without being deterred or interfered by any organization or nation. The World bodies should also employ watchdogs for how the retrieved money is utilized further by the respective nation and penalize the nation on corruption and violations. 
 
If a country, like India, is reluctant to cooperate with international bodies and does not receive the plundered wealth back on government’s fear that some of top figures among them and many prominent names in the country will be arrested, one can have hopes from UN bodies only that these UN bodies should urgently collect illegally hoarded wealth from tax-havens and utilize them in funding poverty-mitigation and various development projects in the respective nations or other poor countries.
 
Why should developed nations harness benefits of trillions of dollars when the black money belongs to other countries with under-developed economies and large scale poverty? The UN enjoys prerogative responsibilities and authority also to alleviate developing- and under- developed economies from the heftiest plunder by rescuing the black money from tax-havens solely in the interests of development of third world across the globe.   
 
The looters are attached with respective governments and have no morals to protect their country’s wealth and interests. The looters control every investigation and so are immune to the trials and disclosures that they consider “hue and cry” as a part of their business of hoarding black money abroad since their accounts are concealed with bogus identities.
 
Unearthing black money from tax-havens will not be a simple task as the looters have taken all the precautions to ensure that the trail does not lead to them. The Indian looters and the Swiss criminals are delaying the entire process just to have sufficient time to destroy evidences, close their accounts and transfer all stashed funds to other places without leaving any trail.
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