BENGALURU: “According to many estimates Indians are the second largest holders of money in foreign bank accounts. The reasons for this are the upper judiciary, tribunals, and commissions who are not corrupt but do not understand these kinds of white colour crimes,” warned veteran Economist and Columnist Surendra L Rao.
He was talking on “Can black money economy eliminate corruption by becoming white,” at the Indian Institute of World Culture (IIWC), Bengaluru.
Commenting on the monetary sources of corruption he said that we have built a society subject to government control to a large extent which unfortunately is misused due to lack of transparency. The license raj system in our country lacks transparency and vision hence it derails development. This, in turn, leads poor quality of work and corruption.
Surendra L Rao addressing the audience JAYASIMHA
“We have had series of scams since Independence. One of the major reasons for this is the intensity of regulation. Our system is operated by people many of whom who have vested interests in continuing things as they are. We live in a situation and a system which encourages these things. So, there has been a structural and institutional change which has to be simple and transparent,” he said.
He opined that the recent demonetization was just a small step to curb black money and to stop the circulation of counterfeit notes that is within the country and that comes from other countries. Demonetization cannot by itself make the cash based economy like India into a cash-less economy.
He stressed on the factor that all illegal routes that send unaccounted money to foreign lands must be stopped and ready-made sources like Panama Papers which have information about those who have illegal, unaccounted money outside should be used to find them out and punish.
Throughout the talk, Surendra Rao stressed the need to build a society based morals with social obligation. He quoted former President A.P.J.Abdul Kalam who said people who could do best in building a society based on good morals are parents and the teachers. Social change must begin at the individual level, he added.
He appreciated the IIWC for its various kinds of continuous activities and programs to spread the basic tenets of Philosophy in general and Indian Philosophy in particular.