Tag Archives: india commerce

Author’s thoughts on law, society & humanity in India.

India Divided

India Divided (Photo credit: Earthworm)

 

 

 

“Politicians are nothing but criminals, the true threat to India comes from within its borders”.

            Author ~ https://www.thelargestdemocracy.wordpress.com                                                                  

My Pledge – In response to Government of India’s steps to censor freedom of speech & expression.

Click on the link below

My response to the Indian Government’s steps to censor freedom of speech

Title page of Index Librorum Prohibitorum, or ...

Title page of Index Librorum Prohibitorum, or List of Prohibited Books, (Venice 1564). (Photo credit: Wikipedia)

 

Related articles

For how long? How many millions looted from the Indian treasury & the poor by the “ELITE CLASS” in India?

Dear Friends & critics

As I investigate and report on India’s criminals and enemies of the state – politicians, members of law enforcement, gurus, charlatans, spiritual leaders, charitable organisations, industrialist, businessmen/women, I feel sick to my stomach.

My sickness stems from the sheer immorality, illegality, connivance, cruelty, and the impunity they enjoyed for decades and continue to do so today.

I have taken the liberty to share some observations made in the GFI report – The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008: A new report from Global Financial Integrity, November 2010.

  • The report estimates that tax evasion, crime, and corruption have removed gross illicit assets from India worth US $462 billion (adjusted value) from 1948-2008.
  • These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
  •  The report also finds that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from the country.
  • India’s poor state of governance is reflected in a growing underground economy which in turn has fueled more transfers of illicit capital from India. This analysis is cast in terms of a pre- and a post-reform period spanning a total of 61 years since independence.
  • “This report puts into stark terms the financial cost of tax evasion, corruption, and other illicit financial practices in India,” said Global Financial Integrity director Raymond Baker. “It also shows that these illicit outflows contribute to stagnating levels of poverty and an ever widening gap between India’s rich and poor.”
  • India’s aggregate illicit flows are more than twice the current external debt of US $230 billion.
  • Based on the last five years of the study, 2004-2008, India lost assets at a rate of US $19 billion per year.
  • Total capital flight out of India represents approximately 16.6 percent of India’s GDP as of year-end 2008. In present value terms, India lost an equivalent of about 36 percent of its 2008 GDP which represents a staggering loss of capital.
  • 68% (percent) of India’s aggregate illicit capital loss occurred after India’s economic reforms in 1991. 
  • From 1948 through 2008 the Indian private sector shifted away from deposits into developed country banks and moved more of its money into offshore financial centers (OFCs). The share of OFC deposits increased from 36.4 percent in 1995 to 54.2 percent in 2009.
  • India’s underground economy is closely tied to illicit financial outflows.
  • The total present value of India’s illicit assets held abroad ($462 billion) accounts for approximately 72 percent of India’s underground economy. This means that almost three-quarters of the illicit assets comprising India’s underground economy—which has been estimated to account for 50 percent of India’s GDP (approximately $640 billion at the end of 2008)—ends up outside of the country.
  • The finding that only 27.8 percent of India’s illicit assets are held domestically support arguments that the desire to amass wealth illegally without attracting government attention is one of the primary motivations behind the cross-border transfer of illicit capital.
  • In the post-reform period of 1991-2008, deregulation and trade liberalization accelerated the outflow of illicit money from the Indian economy. Opportunities for trade mispricing grew and expansion of the global shadow financial system—particularly island tax havens—accommodated the increased outflow of India’s illicit capital flight.

Author’s thoughts: As long as we do NOT unite under the tri-colored flag without reservations, or feelings of bias or prejudice towards our fellow citizens, the government will NEVER be held accountable to its people. Majority of our politicians are criminals, first step is to change the electoral process. Set up high standards for those who run for public office and keep them in check through checks and balances, internal and external.

Keep our judiciary and it’s officers free from political, societal or legislative influence or pressure. I urge one and all to UNITE and fightback. One great fighting tool is Public Interest Litigation (PIL). Stay United, Stay Involved, Stay Vigilant, & always be brave to fight the enemies of the state. ~ Jai Hind.

Black Money – Is the Indian President & GOI serious about punishing the wrongdoers?

Hello!

Do want to know what Mr. Phillipe Weltie, the Swiss Ambassador to India had to say about sharing information with the Indian Govt. on black money in Swiss bank accounts of Indian nationals?

If you thought the President of India Mrs. Pratibha Patil and the her government were proactive, read the article. ~ Thank you.

http://indiatoday.intoday.in/story/black-money-switzerland-ready-to-reveal-list-of-indians/1/152143.html

 

Plundering India – only this time it isn’t the Brits, the French, the Spaniards, the Dutch, the Portuguese…

Dear Friends & critics

Plundering India – only this time it isn’t the Brits, the French, the Spaniards, the Dutch or the Portuguese…or the ever present invisible evil “foreign hand” meddling in India’s affairs. – Rejoice it’s those who belong to the pool of Indian citizens, like you & me. 

Tax havens are estimated to number more than 70 but the Internal Revenue Service (IRS) estimates that approximately forty (40) of them aggressively market themselves as tax havens.

The Most Popular tax haven in the world is Switzerland, besides Luxemburg, Lichtenstein, Channel Islands, Bahamas, etc.

1.      In State of MP vs. Ram Singh 2000 (5) SCC 88, the Supreme Court said:

“Corruption is termed as a plague, which is not only contagious but if not controlled, spreads like a fire in a jungle. Its virus is compared with HIV leading to AIDS, being incurable. It has also been termed as royal thievery. The sociopolitical system exposed to such a dreaded communicable disease is likely to crumble under its own weight. Corruption is opposed to democracy and social order, being not only anti-people, but aimed and targeted against them. It affects the economy and destroys the cultural heritage. Unless nipped in the bud at the earliest, it is likely to cause turbulence – shaking the socioeconomic- political system in an otherwise healthy, wealthy, and effective and vibrating society”. State of MP vs. Ram Singh 2000 (5) SCC 88.

2.     On January 19, 2011 the the Supreme Court of India made an historic observation about this shameful phenomenon of Indian funds kept illegally abroad and the obstructionist attitude of the Central Government in unraveling the truth. The Bench was observing on the Petition filed by Ram Jethmalani and others with reference to the illegal money kept by Indians in the Lichtenstein bank.

Supreme Court of India describing black money stashed away abroad by Indians as “pure and simple theft of national money,” the Supreme Court questioned the Centre’s approach to tackling this menace and retrieving the huge amount kept in foreign banks.

When Solicitor-General (SG) Gopal Subramaniam presented a sealed list of  26 names who had accounts with Liechtenstein Bank, a Bench of Justices B. Sudershan Reddy and S.S. Nijjar was not convinced of the steps taken by the government for getting back black money.

Justice Reddy, after perusing the list, told the SG: “This is all the information you have or you have something more! We are talking about the huge money. It is a plunder of the nation. It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on niceties of various treaties.”

Senior counsel Anil Divan alleged inaction on the part of the Centre in bringing back black money parked in foreign banks.

The Indian Supreme court has rightly analyzed the malaise as the “plunder of the nation” and not a simple tax avoidance issue.

3.   Swiss Banking Association Report (2006), says “India has more black money than the rest of the world combined.” The amount is apporximately $1.456 billion (USD) in black money in Swiss banks.

4.  Global Financial Integrity, a research and advocacy organization working to curtail illicit financial flows out of developing countries, has pegged the losses on account of illicit financial flows due to tax evasion, crime and corruption at $462 billion since 1947, the year we obtained our Independence from Britain.

5.   Global Financial Integrity (GFI) study estimated that black money to the tune of $22.7-$27.3 billion left India annually during 2002-2006

6.    According to the GFI study the Yearly Average Illicit Financial Outflows from INDIA between the years 2002-2006 had an estimated value between $22,726 million US Dollars (USD) and $27,304 Million US Dollars (USD).

7.   In their article “External Debt and Capital Flight in the Indian Economy” by Niranjan Chipalkatti & Meenakshi Rishi (Oxford Development Studies, Vol. 29, No. 1, 2001. The authors point out the following:

(a)   “Indian capital flight at US $88 billion (in 1997 dollars) over the 1971-1997 period, a sum that is roughly 20% of the US $448 billion real external debt disbursed to the country over the same time period (World Bank, 1999). There is also evidence of a strong year-to-year correlation between debt inflows and flight-capital outflows.

           (b)   “India’s external debt is conceived to be relatively high by international standards. An outstanding external debt of  $94.4 billion (USD) at the end of 1997 places India among the top 10 debtors among all developing nations.

(c)   While the Indian elite evaded taxes on a Himalayan scale, India’s external debt was relatively high by international standards. An outstanding external debt of US $94.4 billion at the end of 1997 placed India among the top 10 debtors among all developing nations. – World Bank.

(d)    According to Frontline (1997, p. 99), economists at Florida International University estimated Indian capital flight at $4.4 billion in 1993, $5.8 billion in 1994 and $5.5 billion in 1995 (totaling $15.7 billion).

(e)    In 1999 the World Bank ranked India as the eighth most indebted country in Asia, Africa and Latin America (i.e on 3 continents) and the fourth most heavily indebted nation in Asia.

 8)   2011 – GFI report states:

                     ” From 1948 through 2008 India lost a total of $213 billion in illicit financial flows (or illegal capital flight).

These illicit financial flows were generally the product of: corruption, bribery and kickbacks, criminal activities, and efforts to shelter wealth from a country’s tax authorities.”

Author’s final thoughts:  While millions of men, women & children starved in our beloved India, those in positions of wealth & power raped and maimed the country. They destroyed and continue to destroy millions of human lives, the economic and social fabric of the Nation.  These corrupt men & women belong to all religions, caste, color, regions and states of India.

While the politicians, businessmen/women, industrialists and the other ELITIST preached the illiterate, poverty stricken, helpless masses to “surrendering themselves to God, since their suffering was due to their own bad Karma which they accumulated in their past lives and so on”, they siphoned off millions from our Nation’s treasury, leaving those living in abject poverty, without the basic necessities of life such as food, shelter, clothing, health care and education, after all the masses were doomed due to their bad karma.

Perhaps it is time for us as a nation to collectively bow our heads in shame for not questioning those in power and not asking ourselves what is the purpose or foundation of religion itself ? What is the purpose of my life on this earth ? Hope you all will join me in transforming India, by making a difference in the life of at least one fellow human being. I wish you a happy journey. ~ Thank you.

India should not play tit-for-tat game with Pakistan

says India should not play tit-for-tat game with Pakistan

A good article, which brings out the concerns and echos the sentiments of many Indians. country.

“Indian politicians are out of touch. Try to portray India as victim, not the victor”.

“Pakistan is not a real nation. Theocracy has been a powerful legitimising force. Pakistan is an Army that has a state”.

” In Mumbai, only 12 pc of fire hydrants work. India not well prepared for disasters”.

*I am very optimistic about the life of average India. But the country as a whole caught up in hopeless race with China”.

Human Rights – Let us all get involved

English: WikiProject Human rights logo

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