LONDON, Nov 23: Noting that black money has fallen into the hands of terrorists, NRI industrialist Lord Swraj Paul has said that most of the countries are now realising its dangers and they have to make an effort to combat the menace.
“Most of the countries are now realising the dangers of black money, not because of the money itself, but because unfortunately it has fallen into the hands of the terrorists etc. So because of that they will have to make an effort,” said Lord Paul, Chairman of the Caparo Group of Industries.
Commenting on new Indian government’s efforts to get the black money stashed abroad by Indians, 83-year-old Paul said: “the world has promised to cooperate. It is not a problem of one country. Money is flowing into terrorism and all countries are affected because of it. It is not going to be one-day affair or a one-year affair.”
Prime Minister Narendra Modi last week warned that “the menace of black money has the potential to destabilise world peace and harmony.”
A day after his return from a foreign tour during which the issue of black money was flagged at the G-20 Summit in Australia, Modi wrote in a blog that “Black money also brings with it terrorism, money laundering and narcotics trade.”
Pitching for a united global fight against the menace, the Prime Minister said, “India placed the issue of existence and repatriation of black money at the forefront of the world community.”
Asked to elaborate on his statement in the House of Lords on unsolicited advice to India from Britain, Paul said: “I didn’t have anybody particular in mind. I find that before the elections in India, there were comments that Narendra Modi should not be elected. I don’t like any country – press or people – interfering in the elections of another country.”
Pointing out that India has been democracy longer than lots of other democracies, Paul told CNN-IBN Network 18, “We may not have the Whitehall kind of democracy in India but if you go back to the history of India, Panchayats used to be elected there much before British democracy. So that is the kind of unsolicited advice I was referring to.
“It’s a mixture of a lot of things, superiority, arrogance and not understanding that there are other people in the world who can be and are as democratic as anybody else. If there is anything of which I am proud and 200 per cent proud is that India is the only country in the region who has maintained democracy, had elections ever since our freedom.”
Commenting on the steel industry, Paul, who founded the UK-based international manufacturing business Caparo Group, said: “It (steel) still does a lot (for me). Of course it’s a far more competitive market than it was because when I started it was dominated by the nationalised industry. They couldn’t see why there should be anybody, no matter how small he is, in the private sector. It was fun starting in those days.
“It was being a pioneer as you were in a business which was sort of a hub of the old British Empire all over the world and you come in their territory and they couldn’t see how you will last. Now, it’s a struggle in competition. But don’t forget the competition is becoming more international, not national that much. It has become the same market and started depending on the currencies etc.”
Answering a question on the Rich List, he said: “I never follow the rich lists. I think they are a joke. I wish I was 25 per cent of what the rich lists say. I get my pension, that is the only richness I have. The rest is all business and the wealth is in the business.
“I certainly wish I was rich but I am not bothered about it. I consider myself much more rich than any list says because I am a happy man and that is what to me is richness. I don’t know any other way of measuring richness. My bank account is nowhere near what any of the rich lists write about.” (PTI)
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