Bangalore International Centre had arranged a talk on “Why black money will rule India?” by Mr. V Balasubramanian, Former Addl. Chief Secretary, Govt. of Karnataka, on Friday, 5th June, 2015 at 6.30 PM. The session was moderated by Dr. Vinod Vyasulu, Adviser, Centre for Budget and Policy Studies.
In a well-researched presentation, Mr. Balasubramanian traced as to how black money came to feature prominently in the public domain in the wake of the prosecution launched by the Enforcement Directorate against Hasan Ali, a small-time Pune-based punter in 2007. Mr. Balasubramanian thereafter quoted facts and figures, already in the public domain, to argue that some of the double-taxation treaties India has with foreign countries have greatly facilitated tax-evaders in India to deposit black money in the so-called tax havens. He argued that politicians of all hues within the country have directly or indirectly assisted this process.
In the lively interactive sessin that followed, some members felt that Mr. Balasubramanian had taken an unduly cynical and pessimistic position which was not warranted. Sparks flew, but that was again what interactive sessions are all about.