Government’s Black Money drive a joke: Mohandas Pai

Former Director of Infosys T V Mohandas Pai today said the government’s strategy to unearth black money is a ‘joke. He said the government doesn’t have the policy, money, legal and intelligence muscle required to book offenders.

The former Chief Financial Officer of the Infosys also said that better intelligence and prosecution was needed as the current law is ‘unworkable’.

"The whole black money strategy has been a joke. The law (to unearth black money) is badly drafted and it is unworkable. Nobody will pay 60 per cent tax to stay in this country. And secondly, your black money action should be based on better policy and better intelligence," Pai told PTI in an interview.

"It (the government) does not have super intelligence yet. It does not have superior prosecution capabilities, and unless they get better intelligence, they are able to prosecute better, they set up fast track courts, things are not going to work," he said, adding, "It (not having an effective strategy to unearth black money) has been a big failure of the government.

"Black money is not waiting in foreign banks for you to go and get information and do. There are sophisticated structures; government should find out what these structures are, who is doing it and how it's being done," Pai added.

Image credit: Indiatimes