Prime Minister Narendra Modi has announced his intention to seek legal counsel regarding the repatriation of black money to India’s impoverished citizens. In an exclusive interview with the India Today Group, the Prime Minister underscored his dedication to implementing reforms aimed at effectively combating corruption, with a specific emphasis on redistributing confiscated assets to the victims.
According to the Prime Minister, out of the total seized amount of Rs 1.25 lakh crore, Rs 17,000 crore has already been reimbursed. Notably, real estate accounts for nearly 80% of the confiscated assets’ valuation.
However, Senior Supreme Court advocate Vikas Pahwa holds a divergent view, asserting that the market worth of the seized assets could be tenfold the reported Rs 1.25 lakh crore. Pahwa elucidated, “The majority of the seized properties are evaluated based on historical book values. For instance, if a property was acquired in the 70s, 80s, or 90s, the value mentioned in the sale deed may be significantly outdated. Therefore, the true worth of a property acquired during that period would likely be ten times higher.” He considers the declared figure of Rs 1.25 lakh crore to be conservative and anticipates a substantial increase in government funds upon the resolution of trials, once the market value of the properties is taken into account.
