Black money in India?

                                                               

    Unaccounted-for and untaxed cash generated by dealings in a black economy, black market, or organized crime. holders of black money try to convert it into legitimate ('clean' or 'white') money through money laundering.

                The black money scam, sometimes also known as the 'wash wash scam', is a scam where artist attempt to fraudulently obtain money from a victim by persuading him or her that piles of banknote-sized paper in a trunk or a safe is really money which has been dyed black (e.g. to avoid detection by customs). The victim is persuaded to pay for chemicals to wash the "money" with a promise that he will share in the proceeds.

         
Swiss bank revealed India has more money than rest of the world !!!!!!!!!

This is so shocking.. ..If black money deposits was an Olympics event.. 
India would have won a gold medal hands down. The second best Russia has 
4 times lesser deposit. U.S. is not even there in the counting in top 
five! India has more money in Swiss banks 
than all the other countries combined! 

Recently, due to international pressure, the Swiss government agreed to 
disclose the names of the account holders only if the respective 
governments formally asked for it.. Indian government is not asking for 
the details... ..no marks for guessing why? 



We need to start a movement to pressurize the government to do so! This 
is perhaps the only way, and a golden opportunity, to expose the high 
and mighty and weed out corruption! 
. 
Please read on..and forward to all the honest Indians to.. 
like somebody is forwarding to you... 
and build a ground-swell of support!for action ! 
. 
Is India poor, who says? Ask the Swiss banks. With personal account 
deposit bank of $1,500 billion in foreign reserve which have been 
misappropriated, an amount 13 times larger than the country's foreign 
debt, one needs to rethink if India is a poor country? 

DISHONEST INDUSTRIALISTS, scandalous politicians and corrupt IAS, IRS, 
IPS officers have deposited in foreign banks in their illegal personal 
accounts a sum of about $1500 billion, which have been misappropriated 
by them. This amount is about 13 times larger 
than the country's foreign debt. With this amount 45 crore poor 
people can get Rs 1,00,000 each. 

This huge amount has been appropriated from the people of India by 
exploiting and betraying them. Once this huge amount of black money and 
property comes back to India , the entire foreign debt can be repaid in 
24 hours. After paying the entire foreign debt, 
we will have surplus amount, almost 12 times larger than the foreign 
debt. If this surplus amount is invested in earning interest, the amount 
of interest will be more than the annual budget of the Central 
government. So even if all the taxes are abolished, 
then also the Central government will be able to maintain the country 
very comfortably. 

Some 80,000 people 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 isn't referring to the commerce ministry bureaucrats who've 
been flitting in and out of Geneva ever since the World Trade 
Organisation (WTO) negotiations went into a tailspin! 

TOP FIVE

INDIA $1,456 BILLION 

RUSSIA $470 BILLION 

U.K. $390 BILLION 

UKRAINE $100 BILLION 

CHINA $96 BILLION 

Now do the math's - India with $1,456 billion or $1.4 trillion has 
more money in Swiss banks than rest of the world combined. Public loot 
since 1947: 

Can we bring back our money ? It is one of the biggest loots witnessed 
by mankind - the loot of the Aam Aadmi (common man) since 1947, by his 
brethren occupying public office. It has been orchestrated by 
politicians, bureaucrats and some businessmen. 

The list is almost all-encompassing. No wonder, everyone in India loots 
with impunity and without any fear. What is even more depressing in that 
this ill-gotten wealth of ours has been stashed away abroad into secret 
bank accounts located in some of the world's 
best known tax havens. And to that extent the Indian economy has been 
stripped of its wealth. Ordinary Indians may not be exactly aware of how 
such secret accounts operate and what are the rules and regulations that 
go on to govern such tax havens. However, 
one may well be aware of 'Swiss bank accounts,' the shorthand for 
murky dealings, secrecy and of course pilferage from developing 
countries into rich developed ones. 

In fact, some finance experts and economists believe tax havens to be a 
conspiracy of the western world against the poor countries. By allowing 
the proliferation of tax havens in the twentieth century, the western 
world explicitly encourages the movement of 
scarce capital from the developing countries to the rich. In March 
2005, the Tax Justice Network (TJN) published a research finding 
demonstrating that $11.5 trillion of personal wealth was held offshore 
by rich individuals across the globe. 

The findings estimated that a large proportion of this wealth was 
managed from some 70 tax havens. Further, augmenting these studies of 
TJN, Raymond Baker - in his widely celebrated book titled 
'Capitalism' s Achilles Heel: Dirty Money and How to Renew the 
Free Market System' - estimates that at least $5 trillion have 
been shifted out of poorer countries to the West since the mid-1970. 

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 these tax havens. 

How much of this is from India is anybody's guess ...???? 
if India is doing like this the annual tern over will be less and our market will have to close down (BSE\NSE) 



we have to trace out the black money when the polities have kept ? where there they use ? but they don't have correct tax details . all are illegal only

will the Swiss authorities cooperate?

Politicians sure must be having a lot of money in Swiss Banks. Do you think this factor will deter the government from acting?

Public pressure will make them do it. Plus, the evolving global situation against tax havens. The money belongs to the poor farmers and unorganised workers of India. Also, Indian businessmen have a lot of their ill-gotten gains in these banks. The world situation is such that Indian businessman will want to bring it back now given the attractive returns in India.

Do you think that the Indian government should demand all the Indian black money in Swiss banks?

Of course. India should and must act. We are not a banana republic.

You wrote in your column that the German foreign intelligence agency BND got names of 1,400 clients of the Liechtenstein-based LTG bank who were supposed to be suspected tax evaders. Of the 1,400, 600 were supposed to be Germans. Do you think of the remaining there will be Indians as well? Has the Indian government approached the German government for the list?

Indian names will be there. Our tax evaders and crooks are like the omnipresent Maha Vishnu [ Images ] -- present in all continents and all tax havens. But our government has been lukewarm in this issue. It should have despatched immediately senior officials to get the names.

Isn't it important to tackle the issue of domestic black money?

It is definitely important. At least the domestic black money is used in our economy and to that extent it is productive. But the money kept in Swiss banks is neither useful to India nor does it benefit Indians.

What role should the media play?

The media has a very important role to play. At the moment it seems like most part of the media is more interested in the diet of an actress. Pressure by the media needs to be built up on this issue and remember that a lot of Indians don't just go to Switzerland to ski.

What about the names of these persons?

India must try and get the names. But more importantly should get the money back. It should be top on the agenda and India ought to take a moral lead in this issue.

Will the Indian economy improve if the money is brought back?

It will do phenomenally. India will be in the top five league if all the ill-gotten money is brought back. It will change the Indian scenario and I have been saying this since 1993.

Do you think that these people will now try and pull out the money since this issue has become a hot topic?

I don't think so. If they do then India should create an instrument and regulate frameworks to bring the money back

Swiss black money can take India to the top!

Firstly how much Indian money do you think is stashed away in the Swiss Banks?

In 2006, the most recent Global Financial Integrity study, developing countries lost an estimated $858.6 billion (about Rs 43 lakh crore) to $1.06 trillion (abot Rs 51 lakh crore) in illicit financial outflows. Even at the lower end of the range of estimates, the volume of illicit financial flows coming out of developing countries increased at a compound rate of 18.2 percent over the five-year period analysed for the study. On average, for the five-year period of this study, Asia accounts for  approximately 50 percent of overall illicit financial flows from all developing countries.

This report shows that the average amount stashed away from India annually during 2002-06 is $27.3 billion (about 136,466 crore). It means that during the five-year period the amount stashed away is 27.3x5=136.5 billion (about 692,328 crore). It is not that all these amounts went to Swiss banks. It has gone to different tax and secret shelters. The share of Swiss banks in dirty money being a third of the global aggregate, some $45 billion out of the 136.5 billion stashed away from India would have been hoarded in these years in Swiss banks.

The important point is that this is only for five years. More amounts were stashed away during the Nehruvian regime. So the loot for 55 years will be several times higher. In fact, in those days the rupee commanded a better value per dollar. So fewer rupee could get more dollars. So the estimation that the Indian money stashed away may be of the order of $1.4 trillion (about Rs 71 lakh crore).

Washing sample of black "money"

Then the conman will produce a small vial of the washing liquid and ask the victim to select any black bank note at random. This done, the conman proceeds to wash the banknote in the chemical, performing a sleight of hand, substituting a real note which is washed. There will be insufficient liquid to wash any more money, or the conman may "accidentally" knock the bottle over on the floor.The victim cannot take away the trunk, or any notes, since he is informed that the taxes have not been paid, but once the notes are "washed", it will be easy to pay the taxes and there will be millions left over. The victim is persuaded that he must buy the chemical to wash the notes, and of course the chemical cleaning fluid is "very expensive". Once again the victim parts with money to the fraudsters. Sometimes the fraudsters will set up a website purporting to be a seller of the cleaning fluid, which obviously has such a unique and unusual name that it can not be found anywhere else. This adds to the credibility of the story and the victim may even contact the website directly to buy the fluid, allowing the conman yet another chance to con the victim.


                  The fraudsters will continue to find excuses as to why the victim cannot have his money just yet, but will always promise it after one "last and absolutely final step", which obviously involves the payment of yet another fee by the victim. The scammers will continue to milk the victim until they are sure he has no more money, and that he cannot get any by begging and borrowing from friends or banks, or until the victim realizes that he is being scammed, and gets the police involved. Needless to say, the fraudsters themselves, and the victim's money, are usually long gone by the time the police are involved.