Bringing back assets.
Byline: Saman Malik - Rawalpindi
INDIA says that its citizens have Rs60 billion assets stashed abroad. Our government also is determined to get back assets worth Rs11 billion hidden in foreign safe havens.
India was able to get full names of 50 offenders and several others with name initials that held bank accounts in Switzerland.
India's experience tells that offenders do not cough up money unless they are sure of concrete incriminatory evidence. India's legislature, executive and judiciary acted in unison to chase the loot-scoot.
To India's advantage, it has a new global framework of automatic information exchange to forestall cross-border money flows and tax evasion.
It remains to be seen that our legislature and enforcement officials act as assiduously as the Indians did to check flight of money.