We have an array of legislations aimed at regulating / facilitating / ensuring prompt payment of income tax and various other taxes, prevention of concealment of income or wealth, enforcement of financial discipline by individuals and institutions, avoidance of denial of social and financial justice to any section of the society etc. The Income Tax Act, The Wealth Tax Act, The Foreign Exchange Management Act, Prevention of Money Laundering Act etc. are just a few among them. These Acts have also been undergoing periodic amendments aimed at making them more effective. The intentions behind all such Acts are noble. However, unfortunately, certain sections of the society have a feeling that they are above the purview of all these laws and they are adept in blatantly flouting them resorting to several ruthless methods. They include corporates, industrialists, film stars, politically powerful individuals, some bureaucrats, some professionals and even some segments of the so called ‘common man’.
This obnoxious infringement of financial laws by some sections is one of the major reasons behind the economic imbalances in our society and the ever growing gulf between the rich and the poor, in spite of the several well meaning initiatives the post liberalisation India has seen. These sections with the help of professionals and connivance of the law makers as well as the law enforcing agencies have created a strong impression that the laws are meant not for them and defeat the noble intentions behind the financial legislations.
Very frequently we see the issue of notices to film celebrities, corporate houses, corrupt bureaucrats etc. for various offences like concealment of income, tax evasion, keeping unaccounted money, money laundering etc. by agencies like the Income Tax Department, the Enforcement Directorate etc. on obtention of incriminating evidences against them. A lot of noise is generated in the media in every such instance. (Some are happening without any ‘publicity’ also.) However, after that precious little is heard about how such cases are dealt with and decided. This is because the cases are somehow hushed up through the ugly influence of political power or money power. This is a sordid state of affairs. No earnest attempts seem to have been taken by any of the Governments so far to address the above serious issue.
The law enforcing agencies will earn credibility only when they start dealing with all financial offenders on an equal footing without any fear or favour or obligation, notwithstanding their political lineage or clout or financial power or celebrity status. To say the least, their approach and actions should never become a disincentive to the honest sections of the society, who do not enjoy any special protection under our laws.
This obnoxious infringement of financial laws by some sections is one of the major reasons behind the economic imbalances in our society and the ever growing gulf between the rich and the poor, in spite of the several well meaning initiatives the post liberalisation India has seen. These sections with the help of professionals and connivance of the law makers as well as the law enforcing agencies have created a strong impression that the laws are meant not for them and defeat the noble intentions behind the financial legislations.
Very frequently we see the issue of notices to film celebrities, corporate houses, corrupt bureaucrats etc. for various offences like concealment of income, tax evasion, keeping unaccounted money, money laundering etc. by agencies like the Income Tax Department, the Enforcement Directorate etc. on obtention of incriminating evidences against them. A lot of noise is generated in the media in every such instance. (Some are happening without any ‘publicity’ also.) However, after that precious little is heard about how such cases are dealt with and decided. This is because the cases are somehow hushed up through the ugly influence of political power or money power. This is a sordid state of affairs. No earnest attempts seem to have been taken by any of the Governments so far to address the above serious issue.
The law enforcing agencies will earn credibility only when they start dealing with all financial offenders on an equal footing without any fear or favour or obligation, notwithstanding their political lineage or clout or financial power or celebrity status. To say the least, their approach and actions should never become a disincentive to the honest sections of the society, who do not enjoy any special protection under our laws.
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