Monday, August 31, 2009
Saturday, August 29, 2009
'Swiss black money can take India to the top'
Indian money stashed in the Swiss Bank has become a focal point of debate, especially after the Leader of Opposition and the Bharatiya Janata Party's [ Images ] prime ministerial candidate L K Advani [ Images ] raised the issue on Sunday. If elected, the BJP has vowed to bring the black money back home. Though the Congress dismissed the idea, the Swiss bank issue is slowly becoming a hot election issue.
In fact the BJP also plans to carry out a mock election across the country on April 6 where people will have to cast their vote indicating whether Indian money in Swiss banks should be brought back to India or not.
During his address, Advani said the BJP will form a task force comprising experts to prepare a strategic document for India to recommend ways to get back the national wealth stashed away illegally by corrupt politicians, businessmen and criminal overlords.
One of the names he mentioned in the task force is Professor R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru [ Images ].
In this exclusive interview to rediff.com's Vicky Nanjappa, Vaidyanathan explains in detail the importance of bringing back the ill-gotten wealth and how the money got there in the first place.
Firstly how much Indian money do you think is stashed away in the Swiss Banks?
In 2006, the most recent Global Financial Integrity study, developing countries lost an estimated $858.6 billion (about Rs 43 lakh crore) to $1.06 trillion (abot Rs 51 lakh crore) in illicit financial outflows. Even at the lower end of the range of estimates, the volume of illicit financial flows coming out of developing countries increased at a compound rate of 18.2 percent over the five-year period analysed for the study. On average, for the five-year period of this study, Asia accounts for approximately 50 percent of overall illicit financial flows from all developing countries.
This report shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore). It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks.
The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).
On what basis have you come to this conclusion?
There is a lot of literature available as to how to estimate the illicit financial flow from developing countries. We find out what the nature of the flow is. I have also relied upon the study Illicit Financial Flows from Developing Countries: 2002-2006 Global Finanacial Intergrity authored by Dev Kar and Devon-Cartwright Smith, a project of the Ford [ Images ] Foundation. Financial flows in the context of this report includes the proceeds from both illicit activities such as corruption (bribery and embezzlement of national wealth), criminal activity, and the proceeds of ilicit business that become illicit when transported across borders in contravention of applicable laws and regulatory frameworks (most commonly in order to evade taxes).
Which are the various tax havens, where the ill-gotten wealth of Indian businessmen and politicians are stashed?
There are presumably more than 70 tax havens in the world. Indian wealth could be more in Switzerland [ Images ] and various British /US islands. At least 40 countries market themselves aggressively as tax havens [Source: Internal Revenue Service USA on Abusive Off-shore Tax Avoidance schemes –Talking Points Jan 2008]. The well-known tax havens are Switzerland/ Liechtenstein/Luxemburg/ Channel Islands etc.
Could you elaborate and tell us how the money got there in the first place?
There are several methods/reasons. Under invoicing/over invoicing of exports and imports and getting the balance stored abroad. Kickbacks from major defense/civilian contracts. Not bringing the earnings abroad. In the old days smuggling of gold and illegal money. Transactions done abroad and not reported here. Hawala funds. Funds earned by artists/ entertainment industry /sports people and stashed abroad. When you want to indulge in adharma, hundreds of ways are open!
We would like to know the terror connection. Do you think even terrorists are stashing away cash and using the tax haven route to send across money all over the world, to finance their activities?
M K Narayanan, our National Security Advisor, has spoken about it in Berlin recently.
Advani says that it is important to bring this money back. How can the government go about it and what are the various ways in which India can get its money back?
Put it on the Global Agenda. Put it in G-20. Put it in the International Monetary Fund. Put it in Egmont Group. Also take a lead among all developing countries. Support US /German/French efforts.
If India decides to take the initiative, will the Swiss authorities cooperate?
It is not due to our pressure but that of US which will make them co-operate. When a family is in deep financial crisis then it tries to look at the small amount saved under the sugar jar by grandma. Same way developed economies are desperate for every dollar. Even if we do not act due to their efforts the list of crooks may be out, then we will be in a dangerous social situation since the who's who of India will be there. Instead we should get it and get the funds and decide on the steps to sterilise it. Otherwise, the world will laugh at us.
Politicians sure must be having a lot of money in Swiss Banks. Do you think this factor will deter the government from acting?
Public pressure will make them do it. Plus, the evolving global situation against tax havens. The money belongs to the poor farmers and unorganised workers of India. Also, Indian businessmen have a lot of their ill-gotten gains in these banks. The world situation is such that Indian businessman will want to bring it back now given the attractive returns in India.
Do you think that the Indian government should demand all the Indian black money in Swiss banks?
Of course. India should and must act. We are not a banana republic.
You wrote in your column that the German foreign intelligence agency BND got names of 1,400 clients of the Liechtenstein-based LTG bank who were supposed to be suspected tax evaders. Of the 1,400, 600 were supposed to be Germans. Do you think of the remaining there will be Indians as well? Has the Indian government approached the German government for the list?
Indian names will be there. Our tax evaders and crooks are like the omnipresent Maha Vishnu [ Images ] -- present in all continents and all tax havens. But our government has been lukewarm in this issue. It should have despatched immediately senior officials to get the names.
Isn't it important to tackle the issue of domestic black money?
It is definitely important. At least the domestic black money is used in our economy and to that extent it is productive. But the money kept in Swiss banks is neither useful to India nor does it benefit Indians.
What role should the media play?
The media has a very important role to play. At the moment it seems like most part of the media is more interested in the diet of an actress. Pressure by the media needs to be built up on this issue and remember that a lot of Indians don't just go to Switzerland to ski.
What about the names of these persons?
India must try and get the names. But more importantly should get the money back. It should be top on the agenda and India ought to take a moral lead in this issue.
Will the Indian economy improve if the money is brought back?
It will do phenomenally. India will be in the top five league if all the ill-gotten money is brought back. It will change the Indian scenario and I have been saying this since 1993.
Do you think that these people will now try and pull out the money since this issue has become a hot topic?
I don't think so. If they do then India should create an instrument and regulate frameworks to bring the money back.
What kind of punishment do you suggest for these persons?
Punishment is not the issue now. There is a need to create fear in them and follow what the international community does on this issue.
Lastly do you think this is becoming just another election issue?
The US and Germany [ Images ] took the lead and there is no election there. We should not treat this as an election issue. We have to take up this matter and if we don't then we will become a laughing stock of the entire world.
In fact the BJP also plans to carry out a mock election across the country on April 6 where people will have to cast their vote indicating whether Indian money in Swiss banks should be brought back to India or not.
During his address, Advani said the BJP will form a task force comprising experts to prepare a strategic document for India to recommend ways to get back the national wealth stashed away illegally by corrupt politicians, businessmen and criminal overlords.
One of the names he mentioned in the task force is Professor R Vaidyanathan, Professor of Finance at the Indian Institute of Management, Bengaluru [ Images ].
In this exclusive interview to rediff.com's Vicky Nanjappa, Vaidyanathan explains in detail the importance of bringing back the ill-gotten wealth and how the money got there in the first place.
Firstly how much Indian money do you think is stashed away in the Swiss Banks?
In 2006, the most recent Global Financial Integrity study, developing countries lost an estimated $858.6 billion (about Rs 43 lakh crore) to $1.06 trillion (abot Rs 51 lakh crore) in illicit financial outflows. Even at the lower end of the range of estimates, the volume of illicit financial flows coming out of developing countries increased at a compound rate of 18.2 percent over the five-year period analysed for the study. On average, for the five-year period of this study, Asia accounts for approximately 50 percent of overall illicit financial flows from all developing countries.
This report shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore). It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks.
The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).
On what basis have you come to this conclusion?
There is a lot of literature available as to how to estimate the illicit financial flow from developing countries. We find out what the nature of the flow is. I have also relied upon the study Illicit Financial Flows from Developing Countries: 2002-2006 Global Finanacial Intergrity authored by Dev Kar and Devon-Cartwright Smith, a project of the Ford [ Images ] Foundation. Financial flows in the context of this report includes the proceeds from both illicit activities such as corruption (bribery and embezzlement of national wealth), criminal activity, and the proceeds of ilicit business that become illicit when transported across borders in contravention of applicable laws and regulatory frameworks (most commonly in order to evade taxes).
Which are the various tax havens, where the ill-gotten wealth of Indian businessmen and politicians are stashed?
There are presumably more than 70 tax havens in the world. Indian wealth could be more in Switzerland [ Images ] and various British /US islands. At least 40 countries market themselves aggressively as tax havens [Source: Internal Revenue Service USA on Abusive Off-shore Tax Avoidance schemes –Talking Points Jan 2008]. The well-known tax havens are Switzerland/ Liechtenstein/Luxemburg/ Channel Islands etc.
Could you elaborate and tell us how the money got there in the first place?
There are several methods/reasons. Under invoicing/over invoicing of exports and imports and getting the balance stored abroad. Kickbacks from major defense/civilian contracts. Not bringing the earnings abroad. In the old days smuggling of gold and illegal money. Transactions done abroad and not reported here. Hawala funds. Funds earned by artists/ entertainment industry /sports people and stashed abroad. When you want to indulge in adharma, hundreds of ways are open!
We would like to know the terror connection. Do you think even terrorists are stashing away cash and using the tax haven route to send across money all over the world, to finance their activities?
M K Narayanan, our National Security Advisor, has spoken about it in Berlin recently.
Advani says that it is important to bring this money back. How can the government go about it and what are the various ways in which India can get its money back?
Put it on the Global Agenda. Put it in G-20. Put it in the International Monetary Fund. Put it in Egmont Group. Also take a lead among all developing countries. Support US /German/French efforts.
If India decides to take the initiative, will the Swiss authorities cooperate?
It is not due to our pressure but that of US which will make them co-operate. When a family is in deep financial crisis then it tries to look at the small amount saved under the sugar jar by grandma. Same way developed economies are desperate for every dollar. Even if we do not act due to their efforts the list of crooks may be out, then we will be in a dangerous social situation since the who's who of India will be there. Instead we should get it and get the funds and decide on the steps to sterilise it. Otherwise, the world will laugh at us.
Politicians sure must be having a lot of money in Swiss Banks. Do you think this factor will deter the government from acting?
Public pressure will make them do it. Plus, the evolving global situation against tax havens. The money belongs to the poor farmers and unorganised workers of India. Also, Indian businessmen have a lot of their ill-gotten gains in these banks. The world situation is such that Indian businessman will want to bring it back now given the attractive returns in India.
Do you think that the Indian government should demand all the Indian black money in Swiss banks?
Of course. India should and must act. We are not a banana republic.
You wrote in your column that the German foreign intelligence agency BND got names of 1,400 clients of the Liechtenstein-based LTG bank who were supposed to be suspected tax evaders. Of the 1,400, 600 were supposed to be Germans. Do you think of the remaining there will be Indians as well? Has the Indian government approached the German government for the list?
Indian names will be there. Our tax evaders and crooks are like the omnipresent Maha Vishnu [ Images ] -- present in all continents and all tax havens. But our government has been lukewarm in this issue. It should have despatched immediately senior officials to get the names.
Isn't it important to tackle the issue of domestic black money?
It is definitely important. At least the domestic black money is used in our economy and to that extent it is productive. But the money kept in Swiss banks is neither useful to India nor does it benefit Indians.
What role should the media play?
The media has a very important role to play. At the moment it seems like most part of the media is more interested in the diet of an actress. Pressure by the media needs to be built up on this issue and remember that a lot of Indians don't just go to Switzerland to ski.
What about the names of these persons?
India must try and get the names. But more importantly should get the money back. It should be top on the agenda and India ought to take a moral lead in this issue.
Will the Indian economy improve if the money is brought back?
It will do phenomenally. India will be in the top five league if all the ill-gotten money is brought back. It will change the Indian scenario and I have been saying this since 1993.
Do you think that these people will now try and pull out the money since this issue has become a hot topic?
I don't think so. If they do then India should create an instrument and regulate frameworks to bring the money back.
What kind of punishment do you suggest for these persons?
Punishment is not the issue now. There is a need to create fear in them and follow what the international community does on this issue.
Lastly do you think this is becoming just another election issue?
The US and Germany [ Images ] took the lead and there is no election there. We should not treat this as an election issue. We have to take up this matter and if we don't then we will become a laughing stock of the entire world.
Tuesday, August 18, 2009
Our Money-70,00,000 Crores Rupees In Swiss Bank
Our Money-70,00,000 Crores Rupees In Swiss Bank
Engineer
1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the highest amount lying outside any country, from amongst 180 countries of the world, as if India is the champion of Black Money.
2) German Government has officially written to Indian Government that they (German Government) are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them.
3) On 22-5-08, this news has already been published in The Times of India and other Newspapers based on German Government's official letter to Indian Government.
4) But the Indian Government has not sent any official enquiry to Germany for details of money which has been sent outside India
between 1947 to 2008. The opposition party is also equally not interested in doing so because most of the amount is owned by politicians and it is every Indian's money.
5) This money belongs to our country. From these funds we can repay 13 times of our country's foreign debt. The interest alone can take care of the Centre's yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.
6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh crores, then how much money is lying in other 69 Banks? How much they have deprived the Indian people? *Just think, if the Account holder dies, the bank becomes the owner of the funds in his account.*
7) Are these people totally ignorant about the philosophy of *Karma*? What will this ill-gotten wealth do to them and their families when they own/use such money, generated out of corruption and exploitation?
8) Indian people have read and have known about these facts. But the helpless people have neither time nor inclination to do anything in the matter. This is like "a new freedom struggle" and we will have to fight this.
9) This money is the result of our sweat and blood. The wealth generated and earned after putting in lots of mental and physical efforts by Indian people must be brought back to our country.
Engineer
1) Yes, 70 lakhs crores rupees of India are lying in Switzerland banks. This is the highest amount lying outside any country, from amongst 180 countries of the world, as if India is the champion of Black Money.
2) German Government has officially written to Indian Government that they (German Government) are willing to inform the details of holders of 70 lakh crore rupees in their Banks, if Indian Government officially asks them.
3) On 22-5-08, this news has already been published in The Times of India and other Newspapers based on German Government's official letter to Indian Government.
4) But the Indian Government has not sent any official enquiry to Germany for details of money which has been sent outside India
between 1947 to 2008. The opposition party is also equally not interested in doing so because most of the amount is owned by politicians and it is every Indian's money.
5) This money belongs to our country. From these funds we can repay 13 times of our country's foreign debt. The interest alone can take care of the Centre's yearly budget. People need not pay any taxes and we can pay Rs. 1 lakh to each of 45 crore poor families.
6) Let us imagine, if Swiss Bank is holding Rs. 70 lakh crores, then how much money is lying in other 69 Banks? How much they have deprived the Indian people? *Just think, if the Account holder dies, the bank becomes the owner of the funds in his account.*
7) Are these people totally ignorant about the philosophy of *Karma*? What will this ill-gotten wealth do to them and their families when they own/use such money, generated out of corruption and exploitation?
8) Indian people have read and have known about these facts. But the helpless people have neither time nor inclination to do anything in the matter. This is like "a new freedom struggle" and we will have to fight this.
9) This money is the result of our sweat and blood. The wealth generated and earned after putting in lots of mental and physical efforts by Indian people must be brought back to our country.
Swiss bank Account - A promise from Advani BJP targets Swiss bank accounts
Swiss bank Account - A promise from Advani
BJP targets Swiss bank accounts
Tribune News Service
Chandigarh, March 29
Switzerland is known as much for its chocolate and cheese as its secret bank accounts. And the BJP president Lal Krishna Advani today set the cat among the pigeons by demanding that Prime Minister Manmohan Singh raise the issue forcefully at the G-20 summit in London.
Mr Advani also declared that the NDA, if voted to power, will bring back all Indian money held in secret bank accounts in tax havens abroad. He was, however, silent on the question of giving amnesty to the account holders.
Congress spokesman Kapil Sibal, in his initial reaction, wondered why the BJP chief never raised the issue in Parliament. “ He could have raised it in Parliament and the PM would have replied,” he said.
US federal agencies, however, have already offered to reduce penalties and no criminal prosecution provided US account holders voluntarily come forward to disclose amounts stashed in Swiss banks and pay taxes at reduced rates during the next six months. Other countries are expected to follow the US example.
Switzerland’s bank secrecy laws have come under increasing scrutiny and Switzerland’s largest private bank, UBS, was forced, this year, to divulge details to US agencies investigating tax fraud and tax evasion.
Reports last week quoted Swiss bankers to confirm that top executives have been asked not to travel abroad because of fears they will be detained as part of a global crackdown on bank secrecy.
Janata Dal (U) chief Sharad Yadav had also raised the issue of Indians’ accounts in Swiss banks, which, he alleged, amounted to 13 times the foreign debt and eight times the national budget. If the money is brought back to the country, he had said, India would be able to repay all the foreign debts and still be left with a huge, foreign exchange reserves.
The Swiss Banking Association was reported last year as stating that Indians had a whopping US $ 1,456 billion in secret accounts, which was more than the balance held by all other nationalities taken together. According to the report, Russians held US $470 billion, UK $ 390 billion and China $ 96 billion.
Quick to borrow the issue of secret bank accounts abroad from the Left and JD-U who raised it first, BJP’s prime ministerial candidate LK Advani said the NDA, if voted, would take all legal and executive measures to get the illegal money back to India for investment.
“I don’t expect anything from the UPA, because to act on this front, the government has to be clean,” said Advani, demanding a cabinet meeting on the issue before the PM left for London.
The BJP is, meanwhile, geared to fan the issue which Advani described as a “political storm”. Party’s state units will on April 6 conduct mass polls on the subject; BJP chief ministers will seek from the Centre details of secret account holders from their states and the party will form a taskforce to suggest ways of reclaiming the secret money, which the BJP today compared to RDX that can fund global terror and destroy financial institutions.
Interesting was to see Advani citing the Wikipedia to claim Rs 25 lakh crore to Rs 70 lakh crore worth of Indian wealth was hoarded in Swiss accounts and other tax havens. He questioned India’s silence on the issue, saying: “Last year, I had written to the PM about the need to get the names of Indians, presumed to have secret accounts in LGT Bank in Liechtenstein in Germany. What I got was an evasive reply from the then Finance Minister.”
The BJP also referred to Transparency International’s comment that India had maintained “a stoic silence over the issue”, and said secret Indian money equalled 10 times country’s overseas debt, and 50 to 120 per cent of its GDP. Earlier, the NDA partner JDU had also made similar claims but now the entire alliance seems united on the issue, with Advani today saying what India could do with that much money: “It’s sufficient to waive off entire farmer debt; build world-class roads; eliminate power shortage and ensure potable water to all villages.”
The BJP leader described the matter as urgent, saying illicit money was a mix of political bribes, crime money and venal business. Here, he cited National Security Adviser MK Narayanan’s earlier comment that terror money could be operating through fund flows.
“If people elect us, we assure them of joining the global effort to end banking secrecy and getting back sovereign wealth of India,” Advani said.
Well, well, well.
At last our politicians are moving on the corruption front.
Better late than never.
Advani has promised to fulfil one of our demands that he
bring back all the tainted money stashed away in Switzerland
I just wonder, what he was doing this last six months.
The e-mails were doing the round for the last 6 months.
Why did they not take it up in parliament then?
No, because, their near and dear ones were involved.
Now that elections are here, they can promise us the moon and fail in all their promises and get away with it.
The next elections are 5 years away.
By that time the people will forget this promise, they hope.
People say
You can fool some of the people all the time
All the people some of the time but
You cannot fool all the people all the time.
Our politicians are trying the 3rd on us.
But what about our second demand that he declare that no criminals have been given tickets from his party to fight the elections?
BJP targets Swiss bank accounts
Tribune News Service
Chandigarh, March 29
Switzerland is known as much for its chocolate and cheese as its secret bank accounts. And the BJP president Lal Krishna Advani today set the cat among the pigeons by demanding that Prime Minister Manmohan Singh raise the issue forcefully at the G-20 summit in London.
Mr Advani also declared that the NDA, if voted to power, will bring back all Indian money held in secret bank accounts in tax havens abroad. He was, however, silent on the question of giving amnesty to the account holders.
Congress spokesman Kapil Sibal, in his initial reaction, wondered why the BJP chief never raised the issue in Parliament. “ He could have raised it in Parliament and the PM would have replied,” he said.
US federal agencies, however, have already offered to reduce penalties and no criminal prosecution provided US account holders voluntarily come forward to disclose amounts stashed in Swiss banks and pay taxes at reduced rates during the next six months. Other countries are expected to follow the US example.
Switzerland’s bank secrecy laws have come under increasing scrutiny and Switzerland’s largest private bank, UBS, was forced, this year, to divulge details to US agencies investigating tax fraud and tax evasion.
Reports last week quoted Swiss bankers to confirm that top executives have been asked not to travel abroad because of fears they will be detained as part of a global crackdown on bank secrecy.
Janata Dal (U) chief Sharad Yadav had also raised the issue of Indians’ accounts in Swiss banks, which, he alleged, amounted to 13 times the foreign debt and eight times the national budget. If the money is brought back to the country, he had said, India would be able to repay all the foreign debts and still be left with a huge, foreign exchange reserves.
The Swiss Banking Association was reported last year as stating that Indians had a whopping US $ 1,456 billion in secret accounts, which was more than the balance held by all other nationalities taken together. According to the report, Russians held US $470 billion, UK $ 390 billion and China $ 96 billion.
Quick to borrow the issue of secret bank accounts abroad from the Left and JD-U who raised it first, BJP’s prime ministerial candidate LK Advani said the NDA, if voted, would take all legal and executive measures to get the illegal money back to India for investment.
“I don’t expect anything from the UPA, because to act on this front, the government has to be clean,” said Advani, demanding a cabinet meeting on the issue before the PM left for London.
The BJP is, meanwhile, geared to fan the issue which Advani described as a “political storm”. Party’s state units will on April 6 conduct mass polls on the subject; BJP chief ministers will seek from the Centre details of secret account holders from their states and the party will form a taskforce to suggest ways of reclaiming the secret money, which the BJP today compared to RDX that can fund global terror and destroy financial institutions.
Interesting was to see Advani citing the Wikipedia to claim Rs 25 lakh crore to Rs 70 lakh crore worth of Indian wealth was hoarded in Swiss accounts and other tax havens. He questioned India’s silence on the issue, saying: “Last year, I had written to the PM about the need to get the names of Indians, presumed to have secret accounts in LGT Bank in Liechtenstein in Germany. What I got was an evasive reply from the then Finance Minister.”
The BJP also referred to Transparency International’s comment that India had maintained “a stoic silence over the issue”, and said secret Indian money equalled 10 times country’s overseas debt, and 50 to 120 per cent of its GDP. Earlier, the NDA partner JDU had also made similar claims but now the entire alliance seems united on the issue, with Advani today saying what India could do with that much money: “It’s sufficient to waive off entire farmer debt; build world-class roads; eliminate power shortage and ensure potable water to all villages.”
The BJP leader described the matter as urgent, saying illicit money was a mix of political bribes, crime money and venal business. Here, he cited National Security Adviser MK Narayanan’s earlier comment that terror money could be operating through fund flows.
“If people elect us, we assure them of joining the global effort to end banking secrecy and getting back sovereign wealth of India,” Advani said.
Well, well, well.
At last our politicians are moving on the corruption front.
Better late than never.
Advani has promised to fulfil one of our demands that he
bring back all the tainted money stashed away in Switzerland
I just wonder, what he was doing this last six months.
The e-mails were doing the round for the last 6 months.
Why did they not take it up in parliament then?
No, because, their near and dear ones were involved.
Now that elections are here, they can promise us the moon and fail in all their promises and get away with it.
The next elections are 5 years away.
By that time the people will forget this promise, they hope.
People say
You can fool some of the people all the time
All the people some of the time but
You cannot fool all the people all the time.
Our politicians are trying the 3rd on us.
But what about our second demand that he declare that no criminals have been given tickets from his party to fight the elections?
Letter for Indian's
LOOK WHERE OUR MONEY IS GOING????
>
>
> Revelation on Swiss Bank Accounts "who can save india
> no one knows where tax
> payer money is going "
>
>
> Revelation on Swiss Bank Accounts
>
>
> This is so shocking . . . . . wish black money deposits was
> an Olympics
> event . . . . . India would have won a gold medal hands
> down.
> The second best Russia has 4 times lesser deposit. US is
> not even there in
> the counting in top five !! *India** has more money in
> Swiss banks than all
> the other countries combined !!!!*
>
> Recently, due to international pressure, Swiss govt. agreed
> to disclose the
> names of the account holders only if the respective govts
> formally asked for
> it. Indian govt. is not asking for the details . .
> . . no marks for guessing why ????
>
> We need to start a movement to pressurise the govt. to do
> so !!
> This is perhaps the only way, and a golden opportunity, to
> expose the high
> and mighty and weed out corruption !!
>
> Please read on . . . . . and forward to all the honest
> Indians to . .. . .
> like somebody is forwarding to you . . . . . and build a
> ground-swell of
> support for action !!
> *Is **India** poor, who says? Ask Swiss banks With personal
> account deposit
> bank of $1500 billion in foreign reserve which have been
> misappropriated, an
> amount 13 times larger than the country's foreign debt,
> one needs to rethink
> if **India** is a poor country?.
> *
> DISHONEST INDUSTRIALISTS, scandalous politicians and
> corrupt IAS, IRS, IPS
> officers have deposited in foreign banks in their illegal
> personal accounts
> a sum of about $ 1500 billion, which have been
> misappropriated by them. This
> amount is about 13 times larger than the country's
> foreign debt. With this
> amount 45 crore poor people can get Rs 1,00,000 each.
> This huge amount has been appropriated from the people of
> India by
> exploiting and betraying them.
>
> Once this huge amount of black money & property comes
> back to India , the
> entire foreign debt can be repaid in 24 hours. After paying
> the entire
> foreign debt, we will have surplus amount, almost 12 times
> larger than the
> foreign debt. If this surplus amount is invested in
> earning interest, the amount of interest will be more than
> the annual budget
> of the Central government. So even if all the taxes are
> abolished, then also
> the Central government will be able to maintain the country
> very
> comfortably..
>
> Some 80,000 people travel to Switzerland every year, of
> whom 25,000 travel
> very frequently. 'Obviously, these people won't be
> tourists.
> They must be travelling there for some other reason,'
> believes an official
> involved in tracking illegal money. And, clearly, he
> isn't referring to the
> commerce ministry bureaucrats who've been flitting in
> and out of Geneva ever
> since the World Trade Organisation (WTO)
> negotiations went into a tailspin!
>
> Just read the following details and note how these
> dishonest industrialists,
> scandalous politicians, corrupt officers, cricketers, film
> actors, illegal
> sex trade and protected wildlife operators, to name just a
> few, sucked this
> country's wealth and prosperity. This may
> be the picture of deposits in Swiss banks only. What about
> other
> international banks?
>
> Black money in Swiss banks -- Swiss Banking Association
> report, 2006 details
> bank deposits in the territory of Switzerland by nationals
> of following
> countries :
>
> *Top Five
> 1. **India** ---- $1,456 billion
> 2. **Russia** ---$ 470 billion
> 3. **UK** -------$390 billion
> 4. **Ukraine** - $100 billion
> 5. **China** -----$ 96 billion
> Now do the maths - **India** with $1456 billion or $1.4
> trillion has more
> money in Swiss banks than rest of the world combined.
> *
> Public loot since 1947: Can we bring back our money? It is
> one of the
> biggest loots witnessed by mankind -- the loot of the Aam
> Aadmi (common man)
> since 1947, by his
> brethren occupying public office.
> It has been orchestrated by politicians, bureaucrats and
> some businessmen.
> The list is almost all-encompassing. No wonder, everyone in
> India loots with
> impunity and without any fear. What is even more depressing
> in that this
> ill-gotten wealth of ours has been stashed
> away abroad into secret bank accounts located in some of
> the world's best
> known tax havens. And to that extent the Indian economy has
> been stripped of
> its wealth.
>
> Ordinary Indians may not be exactly aware of how such
> secret accounts
> operate and what are the rules and regulations that go on
> to govern such tax
> havens. However, one may well be aware of 'Swiss bank
> accounts,' the
> shorthand for murky dealings, secrecy and of course
> pilferage from developing countries into rich developed
> ones.
>
> In fact, some finance experts and economists believe
> taxhavens to be a
> conspiracy of the western world against the poor countries.
> By allowing the
> proliferation of tax havens in the twentieth century, the
> western world
> explicitly encourages the movement of scarce capital
> from the developing countries to the rich.
>
> In March 2005, the Tax Justice Network (TJN) published a
> research finding
> demonstrating that $11.5 trillion of personal wealth was
> held offshore by
> rich individuals across the globe. The findings estimated
> that a large
> proportion of this wealth was managed from some 70 tax
> havens. Further,augmenting these studies of TJN, Raymond
> Baker -- in his
> widely celebrated book titled 'Capitalism' s
> Achilles Heel : Dirty Money and
> How to Renew the Free Market System' -- estimates that
> at least $5 trillion
> have been shifted out of poorer countries to the
> West since the mid-1970.
>
> It is further estimated by experts that 1 % of the
> world's population holds
> more than 57 % of total global wealth, routing it
> invariably through these
> tax havens. How much of this is from India is anybody's
> guess. What is to be
> noted here is that most of the wealth of Indians
> parked in these tax havens is illegitimate money acquired
> through corrupt
> means.
>
>
> Naturally, the secrecy associated with the bank accounts in
> such places is
> central to the issue, not their low tax rates as the term
> 'tax havens'
> suggests. Remember Bofors and how India could not trace the
> ultimate
> beneficiary of those transactions because of the secrecy
> associated with these bank accounts?
>
> *IS THERE ANY ONE WHO CAN SAVE **INDIA** ?*
>
>
> FORWARD THIS EMAIL TO ALL INDIANS
>
>
> --
>
>
>
> Revelation on Swiss Bank Accounts "who can save india
> no one knows where tax
> payer money is going "
>
>
> Revelation on Swiss Bank Accounts
>
>
> This is so shocking . . . . . wish black money deposits was
> an Olympics
> event . . . . . India would have won a gold medal hands
> down.
> The second best Russia has 4 times lesser deposit. US is
> not even there in
> the counting in top five !! *India** has more money in
> Swiss banks than all
> the other countries combined !!!!*
>
> Recently, due to international pressure, Swiss govt. agreed
> to disclose the
> names of the account holders only if the respective govts
> formally asked for
> it. Indian govt. is not asking for the details . .
> . . no marks for guessing why ????
>
> We need to start a movement to pressurise the govt. to do
> so !!
> This is perhaps the only way, and a golden opportunity, to
> expose the high
> and mighty and weed out corruption !!
>
> Please read on . . . . . and forward to all the honest
> Indians to . .. . .
> like somebody is forwarding to you . . . . . and build a
> ground-swell of
> support for action !!
> *Is **India** poor, who says? Ask Swiss banks With personal
> account deposit
> bank of $1500 billion in foreign reserve which have been
> misappropriated, an
> amount 13 times larger than the country's foreign debt,
> one needs to rethink
> if **India** is a poor country?.
> *
> DISHONEST INDUSTRIALISTS, scandalous politicians and
> corrupt IAS, IRS, IPS
> officers have deposited in foreign banks in their illegal
> personal accounts
> a sum of about $ 1500 billion, which have been
> misappropriated by them. This
> amount is about 13 times larger than the country's
> foreign debt. With this
> amount 45 crore poor people can get Rs 1,00,000 each.
> This huge amount has been appropriated from the people of
> India by
> exploiting and betraying them.
>
> Once this huge amount of black money & property comes
> back to India , the
> entire foreign debt can be repaid in 24 hours. After paying
> the entire
> foreign debt, we will have surplus amount, almost 12 times
> larger than the
> foreign debt. If this surplus amount is invested in
> earning interest, the amount of interest will be more than
> the annual budget
> of the Central government. So even if all the taxes are
> abolished, then also
> the Central government will be able to maintain the country
> very
> comfortably..
>
> Some 80,000 people travel to Switzerland every year, of
> whom 25,000 travel
> very frequently. 'Obviously, these people won't be
> tourists.
> They must be travelling there for some other reason,'
> believes an official
> involved in tracking illegal money. And, clearly, he
> isn't referring to the
> commerce ministry bureaucrats who've been flitting in
> and out of Geneva ever
> since the World Trade Organisation (WTO)
> negotiations went into a tailspin!
>
> Just read the following details and note how these
> dishonest industrialists,
> scandalous politicians, corrupt officers, cricketers, film
> actors, illegal
> sex trade and protected wildlife operators, to name just a
> few, sucked this
> country's wealth and prosperity. This may
> be the picture of deposits in Swiss banks only. What about
> other
> international banks?
>
> Black money in Swiss banks -- Swiss Banking Association
> report, 2006 details
> bank deposits in the territory of Switzerland by nationals
> of following
> countries :
>
> *Top Five
> 1. **India** ---- $1,456 billion
> 2. **Russia** ---$ 470 billion
> 3. **UK** -------$390 billion
> 4. **Ukraine** - $100 billion
> 5. **China** -----$ 96 billion
> Now do the maths - **India** with $1456 billion or $1.4
> trillion has more
> money in Swiss banks than rest of the world combined.
> *
> Public loot since 1947: Can we bring back our money? It is
> one of the
> biggest loots witnessed by mankind -- the loot of the Aam
> Aadmi (common man)
> since 1947, by his
> brethren occupying public office.
> It has been orchestrated by politicians, bureaucrats and
> some businessmen.
> The list is almost all-encompassing. No wonder, everyone in
> India loots with
> impunity and without any fear. What is even more depressing
> in that this
> ill-gotten wealth of ours has been stashed
> away abroad into secret bank accounts located in some of
> the world's best
> known tax havens. And to that extent the Indian economy has
> been stripped of
> its wealth.
>
> Ordinary Indians may not be exactly aware of how such
> secret accounts
> operate and what are the rules and regulations that go on
> to govern such tax
> havens. However, one may well be aware of 'Swiss bank
> accounts,' the
> shorthand for murky dealings, secrecy and of course
> pilferage from developing countries into rich developed
> ones.
>
> In fact, some finance experts and economists believe
> taxhavens to be a
> conspiracy of the western world against the poor countries.
> By allowing the
> proliferation of tax havens in the twentieth century, the
> western world
> explicitly encourages the movement of scarce capital
> from the developing countries to the rich.
>
> In March 2005, the Tax Justice Network (TJN) published a
> research finding
> demonstrating that $11.5 trillion of personal wealth was
> held offshore by
> rich individuals across the globe. The findings estimated
> that a large
> proportion of this wealth was managed from some 70 tax
> havens. Further,augmenting these studies of TJN, Raymond
> Baker -- in his
> widely celebrated book titled 'Capitalism' s
> Achilles Heel : Dirty Money and
> How to Renew the Free Market System' -- estimates that
> at least $5 trillion
> have been shifted out of poorer countries to the
> West since the mid-1970.
>
> It is further estimated by experts that 1 % of the
> world's population holds
> more than 57 % of total global wealth, routing it
> invariably through these
> tax havens. How much of this is from India is anybody's
> guess. What is to be
> noted here is that most of the wealth of Indians
> parked in these tax havens is illegitimate money acquired
> through corrupt
> means.
>
>
> Naturally, the secrecy associated with the bank accounts in
> such places is
> central to the issue, not their low tax rates as the term
> 'tax havens'
> suggests. Remember Bofors and how India could not trace the
> ultimate
> beneficiary of those transactions because of the secrecy
> associated with these bank accounts?
>
> *IS THERE ANY ONE WHO CAN SAVE **INDIA** ?*
>
>
> FORWARD THIS EMAIL TO ALL INDIANS
>
>
> --
>
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