NaMo pledges new task force on black moneyMay 4, 2014
If elected, Indian prime ministerial candidate Narendra Modi promises to create a new task force to take five to ten percent of foreign black money seized and distribute it to law-abiding citizens on fixed incomes:
“Black money,” a catch-all term in India for illicit money, whether it is money derived from corruption, money laundering, hawala, terrorist financing, or through the off-shoring of wealth through tax havens, was referred to by Modi during remarks in February mostly in the context of tax evasion. It appears that Modi’s proposal is somewhat narrow in focus, but he would be well-served by expanding his proposal to include all types of black money—not just wealth accumulated through graft by his political opponents that is deposited in Swiss bank accounts.
Delhi should rigorously pursue the coffers of the Indian Mujahideen and related groups through raids and asset seizures. If authorities want to distribute a portion of those assets to middle and low income Indians, that’s fine, but the main purpose of such programs should be to dry up the finances of Islamic terrorist threats to India rather than to fund redistribution schemes.
Modi poses the most serious threat to black money of any Indian politician to date but he needs to address the total issue, not just one aspect of it.