Can we bring back Illegal Money

Black money, undisclosed illegally held funds estimated at 120 lakh crore,this amount is about 60 times the annual revenue from income tax in the union budget.The black money is not just a mere avoiding of taxes,It is infact a major systemic crime denying the opportunities to share the wealth for the benifit of the poor.
Indians tax laws donot have any clear definition of the term Blackmoney.
generally it is referred to as Blackmoney in two scenarios:

1. Earned by illegal activities
2. Money on which tax have not been paid

Billions of BlackMoney have been siphoned out of India over decades by corrupt polititians and businessmen; it lies securely in the vaults of swiss banks. They are no longer exist in swiss bank, but have put to use in India's murky realestate market and in state and national elections also.

Can polititians be believed and entrusted?

• PM has appointed special investigation team to look into blackmoney issues.
• Finance Minister Arun Jaitley has spoken several times about asking swiss authorities to make available to Indian account holders and sums they hold.

Once this government cracks the whip and bring this money home,India will cease to be a poor country and will take its rightful place among the super powers of the world. But the polititians here will be ready to whip outrage over BlackMoney as long as no policy changes are involved.

           The systems and loopholes have made such largescale embezzlement possible.The business standards urgued that, The biggest step govt should take on ending the black money is to make it more difficult for the people to bring back the BlackMoney to India. and the tough financial reporting standards in place for banks and individual ensures harsh laws to check illicit floes are rarely used.

Despite the tough laws, illicit flows out of country became rampant.
India's numerous laws:

• India creats database that links tax records , aadhar numbers, bank transactions - the space for generating illicit funds - will narrow.
• Black Money bill of 2015 passed ( but inadequate to secure the return of $1.5 trillion deposited  in about 90 countries).
• The civil and criminal liabilities for holding black money range from rigorous imprisonment for not less than three years upto seven to 10 years, along with fine.

Taking Right steps:

1. The CBI filing FIR receipt of illegal accounts through Intelligence sources and obtain a letter of request u/s 166 A of the criminal procedure code from a designated court and can confiscate the account through swiss cooperation under International judicial assistance in criminal cases
2. The Germany and French method of  obtaining records of particular bank.
3. U.S method to arrest senior bank officers based in Washington-DC on charges of espionage to pressurise swiss authorities into giving 5000 names of U.S citizens.
4. Invoking the resolution of the UN convention against corruption.

This requires parliament to pass a law & thereafter, bilateral discussions with each of these countries to get hold of the accounts.