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  Canada Immigration Forum > General > Our Native Country! > $ 1800 Billions Indian black money in foreign banks
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$ 1800 Billions Indian black money in foreign banks" border="0" alt="" />

$ 1800 Billions Indian black money in foreign banks
If we can bring this money back to India and distribute amongst people...Indians will become rich overnight and India will become a developed country.....:lulove: :lulove:

Indian black money in foreign banks – Who can really punish the culprits?
S. Raghavan

The G-20 summit held recently in London came out with a declaration that secret accounts in foreign banks and tax havens abroad will no longer be tolerated and that at least tax authorities have a right to access information regarding secret accounts. None of the leaders who gathered for the summit cared to answer why such secret accounts in foreign banks, particularly the Swiss ones, were held sacred earlier. Bu the message of the declaration was clear. The global financial system is fast losing credibility and needs to plug glaring malpractices in order to maintain at least a modicum of respectability. All the leaders, including the Indian Prime Minister, Manmohan Singh, agreed to take immediate steps to unearth these accounts.

What kind of mechanisms will be created to unearth these accounts and stop their further breeding was not made clear however. Whether the information about these accounts will be made public, the money seized and the holder of the accounts punished according to the law of the land are being discussed more in the theoretical than the practical realm.

Meanwhile this issue has become a major electoral issue between the Congress and the BJP in the ongoing 15th Lok Sabha polls with a lot of accusations and counter accusations being traded between them.

It is estimated that the loot from India into secret bank accounts abroad can be between Rs 50 lakh crore and Rs 100 lakh crore. A study by the Global Financial Integrity has estimated that in just five years, 2002 to 2006, Indian capitalists stashed away nearly Rs 7 lakh crores in banks abroad. No doubt this black money has been invested by their owners to fetch even more tax free profits for themselves. Even if the total black money in secret accounts in foreign banks is conservatively put at Rs 50 lakh crore, it is a phenomenal amount equal to the sum of several state government budgets. At Rs 1 lakh per house, this amount can finance 50 lakh houses and solve the problem of housing substantially.

While the Congress and BJP keep questioning each others motives in raising this issue at this time and contesting the maths of the magnitude of the loot, the people have a right to demand that they have all the information pertaining to these accounts and mechanisms be worked out to apprehend the culprits and punish them.

Among the culprits are governments and institutions who let this loot happen all these years and hid the truth from the people. Both the Congress and the BJP and political parties who supported their alliances either from within or outside have to answer why this transfer of people’s wealth was allowed to happen. Institutions such as the Reserve Bank of India, which by acts of commission and omission let this practice flourish, should be called to trial.

While both the Congress and BJP are making statements that they would take steps on this issue, the vagueness about the mechanisms and the silence on why this practice was allowed to flourish so far, doesn’t inspire confidence in anyone. How can anyone expect these parties, who thrive on precisely this sort of stashed away wealth for their electoral campaigns, to take concrete steps to eliminate this practice? “A dog’s tail cannot be straightened”, according to a Tamil saying. How can one forget the Bofors payoffs through mysterious foreign bank accounts.

There is a lot of talk about increased accountability and transparency. But to whom? If the debate is limited to increasing accountability and transparency of such practices only to financial regulators and tax authorities, then such accountability and transparency already exist. What is absent is the accountability and transparency of the government and its institutions to the people. Under the existing dispensation, the ruling party, government and financial institutions do not have any compulsions to be accountable to the people – the wage earner, tax payer and savings bank depositers. There are no mechanisms where people’s organizations can investigate such violations and punish the guilty.

The present political process of representative democracy where representatives get elected in the name of the people, but are accountable only to their political parties and big business houses, is incapable of putting an end to such practices. It is a well-known fact that the secret account holders are none other than political party bigwigs, bureaucrats, and scions of big business houses. What interests would the very perpetrators of this practice have in putting an end to it? It is one thing to fool the people with radical statements and another to actually transform the political process.

The stashing away of people’s wealth in tax havens and secret foreign bank accounts by a few looters is one of the glaring rot on the body of the present political process. This rot cannot be cured by superficial cleaning. The entire political process has to be transformed into one where people are empowered and can play a central role in deciding policies, initiating legislation and in supervising their implementation. In this case, a possible solution can be to set up people’s commissions and courts with statutory powers to uncover all information related to these secret accounts in tax havens and foreign banks, recover the money and punish the guilty." target="_blank">


भ्रष्ट नेता व अफसर गरीबी के लिए जिम्मेदार May 01, 07:59
गाजियाबाद। पूर्व केंद्रीय कानून मंत्री व सुप्रीम कोर्ट के वरिष्ठ अधिवक्ता राम जेठमलानी ने कहा कि भ्रष्ट नेता व अफसर देश को लगातार कमजोर कर रहे हैं। वे गरीबी के लिए सीधे तौर पर जिम्मेदार हैं। इनके विदेशों में जमा कालाधन यदि वापस आ जाए तो प्रत्येक व्यक्ति को ढाई-ढाई लाख रुपये मिलेगा।

वे शनिवार को आरडीसी स्थित होटल कृष्णा सागर में अधिवक्ताओं को संबोधित कर रहे थे। जेठमलानी सुप्रीम कोर्ट बार एसोसिएशन के अध्यक्ष पद का चुनाव लड़ रहे हैं। उन्होंने गाजियाबाद के अधिवक्ताओं से वोट व सहयोग मांगा।

जेठमलानी ने कहा कि देश गरीब कतई नहीं है लेकिन राजनेता व अफसरों ने यहां का धन दूसरे देशों के बैंकों में जमा करा रखा है। इससे देश लगातार आर्थिक रूप से कमजोर हो रहा है। यह धन करीब 1800 बिलियन डॉलर है। उन्होंने इसको लेकर जंग छेड़ी हुई है। वे विदेशों से धन लाकर रहेंगे। उन्होंने कहा कि एक अधिवक्ता ही यह कार्य कर सकता है। इस कार्य में उन्हें अधिवक्ता समाज का सहयोग चाहिए। उन्होंने कहा कि सुप्रीम कोर्ट बार एसोसिएशन का अध्यक्ष बनने पर वे इस लड़ाई को और मजबूती के साथ लड़ सकेंगे।

जेठमलानी ने कहा कि देश की स्थिति खराब होने का एक कारण यह भी है कि संसद में अधिवक्ताओं की संख्या घटती जा रही है। संख्या यदि बढ़ जाए तो देश व समाज को और बेहतर नेतृत्व मिल सकता है।" target="_blank"></a>

"सत्य मेव जयते"" border="0" alt="" />


Last edited by: MGupta on 01-05-10 12:56:35

Senior Desi
Member since: Apr 08
Posts: 1124
Location: Omnipresent

Post ID: 162856 01-05-10 12:54:55
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Senior Desi
Member since: Apr 06

Posts: 1170

How much of this would be belonging to Kangress? Kangress has been in power for 55 years. Their share would be highest. Another question is how much MMS has stashed in the accounts. Majority of CDs believe that MMS is honest , clean and straightforward guy which I do not believe.

Rivaling Kangress is DMK who have been on right side of ruling party for last 15 years and have bargained for higher share in corruption money than ruling party. Raza and Karunanidhi have made Rs. 60,000 to 100,000 lacs in telecom scandal.

Second to politicians are industrialists who have stashed their ill gotten money which are being routed in Indian markets through Moratious

Equaling industrialists are bureaucrats who have made hay while MMS has been ruling.

This amount is held in dollar and Euro. That is why MMS is oblivious of Indian currency printing press in Nepal operated by ISI with Chinese technology. This has fueled inflation and rural and urban poor have suffered so much. MMS has been responsible for shaping Indian economic policy since 1990 barring 4 years of NDA. His clean image has been cultivated by media, especially English language and TV channels opposed to India. I hope history which is written after a few years will make justice and declare him as a traitor like Nehru Chacha.

Post ID: 162857 01-05-10 13:32:51
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Senior Desi
Member since: Apr 08

Posts: 1124
Location: Omnipresent

Originally posted by Nightmare

How much of this would be belonging to Kangress? Kangress has been in power for 55 years. .

Someone planning to bring this money to India:D

"सत्य मेव जयते"" border="0" alt="" />


Post ID: 162863 01-05-10 22:24:22
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Senior Desi
Member since: Feb 10

Posts: 220
Location: Malton

Kindly add my Rs 10,000 to this figure cause i will deposit it in Canadian bank shortly. This money is totally black. This was the bribe paid to me to get permit to sell adultrated food. I hope Indian Govt makes no effort to bring this money back :cheers:

Post ID: 162949 04-05-10 10:39:24
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