Monday, October 27, 2014

BJP Discloses Three Names of Black Money

Centre names 3 black money account holders in affidavit to SC-Times of India

NEW DELHI: The Union government has named three persons who are black money account holders in an affidavit to the Supreme Court.

The three persons named are Pradip Burman, director of the Burman group and one of promoters of Dabur group, Pankaj Chimanlal Lodhya, a Rajkot-based bullion trader and Radha S Timblo, a Goa-based miner and owner of Timblo Pvt Ltd.

The Centre told the court that it had no intention to withhold names of persons who have stashed black money abroad and stated that information received from foreign countries will be disclosed in all cases where tax evasion is established.

Every foreign account held by an Indian may not be illegal, the Centre said, adding that names cannot be disclosed unless there is prima facie evidence of wrongdoing.

It also told the court that Switzerland has indicated willingness to provide information on black money in cases where probe has been done by IT department.

Television reports also indicated that four members of the Congress party, including a former minister of the previous UPA regime, are under investigation, and added that their names may be revealed after the probe is completed. Among the four Congress party members are two belonging to powerful political families in the state of Maharashtra, the television reports further stated.

Last week, it was revealed that the Centre was likely to tell the apex court the names of the people against whom strong evidence exists of stashing away black money in Swiss banks in a major step in its crackdown on India's parallel economy.

On Monday, attorney general Mukul Rohatgi is reported to have submitted a supplementary affidavit in the apex court detailing plans to submit the list of names in a sealed envelope.

The court is due to continue hearings on a petition on black money the following day.

Prime Minister Narendra Modi's government is moving fast to repatriate hundreds of billions of dollars in slush funds or black money stashed abroad, as part of a wider clampdown on corruption that he promised during his election campaign.

The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in Switzerland's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge M B Shah, to look into the issue.

While there are no official estimates, Global Financial Integrity (GFI), a Washington-based think-tank, has estimated that Indians had parked USD 462 billion in overseas tax havens between 1948 and 2008.

Black money arises mainly from incomes not disclosed to the government usually to avoid taxation, and, sometimes, because of its criminal links. About a third of India's black money transactions are believed to be in real estate, followed by manufacturing and shopping for gold and consumer goods.
Earlier, the BJP government had told the apex court that it could not disclose the names of those who have deposited money in banks abroad as it this would jeopardize tax agreements with nations providing those names to India.

There were murmurs of protest within the ruling BJP that not disclosing names would hurt the party's image after it had made bringing back black money, a key issue in a general election that it won by a landslide. The Centre's stand also drew a strong response from the Congress, which accused it of hypocrisy.

Turning the tables on the Congress, finance minister Arun Jaitley had recently said the disclosing of names of people holding black money accounts will embarrass the opposition party.

The Congress had hit back, daring the government to come out with complete information without indulging in "selective leaks" and pointing out that "the Congress is not going to be blackmailed under any such threat".

My Opinion is as follows

Some of media men , some political opponents of BJP and some blind supporters of Non-BJP parties are trying to tarnish the image of ruling party for the failure of disclosure of men who are having black money in foreign banks. Some of them are suggesting PM Mr. Narendra Modi for disclosure of big fishes.

May I ask these stalwarts, that if  a person gives a statement in media that Sri Arvind Kejriwal and Yogendra Yadav of Aaam Admi Party are having black money amounting to Rs.3000 crore in Swiss Bank, Will they build pressure on GOI for disclosure of their name? If they have adequate proof against anyone who is having black money in foreign bank, it is their duty to file a PIL in court of law to ensure return of money back into Indian banks.

Similarly if some frustrated persons inform media that some of reputed media men and some of veteran leaders of Congress Party, RJD, BSP, SP etc are having Ten thousand crore rupees of black money  parked in various foreign bank, what these commentators who blame BJP on TV media or corner meetings will suggest immediate course of action to bring back money from foreign banks.

There are as many as one crore Indians who are working outside India and having accounts in foreign banks.

From prejudiced eyes of anti BJP commentators including media men who cry daily during TV debates ,Are all employed youths who are working abroad  also punishable for having account and money in foreign bank?

Are their balance in accounts in foreign banks is to be painted as black money.?

If not , which is the most proper, judicious  and fittest yardstick which will measure the quality of money in foreign banks and tell the colour whether it is black or it is white. Critic of BJP should tell the people of India in clear terms in the larger interest of the country. They should stop mugslinging process which adversely affects the image of the country and that of Indians.

India has signed double tax avoidance treaty with countries from whom the information related to back money has come to India. The agreement was signed much before BJP or NDA assumed power. Now as per terms of the agreement if BJP shares the information with media ,it may give MASALA to media and common men or opponents to fire bullets against the current government at centre led by Narendra Modi , but the foreign countries will stop disclosing names in unison with the agreement already signed by none other than Indian Government . It is immaterial whether BJP or Congress Party signed the agreement.

However as soon as the charges against culprits are established, the name can be    disclosed, as I understand from newspaper information. However the final order of Supreme court in this matter will throw light on this issue, how to deal with a situation where the country has to respect treaty signed by a government of India.

It is undoubtedly true that government, NDA or UPA cannot go against the spirit of agreement already signed with foreign countries by Indian government, headed by NDA or UPA , otherwise India as a whole will lose its credibility in international forum. No other country will sign such agreement in future with India. There are specific clauses in the tax treaties with countries (which have furnished names ) that prevent sharing of information. However the information is in various stages of processing and investigation and as soon as it is established that the charges are fit for legal action , the name will automatically come to media. I hop media will also understand the intricacies of treaties and will not give scope foreign countries to dilute their faith on India.

So far as election campaign is concerned, it is not only BJP but all political parties resort to various promises to attract voters in their fold. Promises are not always fulfilled . It is easy to distribute freebees to lure voters from government fund , it is easy to approve quota for various castes and communities, it is easy to sanction subsidies for various projects, it is easy to grant release of prisoners to please voters of some community but it is not easy to violate international treaties.
Now BJP government will have to make effort to alter the terms of agreement and make it convenient to disclose the name of persons who parked black money in foreign banks. It is in the interest of the countries that huge amount of black money parked in other countries to evade tax must be brought back to India and real culprit must be brought to task .It is clearly visible that BJP led NDA government has taken up the matter with Swiss government and left no stone unturned to achieve desired outcome. Matter is moving ahead fast and one can hope for better outcome in near future.

Last but not the least ,media men or some opponents of  Mr. Modi are trying to trap Mr. Modi only because his government has stated in Apex Court Today  that the government cannot reveal the names provided by foreign banks because international treat does not permit it. They should know that even money parked in Indian banks, black or white cannot be disclosed until it is proved that the money kept in a particular account is black or illegally earned. Secrecy Act in India prohibits banks sharing any information to depositors or borrowers until asked under legal provisions or an order to this effect is issued by any court.

Black money is kept not only in foreign banks but also in Indian banks in volume much more than it is foreign banks. Government will have to strike at the root cause of creation of black money. GOI will have to investigate how tax evasion takes place in such large volume and how does it not comes in the knowledge of tax officials. GOI will have to introspect why  court failed to punish black money creators , why and how  team of Chartered Accountants in nexus with tax officials help businessmen small or big , in tax evasion or in payment of tax which is too low in comparison to income really earned by a businessman.

BJP should also learn lesson from this episode that a party should not make such promise fulfilment of which is dependent on other nation and international rules and ethics. Indian government or Indian political parties can function as per their constitution within their boundaries only but cannot take decision which may affect the rules of other countries.
If UPA or Congress Party feel that there is no such treaty in force and they are not part of any such treaty which bars disclosure of name, they should strongly oppose the stand taken by BJP and put forward all such document in public domain in the larger interest of the country. But it is also true that even Congress Party did not disclose the names which they received during their tenure . And if what BJP government has stated in Supreme Court is true , Media men and opposing parties should stop mudslinging process on TV to save the country's image in world forum.

Last but not the least, even role of Supreme Court is limited in matters which are linked to international treaties and rules.

I am submitting below a few letters/blogs written by me in past few years during UPA rule
which are eye- opener for those Politicians, media men and nationalists are misguiding people of India on black money issue . Majority of debate carried out on Black money are not at all close to ground reality of black  money. Politicians and media  men are talking with prejudiced eyes and are not ready to accept truth publicly.

I simply ask a question to them whether they can disclose the money white or black parked in Indian banks by any Indian individual or company unless and until it is proved in court of law that the money held in account in a bank is black and not accounted for in annual return?

Common men who do not understand the intricacies of black  money and white money can be misguided to please one section or the other of political class, but cannot help in getting back black  money parked either is Foreign Bank or in Indian Bank.

One may say without any doubt and without any hesitation that there is no branch of  any bank in India which can claim that they do not have accounts which are used for parking black money.

However it appears that the current BJP led government is moving in right direction without leaving behind any doubt on their integrity.

I submit below one of my blog published on  6th April 2009

It is beyond imagination that government of India will be able to bring all money black or white to India. I am unable to understand when and how government will be able to ascertain the color of money until foreign bank provides true information on all accounts and Indian inspecting officers have willingness and enough resources to reconcile the same with IT return of the same person in India to assess the true colour of the money.
There are many reasons behind it. Some of the reasons are submitted below.

Foreign bank will not agree to share information with our country as long as there is mutual agreement between the two countries for mutual share of information.

As per Indian law I think even Indian bank or Indian government has got no right to share information of any account of any person in India with foreign bank or any foreign based authority.

Foreign based banks as learnt from various articles in this respect do not ask for much information about person ,opener of accounts as much as person opening account in Indian banks are supposed to provide to the banks (strictly as per KYC norms)

Income tax officials are not so much honest and sincere that they will try to catch such person. Had they been so much sincere and honest they could have caught black money parked in Indian Banks and which is at least hundred times of what amount is said to be parked in Swiss bank or any other foreign based bank. In fact it is they (IT personnel) who teach taxpayers method of saving tax and how to evade tax because they get bribe in cash or kind from such taxpayers.

Government of India is made of dirty politicians and they do not have real willingness to make such stringent rules which forces Indian taxpayers or Indian Income earners to declare the income truly, honestly and correctly in their IT returns. Because survival and development of India Politicians lies on the existence of black money only

Entire politics of India runs on black money and without help of such black money any political party or any individual contesting election cannot imagine of spending crores of rupees in election. Most of the candidates in current election has declared income and declared capital of less than one crore but he will spend not less than five crores to win the election. Wherefrom such money comes is such question which none can answer correctly.

Majority of government officers have huge unaccounted money and it is they who can afford buying a house worth more than a crore in the mid of the town. Very few of honest employees in any department can imagine of purchasing a house worth even twenty to thirty lacs in white money (house in India is traded in two parts, one white money and another part of cost is in black money) because real cost of such house including black money is always more than at least sixty lacs.In India there are hardly one out of 100 house worth more than a crore is registered in true value of the house. Government can easily count such houses in each town and find out real tax evaders if they are really interested to catch black money.

Obviously it s an open secret that there are plenty of black money in Indian economy and Indian government has failed to curb it despite promises and hue and cry made by several VIPs and despite shedding crocodiles tears by so many politicians. Therefore one cannot even dream of getting Indian black money parked in foreign banks. Doing politics is one thing and doing something real is entirely a different story.
Lastly I would like to suggest government of India to discard adherence of KYC norms and remove anti money laundering act and ask all banks to open account in any manner in the name of any true or false person and allow money to be deposited in Indian bank. In this way entire black money will come back either in bank or in circulation. At least money will not be parked in foreign banks in Indian banks accept money freely.

 This is desirable because government of India cannot control effectively inward and outward remittances taking place through banking channel despite all claims and assurances of controlling authorities. Money going abroad through fictitious import and export still persists in trade and growing day by day. Not to speak of money being imported or exported, even arms and ammunition are being imported in disguise to spread reign of terror by terror groups and Indian government remain silent spectator .Inspite of several steps taken by government of India for last two three decades and inspite of several stringent laws in this regard to curb spread of black money transaction ,our law enforcing agencies in collusion with politicians have miserably failed to effectively enforce existing rules and ensure finish of black money from the system.

It is absolutely true that black money generated and accumulated by Indian businessmen and bribe money earned by servicemen and politicians are mostly parked in Indian banks or invested in landed property. Bribe, graft, kickback etc are mostly used to purchase landed property. This is why landed property worth Rs.100 lacs is actually registered at value of hardly 25 lacs in the office of Registrar.

One can say without any hesitation that black money generated in India in a day is at least equivalent to total value of property sold or bought in India in a day at various offices of registrars. Further to add fuel to fire, value addition in black money is far greater in India than any other country because of greater rate of interest in Indian banks compared to what is prevalent in foreign banks. Value of landed property, gold, silver etc invariably rises year after year at rate more or less equal to interest rate.

This is open secret and every land owner knows that actual sale value is at least twice the value at which it is registered. Black money generated through illegal transactions in India is used in real estate sector and then in gold, silver, diamond, share market or in commodity market. It is further converted into number one money either by creating more and more fake files, fake firms and fake transactions or fictitious export and import .Black money generated at foreign centers is either parked in foreign banks or routed back in India through Mauritious like countries.

This is really the big reason why price of landed property is increasing year after year and has really gone beyond the reach of common men. This is the reason that turnover volume has been consistently rising in stock and commodity market .Similarly prices of gold and silver have gone beyond the reach of common men. People who have black money easily hide the same by purchasing gold ornaments or that of silver and diamond. Government is wilfully promoting rise in price in real estate sector and in return their party members get considerable financial help in contesting election and earning wealth for their family.

To add fuel to fire, government has given all types of tax exemption to those who buy house or who avail home loan due to which most of the rich corporate houses and rich individuals have become builders of the town and use this opportunity to convert all ill earned money or black money into number one money.

It is ironical that Doctor Manmohan Singh the great economist, Expert Ex- Finance Minister Mr. Pranab Mukherjee and Ex Finance Minister Mr. P. Chidambram willfully allow unprecedented benefits on purchase of home of whatsoever value it may be. All such tax benefits ultimately go in the hands of rich people. Unfortunately all such promotion to black money takes place in the name of common men, in the name of GDP growth and in the name of development. At the same time these people shed crocodile tears on Black Money and pretend to take against who are tax evaders. As such it is not exaggeration to say that black money produced in Indian economy and parked in India is many times more than the total amount of black money said to be parked in Swiss bank or in other in foreign banks. And growth rate of black money is also greater than that of GDP growth or inflation rate.
Government should make efforts to reduce creation of black money in following ways.

First and foremost is very simple solution to the problem of black money and it is minimizing cash transaction. As per company rules all payment above value of Rs.20000 should be through cheque but still companies are making purchases in cash .Ramdeo Baba has right pointed out that notes of Rs.500 and Rs.1000 should be demoetised.Even Rs100 note should be demonetized. Politicians always talk of poor farmers, small traders to continue their earning through evil means. More than 90 percent of population of India does not earn 100 rupees a day; more than 50 % of population does not earn even Rs.20 a day. As such they will not face any problem. In developed countries like USA, 99 percent of sale and purchase take place through cards or bank cheques and after giving acceptable identity only. In India 90 percent of sale and purchase takes place in cash. Government should try honestly to remove all constraints coming in way and ensure that more than 90% of such transactions takes place through cheque .

Most of traders and manufacturers and government officers are perhaps aware that only in Delhi purchases by traders takes place in hundreds of crores of rupees in cash , or by Rs.9000 demand draft ( less than Rs.20000 DD can be purchased in cash). Draft of value less than Rs.20000 are purchased by traders in every nook and corners of the country and used in Delhi to buy goods and these DDs circulate as hard currency and as black money for six months (period for which DD is valid in banks).If all purchases in Delhi, Surat, Rajkot, Kolkata, Mumbai start taking place in cheque, they seller will start selling on bills and paying tax.

Secondly government should try to bring all incomes generated by servicemen, traders and manufacturers in tax domain. for this purpose they should stop all types of reliefs, concession exemptions. Chartered Accountants and Tax consultants guide Income tax payees how to save tax and how to avoid tax payment. Severe punishment should be given to CAs who is master in converting black money into white money. Tax exemption limit should be upto ten lacs should be permissible so that number of service men are excluded from tax payment and in this way tax authorities will have controllable numbers of assesees to scrutinize. Those IT officials who allow tax evasion by taking bribe should be severely punished in shortest time so that there is demonstrative effect on juniors and babus working in his office.

Thirdly all purchases of house, lands and commercial property should be thoroughly checked by IT officials and where the sale value shown is far less than prevailing market rate , they should be allowed to either cancel the deal or they should purchased the property on behalf of the government and distribute among poor and middle class service men. In Mumbai itself flats worth more than a crore rupees is registered at value Rs, 25 to 50 lacs. Such low valued registration takes place in India every day in good numbers and government is fully aware of it. Most of the netas and officers are purchasing high value properties and it is they who are supposed to stop creation of black money. Birds of same feather flock together. Officers and politicians save each other , thieves always have good relation among themselves so far as action against them by police is concerned.

Fourth, government should adequate manpower in police and judiciary to ensure that pendency of FIR and court cases in Thana and courts respectively is brought down from 50 millions to 50 thousand and lower .There should be fear of law in the minds of all evil doers. Action should be sever and quickest against those who violate rules. There should be honesty in execution of laws too. Law enforcing agencies if found on wrong path should be severely punished. Officers and politicians who hold top post and commit mistake or indulge in illegal practices should be punished more so that subordinates working under them do not dare to think of taking bribe or illegal money from any citizen.

Fifth root cause of all corruption is dishonesty in recruitment, promotion, posting and transfer of staff working in government offices. Corrupt officers humiliate honest officers and reject them in promotion processes or post them at the most critical places. Due to this culture of flattery and bribery takes the root in all organization. Property of all top ranked officers and ministers must be checked and those found to be guilty of earning money through bribe either in cash or in kind must be brought to task immediately and severely to demonstrate his subordinates that evil workers are not spared. Such corrupt officers should be removed from the services and those honest officers who have been sidelined should be brought back in mainstream to give a moral boost up those who are devoted workers. For this purpose all officers who have been elevated violating seniority should be given their due award and on the contrary officers who promoted this unhealthy culture should be demoted and posted at critical places.

Expenses on all types of election should be banned. Any Indian citizen who is recognized in an population area of say 10000 should be allowed to contest and do door to door campaigning to prove his caliber and popularity. Each such elected person should form a body and then they should elect one person for each black and each district. No rally, no pamphlets, no car rally , no processions, no banners and in brief no expenses either on nomination or on campaigning. Politicians are very clever and it is they who promote black money and it is they who taken huge money from corporate houses, top ranked traders, high profile servicemen, professionals and businessmen to enrich their political fund.

Crores of rupees are spent by all contesting persons in a general election and all these money are nothing but black money. Users of black money cannot allow stopping of creation of black money as long as government do not ban all types of expenses. Politicians always talk of government funding and never talk of reducing expenses. It is these hard core politicians who by dint of their huge money power purchase voters, give them temptations of various types of gifts and strangulate democracy. In fact democracy and secularism are two words which have been used by politicians as tools to befool and loot Indian citizens. These clever politicians divide the voters on caste and communal grounds, backwards and forward ground, poor and rich ground, regional and religious ground and finally win the election to perpetuate their job of looting the nation. They know very well that Indian laws are in their hands and they can manipulate police, judiciary, law enforcing agencies, vigilance agencies and administration by dint of their money power and by dint of their post.

Corrupt practices and use of black money is so much deep rooted that one can say without any doubt that democracy and secularism are meant for corrupt people only. Government is made of corrupt persons, made for corrupt persons and made by corrupt persons.

And so on

Government has to ensure rule of law in all its offices. Government has to creat fear of law in the minds of common men , poor and rich without any discrimination based on caste, community , region or religion.

Last but not the least government has to demonstrate their good intention by actions not by making false promises in public rally. Cleaning process should start from top and not from bottom as usually happens. Government has to ensure that officers and babus posted in all its offices work honestly for the country and at the same time all elected representatives like MLA and MP should move in the field to ensure complete, perfect and judicious executions of plans and policies formulated by the government. Now- a- days even MLA and MPs are highly paid government servants and hence supposed to work 12 hours a day as government servants do in other offices and departments. Top ranked officer should not expect red carpet welcome from their juniors and all types of expenses on show business must be stopped forthwith so that flattery culture in employees is transformed into work culture.

Love for the country should be made inevitable and not negotiable on caste or communal ground.

Black Money in India, in Indian banks and invested in real estate sector is many many times greater than total of black money parked in various foreign banks including that in Swiss Bank. UPA Government in Delhi has been making various lame excuses for its failure in declaration of black money held in foreign banks as National assets. But do they fail to stop game of black money in India itself.
It may be difficult for the government to force foreign banks to declare details of account holders. But I am unable to understand why government in not interested to strengthen control mechanism on financial transactions to stop continuous escalation in black money racket in India and why government fails to unearth black money from Indian market and why does it fail to punish real perpetrators of black money.

Government is adamant not to accept strong Jan Lokpal Bill proposed by Civil Society team led by Anna Hazare. Government has threatened to take action against Anna Hazare and his team if they start fast unto death from 16th of July as proposed by Anna to force government to accept their draft for Lokpal. Mr. Digvijay Singh veteran spokesman of Congress Party has already threatened to take action against Anna in the same way as Delhi Government they did against Ramdeo Baba on June 4 at Ramlila Ground Delhi.

I am unable to understand why the government is bent upon teaching a lesson to those who are selfless leaders, who are fighting against corruption, who have raised voice against corrupt system, who want nothing but change in the system and who are well wishers of the country.

Why government is not teaching lessons to Naxalites and Maoists who are indulged in killing of innocent people in various naxal affected belts in India and who are engaged in forceful extortion of money from businessmen, servicemen, police officials, politicians, administrative officers and contractors and all affluent persons of the society.

Why government is not interested to teach lessons to those corrupt officers and corrupt politicians who are looting the country .Why does government want to provide shield to corrupt politicians including Ministers, MPs, MLAs, corrupt judges and corrupt officers. Why the government is not interested to pursue cases of high value scams which are being investigated by CBI and other agencies at the instance of Supreme Court and High courts.

Why is government showing its indifference on relentless price rise and not punishing black marketers, hoarders and smugglers who are charging abnormal profits on their products and services.

Why is government silent on large scale use of black money in educational institutes, real estate sector, hospitals, hotels, public rallies, and welcome parties organized by flatterers in various offices etc .

Why government is hesitant to arrest top ranked bankers, doctors, engineers, IAS officials, IT officials, CAs, Advocates, custom officials and various brokers in share market who are indulged in corrupt practices.

Since the leaders of Congress Party are in power, they cannot be allowed to threaten well wishers of the country .If government is of good intention they can exhibit the same by taking action against top ranked corrupt officers and corrupt ministers by using existing laws and rules. People do not like that low level junior babus and officers be made scapegoat for evil works done at the instance of top ranked officers and minister.

If they fail to act effectively against looters of the country and continue to cheat people of India on some ground or the other and go on punishing innocent people fighting against corruption, I hope voters of India will ultimately punish the current ruling party.

Of course the present government can misuse the power for a few years in want of disunity of opposition parties, but not for a longer period. Late Indira Gandhi after her defeat in election petition at Allahabad High Court had imposed emergency in the country and arrested all prominent leaders of opposition parties. But her reign of injustice could not last long. People voted her out due to emergency excesses and Janta Party came to power. History is going to be repeated as it appears to common men.

Since the movement launched by Ramdeo Baba and Anna Hazare is peaceful movement and not violent movement as launched by Telangana fighters or Gujjar fighters, government is contemplating of stern action. If the movement becomes widespread and violent, the situation will go beyond the control of the government and its leaders will fail to continue their dirty politics as they usually do against their opponents.








1 comment:

Danendra Jain said...

Some of media men , some political opponents of BJP and some blind supporters of Non-BJP parties are trying to tarnish the image of ruling party for the failure of disclosure of men who are having black money in foreign banks.
May I ask these stalwarts, that if a person gives a statement in media that Sri Arvind Kejriwal and Yogendra Yadav of Aaam Admi Party are having black money amounting to Rs.3000 crore in Swiss Bank, Will they build pressure on GOI for disclosure of their name .

Similarly if some frustrated persons inform media that some of reputed media men and some of veteran leaders of Congress Party, RJD, BSP, SP etc are having Ten thousand crore rupees of black money parked in various foreign bank, what these commentators who blame BJP on TV media or corner meetings will suggest immediate course of action to bring back money from foreign banks.

There are as many as one crore Indians who are working outside India and having accounts in foreign banks.
From prejudiced eyes of anti BJP commentators including media men who cry daily during TV debates ,Are all employed youths who are working abroad also punishable for having account and money in foreign bank? Are their balance in accounts in foreign banks is to be painted as black money. If not , which is the most proper, judicious and fittest yardstick which will measure the quality of money in foreign banks and tell the colour whether it is black or it is white.