Some white light is coming out about need for exposure of money stashed abroad

Governance in all democratic countries would be trickier in view of information about exposure of corruption and black money stashed abroad coming out in different ways.

Military rulers, autocrats and the like need not be bothered about revelation for the time being since they have the country under their iron grip.

In countries like India, it may not be good going for the rulers for long as information about financial malfeasance is coming out in different ways.

If there is no WikiLeaks type leaks, there would be other types of revelations. Now a renegade banker has come out with some names of account holders abroad.

Lately, the Supreme Court has verbally criticized the government for not divulging the names of account holders abroad which have been accessed. The court has said it is plunder of the nation’s money. Stashing black money abroad cannot be the domain of any particular political party or individual. All people who get black money, corruption money, sleaze benefits deposit the same abroad.

Global Financial Integrity, an international group, has pointed out that Rs 20.85 lakh crore of Indian money is stashed abroad.

All the while, people have been enjoying the benefits of the secrecy laws surrounding the banking sector abroad. Now UN has passed a Convention on corruption and laws are being framed for repatriation of money from countries concerned.

It may not be soon that all these corrupt deals would be brought to light and money brought back. But a faint light is visible from whistle-blowers of sorts. Governance may not be that smooth without taking some form of action.