In an exclusive interview with AajTak, Prime Minister Narendra Modi tackled the pressing issue of corruption, emphasizing the Enforcement Directorate's (ED) crackdown on black money. This interview coincides with a rigorous election campaign, where PM Modi is on the verge of securing a historic third term in office. The Prime Minister highlighted the government's efforts to combat financial misconduct and reaffirmed his commitment to ensuring that illicit wealth is brought back to benefit the nation's poor.
PM Modi fielded question on every hard-hitting issue in an exclusive interview with the India Today Group LINK
PM Modi's Key Statements from the Interview
In an exclusive interview with Aaj Tak, Prime Minister Modi said,
"I am putting a lot of thought into this because I feel from my heart that these people have looted the poor's money by misusing their position, and they should get it back."
“If I have to make legal changes, I will do it. I am currently seeking the assistance of the legal team. I have instructed the judiciary to advise me on what to do with the money that is lying around,”
PM Modi said when asked about the whereabouts of the heaps of money seized by the Enforcement Directorate.
The Prime Minister noted that the new ‘Nyaya Sanhita’, which was brought in to replace the Indian Penal Code, “has some provisions” in this regard.
The government agencies have so far seized Rs 1.25 lakh crore, he added.
He mentioned Enforcement Directorate cases in West Bengal, Kerala, and the land-for-jobs scam involving former Bihar Chief Minister Lalu Yadav.
“I have talked about a couple of types of corruption, one that is done in big businesses where the transaction remains secret. This is a problem. In most cases, innocent people paid for it, like in Bengal, in the case of recruitment of teachers,” the Prime Minister explained.
Similarly, in Kerala,
“the people’s money in the Communist Party-run Cooperative Banks was swindled in the name of personal business partnerships, and they have committed fraud worth thousands of crores,” and “...Lalu ji has got the land written in his name when he was the railway minister in exchange for giving jobs to poor people”.
The Prime Minister stated that the probe agency has managed to trace the money trail in these transactions, and that he was trying to think of making a deal to return the land to the poor.
Responding to another question during the interview, the Prime Minister said the Enforcement Directorate was dysfunctional during the Congress rule and it started functioning effectively under the BJP government.
Modi didn't shy away from highlighting instances of corruption even within political entities, citing the ruling Communist Party of India's (CPIM) alleged misuse of cooperative funds in Kerala.
"In Kerala, the Communist Party runs a racket of honesty," he stated. "But what kind of people are these, they have swindled this money in the name of their personal business partnership and they have done a fraud of thousands of crores."
With a resolute tone, Modi outlined the government's efforts to trace and recover illicitly obtained funds. "Now there is a trail in it," he emphasised.
Demonstrating empathy for the victims of corruption, Modi elaborated upon efforts to seek justice for those who have been wronged. He pointed out that the black money or ill-begotten wealth has to return back to the poor.
"I feel from my heart that these people have looted poor's money by misusing their position," he said.
Looking towards the future, Modi expressed a commitment to enact legal reforms to combat corruption effectively, especially the aspect of returning back black money to the poor.
"I will have to. If I have to make legal changes, I will do it," he affirmed.
"I am taking the help of the legal team right now because I told the people of the judiciary that tell me what to do with [regards to the] money lying around."
Drawing from personal experiences, Modi recounted a striking anecdote from his tenure as Chief Minister of Gujarat, underscoring the challenges posed by seized illicit goods.
"When I was the Chief Minister of Gujarat, in Bhavnagar, a very large quantity of black jaggery was caught," he recalled.
"Now it is kept in the police station. Even if it rains, mosquitoes and flies will come. It has become difficult to pass through that road. Now the law says that you cannot remove this, so face the consequences."
The Modi Government's Comprehensive and Decisive Anti-Corruption Efforts
One of the greatest challenges facing the nation has been the scourge of corruption. Elected on a platform of eradicating this menace, the Modi government has established an incorruptible administration, taking stringent measures against black money and holding economic offenders accountable. In its first cabinet decision, the government set up a court-monitored Special Investigation Team (SIT) to address black money. The SIT's interim reports, which led to the detection of over Rs. 70,000 crores in black money, including Rs. 16,000 crores in offshore accounts, resulted in the adoption of many of its recommendations.
To bolster its fight against corruption, the Modi government enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This law imposes severe penalties, including fines up to 90% of the value of undisclosed assets and a 30% tax, along with provisions for rigorous imprisonment in certain cases. These stringent measures serve as a strong deterrent against the hoarding and concealment of black money, reinforcing the administration's commitment to transparency and accountability.
The Modi government has fortified the Double Tax Avoidance Agreement (DTAA) with countries like Mauritius, Singapore, and Cyprus, renegotiating tax treaties to curb abuse, tax evasion, and the round-tripping of funds. These revised treaties represent significant victories in India’s ongoing battle against black money.
Under PM Modi’s leadership, proactive measures against black money stashed abroad have yielded significant results, including a notable decrease in loans and deposits in Swiss banks. The agreement between India and Switzerland on the Automatic Exchange of Information (AEOI) ensures that India receives details on accounts held by Indian residents in Switzerland starting from 2019. This crucial step marks a major advancement in the government’s relentless efforts to combat tax evasion and illicit financial flows.
The Modi government took decisive action by enacting the long-pending Benami Transactions (Prohibition) Amendment Act, 2016. This legislation empowers authorities to confiscate Benami properties and prosecute both the Benamidar and the beneficial owner, imposing penalties of up to seven years' imprisonment and fines reaching 25% of the property's fair market value. As part of this initiative, 24 dedicated Benami Prohibition Units (BPUs) have been established across India, leading to provisional attachments of around 1,600 transactions, involving properties valued at Rs. 6,900 crores.
Introduced by the Modi government, the Fugitive Economic Offenders Act, 2018, has emerged as a powerful tool in the fight against economic offenders who flee India. This legislation empowers investigative agencies to confiscate the assets of such offenders, compelling them to return to India to face trial. In addition to aiding banks and financial institutions in recovering losses from financial defaulters, the law also serves as a deterrent to future offenders. Complementing this act are the Fugitive Economic Offenders (Procedure for Conducting Search and Seizure) Rules, 2018, which streamline the process of attachment and confiscation of assets, ensuring swift action against those engaged in economic wrongdoing.
The relentless battle against black money under the Modi government's tenure is yielding tangible results in curbing decades of corruption and promoting accountability. Through a series of anti-black money measures, approximately Rs. 1,30,000 crore of undisclosed income has been unearthed, shedding light on previously hidden financial activities. Additionally, the government's efforts to enforce corporate accountability and ensure transparency in the utilization of loans from public funds represent crucial steps towards fostering a cleaner and more accountable economy.
The legacy of the UPA government left the banking sector in a precarious state, marked by a staggering increase in non-performing assets (NPAs) that were concealed from public view. Between independence and 2008, banks issued loans totaling Rs. 18 lakh crore. However, during the Congress-led UPA government's tenure from 2008 to 2014, this figure soared to Rs. 52 lakh crore, exacerbating the burden of NPAs. This significant rise in loan issuance contributed to the accumulation of hidden NPAs, posing a severe challenge to the stability of the banking system.
The Modi government's proactive approach in tackling the mounting non-performing assets (NPAs) within the banking sector has yielded remarkable results. By enacting the Insolvency and Bankruptcy Code, the government successfully uncovered and addressed these NPAs, facilitating the recovery of over Rs. 3 lakh crore for banks and creditors. This strategic intervention has not only alleviated the financial burden on financial institutions but has also paved the way for a more resilient and stable banking system. Furthermore, the government's unwavering commitment to promoting clean governance, combating black money, addressing corruption, and resolving NPAs underscores its dedication to fostering a transparent and accountable economic environment. These collective efforts mark significant strides towards realizing the vision of a clean economy for New India, characterized by integrity, efficiency, and prosperity.
留言