On the other hand, the net-worth of some of the individuals from the first batch of "Top 50" and the latest batch (individuals closely related to the ex-PM), should suffice as a valid reason to edit the famous yearly Forbes list.

It would take most of the newspaper that you are reading now if I were to attempt to list the cash and non-cash assets of an ex-MP from the "Top 50" (hint: "media mogul"). Others are not far behind.

A close examination of the net-worth of these individuals reveals a very important point. Assets in the form of cash and fixed deposits in banks (located within Bangladesh) actually account for less than 5% of total net-worth. So, where is the "black money?" In the case of the "Forest King," it is in the following places or forms found so far:

• Cash and foreign currency inside mattress and rice drums.
• Plots and flats all over town.
• Gold bars and jewellry.
• Timber mill.

If we add a few more items we will get a better picture of the "black money" that has been found in the possession of the individuals listed so far.

• Foreign bank accounts and credit cards
• Residential and commercial real estate in US, UK, Dubai, Malaysia, or wherever.
• Investment in listed and non-listed companies in Bangladesh and abroad.
• Huge ranches or resorts outside Dhaka, and even abroad.
• Expensive vehicles, furniture, and electronic goods.

This list is the simplest of all, as I will not be surprised if we were to discover in the future that some of them even owned private jets and yachts. It is quite clear that "black money" is not black in colour, and most of it is actually not money as we know it.

I have been fond of fresh and exotic fruits and vegetables since my student days in the United States. In my quest to find a "supplier" in Dhaka, I came across a street-side seller of fruits and vegetables in the heart of the diplomatic zone. He has been serving a niche market with high margins for quite sometime now, which has allowed him to have a healthy bank balance and some land and a small shop in his village.

He is a "millionaire" in Takas. He has never paid taxes. He has never received anything tangible from the government (social security, health or unemployment benefits, etc.) for him to feel compelled to pay taxes.

He claims his bank deposits are his legitimate income, and the government has no right to tax it now. If we were to say that untaxed money, regardless of source of income, is "black money," then this guy has most of it stashed as a fixed deposit in the Gulshan branch of a local bank. "Black money," in this case, is actually mostly money (as a percentage of net worth), in contrast to the wealth of the individuals targeted by the ACC.

I don't know the real definition or description of "white money," in the absence of any vibrant discussions on the topic, or a crusade by some government agencies against individuals topping this list.

To be honest, I am actually quite confused, as I find myself to be a holder of a significant amount (in relation to my current status) of such an asset. As it turned out, my tax lawyer took the liberty of declaring a decent increase in income in 1999, in combination with payment of some additional taxes; the "white money" was created.

His rationale was that the opportunity to earn large sums of "black money" may come to anyone who is blessed with a close relation in the party in power, and therefore, a small amount invested in taxes will cover his future windfall should he receive such blessings through marriage or miracle.

Though I was not blessed at that moment, nor have any chance of being blessed anytime soon, I recall agreeing with him considering the insignificant cost involved in the "legal" procedure.

I left for the US in June 2000 to be with my wife who was expecting our first child, Elizabeth, due in October. I decided to take a year off work, which turned into four years since events surrounding 9/11 (my wife was few hundred meters from the World Trade Center when the first plane crashed into it that morning) and the unexpected arrival of Samantha, our second child, in August 2002, affected my plans.

Four years of supporting a family in hard currency, with no income, was responsible for my bank balance appearing embarrassing compared to that of my fruit vendor's bottom-line. The irony is that I have (on paper) "white money" which is many times more than his bank balance, but what good is it if it doesn't exist?

Using the resources of Bangladesh Bank to sniff out "black money" is not the most efficient or effective method to recover it, since most of it doesn't exist in local currency.

I also don't find any percentage of tax or fine (except 100%) appropriate enough to allow conversion of "black money" to "white money" or legal money. At the same time, the currency in circulation should not be disturbed in the name of "black money" hunt.

This approach is partially responsible for the inflationary pressure as currency is pulled out of circulation, resulting in higher demand for it. The blackness of the money taken as a bribe to let a murderer go free, and the blackness of the untaxed money in the form of local bank deposits of a small fruit vendor, are thousands of shades apart. It would be a grave mistake to classify both of them as "black money."

Asif Anwar is a freelance contributor to The Daily Star.