Will India's Black Money return?

Public money stashed in overseas bank accounts has been a serious problem for India. For many decades, the Opposition has raised this issue during election time and promised to bring all the black money back to India once they come to power. However, even after a change of guard at the Centre several times, black money never came back to India.

However, with the Supreme Court stepping in and mounting pressure on the Union Government in the recent years, there is a ray of hope that black money may finally come to India.

However, the Union Government has refused to divulge names of the black money account holders on the pretext of international treaties and at the same time confessed that some accounts have been already emptied.

In this latest development a genuine question arises Will the Black Money ever come back to India? Now, with Supreme Court itself asking the Centre to end the black money investigation by March 2015 after SIT report expressed fears that many account holders are emptying Swiss bank accounts, citizens fear that black money may never come back to India.

Now, the onus lies on the Government in power to necessitate immediate action and mount international pressure to freeze all the black money accounts so that the money cannot be emptied by the account holders. It is a test of political will for the Government and it has to be seen how it passes the test.