Renegade
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Ya ok. The source might be Dawn News. But what about the link!!!???
Indian Foreign Affairs News & Discussions (non-US & Pakistan related
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Ya ok. The source might be Dawn News. But what about the link!!!???
Lockheed F-16
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Kasrkin
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Lockheed F-16 I must ask you to link your article, or at least explain where you copied it from. If the picture is not in the article then I suggest you delete it because it is in bad taste. There are civil ways to pursue your line of argument against the Indian military budget.
glomex
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Here is the link to the article...
Please read and check for yourself....
DAWN.COM | World | India ?to launch operation against its tribal people?
glomex
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Yes we do have people like these...so called NGOs (No Good Organizations) ...These good for nothing organizations go to any foreign country....throw crap at India and enjoy hospitality...
They just collect money in the name of Human Goodness and then travel to foreign countries ...pay no taxes.......
India is a free country and has all rights to do anything =g to its financials as long as we are not begging in front of the world...
We use our money...so we can use it wherever we want..... We pay taxes so we decide where the money goes....who are these NGOs to tell us where the money goes.....
waraich66
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Is India a Poor Country? Black Money, World Aid and The Coming Sovereign Crack Down of Tax Havens
DK Matai - October 20, 2008
Dear Friends, as sovereign governments of major countries in the world come under severe pressure to inject fresh funds in concert into their financial institutions and national economies, their tax revenue and customs departments are gearing up to crack down on private banking tax havens at lightning speed.
In March 2005, the Tax Justice Network (TJN) published a research finding "The Price of Offshore", demonstrating that USD 11.5 trillion of personal wealth was held offshore by the rich and ultra rich -- High Net Worth Individuals (HNWIs) -- across the globe. This was based on data from many consulting firms and financial institutions including the Bank for International Settlements in Basel, Switzerland. The findings estimated that a large proportion of this wealth was managed from 70+ tax havens with Switzerland at the top of the black money pyramid. The USD 11.5 trillion of assets held offshore would generate a return of about USD 860 billion a year at a 7.5% rate of return, and a consequent tax loss of USD 250+ billion for sovereign nations, more than three times the OECD countries' official development assistance to the entire world.
Surprisingly, India -- still regarded as a poor country by many -- has USD 1.5 trillion in Swiss banks, which is more black money than the rest of the world combined. This is thought to be unaccounted money earned in India by inappropriate means as otherwise any Indian citizen or corporation wishing to open a bank account abroad has to take permission from the Reserve Bank of India and records do not show any such permissions granted for deposits in Switzerland. A 2006 report of the Swiss Banking Association claims Indians are the biggest depositors of black money in banks located in Switzerland. Top five countries in terms of such deposits are:
India: USD 1,456 billion
Russia: USD 470 billion
United Kingdom: USD 390 billion
Ukraine: USD 100 billion
China: USD 96 billion
With private account deposits of USD 1.5 trillion in foreign reserve which have been misappropriated, an amount 10 times larger than India's foreign debt -- USD 155+ billion -- one needs to rethink if India is a poor country? Many Indians regard this money as public loot since independence from Britain in 1947 and are asking, "Can we bring back our money?" It is argued that once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid immediately, still leaving a huge surplus amount of foreign exchange reserves in India. Some 80,000 Indians 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 is not referring to the commerce ministry bureaucrats who have been flying in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin!
South Asia has been hit hard by the "The Great Unwind" because it is an important part of the global economy which has caved in. Under pressure from the West, India opened up several sectors in the last two decades. However, it has been seen during the last few weeks that the Western financial institutions, hedge funds and capital providers have been the first to sell their shares in various Indian companies, bringing the share market tumbling down. It is estimated that in India alone the Western investors have been withdrawing USD 1+ billion in foreign exchange per week as they experience margin calls, unwind carry trades, and confront liquidity problems and greater hardship in their originating countries.
The Swiss Banking Association's startling disclosure that Indians hold USD 1.4 trillion of their USD 2.15 trillion black money deposits is intensifying pressure on the Indian government to get access to that money as global financial pressures intensify and there is this accelerating flight of capital abroad. The well known economist Professor Arun Kumar estimates black money generation in India to be currently 50% of the GDP. The growth of black money in proportional percentage to the GDP has shown an alarming increase in recent years, from 20% in the 1980s to 45 - 50% at the turn of the century. It is further estimated by experts that one per cent of the world's population holds more than 57 per cent of total global wealth, routing it invariably through tax havens. ATCA's preliminary investigation to analyse the Swiss banking chain and to assess Indian wealth in that single country, suggests that the number is much larger than the USD 1.4 trillion figure and is more likely to be near USD 3 trillion. The larger figure can be derived from the deposits in vaults of gold, diamonds and other precious gems alongside assets managed out of Switzerland in other tax havens. There are some well known 'slush parks' like St Kitts, Antigua, Bahamas, Isle of Man and Liechtenstein that multiply such holdings manifold with the central management points in Switzerland.
Raymond Baker, a US-based expert in illicit financial flows, in his widely referenced book "Capitalism's Achilles Heel: Dirty Money and How to Renew the Free Market System" estimates that at least USD 5 trillion have been shifted out of poorer countries to Western tax havens since the mid-1970s. He estimated cross-border flows of global dirty money in a range between USD 1.1 to USD 1.6 trillion annually, about half of which came from developing and transitional economies, and two thirds of which is commercial dirty money. In April 2007, the World Bank endorsed Baker's figure. Using his lower USD 500bn estimate for developing and transitional economies, Baker has said, "Through most of the 1990s, aid was running at about USD 50bn a year from all sources. It has edged up slightly in this decade. USD 50bn of aid in; USD 500bn of dirty money out. For every USD 1 that we [the West] have been generously handing out across the top of the table, we've been taking back some USD 10 of illicit proceeds under the table [via tax havens and other means]. There is no way to make this formula work, for poor or for rich." The USD 500bn coming illegally out of developing and transitional economies is equivalent to 8% of their GDP.
In the 1990s, US Treasury department officials told Baker that illicit inflows into the US stood at around USD 250 billion per year, and in a good year they seized USD 250 million of that. This equates to a failure rate of 99.9%. The volumes have increased since then, but there is no reason to think that the failure rate has improved. "Laundered proceeds of drug trafficking, racketeering, corruption, and terrorism tag along with other forms of dirty money to which the United States and Europe lend a welcoming hand," Baker concluded. "These are two rails on the same tracks through the international financial system." It is not possible to tackle any of these seriously without tackling them all. Baker's opening speech at a recent conference explains some of the issues in stark detail, "No one I have ever talked to thinks dirty money is declining or that anti-money laundering efforts are stemming the global tide of illicit proceeds. Indicators point in the opposite direction." Baker broke down his data like this:
Cross-border annual flows of Global Dirty Money -- Low - High
1. Criminal -- USD 331 - 549 billion
2. Corruption -- USD 30 - 50 billion
3. Commercial -- USD 700 - 1,000 billion
of which:
Mispricing -- USD 200 - 250 billion
Abusive transfer pricing -- USD 300 - 500 billion
Fake transactions -- USD 200 - 250 billion
TOTAL -- USD 1,061 - 1,599 billion
Experts point their finger at the new investment environment of the last two decades which shunned state intervention and favoured massive deregulation. The retreat of the nation state ensured that the restraint exercised on capital to keep its greed in check was diluted and some amount of the black money went into the process of being legalised. They point out that in a free market environment takeovers were much easier. Those who possessed black money tried to buy legal businesses to gain legitimacy for their shadow wealth. The Great Unwind has reversed this process. Watch out particularly for the United States, Euro-zone countries, United Kingdom, China, India and Russia in regard to the coming sovereign crack down of tax havens worldwide.
[ENDS]
DK Matai - October 20, 2008
Dear Friends, as sovereign governments of major countries in the world come under severe pressure to inject fresh funds in concert into their financial institutions and national economies, their tax revenue and customs departments are gearing up to crack down on private banking tax havens at lightning speed.
In March 2005, the Tax Justice Network (TJN) published a research finding "The Price of Offshore", demonstrating that USD 11.5 trillion of personal wealth was held offshore by the rich and ultra rich -- High Net Worth Individuals (HNWIs) -- across the globe. This was based on data from many consulting firms and financial institutions including the Bank for International Settlements in Basel, Switzerland. The findings estimated that a large proportion of this wealth was managed from 70+ tax havens with Switzerland at the top of the black money pyramid. The USD 11.5 trillion of assets held offshore would generate a return of about USD 860 billion a year at a 7.5% rate of return, and a consequent tax loss of USD 250+ billion for sovereign nations, more than three times the OECD countries' official development assistance to the entire world.
Surprisingly, India -- still regarded as a poor country by many -- has USD 1.5 trillion in Swiss banks, which is more black money than the rest of the world combined. This is thought to be unaccounted money earned in India by inappropriate means as otherwise any Indian citizen or corporation wishing to open a bank account abroad has to take permission from the Reserve Bank of India and records do not show any such permissions granted for deposits in Switzerland. A 2006 report of the Swiss Banking Association claims Indians are the biggest depositors of black money in banks located in Switzerland. Top five countries in terms of such deposits are:
India: USD 1,456 billion
Russia: USD 470 billion
United Kingdom: USD 390 billion
Ukraine: USD 100 billion
China: USD 96 billion
With private account deposits of USD 1.5 trillion in foreign reserve which have been misappropriated, an amount 10 times larger than India's foreign debt -- USD 155+ billion -- one needs to rethink if India is a poor country? Many Indians regard this money as public loot since independence from Britain in 1947 and are asking, "Can we bring back our money?" It is argued that once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid immediately, still leaving a huge surplus amount of foreign exchange reserves in India. Some 80,000 Indians 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 is not referring to the commerce ministry bureaucrats who have been flying in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin!
South Asia has been hit hard by the "The Great Unwind" because it is an important part of the global economy which has caved in. Under pressure from the West, India opened up several sectors in the last two decades. However, it has been seen during the last few weeks that the Western financial institutions, hedge funds and capital providers have been the first to sell their shares in various Indian companies, bringing the share market tumbling down. It is estimated that in India alone the Western investors have been withdrawing USD 1+ billion in foreign exchange per week as they experience margin calls, unwind carry trades, and confront liquidity problems and greater hardship in their originating countries.
The Swiss Banking Association's startling disclosure that Indians hold USD 1.4 trillion of their USD 2.15 trillion black money deposits is intensifying pressure on the Indian government to get access to that money as global financial pressures intensify and there is this accelerating flight of capital abroad. The well known economist Professor Arun Kumar estimates black money generation in India to be currently 50% of the GDP. The growth of black money in proportional percentage to the GDP has shown an alarming increase in recent years, from 20% in the 1980s to 45 - 50% at the turn of the century. It is further estimated by experts that one per cent of the world's population holds more than 57 per cent of total global wealth, routing it invariably through tax havens. ATCA's preliminary investigation to analyse the Swiss banking chain and to assess Indian wealth in that single country, suggests that the number is much larger than the USD 1.4 trillion figure and is more likely to be near USD 3 trillion. The larger figure can be derived from the deposits in vaults of gold, diamonds and other precious gems alongside assets managed out of Switzerland in other tax havens. There are some well known 'slush parks' like St Kitts, Antigua, Bahamas, Isle of Man and Liechtenstein that multiply such holdings manifold with the central management points in Switzerland.
Raymond Baker, a US-based expert in illicit financial flows, in his widely referenced book "Capitalism's Achilles Heel: Dirty Money and How to Renew the Free Market System" estimates that at least USD 5 trillion have been shifted out of poorer countries to Western tax havens since the mid-1970s. He estimated cross-border flows of global dirty money in a range between USD 1.1 to USD 1.6 trillion annually, about half of which came from developing and transitional economies, and two thirds of which is commercial dirty money. In April 2007, the World Bank endorsed Baker's figure. Using his lower USD 500bn estimate for developing and transitional economies, Baker has said, "Through most of the 1990s, aid was running at about USD 50bn a year from all sources. It has edged up slightly in this decade. USD 50bn of aid in; USD 500bn of dirty money out. For every USD 1 that we [the West] have been generously handing out across the top of the table, we've been taking back some USD 10 of illicit proceeds under the table [via tax havens and other means]. There is no way to make this formula work, for poor or for rich." The USD 500bn coming illegally out of developing and transitional economies is equivalent to 8% of their GDP.
In the 1990s, US Treasury department officials told Baker that illicit inflows into the US stood at around USD 250 billion per year, and in a good year they seized USD 250 million of that. This equates to a failure rate of 99.9%. The volumes have increased since then, but there is no reason to think that the failure rate has improved. "Laundered proceeds of drug trafficking, racketeering, corruption, and terrorism tag along with other forms of dirty money to which the United States and Europe lend a welcoming hand," Baker concluded. "These are two rails on the same tracks through the international financial system." It is not possible to tackle any of these seriously without tackling them all. Baker's opening speech at a recent conference explains some of the issues in stark detail, "No one I have ever talked to thinks dirty money is declining or that anti-money laundering efforts are stemming the global tide of illicit proceeds. Indicators point in the opposite direction." Baker broke down his data like this:
Cross-border annual flows of Global Dirty Money -- Low - High
1. Criminal -- USD 331 - 549 billion
2. Corruption -- USD 30 - 50 billion
3. Commercial -- USD 700 - 1,000 billion
of which:
Mispricing -- USD 200 - 250 billion
Abusive transfer pricing -- USD 300 - 500 billion
Fake transactions -- USD 200 - 250 billion
TOTAL -- USD 1,061 - 1,599 billion
Experts point their finger at the new investment environment of the last two decades which shunned state intervention and favoured massive deregulation. The retreat of the nation state ensured that the restraint exercised on capital to keep its greed in check was diluted and some amount of the black money went into the process of being legalised. They point out that in a free market environment takeovers were much easier. Those who possessed black money tried to buy legal businesses to gain legitimacy for their shadow wealth. The Great Unwind has reversed this process. Watch out particularly for the United States, Euro-zone countries, United Kingdom, China, India and Russia in regard to the coming sovereign crack down of tax havens worldwide.
[ENDS]
waraich66
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inferno
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This swiss bank money was foremost issue in these elections. Now india has taken action and had put pressure on switzerland and it had succeed to some extent as switzerland has altered its rules of privacy. Within 2years this whole money will be brought back to india. All this is under process and india will procure its money. Govt. Also has deputed special persons for this matter. So now swiss bank money is a matter of time.
Meetu Jain / CNN-IBN
TimePublished on Wed, Jul 08, 2009 at 20:57, Updated on Wed, Jul 08, 2009 at 21:07 in India section
TagsTags: Terror, Indo-Pak Ties , New Delhi
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Asif Ali Zardari | Manmohan Singh |
New Delhi: India confronted Pakistan with more evidence of terror on Wednesday.
CNN-IBN has exclusively learnt that Indian security and intelligence agencies have foiled at least six terror plots after the Mumbai terror attack in November last year. Out of these terror plots, two attacks were averted in Kashmir, one each in Kupwara and Delhi among others.
These attacks were planned by Lashkar-e-Toiba in Pakistan and the evidence has been handed over to Islamabad.
Sources have also confirmed that a fresh dossier of evidence was given to President Asif Ali Zardari by Prime Minister Manmohan Singh during his Russia visit in June.
This information comes on a day when Zardari finally admitted that militants and extremists were "created and nurtured" in Pakistan for short-term tactical objectives.
Despite the admission, fresh evidence has emerged of Pakistan's complicity in the matter. Thuraya phones (satellite-based mobile telecommunication) have been spoofed and transmitters installed along the Indo-Pak border to erase footprints of the Pakistani state involvement.
As of now there is not all that much of evidence to indicate that the kind of sponsorship that existed in the past has been withdrawn or not. For us we hope that Pakistan goes in that direction, expert on Indo-Pak ties TCA Rangachari said.
Meanwhile, the continuing involvement of state actors in perpetrating terror has the Indian side worried. Intelligence sources say of the six attempts foiled, one was to be carried out by Muhammad Umar Madani, a close aide of Lashkar chief Hafeez Muhammad Saeed.
Arrested in June, Madani's brief was to set up modules in different metros in India.
The Kupwara infiltration bid reportedly foiled in March was aimed at sending over 100 terrorists to Kashmir. Out of these, 16 terrorists were reportedly killed.
Pakistan will have to exhibit readiness to fight terror, External Affairs Minister SM Krishna said.
Had even one of the six attempts been successful, its ramifications would have been huge. It would have put India and Pakistan on a collision course, but more importantly it could have cost the UPA Government its bid to come to power again.
6 major terror plots averted after 26/11
TimePublished on Wed, Jul 08, 2009 at 20:57, Updated on Wed, Jul 08, 2009 at 21:07 in India section
TagsTags: Terror, Indo-Pak Ties , New Delhi
What's your opinion
brought to you by
Asif Ali Zardari view profile
Asif Ali Zardari | Manmohan Singh |
New Delhi: India confronted Pakistan with more evidence of terror on Wednesday.
CNN-IBN has exclusively learnt that Indian security and intelligence agencies have foiled at least six terror plots after the Mumbai terror attack in November last year. Out of these terror plots, two attacks were averted in Kashmir, one each in Kupwara and Delhi among others.
These attacks were planned by Lashkar-e-Toiba in Pakistan and the evidence has been handed over to Islamabad.
Sources have also confirmed that a fresh dossier of evidence was given to President Asif Ali Zardari by Prime Minister Manmohan Singh during his Russia visit in June.
This information comes on a day when Zardari finally admitted that militants and extremists were "created and nurtured" in Pakistan for short-term tactical objectives.
Despite the admission, fresh evidence has emerged of Pakistan's complicity in the matter. Thuraya phones (satellite-based mobile telecommunication) have been spoofed and transmitters installed along the Indo-Pak border to erase footprints of the Pakistani state involvement.
As of now there is not all that much of evidence to indicate that the kind of sponsorship that existed in the past has been withdrawn or not. For us we hope that Pakistan goes in that direction, expert on Indo-Pak ties TCA Rangachari said.
Meanwhile, the continuing involvement of state actors in perpetrating terror has the Indian side worried. Intelligence sources say of the six attempts foiled, one was to be carried out by Muhammad Umar Madani, a close aide of Lashkar chief Hafeez Muhammad Saeed.
Arrested in June, Madani's brief was to set up modules in different metros in India.
The Kupwara infiltration bid reportedly foiled in March was aimed at sending over 100 terrorists to Kashmir. Out of these, 16 terrorists were reportedly killed.
Pakistan will have to exhibit readiness to fight terror, External Affairs Minister SM Krishna said.
Had even one of the six attempts been successful, its ramifications would have been huge. It would have put India and Pakistan on a collision course, but more importantly it could have cost the UPA Government its bid to come to power again.
6 major terror plots averted after 26/11
Screaming Skull
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New Delhi July 2, 2009,
Another 660 Mw of nuclear power capacity should become operational in another six months, from the Rajasthan Atomic Power Project (RAPP) at Kota and at the Kaiga Atomic Power Project (KAPP) in Karnatakas Uttara Kannada district.
RAPPs current capacity is 740 Mw, using domestic uranium. The two new units, of 220 Mw each, will run on imported uranium, for which agreements were signed this January. The supply has started. Kaiga is presently generating 500 Mw; the new unit is an additional one of 220 Mw. It will also run on imported fuel.
We have received some consignments of uranium from Russia and France. RAPP units 5 and 6 should be commissioned in six months now, as soon as the pre-commissioning activities are over, said a senior official from the Department of Atomic Energy (DAE). The Kaiga commissioning should follow soon after.
The Indian government has a contract with TVEL, a joint stock company of the Russian Federation, for long-term supply of 2,000 tonnes of natural uranium. In another contract, Areva, the French energy major, has also committed to supply 300 tonnes of the nuclear fuel. Both contracts were signed in January.
The two new units of 220 Mw capacity each at the RAPP will account for around 14 per cent of the 3,160 Mw of nuclear power generation capacity in the pipeline, and the first to receive the newly imported fuel.
The official, however, refused to give details of the quantum of fuel imported and the uranium requirement for nuclear plants like RAPP, citing the Atomic Energy Act, 1962, which prohibits state owned companies from divulging production and consumption details of nuclear fuel.
Experts, however, believe operation of the two RAPP generating units would require around 0.4 kg of uranium daily. The newly imported fuel would be processed at the Nuclear Fuel Complex (NFC) at Hyderabad before being fed to the two reactors.
At present, Nuclear Power Corporation of India Ltd (NPCIL) alone produces nuclear power in the country. Its 17 units have an installed generation capacity of 4,120 Mw, which is about 3-4 per cent of total power generation capacity in the country. The aim is to increase the nuclear generation capacity to 20,000 Mw by the year 2020.
NPCIL is planning to add another 3,160 Mw of capacity from three power plants in two to three years. These are all to be commissioned by 2012. This includes 2,000 Mw from two units of the Kudankulum Atomic Power Project in southern Tamil Nadus Tirunelveli region, 440 Mw from two units of the RAPP, one 220 Mw plant of KAPP in Karnataka and an addition of 500 Mw to the Kalpakkam atomic plant in Tamil Nadu, near Chennai (presently 440 Mw capacity).
Fuel for the Kudankulam power project has already been sourced from Russia and the newly available uranium would be partly fed to the power plants of Rajasthan and Kaiga.
This availability of imported uranium is expected to bring to an end the heavy dependence of nuclear power reactors in the country on domestic uranium. Power generated from the NPCIL-run reactors has been low due to lack of availability of fuel. The official said the company has now been able to ramp up its generation to over two-thirds of its capacity, owing to the exploration of new mines by Uranium Corporation of India Ltd (UCIL).
Another 660 Mw of nuclear power capacity in 6 months
rhythm_guy
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Mayawati is a jerk in Indian politics.....
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