Ever since talk of black money in Switzerland started, an atmosphere has been created that if all that money comes back to the country, all our problems will be solved. We will not have to pay tax and in development we will generate power to stand in competition with any developed country, even though nobody knows yet how much black money from India has been deposited in foreign countries. In this money that has been deposited, a lot is ‘benami’ — in the name of some person other than the actual person — whose heirs are never going to get that money. The sole reason for this is that the politicians and immensely rich people who routed money to Switzerland through ‘hawala’ (a traditional system of transferring money whereby the money is paid to an agent who then instructs an associate in the relevant country or area to pay the final recipient) and had it deposited in banks there, out of them many did so due to fear that quarrels between their heirs don’t break out over the money or that somebody doesn’t tell the Government about this accumulated money or out of fear that they themselves don’t get murdered for this money, because of which they don’t even disclose their money secrets to their family members. Coincidentally, out of them, many have expired and before their deaths, they could not reveal where that number, which banks call the ‘identification number’ was kept.
But the amount of black money that belongs to people who are still alive, that too is enough. The Government is now stepping back from the political promise made before the elections. When Prime Minister Narendra Modi was campaigning for the Bharatiya Janata Party, then he had said, we will bring back black money from foreign countries. Shri Lal Krishna Advani and Baba Ramdev kept making promises continuously about this to people, but now it is being said, especially from the side of the Finance Minister, that the coming back of black money is difficult. How much the amount is cannot be said either, because keeping in mind international laws, our relations with some countries are made accordingly.
Mr. Arun Jaitley, your image has been that of the Minister keeping the most connections with the country’s business families. The cases that you fought in your entire political life in the Supreme Court, out of them most have been related to these big families. This was your profession, there is nothing bad in it, but when you are the Finance Minister of the country, then somewhere you will have to keep some new methods in front of the people and will have to make people understand that you have applied your mind to resource generation. Instead of taking money out of the pockets of people, the means available with us be used for resource generation, this is of utmost importance. I humbly give you a suggestion. Whatever money is deposited in foreign countries in the form of black money, and given the general perception that has formed, several 100 times more than that money is in circulation in the economy of our country in the form of black money. Every where our tax system every year produces lakhs of crores of black money and puts it in the economy. The declared amount of money that has been used to run the economy of the country, undeclared money has been used more than that. How much damage is being caused to the Government because of this, the Government itself can make an estimate. But according to a broad estimate, the Government can try to come out of the web of debt if it takes some decision in the direction of resource generation.
Mr. Arun Jaitley, you can prove to be much better than many people if you think seriously about suggestions given by ordinary people in relation to resource generation, put in your efforts to find new resources for revolutionary change in the economy of the country, put in your strength to search for new resources and not only impress the Prime Minister with your new thinking, but also induce and inspire him to find a new way of development in the country.
Mr. Finance Minister, I am keeping a suggestion before you: that you make this announcement that whoever has undeclared money, within 6 months they should deposit it in a bank. The Government will not ask them how they earned this money. The Government should keep only one condition: that till 5 years it will not give any interest on this money. For 5 years it will use this money for development of the country and after 5 years it will deduct 20 per cent at source on this money and whoever has deposited the money can use it again by applying the ordinary income tax bracket. This means that the Indian Government will get in the form of a resource lakhs of crores of rupees or maybe more than the rupees which have been deposited in the banks of Switzerland.
The Indian Government can use this money to strengthen the rural economy in the country, to increase the rural infrastructure and especially to make farmers crops fertile and profitable. There will be so much money that the Government can’t even think about. If the Government gives this assurance that it will not ask any question about the money deposited in the bank, nor will it ask for any bribe, nor will it create any ‘tripping’ obstacle, then people of the country will give all that undeclared money to the Government and after the 5 years in which the Government has used their money without paying interest, will receive it only as principal and after that, by paying 20 per cent tax on it, they will search for a new role in fulfilling their responsibility.
There are some more examples like this. The Finance Minister should tell the Railways that, whatever scrap it has lying around with it in the whole country, which can be seen lying on the side of stations by anybody while travelling on any railway track, whether it be in the form of old coaches, in the form of old railway lines or in the form of waste material, after assessment it should be auctioned. As per a broad estimate this scrap is worth 20,000-30,000 crore rupees. Mr. Finance Minister, you have taken out 8,000 crore rupees out of the pocket of the common man so that the Railways can be improved, when you also know and we also know that there will be no improvement of the Railways. This money will be misused somewhere or the other, will be put in unproductive plans. It will be better than that if you now put a stop to the policy of taking money out of people’s pockets in the form of tax. You can collect 20,000-30,000 crore rupees in one day in the Government treasury and can use it for betterment of Railways.
In addition, if you, Mr. Finance Minister, try to make some solid effort to rein in vested interests, then you can prove to be very helpful to the Prime Minister. Kindly announce this policy in this country that whichever person can build storage houses at their place as per the standards set by your Government, should build them. By storage houses we are not talking about temperature controlled, cold temperature controlled cold storage, but talking about temperature controlled warehouses. In that, the responsibility for complete maintenance will be of the person who has built it. If food grains rot there or mice eat it, then the responsibility is of that person who has built it. In every block in which that person wishes, it should be built according to a Government scale. The Government only takes care of it and gives rent for it to the person who has built it. You will see that people themselves will provide storage for crore times more food grains than the FCI can provide, will keep it in sacks, mice will not eat it, and termites will not ruin it. And in this country where 40 per cent of the food grains are eaten by mice or it rots or goes in the black market, that grain will be used for the people of the country in the development circle of the economy.
The next suggestion I put before you, Mr. Finance Minister, is this: that you say to the Power Ministry that it announces that whoever in this country wants to install a solar energy based project – from the smallest to the biggest power generation project — can do so. They only have to give information to the designated authority. They should buy land themselves, put in 100 per cent of their money, produce electricity and the produced electricity the Government should buy locally. In the entire country the Government should buy that produced electricity at a difference of some rupees. You will see that two years will then pass only after our country has become self sufficient in the matter of power. The whole country will start walking in the circle of development, the maximum impact of which will be not only on the lifestyle of villages and cities of the country, but on its development mechanism too an amazing, revolutionary change will be seen.
Mr. Finance Minister, please give 2 minutes time to think about such suggestions. This is important because, in our country, for preparation of any plan, talk of taking a loan from foreign countries takes place. We think of inviting big foreign families and foreign companies in the country, but we don’t ever think about using the resources, the property lying in our own country in the circle of development of our country. I have a request, and as a last suggestion, I say this: that you divide income groups in a manner that no income tax ever will be levied on a particular group. And, above that, especially on corporate families, levy whatever tax you want to levy. All these suggestions will not only free the poor of inflation, corruption, but will also play a revolutionary role in doing away with unemployment. In all these suggestions, employment is integral and the second result, which we also call a natural result, is going to be this : that when electricity will be there, when food grains will be safe, when the Government’s treasury will be filled with that money, which is a treasure of lakhs of crores of rupees, then many of our problems will be solved on their own. The money that is there in the economy on an undeclared basis, if that will come out as declared, then the Government will get one such fund to use for 5 years due to which it will not have to look to any other country. And our country will be able to present itself as a power rich with an all powerful economy.
Mr. Arun Jaitley, you are capable of thinking, understanding, because you have told many of your plans to many Prime Ministers. I can expect this from you that you can prove to be much better than many people if you think seriously about suggestions given by ordinary people in relation to resource generation, put in your efforts to find new resources for revolutionary change in the economy of the country, put in your strength to search for new resources and not only impress the Prime Minister with your new thinking, but also induce and inspire him to find a new way of development in the country.