Half the world’ slush money lying in tax havens belong to Indians

[Mogambo]

I still remember during the NDA government, when Mr. L.K.Advani was the Home Minister, he had said that around $1.6 trillion of Indian money was hidden in foreign banks mostly in Switzerland.

Just imagine what can be done if that money can be brought back to India!

But sadly, nothing happened since then and I doubt anything ever will!

And Advani have a huge money in Swiss accounts is also true. I just hate this Advani, Jately type Hippocrates they are the most Hippocrates in the world only few in pakistan can beat them in hippocrasy.

1. Advani talks about illegal Bangladeshi: But have not deported even 100 of them despite of sticking to post of Dy. Prime Minister and Home minister.

2. Advani talks about Cow: But during his tenure beef export was at the highest in last 60 years.

3. Advani talks of India but become priest of Jinnah in pakistan.

4. Advani talks about terrorism but during his regime most terrorist attacks takes place.

So no more advani.

 

[ek_indian]

@topic: We Indians are indeed faluty for this mess. Worse, there is no visible way to get it back. I personally think, Congress has the biggest share among them.

Someone said, naxals should take over. I do not agree with him. Naxal too has idiotic reasons to stall progress. Moreover they do not believe in democracy. So if they are corrupt, it is harder to even talk about such issues, given their hard nature.

@thread starter: This is certainly a valid criticism of India and there was no need to get defensive.

 

[Mirza Jatt]

yeh i can believe it after seen you posting here

dont under estimate him.

 

[Iggy]

Someone said, naxals should take over. I do not agree with him. Naxal too has idiotic reasons to stall progress. Moreover they do not believe in democracy. So if they are corrupt, it is harder to even talk about such issues, given their hard nature.

.

That one is me i dont agree with naxal movement but actions like this make me think some change is necessary politicians will think twice if a Damascus sword in hanging above their heads really need to get an example out of corrupt politicians..its the only way i think..

 

[ek_indian]

That one is me i dont agree with naxal movement but actions like this make me think some change is necessary politicians will think twice if a Damascus sword in hanging above their heads really need to get an example out of corrupt politicians..its the only way i think..

I agree there should be tough measures and even harder punishment if found guilty.
But the sword owner should not be naxals!!

 

[Iggy]

I agree there should be tough measures and even harder punishment if found guilty.
But the sword owner should not be naxals!!

Then who will tie the bell on cats neck??

 

[ek_indian]

If this is known, someone atleast would have done that....

Har shakh par ullu baitha hai, anzam-e-gulista kya hoga!!

 

[Markus]

And Advani have a huge money in Swiss accounts is also true. I just hate this Advani, Jately type Hippocrates they are the most Hippocrates in the world only few in pakistan can beat them in hippocrasy.

1. Advani talks about illegal Bangladeshi: But have not deported even 100 of them despite of sticking to post of Dy. Prime Minister and Home minister.

2. Advani talks about Cow: But during his tenure beef export was at the highest in last 60 years.

3. Advani talks of India but become priest of Jinnah in pakistan.

4. Advani talks about terrorism but during his regime most terrorist attacks takes place.

So no more advani.

It's not about Advani, I just used his statement which mentioned the money hidden abroad to the tune of $1.6 trillion.

Even if 10% of it is brought back to India, that's roughly equivalent to India's defense budget for 5 years.

 

[Kinetic]

To my INDIAN brthers, as we know all these money belongs to the poor people of India as we know. If its $ 1.5 trillion in Swiss bank only worldwide might be $ 5 trillion!!! Those countries are doing business and developed with out money.

Now we have made those people our leaders who stole all these from India and deposited in foreign banks, now do you wish them to bring those money back??? NEVER.

If this money is back India will be a developed country with in 10 years. There will be no poor, all the people will get good healthcare and education.

Just think about it... a changed India.

 

[fallstuff]

Advani: 'Rs 70 lakh cr Indian money in Swiss banks, other havens'

Saturday, Apr 18, 2009

Mumbai, April 17 Slush money stashed away in secret Swiss bank accounts and other tax havens across the world has come into sharp focus again, with the Bharatiya Janata Party’s Prime Ministerial candidate, Mr L.K. Advani, underlining the need to end banking secrecy in these countries.

India should become an active player in the global crusade against banking secrecy and tax havens, he said, reiterating that a BJP-led government would seek to bring back the country’s wealth from foreign shores and use it for developmental projects.

“The dimensions of the loot may be denied but not the fact of the loot,” he told mediapersons here on Friday.

He also unveiled the interim report of the party’s task force that, based on studies conducted abroad, estimated the Indian wealth in Swiss bank accounts and other tax havens to be between $500 billion or about Rs 25 lakh crore to $1.4 trillion or Rs 70 lakh crore.

The credibility of the estimate is reinforced by the $11.5 trillion (Rs 575 lakh crore) officially given by the Organisation for Economic Cooperation and Development (OECD), at the G-20 Summit in London earlier this month, as the amount of global wealth parked in various tax havens, the report said.

Economy and security


Further, Mr Advani said, the issue of black money is linked to security especially after the National Security Adviser referred to the stock market boom due to terror funds.

There are at least 70 tax havens all over the world, he pointed out. People are concerned with the economy and security, and this issue of hoarding illegal wealth combines both how the economy should be handled and how security can be handled, he said.

Pointing out that the US President, Mr Barack Obama, was planning anti-tax haven laws, and the global climate was more conducive to tackling such issues now, Mr Advani said that India should seize the opportunity.

India must urge the German government to provide details of the Indian names from the LGT bank secret records it has accessed from Liechtenstein, a European tax haven. It must appoint a special ambassador to work with the G-20 specifically to frame India-friendly rules to expose secret banking.

The task force report outlined a national strategy to deal with the issue, including becoming a full-fledged member of the Financial Action Task Force and using financial intelligence sharing for security purposes.


Link:

The Hindu Business Line : ‘Rs 70 lakh cr Indian money in Swiss banks, other havens’