Satan
Adept
Indian BLACK MONEY: 1.45 Trillion USD (1450 Billion USD / 65,25,000 Crores INR)
While most of us already know about this, what baffles me the most is how our current government is able to pull the wool over our eyes on an issue of this magnitude and scale? How is it possible that a country of 1.2 billion people has no say in bringing to justice the people behind the world's largest accumulation of illegal monetary reserves? Is this really a democracy anymore?
I urge you to read this:
Source
Let me put those numbers in perspective for you
India's GDP (as of 2009): USD 1.31 - 2.55 Trillion
India's National Debt: 78% of GDP (One of the highest in the world. Through the recession, USA had a national debt of only 60% of it's GDP)
Total Gold Bullion in The Federal Reserve Bank of New York (World's Largest Gold Bullion Repository): USD 270 Billion
Total Gold Bullion in United States Bullion Depository (Fort Knox): USD 173 Billion
Total wealth of all the American Billionaires (403): USD 1.51 Trillion
List of most prominent non-Forbes Billionaires
Guess whose name features most prominently amongst Drug lords, Dictators, Arm Merchants and Crime Syndicate Bosses?
Why, it's our own future Prime Minister, the son of our nation as he is touted, Rahul Gandhi.
While the 1.45 Trillion in question is only from various Swiss Banks and Banks in Liechtenstein, there are almost 70 other tax havens around the world that people like you and me haven't even heard of. Our imagination couldn't possibly get around everything that is out there.
Isn't there anything we can do?
I'd like for this to be a discussion on what we as Indian Citizens can do to atleast put a dent in the criminal activities of the people hired to serve and protect us.
I know there are several members here at TE that are lawyers by day. How can we use RTI or any other provision in the constitution to get the information we need to fight corruption? Is lack of motivation and lack of funds the only reason we cannot expose these crooks and bring them to justice?
Pour in your thoughts on how you think we can fight the big evil. REQUEST YOU ALL TO READ POST #12
While most of us already know about this, what baffles me the most is how our current government is able to pull the wool over our eyes on an issue of this magnitude and scale? How is it possible that a country of 1.2 billion people has no say in bringing to justice the people behind the world's largest accumulation of illegal monetary reserves? Is this really a democracy anymore?
I urge you to read this:
WHAT WE are all told about the secrecy practiced by Swiss banks is only the partial truth. James Nason, the Head of the Swiss Banks Association, categorically said, “I think there is a lot of misunderstanding. If a foreign country is conducting a criminal investigation and needs access to Swiss Bank clients’ detail, it simply has to file an official request for international judicial assistance with the Swiss authorities.†He dismissed allegations about Swiss banks’ absolute secrecy saying, “If the investigating magistrate or the Swiss attorney general comes into your bank wanting information in connection with the crime, banking secrecy simply disappears.â€
This puts back the ball in the court of the government which has been claiming now that they will have to wait for another nine months till the new information sharing treaty is ratified by the Swiss Parliament by October. The government had apparently approached Switzerland first in April 2009, for renegotiating the agreement of double taxation avoidance and seeking access to bank details.
It is a case in point that when United States wanted to know the name of tax evaders, it compelled the bank UBS (Union Bank of Switzerland) to reveal the names of tax evaders by threatening to sue it. The Swiss authorities made amends in their bank laws to furnish data. But such political will is not seen in our country, where our prime minister in a bid to safeguard corporate interests, says that the information can’t be made public due to international treaty obligations and that there is no instant solution for bringing back the stashed black money.
It is only shameful then that India has not yet ratified the UN convention against corruption, something done by even Pakistan and Bangladesh as early as 2007. It is one of the few 22 countries out of 148 signatories, which has not yet ratified it. Bharatiya Janata Party vice-president Shanta Kumar informs that Article 51 to 54 of the Convention binds all the member countries to share any information about any illegal amount stored or transacted. This convention is legally binding on Switzerland which has also ratified the Convention. Many countries have availed this provision to retrieve the laundered black money. India too can, and it should.
After all India is the top most country in the world with almost 1,456 billion dollar in Swiss banks (USD 1.4 trillion), followed by Russia 470 billion dollar, the UK 390 billion dollar, Ukraine 100 billion dollar and China, with 96 billion dollar. According to the data provided by the Swiss Bank itself, India has more black money than rest of the world combined.
The usually sober Supreme Court judges were also infuriated and asked, “How many zeros are there in that?†The Court has now asked the government, “What is the source of this black money, which has been stashed away in foreign banks? Is it arms deal, drug peddling or smuggling?"
We all need to know, but there is no right to information. A Right To Information applicant, Pramod Chawla knocked doors of the Central Information Commissioner to get a reply from Ministry of External Affairs asking the information of accounts provided to the government by banks in Switzerland and Liechtenstein, (a tiny country between Switzerland and Austria, another popular low-tax haven). But he got no response.
The government didn’t divulge names even to the Supreme Court blaming some agreement with the government of Germany! This makes it very clear that the government is only making lame excuses. The question is then that should the common be fooled by these lame excuses? And if not, what is the other option?
Source
Let me put those numbers in perspective for you
India's GDP (as of 2009): USD 1.31 - 2.55 Trillion
India's National Debt: 78% of GDP (One of the highest in the world. Through the recession, USA had a national debt of only 60% of it's GDP)
Total Gold Bullion in The Federal Reserve Bank of New York (World's Largest Gold Bullion Repository): USD 270 Billion
Total Gold Bullion in United States Bullion Depository (Fort Knox): USD 173 Billion
Total wealth of all the American Billionaires (403): USD 1.51 Trillion
List of most prominent non-Forbes Billionaires
Guess whose name features most prominently amongst Drug lords, Dictators, Arm Merchants and Crime Syndicate Bosses?
Why, it's our own future Prime Minister, the son of our nation as he is touted, Rahul Gandhi.
While the 1.45 Trillion in question is only from various Swiss Banks and Banks in Liechtenstein, there are almost 70 other tax havens around the world that people like you and me haven't even heard of. Our imagination couldn't possibly get around everything that is out there.
Isn't there anything we can do?
I'd like for this to be a discussion on what we as Indian Citizens can do to atleast put a dent in the criminal activities of the people hired to serve and protect us.
I know there are several members here at TE that are lawyers by day. How can we use RTI or any other provision in the constitution to get the information we need to fight corruption? Is lack of motivation and lack of funds the only reason we cannot expose these crooks and bring them to justice?
Pour in your thoughts on how you think we can fight the big evil. REQUEST YOU ALL TO READ POST #12