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By Harshmeet Singh

The awakening of society towards the issue of black money can be credited as much to the media as to the innumerable agitations over the past 5 years.


After a long wait, tough talking Arun Jaitley has finally announced some stringent laws to deal with the offenders of the Foreign Exchange Management Act. According to the proposed law, a rigorous imprisonment of up to 10 years along with a 300% tax penalty will be awarded to those failing to disclose foreign assets.

Apart from proposing severe consequences for the offenders, the FM also stated that the Government was in the process of devising a plan to encourage voluntary disclosure by allowing people to repatriate their black money by paying the appropriate taxes.

Albeit experts and agencies differ in their estimation of the total Black money stashed in foreign banks by the Indian residents, all of them peg the amount to be a significant proportion of our GDP.


How Black Money originates

Contrary to the common belief, Switzerland is fast losing its position as the ‘favourite’ destination for India’s Black money. With all eyes on the Swiss Banks, the depositors are now eyeing safer destinations. A number of individuals have resorted to round tripping to convert their unaccounted money. Round tripping essentially refers to Indian money going abroad by illegal routes, such as Hawala and then coming back to the country in the form of investments or remittances. Tax havens such as Mauritius have attracted huge funds over the past decade, owing to Round Tripping. While it may seem like an easier route to bring back the black money, the evasion of tax at the first instance causes huge losses to the exchequer.

GMR, Reliance Communication also round trip

Surprisingly, a number of listed companies have also come in the net of allegations of round tripping, with SEBI issuing notices to Reliance Communication, GMR and United Spirits.

Circulating money via Villages

Even though the phrases ‘black money’ and ‘stashed abroad’ are usually taken in a single breath, the amount of black money circulating within the borders of the country can’t be underestimated. One of the most common, yet unnoticed ways of circulating black money is through private money lenders in villages. With nationwide financial inclusion still a far off realization, the unbanked villages in India number more than 4 lakh. Lack of credit facilities forces the farmers to take loans from local moneylenders at exorbitant interest rates of 25% – 30%. Such mechanisms provide a fertile base for the black money holders to circulate their illegal or unaccounted cash without raising anyone’s eyebrows.

The Government, by its own admission, is trying its best to bring all the black money holders to the fore. One hopes that probes in matters such as HSBC leak list don’t take the ‘eternal’ path and are fast tracked to keep pace with the big promises made.


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Scientists temporarily attached a pig's kidney to a human body and watched it begin to work, a small step in the decades-long quest to one day use animal organs for lifesaving transplants.

Pigs have been the most recent research focus to address the organ shortage, but among the hurdles: A sugar in pig cells, foreign to the human body, causes immediate organ rejection. The kidney for this experiment came from a gene-edited animal, engineered to eliminate that sugar and avoid an immune system attack.

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Photo by Wikimedia Commons

Killer Smog in Delhi.

Developed by the Indian Institute of Tropical Meteorology (IITM), Pune, a Decision Support System (DSS) that extends the ability of the existing air quality early warning system (AQEWS) to have decision-making capability for air quality management in Delhi-NCR was launched on Tuesday.

The website for the DSS (https://ews.tropmet.res.in/dss/) is designed to help the Commission for Air Quality Management for NCR and Adjoining Areas (CAQM) by delivering quantitative information about the contribution of emissions from Delhi and its 19 surrounding districts; the contribution of emissions from eight different sectors in Delhi; and the contribution from biomass-burning activities in the neighbouring states.

These information would assist in managing the air quality in a timely manner, a release from the Ministry of Earth Sciences said.

The need was stated by the CAQM, which was formed by the Ministry of Environment, Forest and Climate Change, during a meeting held in January 2021.

Recently, the Commission reviewed the progress made by IITM and had in principle approved the current version of DSS for air quality management in the Delhi-NCR. The IITM has also developed a new website for DSS with the entire system made operational, the release said.

Union Minister of State for Earth Sciences, Jitendra Singh, while launching the website for AQEWS on the occasion of 'Azadi Ka Amrit Mahotsav' week organised by the Ministry of Earth Sciences, said, "DSS is a significant contribution to 'Azadi Ka Amrit Mahotsav' on behalf of MoES and IITM and suggestions are invited on this issue."

The website also has a feature whereby the users can create their own emission reduction scenarios (from 20 different districts, including Delhi) so as to examine the possible projected improvement in air quality in Delhi for the next five days.

"This information would explicitly highlight the most important emission sources responsible for the degradation of air quality in Delhi and suggest possible solutions to ameliorate the same. With a plethora of quantitative data, the AQEWS integrated with DSS could become a user-friendly tool for air-quality management in and around Delhi," the release said. (IANS/JB)

Keywords: Delhi, India, Pollution, IITM, Ministry of Earth Sciences


Photo by GOI.

On the first day of the two-day meeting of BJP and Rashtriya Swayamsevak Sangh (RSS) leaders on Tuesday, discussions were held on important issues related to education and the National Education Policy-2020

On the first day of the two-day meeting of BJP and Rashtriya Swayamsevak Sangh (RSS) leaders on Tuesday, discussions were held on important issues related to education and the National Education Policy-2020. Apart from senior RSS leader Suresh Soni, representatives of various organisations associated with the Sangh Parivar -- working in the field of education -- were present in the meeting in New Delhi.

According to sources, Union Education Minister Dharmendra Pradhan, who attended the meeting on behalf of the government, shared information related to the National Education Policy-2020 and the government's policy on important issues related to the education sector. Pradhan also shared details of the efforts being made by the government in the field of education.

Discussions were also held regarding the impact of the situation arising out of Corona and how much it has affected the education sector. In the meeting, the RSS leaders asked several questions and provided suggestions to the Union Minister regarding the education policy of the government.

According to the sources, RSS wants the policy to be implemented expeditiously. All aspects related to the policy were discussed in Tuesday's meeting. On the second and the last day of the meeting on Wednesday, special issues related to education will be discussed in which representatives of various organisations of the Sangh, Union Ministers and several BJP leaders will be take part.

Meanwhile, in order to convey its point of view to the government on various issues, the Sangh keeps on calling such coordination meetings related to specific issues, in which RSS representatives -- working in that particular area -- provide feedback to the government. (IANS/JB)


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