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#SabseSolidPMInterview: How PM Modi plans to return money seized by ED to the poor

#SabseSolidPMInterview: How PM Modi plans to return money seized by ED to the poor

 


Prime Minister Narendra Modi said he was seeking legal advice on how to return black money to India's poor. In an exclusive interview with India Today Group, the Prime Minister expressed his commitment to implement reforms to effectively fight corruption, with a focus on distribution of seized wealth to victims. The Prime Minister said Rs 17,000 crore of the Rs 1.25 lakh crore seized money had already been returned. Real estate constitutes nearly 80% of the value of seized property. Senior Supreme Court advocate Vikas Pahwa, however, says the market value of the seized assets would be 10 times the declared Rs 1.25 lakh crore. “The majority of them (foreclosed properties) are calculated based on book value. Let's say a property is purchased in the 70s, 80s or 90s, what I've seen is that the value indicated in the deed of sale may be very, very old So the value of a purchased property would then be at least 10 times higher,” he told BTTV. Pahwa cited the example of a confiscated house in one of the posh areas of Delhi, which had a book value of around Rs 10-20 lakh while its actual market price was around Rs 30 crore. “If this property is sold in the market, it would fetch 10% less than the market value, then it would also be around Rs 28-29 crore, but what is stated in the interim attachment order is only of Rs 10-20 lakh.” Pahwa calls the figure of Rs 1.25 lakh crore conservative. “By the time we can carry out the assignment of the suit, let’s see what kind of money will be available to the central government if we calculate the market value of the property.”

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